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Results Note – MBMR (ADD, maintain) - Top pick for the sector, earnings outpaced industry




Affin Hwang Investment Bank Bhd


25 Feb 2013





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Full year FY12 earnings are 6% and 16% below Affin and street estimates The Group grew 4QFY12 core net profit by 11.6% yoy to RM29.5m (-17% qoq) as higher vehicles sales by Federal Auto (+11.5% yoy) and consolidation of Hirotako drove earnings growth. This brings full year FY12 core net profit (excluding a RM4.8m gain on disposal of property by OMI) to RM130.6m (+7.7% yoy). The results are however 6% and 16% below Affin and street estimates, respectively. The discrepancy on our end stemmed from lower-than-expected manufacturing revenue. The Group declared a 3 sen interim net DPS and we continue to hold out for 7.5 sen full year FY12 net DPS (FY11: 6 sen net DPS).

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