Analyst Research Report Snapshot

Title:

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

Price:

$23.00

Provider:

Affin Investment Bank

Date:

29 Aug 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

ANNJ.KL

Available for Immediate Download
Summary:

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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