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Results Note – Ann Joo Resources (SELL, maintain) - Oversupply to persist




Affin Hwang Investment Bank Bhd


29 Aug 2013





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Within our expectation In 2Q13, Ann Joo reported a core net profit of RM12.2m (a reversal from the core net loss of RM4.9m in 2Q12), taking 1H13 core net profit to RM22.0m (>100%). This is within our expecation as 1H13 earnings accounts for 55% of our full year estimate of RM40m. Our core net profit excludes recognition of unrealised loss on foreign exchange of RM8.3m and allowance for inventories written down to net realisable value of RM2.3m. As expected, no dividend was declared for the quarter (2Q12: nil).

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