KL Trader Investment Research Articles

Author: kltrader   |   Latest post: Tue, 17 Sep 2019, 10:10 AM


Atlan Holdings Bhd – Duty Free Normalised After Drag in 1HFY19

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3QFY19 Revenue increase 15.7% yoy, 26.7% qoq while core net profit increase 22.0% yoy and 14.1% qoq

Atlan’s 3QFY19 posted higher revenue of RM215.4m, increase by RM29.3m yoy or RM45.5m qoq mainly due to recovery in its duty free segment as well as higher orders for its automotive parts manufacturing business. The Group’s Duty Free segment revenue increased by RM23.5m yoy or RM42.3m qoq to RM156.7m as the availability of certain popular products has been resolved. The shortage issue has dragged the Group performance in the first two quarters of FY2019. Duty Free segment posted higher PBT along with higher revenue however posted lower PBT margin at 10.7% compare to 11.8% same quarter last year and 11.4% in previous quarter due to higher operating expenses. Automotive better than expected results was offset by dismal performance in the property & hospitality division.

Interim Dividend 10 sen

The Group declares 10 sen interim dividend, bringing its cumulative dividend for FY19 to 20 sen for FYE19 which meet our expectation

Bill of demands from customs department

The hearing date of the Court of Appeal has been fixed on 6 Mar’19 and the Company and its solicitors strongly believe that there is no legal and/or factual basis for the bill of demands thus we have yet factor the contingent liability and impacts in our estimates.

Maintain Buy with unchanged Target Price

We continue favor Atlan for its growth potential, resilient earnings and sustainable dividend payout. We maintain BUY recommendation with unchanged target price of RM5.70 based on SOP valuation.

Source: Mercury Research - 14 Jan 2019

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