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Results Note – MBM Resources (ADD, maintain) - Below expectations




Affin Hwang Investment Bank Bhd


08 Nov 2012





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Higher interest charge led to below expectation earnings The Group experienced pedestrian 3QFY12 core net profit of RM35.5m (+0.4% yoy; +20.4% qoq) as higher borrowing cost (associated with the purchase of Hirotako) washed out the robust topline growth of 38.8% yoy. Annualised, 9MFY12 core net profit (excluding a RM4.8m gain on disposal of property by OMI) of RM102.3m (+7.9% yoy) is 7% and 12% below Affin and street estimates, respectively. The discrepancy on our end stemmed from lower-than-expected manufacturing revenue (predominantly from Hirotako).

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