Period 2Q12
Actual vs. Expectations
The 1H12 core net
profit of RM239m came in within expectations and accounted for 56% and 50% of
ours and the consensus’ full year FY12 forecasts respectively.
Dividends No
dividend was declared for the period.
Key Results Highlights
For the YTD, MAHB
recorded a 8% higher core net profit YoY to RM239m on the back of a 5% increase
in passenger traffic. The higher growth in its core net profit as compared to
the passenger traffic was mainly due to a higher PSC tariff.
1Q12 revenue of
RM662m was 22% higher YoY due to a higher construction revenue recognised for
the ongoing works for KLIA2 and Penang International Airport. The pre-tax
profit was marginally lower by 1% due to a 27% increase in cost. The cost rise
was however mitigated by the higher PSC tariff charge during the period.
QoQ, the core net
profit of RM117m was lower by 3% due to the higher depreciation, operational
and staff costs.
Outlook Sabiha
Gokcen International Airport (“SGIA”) is still in a loss position and
management expects it to only turn EBITDA-positive by 2016.
MAHB is planning to
inject an additional RM30m capital into SGIA but no decision has been finalised
at this juncture.
The construction of
KLIA2 is progressing within the time frame and is already 65% completed.
The response for the
rental and commercial space in KLIA2 has been overwhelming since the first
tender was issued out a few months back. The indicative rental rate is at
RM40psf and MAHB is planning to increase the rate by 5% per annum.
Change to Forecasts
No material changes
in our forecast for FY12. However, we have toned down our SGIA forecast by
extending its loss position from 2014 to 2016. There is no change to our
earnings forecasts for the Malaysian-based business.
Rating MAINTAIN OUTPERFORM
Valuation We
have lowered down our Target Price slightly to RM6.45 (from RM6.50) as we had
extended our loss assumption on SGIA from 2014 to 2016.
Source: Kenanga
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