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Company Update – Hartalega (REDUCE, maintain) - Expecting a healthy 2QFY03/13 results




Affin Hwang Investment Bank Bhd


01 Nov 2012





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1HFY13 results to be healthy During our recent Rubber Gloves Corporate Access Day, Hartalega’s (Harta) management guided that the demand for synthetic nitrile gloves from its quality demanding major customers in USA, Japan and Germany remains resilient. Given the underlying strength in demand, we expect the group’s upcoming 2QFY12 results, which will be released on 6 November 2012 to post healthy revenue and net profit growth of 8-12% yoy to around RM255m and RM58m respectively driven by: 1) lower nitrile price of -34% yoy and -16% qoq, 2) healthy yoy volume sales growth of 12-15% and 3) improvement in operating efficiencies thanks to increased plants automation. All in, we expect a 1HFY13 net profit of around RM113m, accounting for 54% of our full year forecast. Note that our FY03/13 net profit forecast of RM209m is about -8% below street estimates. (Street may not have captured the 6-month delay in Plant 6’s commencement date)

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