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Author: Tan KW   |   Latest post: Sat, 8 Aug 2020, 8:11 AM

 

大马机场 机场税推动盈利

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目标价:9.47令吉

最新进展:

大马机场(AIRPORT,5014,主板交通和物流股)截至去年12月杪末季,净利年跌13%至2809万6000令吉,因为呆账拨备、摊销和折旧成本,以及维修保养费用增加。

累积全年,净利年增2倍至7亿2730万3000令吉或每股40.37仙,营业额年升4.3%至48亿5170万2000令吉。

行家建议:

大马机场末季和全年核心净利按年上升,分别涨152%与101%;但6.69亿令吉的末季核心净利,仍低于我们和市场的预测,分别少5%与7%,归咎于成本增加。

估计机场税(PSC)的上调,能提振全年营业额,而今年的搭客流量料按年增长4%,这将资助在本地所有机场的维修费用。

另外,我们预测大马机场本财年的核心净利将温和增长8%。

随着机场税于下财年2月开始上调、维修营运开销预料趋缓,我们认为会带动下财年在大马市场的核心净利,预测增长21%。

此外,大马机场保证,资本和营运开销在下财年后开始有回酬,我们预估达10%。

基于现金贴现(DCF)估值法,削减目标价至9.47令吉,但维持“增持”评级。

http://www.enanyang.my/news/20190305/大马机场-机场税推动盈利/

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Labels: AIRPORT

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AIRPORT 5.00 -0.14 (2.72%) 1,635,500 

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