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Results Note – Supermax (ADD, downgrade) - 1QFY13: Below our expectation by 5%




Affin Hwang Investment Bank Bhd


30 May 2013





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1QFY13 core net profit rise 13.6% yoy to RM31.8m Supermax’s 1QFY13 topline revenue grew by +29% yoy to RM320.5m. This is mainly driven by higher volume sales from its expanded production lines, though negated by the lower average selling prices (ASPs), in tandem with the lower raw material costs. Notwithstanding, the strong growth in revenue, Supermax’s 1QFY13 EBIT margin was flat yoy at 9.8%. This is held back by a sharp rise in operating cost (+32.5% yoy to RM289m), mainly due to the implementation of minimum wage effective January 2013. Consequently, 1QFY13 core net profit increased by a slower +13.6% yoy to RM31.8m. Results were below both our and street expectation, accounting for 20% of our and 22% of consensus full year forecasts.

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