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Results Note - MBM Resources (BUY, maintain) - Perodua helped lift 2QFY13’s earnings, weak Federal Auto sales volume




Affin Hwang Investment Bank Bhd


22 Aug 2013





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MBMR’s 1HFY13 results are below expectations 2QFY13 core net profit rose 26.2% yoy and 13.4% qoq to RM37.2m. Key earnings drivers were: (1) resilient Perodua sales volume; (2) good cost control; and (3) a surge in associate earnings thanks to cheaper raw materials for Perodua with the depreciation of the Yen. This brings 1HFY13 core net profit to RM69.9m (+6.4% yoy). Notwithstanding the good growth trajectory, results were below expectations - accounting for only 43% and 45% of Affin and street estimates.

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