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Results Note - Supermax (BUY, maintain) - FY12 core net profit rise 12.4% yoy to RM121.7m




Affin Hwang Investment Bank Bhd


26 Feb 2013





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FY12 core net profit rise 12.4% yoy to RM121.7m Supermax’s FY12 topline revenue grew by a marginal +2.6% yoy to RM1,048.4m. This is mainly due to the higher volume sales from the contributions of some of its new production lines, though negated by the lower average selling prices (ASPs), in tandem with the lower raw material costs. Notwithstanding, the moderate growth in revenue, Supermax’s FY12 EBIT margin expanded by a strong +3.0%-points yoy to 12.1% mainly driven by the sharp decline in major raw material cost (-24.5% yoy), (FY12’s average latex price: RM6.62/kg vs FY11’s average latex price: RM8.84/kg) and improved operating efficiency through increased automation of its plants. Consequently, FY12 core net profit increased by +12.4% yoy to RM121.7m. Results were within both our and street expectation, accounting for 98% of our and 96% of consensus full year forecasts.

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