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Results Note – Hiap Teck (ADD, maintain) - Weak ASP due to oversupply




Affin Hwang Investment Bank Bhd


25 Mar 2013





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2QFY07/13 earnings came in below ours and street expectations Hiap Teck’s 1HFY07/13 core net profit of RM2.8m (-71% yoy) came in below ours and street estimates, accounting for only 13% of our full year forecast and 18% of consensus estimates. For us, the discrepancy was largely due to a weaker-than-expected EBIT margin of 1.5% compared to our full year assumption of 2.6%. Although improving, EBIT margin continued to be under pressure as material costs remained elevated, while average selling prices remained weak. As expected, no dividend was declared for the quarter.

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