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Results Note – Malaysia Airports (BUY, maintain) - Topline boosted by the strong aeronautical segment




Affin Hwang Investment Bank Bhd


20 Feb 2013





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Core earnings came in 13% above our estimate and 7% above consensus MAHB’s FY12 core net earnings of RM463m (+15.4% yoy) came in 13.5% and 6.6% above ours and street full year FY12 forecasts. For us, the discrepancy was mainly due to the recognition of construction profit. Excluding the construction profit of RM63.3m, the group’s FY12 core net earnings of RM400m is in line with our full year forecast. MAHB had proposed a final dividend payment of 7.63 sen taking full year payout to 13.6 sen (FY11: 22.1sen)

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