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Analyst Research Report Snapshot


Results Note – Hartalega (ADD, upgrade) - Onward to a stronger 2HFY03/13




Affin Hwang Investment Bank Bhd


06 Nov 2012





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1HFY03/13 core net profit grew by a healthy 8% to RM113m Hartalega (Harta) grew 1HFY13 core net profit by 8% to RM112.8m, of which is primarily driven by demand growth for synthetic nitrile gloves from its quality demanding major customer in USA. 1HFY03/13 revenue growth was 12%, 1HFY03/13 results account for 50% of consensus and 54% of our full year forecast. The healthy 1HFY03/13 set of results were driven by: 1) lower YTD average nitrile price of -23% yoy, 2) strong yoy volume sales growth of 18% and 3) improvement in production lines speed and improved operating efficiencies thanks to increased plants automation. As expected, the group declared a first single tier interim dividend of 3.5 sen/share. For FY13, we hold out for a Gross DPS forecast of 13 sen/share, based on a dividend payout ratio of 45% PAT.

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