InvestorReports

Investor Reports

Analyst Reviews

		December 2017	APP Securities
		Regional Express Holdings (REX) has had a strong price performance on a rolling year to date basis with the stock price up over 70%. download pdf (749 Kb)
		27 Jan 2015	TheBull.com.au
		Steady performer REX could be poised for stronger take-off. download pdf (41 Kb)
		August 2013	Ninemsn Finance
		A cheap small cap with a huge dividend yield. download pdf (15 Kb)
		July 2013	CIMB Equities
		Tough way to end a tough year. download pdf (581 Kb)
		May 2013	BBY Research
		Battered but still standing download pdf (212 Kb)
		Feb 2013	CIMB Equities
		Unable to escape pressures download pdf (212 Kb)
		Sep 2012	RBS Equities (Australia) Limited
		Flying above the turbulence download pdf (99 Kb)
		Sep 2012	Morningstar
		Australia’s most profitable airline download pdf (72 Kb)
		May 2012	BuysellSignals
		Regional Express unchanged on average volume. download pdf (199 Kb)
		Mar 2012	Morningstar
		Great result, tough outlook more than priced in. download pdf (82 Kb)
		Feb 2012	RBS Equities (Australia) Limited
		REX posted a strong 1H result with underlying PBT of A$18.1m ahead of our expected A$16.4m. This was driven by improved pricing in RPT operations and the strong performance of Pel-Air as it benefited from contract commencements in the period. While the outlook is positive for Pel-Air, REX's RPT operations are under some pressure due to the impact of the carbon tax, slowing passenger demand and possibly impending industrial action by REX's pilots. Given these risks to the main Group earner, we downgrade our recommendation to Hold. download pdf (97 Kb)
		December 2011	Canaccord BGF Limited
		REX has a number of growth initiatives that are coming to fruition in FY12, including the restructure of Pel-Air, which continues to build its business in medivac, defence and fly-in fly-out contracts. In addition, REX’s Australian Airline Pilot Academy (AAPA), has recently announced an international accreditation that will see the training of international pilots for the first time. We believe that these growth initiatives could result in these divisions representing 30-40% of group revenue significantly diversifying away from the passenger business. We continue to rate REX a BUY given its discount to our blended valuation of $1.57 per share, the strong EPS growth forecast for FY12 and FY13 and potential upside from new contract wins. download pdf (336 Kb)
		2 November 2011	Morningstar
		Airlines are capital intensive and traditionally offer poor returns for investors. But Rex has a resilient core airline business holding monopoly position on most routes, many too small to be profitably served by Qantas, Virgin Blue or Jetstar. Expectations for solid growth in the charter business and pilot academy add to the appeal. Free float is small and share turnover low. Rex is suitable for risk tolerant investors. download pdf (114 Kb)
		31 August 2011	RBS Equities (Australia) Limited
		FY12 is the year we have been waiting for. Pel-Air is once again profitable, the Victorian Air Ambulance contract has commenced and AAPA is gaining traction. With earnings growth largely contracted and trading on 4.9x FY12F EPS with an expected 7.9% FY12F yield we maintain our Buy recommendation. download pdf (88 Kb)
		6 May 2011	RBS Equities (Australia) Limited
		Rex’s guidance of FY11 PBT in the region of A$23.5m came in ahead of our forecasts on the back of higher-than-expected yields. With strong earnings growth expected in FY12, Rex delivering best-in-sector returns and being the only local airline to pay a distribution, we upgrade to BUY. download pdf (146 Kb)
		1 Mar 2011	The Australian Financial Review
		The notion that size is strength was well supported during the reporting period, with a greater number of small industrial companies missing earnings expectations compared with their larger rivals. download pdf (177 Kb)
		25 Feb 2011	RBS Equities (Australia) Limited
		Rex posted underlying 1H11 PBT of A$11.2m, down 13% on the pcp, but in line with expectations. RBS expects 2H11 to show some gradual improvement as the company focuses on yield management, while FY12 should see strong growth as the Victoria Air Ambulance contract commences. RBS maintains Hold rating. download pdf (149 Kb)
		21 Jan 2011	RBS Equities (Australia) Limited
		Transportation – result preview and 2011 outlook. After a difficult 12 months for transport stocks, RBS sees some value in underperforming names that they think are quality businesses. download pdf (385 Kb)
		25 Aug 2010	RBS Equities (Australia) Limited
		REX's underlying FY10 PAT was solid, falling only 3.8% on the pcp despite tough operating conditions over the year and the restructuring of Pel-Air's operations.While the removal of an assumed contract win affects our forecasts, we maintain a Buy rating, with REX trading on 0.8x FY11F P/NTA and a 6.1% yield. download pdf (156 Kb)
		28 Apr 2010	RBS Equities (Australia) Limited
		REX is an Australian regional airline with market-leading returns, yield support going forward and growth opportunities. Trading on an FY11F PE of 5.3x and 0.9x P/NTA, it is also cheap in our view, with revenue growth from contract wins likely to drive a rerating. We initiate coverage with a Buy and A$1.89 target price. download pdf (476 Kb)
		22 Mar 2010	Austock – produced by Morningstar
		Daily bulletin by Austock Securities that includes some ASX Top 300 Equities Research. Rex’s recent results and the corresponding impact get analysed. download pdf (172 Kb)
		20 Jan 2010	SADIF Investment Analytics
		SADIF-Investment Analytics has applied its StockMarks™ stock-rating system to Regional Express Holdings Limited and produced a report, rating the company's attractiveness to long-term investors. download pdf (2 Mb)
		04 Dec 2009	Balnave Securities
		Company Update report prepared by Balnave Securities. This report has been prepared for Wholesale Investors only and does not purport to make any recommendation that any securities transaction is appropriate to your particular investment objectives, financial situation or particular needs. Prior to making any investment decision, please seek advice from your investment adviser. download pdf (225 Kb)
		28 Oct 2009	Balnave Securities
		Initiation of Coverage report prepared by Balnave Securities. This report has been prepared for Wholesale Investors only and does not purport to make any recommendation that any securities transaction is appropriate to your particular investment objectives, financial situation or particular needs. Prior to making any investment decision, please seek advice from your investment adviser. download pdf (382 Kb)
		23 Sep 2009	SADIF Investment Analytics
		Regional Express Holdings Limited is a high quality company with a positive outlook. Regional Express Holdings Limited has strong business growth and is run by passable management. When compared to its closest peer, Qantas Airways Limited, Regional Express Holdings Limited shows similar undervaluation and is equally likely to outperform the market. download pdf (1.58Mb)
		13 Jul 2009	TheBull.com.au
		15 small cap stocks poised for rebound – Rex is one of Rolley’s favoured small-caps. download pdf (55Kb)
		3 Sep 2008	Baillieu Research
		A difficult year but a solid outcome. download pdf (66Kb)
		27 Aug 2008	Aequs Securities
		Regional Express Holdings (Rex) reported FY08 Results on 27 August 2008. Key Points: Net profit after Tax for FY08 increased by 3% to $24.3 million. download pdf (82Kb)
		4 Jun 2008	Aequs Securities
		Regional Express Holdings (REX) reported 3Q08 operating results. Key points: Rising fuel costs; Better than expected net profit after tax for 3Q08 – 7.5% rise compared to 3Q07; Pilot attrition and network contraction; Strong growth outlook – stronger load factors expected with continued network consolidation. download pdf (175Kb)
		7 May 2008	The Intelligent Investor
		In his article "Confessions of an aeroholic", as published in The Intelligent Investor 7 May 2008, Tim Searles provides a comparative review of Australia’s airline stocks in the face of share price declines and a raging oil price. download pdf (69Kb)
		27 Feb 2008	Tricom Equities
		The 1H08 result was disappointing, with NPAT down 10% pcp; Nevertheless, the headline numbers were misleading and didn’t acknowledge $4M of unusual expenses ($2.8M feeding through to the bottom line). Adding these costs back, suggested a more respectable result of $13.1M (in fact 13.9% up on 1H07). download pdf (5Mb)
		13 Dec 2007	Aspect Huntley
		Share price turbulence causes undue concern - Share price has fallen with concerns over shortage of pilots and increases in costs, in particular fuel cost. We remain confident in REX as a longer term story. download pdf (93kb)
		9 Nov 2007	Aspect Huntley
		Pilot shortage sees services cut! - Serious pilot shortages have caused Rex to suspend some services as Rex scales back two routes with low patronage. We believe these difficulties are short term and remain confident Rex will continue to provide a superior service. download pdf (89kb)
		5 Nov 2007	The Rivkin Report
		On 5 November 07, The Rivkin Report, Australia's leading stock market newsletter, published the following update on REX to its subscriber base. download pdf (9kb)
		29 Oct 2007	The Rivkin Report
		On 29 October 07, The Rivkin Report, Australia's leading stock market newsletter, published the following update on REX to its subscriber base. download pdf (9kb)

		10 Oct 2007	Aspect Huntley
		We Give Rex Another Flythrough! - Rex is prospering from its duopoly position in regional air travel despite conditions for regional aviation remaining difficult. download pdf(90kb)

		10 Sep 2007	The Rivkin Report
		On 10 September 07, The Rivkin Report, Australia's leading stock market newsletter, published the following update on REX to its subscriber base. download pdf (10kb)

		5 Sep 2007	Aspect Huntley
		Clear Skies Expected: Investment Rating download pdf (87kb)

		3 Sep 2007	The Rivkin Report
		The Rivkin Report, Australia’s leading stock market newsletter, published yet another positive update on REX on the 03 Sept 07. download pdf (12kb)

		29 Aug 2007	Tricom Equities
		FY07 Results – Just Gets Better download pdf (248kb)

		20 Jun 2007	Huntley
		Huntley’s smaller companies guide with an overview on Rex doing better and going up, up and.. download pdf (844kb)

		1 Jun 2007	Tricom Equities
		Rex reported a very strong 3Q07 results on 30 May 2007 download pdf (238kb)

		25 May 2007	Aspect Huntley
		Aspect Huntley initiates coverage of Rex and recommend Rex Shares. - download pdf (88kb)

		22 May 2007	Lodge Partners Research Report
		On 22 May 2007 Lodge Partners released a report: *Climbing to a new altitude*, stating they expect a strong result from Rex reports which are to be released on May 30th. - download pdf (59kb)

		23 Apr 2007	The Rivkin Report
		On 23 April 2007 The Rivkin Report, Australia’s leading stock market newsletter, published the following update on REX. - download pdf (10kb)

		7 Mar 2007	Tricom Equities
		It's the half-way mark to another profitable year - download pdf (245kb)

		13 Feb 2007	Tricom Equities
		On the back of media frenzy on Tiger Airway's entry into Australia, this report reassures that Rex has nothing to worry about - download pdf (223kb)

		27 Nov 2006	Tricom Equities

		There is little doubt that Rex has proven the doomsayers wrong and in spite of drought, significantly higher fuel costs and a competitive market - download pdf (321kb)

		13 Sep 2006	Tricom Equities
		Another remarkable cap as we end our first financial year as a listed company with 140% jump in group profits - download pdf (216kb)

		5 Jun 2006	Rivkin Report
		On 5 June 2006 The Rivkin Report, Australia's leading stock market newsletter, published the following update on REX to its subscriber base. REX was first recommended by The Rivkin Report on 23 May 2006. - download pdf (10.8kb)

		7 Jun 2006	Tricom Equities
		Third quarter results reinforces very favourable view on Rex with margins unlike any other airline in the world - dowload pdf (210kb)

		20 Feb 2006	Tricom Equities
		Tricom rounds up an excellent half year with a report - dowload pdf (146kb)

		6 Dec 2005	Tricom Equities
		Analyst report on Rex after the acquisition of Air Link - dowload pdf (180kb)

		24 Nov 2005	Tricom Equities
		A detailed 41-page analyst report prepared by Tricom Equities on Rex - download pdf (328kb)

Prospectus High Res

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Hi-res PDF (6.73 MB)
Lo-res PDF (2.77 MB)

Annual Reports

Click on a cover below to download Financial Year Annual Report.


2022/23	2021/22	2020/21

2019/20	2018/19	2017/18

2016/17	2015/16	2014/15

2013/14	2012/13	2011/12

2010/11	2009/10	2008/9

2007/8	2006/7	2005/6 Hi-res PDF (6MB) Lo-res PDF (3MB)

2004/5

Half Year Reports

Click on a cover below to download Half-Year Financial Report.


2022/23	2021/22	2020/21

2019/20	2018/19	2017/18

2016/17	2015/16	2014/15

2013/14	2012/13	2011/12

2010/11	2009/10	2008/9

2007/8	2006/7	2005/6

Company Presentations

			Company Briefing Notes on Full-Year Results for 22/23

			Company Briefing Notes on Half Yearly Results for FY 22/23

			Company Briefing Notes on Full-Year Results for 21/22

			Company Briefing Notes on Half Yearly Results for FY 21/22

			Company Briefing Notes on Full-Year Results for 20/21

			Company Briefing Notes on Half Yearly Results for FY 19/20

			Company Briefing Notes on Full-Year Results for 18/19

			Company Briefing Notes on Half Yearly Results for FY 18/19

			Company Briefing Notes on Full-Year Results for 17/18

			Company Briefing Notes on Half Yearly Results for FY 17/18

			Company Briefing Notes on Full-Year Results for 16/17

			Company Briefing Notes on Half Yearly Results for FY 16/17

			Company Briefing Notes on Full-Year Results for 15/16

			Company Briefing Notes on Half Yearly Results for FY 15/16

			Company Briefing Notes on Full-Year Results for 14/15

			Company Briefing Notes on Half Yearly Results for FY 14/15

			Company Briefing Notes on Full-Year Results for 13/14

			Company Briefing Notes on Half Yearly Results for FY 13/14

			Company Briefing Notes on Full-Year Results for 12/13

			Company Briefing Notes on Half Yearly Results for FY 12/13

			Company Briefing Notes on Full-Year Results for 11/12

			Company Briefing Notes on Half Yearly Results for FY 11/12

			Company Briefing Notes on Full-Year Results for 10/11

			Company Briefing Notes on Half Yearly Results for FY 10/11

			Company Briefing Notes on Full-Year Results for 09/10

			Company Briefing Notes on Half Yearly Results for FY 09/10

			Company Briefing Notes on Unaudited Results for Q1 FY 09/10

			Company Briefing Notes on Full-Year Results for 08/09

			Company Briefing Notes on Unaudited Results for Q3 FY08/09

			Company Briefing Notes on Half Yearly Results for FY 08/09

			Company Briefing Notes on Unaudited Results for Q1 FY 08/09

			Company Briefing Notes on Full-Year Results for 07/08

			Company Briefing Notes on Unaudited Results for Q3 FY07/08

			Company Briefing Notes on Half Year Results for FY 07/08

			Company Briefing Notes on Unaudited Results for Q1 FY 07/08

			Company Briefing Notes on Full-Year Results for 06/07

			Company Briefing Notes on Unaudited Results for Q3 FY 06/07

			Company Briefing Notes on Half-Year Results FY 06/07

			Company Briefing Notes on Unaudited Results for Q1 FY 06/07

			Company Briefing Notes on Full-Year Results for 05/06

			Company Briefing Notes on Third Quarter Results for 2006

			Company Briefing Notes on Half-Year Financial Report

			Company Briefing Notes for Trimester Results (Jul-Oct 05)

Notice of AGM


Notice of Annual General Meeting 29 November 2023 11:00am AEDT The Branksome Hotel & Residences 60 Robey Street, Mascot NSW 2020	Notice of Annual General Meeting 25 November 2022 3pm Sydney time The Branksome Hotel & Residences 60 Robey Street, Mascot NSW 2020	Notice of Annual General Meeting 24 November 2021 Virtually at 3pm Sydney time


Notice of Annual General Meeting 29 January 2021 Virtually at 2pm Sydney time	Notice of Annual General Meeting 21 November 2019 3:30 pm Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 21 November 2018 11 am The Branksome Hotel & Residences 60 Robey Street, Mascot NSW 2020


Notice of Annual General Meeting 21 November 2017 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 29 November 2016 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 27 November 2015 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020


Notice of Annual General Meeting 26 November 2014 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 27 November 2013 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 27 November 2012 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020


Notice of Annual General Meeting 23 November 2011 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 24 November 2010 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 25 November 2009 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020


Notice of Annual General Meeting 19 November 2008 11 am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 15 November 2007 10.30am Level 3 Board Room 81 - 83 Baxter Road, Mascot NSW 2020	Notice of Annual General Meeting 16 November 2006 11.00am 81 - 83 Baxter Road, Mascot NSW 2020