why the smackdown, page-11

This is completely different to Sept 11th, for both QAN and MAP.

MAP have increased the value of their assets, in part, by turning their airports into big shopping malls. Passengers travelling out of the UK are now only allowed to carry an extremely limited range of in-cabin items, and nearly everything you buy in an airport is EXCLUDED. Things may stay this way permanently, and there is a darn good chance that Australia will follow suit. Basically, MAP's entire business model is under threat. Today's price is expensive if they are forced to rely on landing charges as their only form of income.

QAN have been trading with a risk discount since Sept 11, let's face it, most of their long haul assets are committed to just two destinations, namely Los Angeles and London. Talk about most of your eggs in one basket. Now that the risk has been realised, it's almost a "relief rally" further spurred on by the fall in fuel prices. Also QAN are likely to pick up some of the passengers who are now afraid to fly with BA, AA, and UA.