Johortin’s FY12 earnings were above our forecast. Revenue and profit expanded on the back of stronger performance of its F&B division. Margins trended higher on favorable commodity prices and opex savings. By bumping up our FY13 numbers by 5.6%, our FV is revised to RM2.60 based on SOP valuation. Maintain BUY.
Outperforming our numbers. Johortin’s FY12 revenue came in at RM246.4m vs RM134.4m in FY11, a whopping y-o-y growth of 83.6%. A 480% y-o-y topline growth from its F&B segment more than offset the fall in revenue (-22.6% y-o-y) from its tin
manufacturing division. Net profit more than doubled y-o-y to RM23.1m from RM11m, mainly underpinned by the solid earnings growth at its F&B operation. PBT from F&B was stunningly high, at 334% y-o-y, due to the only 2 months contribution from the newly acquired subsidiary, Able Dairies in FY11. Tin manufacturing also recorded decent PBT growth of 13.2% on the back of lower operating and finance cost. Q-o-q, revenue was up by 1.9% but profit sank 17.9% due to an increase in operating and administrative costs.
manufacturing division. Net profit more than doubled y-o-y to RM23.1m from RM11m, mainly underpinned by the solid earnings growth at its F&B operation. PBT from F&B was stunningly high, at 334% y-o-y, due to the only 2 months contribution from the newly acquired subsidiary, Able Dairies in FY11. Tin manufacturing also recorded decent PBT growth of 13.2% on the back of lower operating and finance cost. Q-o-q, revenue was up by 1.9% but profit sank 17.9% due to an increase in operating and administrative costs.
Source: OSK
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