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Analyst Research Report Snapshot


Results Note - Ann Joo Resources (SELL, downgrade) - FY12 below expectation; In the red




Affin Hwang Investment Bank Bhd


26 Feb 2013





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FY12 results fell below ours and concensus estimates In FY12, Ann Joo reported a net loss of RM18.5m, a reversal from the RM61.2m net profit registered in FY11. The results came in below ours and consensus expectations of a RM3.2m and RM5.8m profit respectively for the full year. For us, the deviation was largely due to a lower-than-expected margin due to weak average selling prices and start up cost of the mini blast furnace. FY12 revenue fell by 7% yoy to RM2.1bn on lower sales tonnage, especially in the export market and lower average selling price as a result of the dumping activities by Chinese millers following the downturn in the steel indystry. No dividend was declared for the quarter and for FY12 (FY11: 7.5 sen).

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