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Results Note – Media Chinese (ADD, maintain) - FY13 core earnings down 13% yoy




Affin Hwang Investment Bank Bhd


29 May 2013





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FY13 net profit down 13% yoy – inline with expectations MCIL’s FY13 core net profit of RM172.7m (-13.5% yoy) was inline with both our and street expectations. The weaker earnings yoy was primarily due to: 1) weaker FY13 EBITDA margin of 16.6% vs 18.9% for FY12; and 2) a surge in interest expense charges as a result of an increase in borrowings during the year raised to fund its special DPS payout. The lower operating margins yoy are due to weaker margins at both the print and travel segments, impacted by higher operating cost including that of wages and other production cost. Revenue for the higher margin print division was also lower yoy, down marginally by 0.4% as a result of heightened competition from free newspapers in the HK region. An interim DPS of 3.1 sen was proposed for the quarter, bringing ytd DPS to RM0.454, slightly above our DPS estimate of RM0.445.

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