Analyst Research Report Snapshot


Results Note – Hiap Teck (ADD, maintain) - Higher tonnage but lower ASP




Affin Hwang Investment Bank Bhd


29 Sep 2013





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FY07/13 core net profit exceeded our expectation Hiap Teck’s full year core net profit of RM24.3m (-16.5%) yoy came in 44% above ours and consensus estimates. For us, the discrepancy was largely due to the higher-than-expected other income of RM25.9m versus our estimate of RM16.7m. As expected the group proposed a single tier dividend of 0.6 sen per share (FY12: RM0.06).

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