# REX - Regional Express Holdings



## justjohn (23 November 2006)

With all the fuss with Quantas lately our regional airline REX has taken off from $1 in September to todays high of $1.47 ,as usual was told about how good & efficent REX was and done nothing about it


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## justjohn (30 January 2007)

Australia's largest regional airline REX is leading the way after dropping its fuel surcharge of $24 its also providing $1m in travel to assist local communities worst affected by the drought.this stock hit a high of $2.15 today  :


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## Kieran (26 April 2007)

I've been told the good people over at Rivkin & Co have suggested buying REX at around $2.00, currently sitting at $2.07, could be worth watching!


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## justjohn (30 May 2007)

up 17% today to $2.80 report stating 25% earnings growth for next 12 months:asdf:with new routes to regional areas


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## Kieran (30 May 2007)

Up 40% in a month, what a boat to miss. Meanwhile my other Rivkin recommendation of Westfield hasn't done much at all! Much less risky than REX though.
What do you think justjohn, has the REX boat alread sailed or could it still go up?


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## ratbag1 (19 December 2011)

Kieran said:


> Up 40% in a month, what a boat to miss. Meanwhile my other Rivkin recommendation of Westfield hasn't done much at all! Much less risky than REX though.
> What do you think justjohn, has the REX boat alread sailed or could it still go up?




I've just dipped into this stock, partly on Motley Fool recommendation. As there's been nothing on the boards lately, anyone have any opinion on their performance over the last year or so?


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## tinhat (16 February 2013)

Despite having a rule never to invest in airlines, REX looks like a very attractive investment proposition. The reason I have a rule not to invest in airlines because, similar to the wine industry, the capital costs are high and the markets are too contestable, too much competition with low barriers to entry.

Is anyone here following or own REX? I want to look into REX further but a couple of questions I have off the top of my head are:

1) The yield is high ~7.5% yet the payout ratio (as a percentage of EPS) is quite low and has historically been less than 50%.

2) This makes me think about how much cash REX needs to retain for capital expenditure, renewal of aircraft. Do they primarily own their own aeroplanes or do they lease?

3) How much do they rely on fly-in/fly-out traffic and how much of this is attributable to the mining building boom and so how sustainable is that market segment?

4) To what degree does REX have a defensive comparative advantage? To what degree do the other airlines compete with them head-to-head on routes? If they aren't competing with them on their routes why not? Is there anything stopping them from contesting these routes?

If anyone has information of views on the above I would be interested to hear them.

PS: I've just looked at their earning history. Not so excited now - very lumpy and basically going nowhere except a little backwards over the past five or so years.


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## Klogg (16 February 2013)

tinhat said:


> 1) The yield is high ~7.5% yet the payout ratio (as a percentage of EPS) is quite low and has historically been less than 50%.




Yes, they do pay 7.5% according to last year's earnings. However, they have said their earnings will be 25-35% LOWER this year due to the carbon tax and other related costs.
That being said, the additional security checks that were initially introduced got scrapped, so that could save them some.



tinhat said:


> 2) This makes me think about how much cash REX needs to retain for capital expenditure, renewal of aircraft. Do they primarily own their own aeroplanes or do they lease?




They primarily own their own aeroplanes, and have put a deposit on a few SAAB engines recently, which they still need to pay the remaining amount for. That being said, they're holding a HUGE amount of cash (an extra $30mil over previous years) in the case that they need to buy more and can't buy them with this year's profits.

This is VERY reflective of how conservative management is... (if you go through their presentations/reports, there's an obvious pattern of this) - I really like it.



tinhat said:


> 3) How much do they rely on fly-in/fly-out traffic and how much of this is attributable to the mining building boom and so how sustainable is that market segment?




There are a few contracts with FIFO miners, but the majority of their income is not from this. I did look at this a while ago but I don't remember the exact figures...



tinhat said:


> 4) To what degree does REX have a defensive comparative advantage? To what degree do the other airlines compete with them head-to-head on routes? If they aren't competing with them on their routes why not? Is there anything stopping them from contesting these routes?




Recently the NSW government 'renewed' their license to fly certain routes, and only to REX. While they have a monopoly on these routes, the company would prefer a free market (see their news articles on their investor center).
There are regulatory restrictions from them expanding into SOME other routes (I don't know them exactly), but REX have recently said that due to government taxes, they were considering stopping some of the less profitable routes (I personally think it was all talk).



tinhat said:


> PS: I've just looked at their earning history. Not so excited now - very lumpy and basically going nowhere except a little backwards over the past five or so years.




Yes, their earnings history isn't great, but if you take the lowest earnings of the last 6years, you're still at ~8*P/E, including an NTA that's about 1.4 times the share price.

That being said, it's worth checking these stats:
http://www.rex.com.au/OS/os.aspx?y=2012&site=IR

Based on those and the recent addition of taxes, I've held off on topping up (I bought in on the recent dip to $1.00 - got mine @ $1.03). 

It is a low growth stock, but to be honest, it's priced at a very limited lifespan (trailing P/E < 6)... which, given the company's financials and operating stats, I don't see that happening anytime soon.


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## McLovin (16 February 2013)

The thing you have to watch with REX is their staff costs. They are always having issues with staff turnover and not being able to source pilots with sufficient training (this is probably more concern when you fly REX rather than invest in it!). You can see it in how their labour costs have been consistently rising.

See here:

http://www.pprune.org/dg-p-reporting-points/443536-rex-eba.html

http://www.pprune.org/dg-p-reporting-points/495648-rex-importing-yank-pilots-2.html

http://www.pprune.org/dg-p-general-...02-mega-merged-rex-cadetship-working-rex.html

etc...

Airlines seem to always have these labour issues. Arrggghhh easier money elsewhere, IMHO.


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## Country Lad (16 February 2013)

McLovin said:


> They are always having issues with staff turnover and not being able to source pilots with sufficient training




Rex's problem over many years is that they train their pilots very well, better than most airlines.  The pilots are then poached by major airlines to cut the costs of training their own and at salaries Rex can not match.  A few years ago Rex had to cut back on routes because the majors poached a number of their pilots.

To overcome this problem, Rex started their own  Pilot Training Academy .  Pity the other airlines don't do as much training instead of simply poaching.

Cheers
Country Lad


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## odds-on (16 February 2013)

Hi Tinhat,

I have owned REX shares in the past. The reason I purchased was due to the conservative attitude of the management and my personal view that the geography of Australia requires small regional airlines. Yes the earnings are lumpy but that goes with the type of business. 

I sold out after 12 months or so for a small capital gain plus a nice dividend. The stock is too illiquid to fit in with my big bet portfolio. Not a "no-brainer" investment but then again with the conservative management I would not be surprised in the slightest that it is one of those stocks which provides an investor with a reasonable return when held over a few years.

Low profitability businesses can sometimes be a good investment - it is not like they are going to attract a lot of competition and can trundle along nicely. Research the discount to NTA trading history - do not rush to jump in.

Cheers

Oddson


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## McLovin (16 February 2013)

Country Lad said:


> Rex's problem over many years is that they train their pilots very well, better than most airlines.  The pilots are then poached by major airlines to cut the costs of training their own and at salaries Rex can not match.  A few years ago Rex had to cut back on routes because the majors poached a number of their pilots.
> 
> To overcome this problem, Rex started their own  Pilot Training Academy .  Pity the other airlines don't do as much training instead of simply poaching.
> 
> ...




And despite the academy they are still having to source pilots from the US. Considering the cost of sorting out 457 visas, one would have to assume the same problems remain.

I guess most pilots still see flying a jet for a major as a step up than flying a puddle jumper out in Wagga.


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## Boggo (16 February 2013)

Country Lad said:


> Rex's problem over many years is that they train their pilots very well, better than most airlines.  The pilots are then poached by major airlines to cut the costs of training their own and at salaries Rex can not match.  A few years ago Rex had to cut back on routes because the majors poached a number of their pilots.
> 
> To overcome this problem, Rex started their own  Pilot Training Academy .  Pity the other airlines don't do as much training instead of simply poaching.
> 
> ...




Airlines don't poach, never have and probably never will.
All that any airline does is advertise or as it always has been, they continuously accept applications from suitable applicants that meet their publicly published requirements and they keep a loaded file of applicants there that they can interview and test.
From that process they then keep a "hold" file of accepted new recruits who they call when it suits them.
That is what some refer to as poaching.

That's how it is and that is how it always has been from the minors to the majors, Qlink lose their experience to the likes of Virgin because there is no direct progression route from their regional to their mainline carrier.
Virgin etc lose their experience to Emirates and Etihad and other internationals, its how it works now and has always been.
A mate of mine has left Emirates and gone to Korean as a 747 Capt because of better pay and more trips home to Aust.

Regarding the comment about other airlines training, Qlink, Jetstar and Virgin all have cadet training programs running all the time !


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## Klogg (16 February 2013)

odds-on said:


> Research the discount to NTA trading history - do not rush to jump in.




Very good point and something I should've mentioned. That being said, a good portion of that NTA is cash...


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## tinhat (17 February 2013)

odds-on said:


> Hi Tinhat,
> 
> I have owned REX shares in the past. The reason I purchased was due to the conservative attitude of the management and my personal view that the geography of Australia requires small regional airlines. Yes the earnings are lumpy but that goes with the type of business.
> 
> ...




Hi Oddson

I don't mind taking small holdings in small caps if I believe there is a good chance of stable dividends and reasonable prospects for capital preservation.

I've calculated the NTA values using the end of year balance sheets presented in the annual reports. Here is the data (I don't know any better way to present it here than using a screen shot - sorry):





The only thing I can observe from these figures is that pre-GFC The price was consistently higher than NTA and post-GFC it has been consistently lower. Am I missing something here? Please spell it out if I am because I'm not flash with figures which is why I have to pay to access analyst reports. Is this telling us something about the risk loading the market is putting on REX? (which would also account for the low PEs). Factors along the lines of McLovin's observations about the difficulty in retaining pilots? The potential for a larger airline to contest routes in the medium term?

This really has perked up my interest in getting to understand this business.
	

		
			
		

		
	

View attachment rex price to nta.pdf


I've attached the figures as a pdf as well.

Thanks.


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## odds-on (17 February 2013)

tinhat said:


> Hi Oddson
> 
> I don't mind taking small holdings in small caps if I believe there is a good chance of stable dividends and reasonable prospects for capital preservation.
> 
> ...




Hi Tinhat,

I will respond to you post with a question - with the risk factors that have been in mentioned in this thread do you think REX will  ever trade at a premium to NTA? 

Personally I do not think so - most investors do not like airlines  and it is not going to grow into global enterprise. I do think the management is conservative and the airline wins awards (they must be doing something right!), but for an investment decision in REX purchasing at the right discount to NTA is very important. Pre-GFC is meaningless. Look at other companies valuations during that period. DYOR.

Cheers


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## odds-on (17 February 2013)

McLovin said:


> Arrggghhh easier money elsewhere, IMHO.




I agree, but it really depends on the investor's strategy. A simple shotgun value porfolio of 24 stocks, I can definitely see REX having a place.


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## McLovin (17 February 2013)

odds-on said:


> Hi Tinhat,
> 
> I will respond to you post with a question - with the risk factors that have been in mentioned in this thread do you think REX will  ever trade at a premium to NTA?
> 
> ...




I agree. The current price is a reflection of the earnings of the company which have more or less not not changed since 2007 despite the huge increase in NTA. There's a risk with using something like price/nta that unless the company is broken up/liquidated the gap may never close.


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## polpak (26 November 2013)

Price down low again... so is it worth buying now ?


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## Boggo (14 March 2014)

polpak said:


> Price down low again... so is it worth buying now ?




Seems to be the standout for future potential in a turbulent section of the market

http://www.canberratimes.com.au/business/motley-fool/rex-the-antiqantas-20140312-34lv3.html


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## CanOz (14 March 2014)

Boggo said:


> Seems to be the standout for future potential in a* turbulent* section of the market




lol @ Boggo....


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## odds-on (19 September 2014)

The REX stock price is starting to show some life, my bet is that it will slowly drift up to around $1.20 before the end of the year.

Anybody willing to provide a TA view? I bought in April based on the discount to NTA and management.

Cheers


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## Klogg (19 September 2014)

odds-on said:


> The REX stock price is starting to show some life, my bet is that it will slowly drift up to around $1.20 before the end of the year.
> 
> Cheers




With the removal of the carbon tax, there probably is some capital gain to be made. But it really is a dog of an industry...

And the discount to NTA doesn't mean much in this case. The assets may be worth what is listed on the books, but when you put them to use you get very little in return...
Unless management start selling off planes and returning funds that is.


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## McLovin (19 September 2014)

Klogg said:


> And the discount to NTA doesn't mean much in this case. The assets may be worth what is listed on the books, but when you put them to use you get very little in return...
> Unless management start selling off planes and returning funds that is.




I agree with you, Klogg. Often they end up mothballing the aircraft because there is no market for them. As for REX, my 30 second look at them left me wondering how they can increase their fixed assets by ~$50m but have their depreciation expense fall.


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## Craton (19 September 2014)

The following might have something to do with the SP movement.



> Subsidy for regional air services reinstated after pressure from carriers.
> 
> The Abbott government has finally reinstated a subsidy scheme for airlines flying on marginal regional routes following pressure from carriers such as Regional Express.
> 
> Read more: http://www.smh.com.au/business/avia...m-carriers-20140915-10h7hu.html#ixzz3DjZRiveF




Although the subsidy isn't as generous as back in John Howard's day.

From REX's website re. profit, fuel/carbon taxes and no dividend: http://www.rex.com.au/NewspaperClip/index.aspx



> Source: The Daily Examiner, 29 Aug 14
> 
> REX pulls more profit than airline giants Qantas and Virgin
> Marco Magasic
> ...




Nope, no holding REX.


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## odds-on (26 January 2015)

odds-on said:


> The REX stock price is starting to show some life, my bet is that it will slowly drift up to around $1.20 before the end of the year.
> 
> Anybody willing to provide a TA view? I bought in April based on the discount to NTA and management.
> 
> Cheers




I see REX has got to $1.10 maybe it will get to $1.20 at the end of 2015! It is a pity i sold out in November at $1.02 but there were too many other opportunities tempting me at the time.


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## Triathlete (26 January 2015)

odds-on said:


> I see REX has got to $1.10 maybe it will get to $1.20 at the end of 2015! It is a pity i sold out in November at $1.02 but there were too many other opportunities tempting me at the time.




It is currently at a significant level presently and needs to break and close above $1.10 for this move to continue in my opinion . I have attached the weekly analysis chart for Rex.


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## lewisjoshua (2 December 2019)

I think Rex is a good stock to look at again, reasons are below:

- A healthy CAGR in Revenue of 6% over the last 4 years.

- Lack of competitors in the space, over 16 regional airlines have gone bankrupt since 2001 which has allowed REX to maintain good margins.

- I have analysed the routes that REX operates in; 66% of routes are ones with REX as the sole operator with an average ticket price of $ 570. 19.6% of the routes with REX being one of 2 operators and 14.2% of routes have REX as on one of 3 operators. While net margins are slightly better than Qantas (6% vs 5%), the P/E(TTM) is only 7.14 compared to 13 for Qantas.

-Having personally flown REX for work several times, I do speak from experience when i say that there are usually no alternatives to the routes they fly to and the ticket fares are not cheap.

- Also for FY19, REX stands 2nd in On-time departures and the cancellation rates are lowest in the industry.

- The low debt will provide wriggle room when the economy slows, Total debt currently stands at about $ 8 million , debt to equity ratio of 3.9.

- Own 2 pilot training academies, the Australian airline pilot academy, started in 2007 and the second one acquired just this quarter; ST aerospace academy.

- Also own 100% of Pel-Air which bids on miscellaneous services such as Air Ambulance


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## barney (2 December 2019)

lewisjoshua said:


> I think Rex is a good stock to look at again, reasons are below:




Welcome to ASF Lewis.  As you have already discovered, @Joe Blow tries to be accommodating where possible so good luck with your pick in this month's comp

REX used to fly in our area as well and were always efficient as you say. Not sure why they ended up moving on but another airline has taken up the routes so maybe they swung a deal to suit them both.


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## lewisjoshua (2 December 2019)

Hey Barney, Thanks for the greetings and Yes, i have noticed Joe's hospitality already . 

Unsure on the area you are talking about but the management is very good at managing assets, you have to be when you operate in the airline business i suppose.


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## barney (2 December 2019)

lewisjoshua said:


> Unsure on the area you are talking about



Best not to divulge that …. the constabulary may find me  Lol …  

Lets just say somewhere on the East Coast of Australia


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## Dona Ferentes (21 April 2020)

The third force gets an upgrade



> Regional Express (REX) has today signed a Commonwealth Grant Agreement under the COVID-19 Regional Airline Network Support program announced by Deputy Prime Minister, the Hon Michael McCormack, on 28 March 2020. Under the program, regional airline carriers will be provided assistance to maintain a minimal weekly schedule to regional and remote ports.  The RANS program will provide funding for up to six months with an initial approval for six weeks. Under the Grant Agreement, Rex will receive *funding to operate 1-2 return services a week to most destinations o*n the Rex network.


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## sptrawler (21 April 2020)

Dona Ferentes said:


> The third force gets an upgrade



It makes sense, remote areas still require a service, even if it is cut back.


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## Dona Ferentes (21 April 2020)

sptrawler said:


> It makes sense, remote areas still require a service, even if it is cut back.



Most medical specialists with practices in regional cities commute to these places from their capital city bases. As well, the wheels of govt must still reach out. And all the other services, like legal/ justice

*Of the 76 service requests *(regional airline carriers will be provided assistance to maintain a minimal weekly schedule to regional and remote ports)*, some 38 were approved. *

WA (services regulated by state govt) gets one flight a week ex-Perth to Albany, Esperance and Carnarvon.
Qld (services regulated by state govt) gets a mix, but all One flight a week on Northern routes ex Cairns and Townsville, as well as ex-Brisbane. Most are multi-stop routes out west.
Qld (unregulated): one a week Townsville-Cairns, Cairns-Mt Isa, Cairns-Bamaga
SA (unregulated) get most services, one flight a week; Pt Lincoln, Mt Gambier, Broken Hill, Ceduna, Whyalla, Kangaroo Is.
Vic (unregulated) get all services, 1-2 flights a week: Mildura, King Is/ Burnie, Albury/ Wagga, Merimbula
NSW (unregulated): 1-2 a week SYD to most places, Cooma, Moruya/Merimbula, Broken Hill/Dubbo, Orange, Bathurst/Parkes, Grafton/Lismore, Wagga, Albury, Griffiths/Narrandera,


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## sptrawler (21 April 2020)

Dona Ferentes said:


> Most medical specialists with practices in regional cities commute to these places from their capital city bases. As well, the wheels of govt must still reach out. And all the other services.
> 
> *Of the 76 service requests, some 38 were approved. *
> 
> ...



Interesting post Donna, as I said it does make complete sense, your post highlights it.


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## Dona Ferentes (21 April 2020)

sptrawler said:


> Interesting post Donna, as I said it does make complete sense, your post highlights it.



but here's the joke:
"Support program announced by Deputy Prime Minister, the Hon Michael McCormack", and, look, no service to Armidale, NSW, home of _Blowhard_ Barnaby


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## finicky (21 April 2020)

REX had a very nice recovery over the last 4 weeks or so, 40c - 85c, leaving out the 'wicks' on daily candles.
With government support, looks like one to check out in another downwave?


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## Boggo (12 May 2020)

finicky said:


> REX had a very nice recovery over the last 4 weeks or so, 40c - 85c, leaving out the 'wicks' on daily candles.
> With government support, looks like one to check out in another downwave?




There was a reason for that.

https://www.smh.com.au/business/com...nL_aT_5o8j2mASz5FM8fF37BPQSPkoHxOBHsZKSN5asOA


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## Dona Ferentes (22 May 2020)

REX gave an interview to a major daily last week that it was "thinking about flights between capital cities" but forgot to inform the market by way of an Announcement.


> Rex’s response to that – lodged late on Wednesday afternoon – was hardly any better. “In this particular instance Rex believed that information about possible city operations was not sufficiently definitive to constitute material information”.



_Over to Joe Aston for a bit of colour:_
"Not sufficiently definitive?! Sharp had identified the cost ($200 million), the method of fundraising (“through the sale of new shares in Rex”), the number of planes (10), their routes (“The plan is to start flying between Sydney, Melbourne, Brisbane, Adelaide and Perth”), the timeline (“early next year”) and the number of interested parties (“we have been talking to half a dozen private equity and investment banking entities… and will narrow that down to one in the next three weeks or so”). Oh, and Rex has already discussed amending its flying license with the Commonwealth’s air safety regulator. Any more definitive and Rex would be selling tickets already!

The *whole sequence lays out a stupendous failure of elementary public company compliance by the airline’s leadership*."


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## Chronos-Plutus (22 May 2020)

Dona Ferentes said:


> REX gave an interview to a major daily last week that it was "thinking about flights between capital cities" but forgot to inform the market by way of an Announcement.
> 
> _Over to Joe Aston for a bit of colour:_
> "Not sufficiently definitive?! Sharp had identified the cost ($200 million), the method of fundraising (“through the sale of new shares in Rex”), the number of planes (10), their routes (“The plan is to start flying between Sydney, Melbourne, Brisbane, Adelaide and Perth”), the timeline (“early next year”) and the number of interested parties (“we have been talking to half a dozen private equity and investment banking entities… and will narrow that down to one in the next three weeks or so”). Oh, and Rex has already discussed amending its flying license with the Commonwealth’s air safety regulator. Any more definitive and Rex would be selling tickets already!
> ...




I can't bring myself to invest in any airlines right now. Hard to see a bright future for them when their is no light at the end of the tunnel and commercial aircraft services don't look to be returning to normal for a very long time. Commercial flights are down ~67% from 120 days ago.





(https://www.flightradar24.com/data/statistics)


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## Dona Ferentes (22 May 2020)

nice graph 

Duopoly, yes; anything else .... One Word... COMPASS. Actually 5: *Compass I and Compass II*


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## Chronos-Plutus (22 May 2020)

Dona Ferentes said:


> nice graph
> 
> Duopoly, yes; anything else .... One Word... COMPASS. Actually 5: *Compass I and Compass II*




I try to keep my finger on the airline pulse and when I see an uptrend is when I will look to buy into airline stocks. Flightradar24 is a brilliant resource https://www.flightradar24.com/data/statistics


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## Country Lad (7 December 2020)

I posted it as a breakout a few days ago.  Up another 18% now.


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## Dona Ferentes (1 March 2021)

Rex Airlines has started flying on Australia's busiest route, Melbourne to Sydney,for the first time.

The regional carrier's first flights between the capital cities began this morning, as it attempts to compete with Virgin and Qantas on metropolitan routes.

_- not sure this will work, in the long-term. ( Would be happy for them to succeed and Virgin not, but who has the deeper pockets?)_


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## divs4ever (2 August 2022)

REX’S PROFIT GUIDANCE FOLLOWING STERLING START TO NEW FY
Rex today announced record high passenger numbers and revenue across both its domestic and
regional networks in the first month of the Financial Year 2023 (FY2023).
On the domestic front, July’s pre-audited base passenger revenue was at $13.6m, almost double
that of the monthly average of the prior three months at $6.87m. Load Factor was at 86% across
the entire domestic network.
On the regional routes, July’s revenue and passenger numbers were almost identical to that of
July 2019, the latest comparative month before the COVID pandemic, with about 4% less flying.
The revenue per flight and the load factor have both improved by 8% and 7% respectively.
Commenting on these astonishing results, Rex’s Executive Chairman, Lim Kim Hai said, “Our
phenomenal performance can be attributed in large part to the tie-ups we signed in the prior few
months with Travel Agency groups and corporate accounts, as announced in our media release
of 24 June 2022. I have every expectation that our numbers will continue to grow sharply over
the next few months since July has seen only 30% of the committed monthly passenger
contributions from these tie-ups.”
“With this in mind, we have decided to accelerate the introduction of further aircraft to our
domestic fleet. Our 7th Boeing 737-800NG aircraft will enter service later this month and we are
in advanced discussions to lease another two for later this year.”
“Our great performance in the regional markets also validates our decision to stand our ground
against Qantas, which flooded the market on marginal regional routes in an attempt to destabilise
us. Not only did their plan not succeed, but we are now having record passengers and revenues
on our regional network by concentrating on the larger regional routes in direct competition with
them. Later this month we will commence servicing Melbourne-Devonport, breaking QantasLink’s
monopoly on the route for the last 17 years and we intend to fly to other regional cities that are
currently monopolised by QantasLink.”
“These outstanding achievements are a timely reward to the Rex family as it celebrates its 20th
anniversary today, and I would like to congratulate and thank each and every team member for
their contributions towards our collective success.”
“The last two decades could not have been worse for aviation in Australia – droughts, fires, floods,
an oil price shock, worldwide pilot and engineer shortages, the Global Financial Crisis, COVID,
an even more severe oil price shock – and yet, here Rex is, still standing tall. By the grace of
God, the timely assistance from the Federal and State Governments, our dedicated staff, and
most importantly, the support of the Australian people, Rex has not only survived but has
emerged even stronger and bigger.”
“Rex has made a vow to repay the people of Australia for keeping it afloat with the government
support we received throughout COVID. We hope that we have started to repay this faith in some
small ways by providing a service the travelling public can count on. We are particularly proud of
our On Time Performance and low cancellation rates, which are in stark contrast to the total chaos
and dysfunctionality of the other carriers with horror stories of planeloads of luggage being lost
and passengers sleeping overnight on the floor at airports:

“Our unparalleled reliability has resulted in many new passengers on top of the corporate and
travel agency ones, and, barring further external shocks, has led us to believe that both our
domestic and regional operations will be profitable this FY. This is quite a feat, considering that
we only properly restarted domestic operations in February this year.”
“Our results should be further boosted by the launch of our Frequent Flyer programme in the
coming months as well as enhanced passenger and freight contributions from our expanding
network. We also can look forward to larger enrolments at our pilot academies from international
cadets as airlines start to ramp up strongly again.”
“Rex is the only airline in Australia, and perhaps only one of five in the world that has not made
an operational loss since 2003 up to COVID. Our best-of-class operations are without dispute.
With such financial and operational prowess, we look confidently ahead in this FY as we turn the
corner on these devastating COVID years.”
This announcement is authorised by Mr Lim Kim Hai, Executive Chairman, Regional Express
Holdings Limited.
Rex is Australia’s largest independent regional and domestic airline operating a fleet of 61 Saab
340 and six Boeing 737-800NG aircraft to 58 destinations throughout all states in Australia. In
addition to the airline Rex, the Rex Group comprises wholly owned subsidiaries Pel-Air Aviation
(air freight, aeromedical and charter operator), the Australian Airline Pilot Academy with
campuses in Wagga Wagga and Ballarat, and propeller maintenance organisation, Australian
Aerospace Propeller Maintenance.

courtesy of Bell Direct
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DYOR

i do not hold this share

i follow this company as an insight into our overall mining and energy industry ( with the FIFO workers )


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## Dona Ferentes (2 August 2022)

> We are particularly proud of our On Time Performance and low cancellation rates, which are in stark contrast to the total chaos and dysfunctionality of the other carriers with horror stories of planeloads of luggage being lost and passengers sleeping overnight on the floor at airports..



In June, Rex cancelled only 0.7 per cent of flights and 80 per cent arrived on time.
Qantas / Jetstar cancelled 7.5 per cent of flights and less than 60 per cent arrived on time.
Virgin cancelled 5.8 per cent of flights and less than 61.8 per cent arrived on time.


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## divs4ever (19 September 2022)

REX RECEIVES GREEN LIGHT FROM FIRB

Regional Express holdings Limited (Rex) today announced that the Foreign Investment
Review Board (FIRB) has issued a No Objection Notification with regards to Rex’s intention to
acquire 100% of National Jet Express, the regional services arm of Cobham, focusing on FlyIn-Fly-Out activities.
With this FIRB approval, Rex foresees the completion of the purchase to take place on 30
September 2022, having earlier received no objection from the Australian Consumer and
Competition Commission (ACCC).
Rex notes there is media speculation that Virgin is assessing a purchase of Rex. Rex does
not comment on market speculation or rumours.
It is up to Virgin to comment on this matter.
This announcement is authorised by Mr Lim Kim Hai, Executive Chairman, Regional Express
Holdings Limited.
Rex is Australia’s largest independent regional and domestic airline operating a fleet of 61
Saab 340 and seven Boeing 737-800NG aircraft to 58 destinations throughout all states in
Australia. In addition to the airline Rex, the Rex Group comprises wholly owned subsidiaries
Pel-Air Aviation (air freight, aeromedical and charter operator) and the two pilot academies,
Australian Airline Pilot Academy in Wagga Wagga and Ballarat.


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DYOR

i do not hold this share


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