Period 4Q12/12M12
Actual vs. Expectations
The FY12 core net profit of RM452m
came in within our full-year expectation and that of the consensus as well. As
expected, MAHB had provided RM69m for the profit reversal (RM47m) and provision
for its 23% equity investment (RM22m) in MALE airport.
Dividends No
dividend was announced in the quarter. To date, MAHB has announced single tier
dividends totalling 13.6 sen per share. About RM72.6m of its interim dividend
payment (at 6 sen DPS) has been converted into 7m shares as per its Dividend
Reinvestment Plan (DRP).
Key Results Highlights
The FY12 core net profit of RM453m
increased marginally by 3% on the back of a 29% jump in the revenue. This was
mainly due to the increase in the operating cost and a lower contribution from
MARCS. This resulted in a lower net margin recorded from 14% to 11% YoY. The
passenger movements increased by 5% YoY supported with strong domestic segment traffic.
MAHB recorded a RM1.4b construction revenue in FY12 (vs. RM820m in FY11) with
the construction of KLIA2 progressing to a 79% completion. This is slightly behind
the schedule as the completion now is at 79% as compared to the scheduled
completion of 83%.
YoY, the core net
profit was down by 4% to RM99m despite the 63% jump in the revenue. This was
again due to the increase in operating cost and the additional impairment made
for its associate, i.e. SGIA of RM23m. MAHB has also made a RM21m provision for
its investment cost in MALE airport. Based on management guidance, it is likely
that the JV will recover its cost of investment in the airport.
QoQ, the revenue
increased by 76% while the core net profit dropped by 12%. The drop was mainly
due to the additional maintenance cost and impairment made for SGIA
airport.
Outlook The
long-term positive outlook remains intact. MAHB has guided for a lower EBITDA
(-13%) in FY13 due to higher operating cost assumption and depreciation charge
for the upcoming new KLIA2 operation. We, however, expect a stronger rebound in
earnings from FY14 onwards.
Change to Forecasts We
have revised down our FY13E earnings forecast by 10% as we factored in a higher
depreciation and operating cost from the planned new KLIA2 operation in June
2013.
Rating MAINTAIN OUTPERFORM
Valuation Inline with the earnings revision, we have
revised down our SOP valuation by 5% to RM6.12 (vs. RM6.42 previously).
Risks A
significant drop in the passenger numbers due to catastrophic events.
Source: Kenanga
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