Analyst Research Report Snapshot


Results Note – Ann Joo Resources (SELL, maintain) - External outlook remains volatile




Affin Hwang Investment Bank Bhd


26 May 2014





Companies referenced:


Available for Immediate Download

1Q14 core net profit of RM8.5m within our and street estimates In 1Q14, Ann Joo posted a revenue of RM686.1m (+38.5%), underpinned by higher sales tonnage from its manufacturing business of RM509.9m (+60.7% yoy). Revenue from the trading business increased merely by 3.5% to RM175.8m. EBIT margins was lower at 3.4% vs 3.7% in 1Q13, largely due to the lower selling prices as well as suppressed China cheap steel products. Excluding EIs, Ann Joo recorded a 1Q14 core net profit of RM8.5m (+20.8% yoy), which is largely within expectation, accounting for 21% of our full year FY14 forecast of RM40.0m and 20% streets estimate. Ann Joo also declared a total dividend of 2.0 sen/share (1Q13: nil).

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.