First signs of aviation down cycle. MAHB's November 2011 traffic statistics reveal a passenger growth of 9.5% YoY (11M 2011: +11.2% YoY). Whilst this is good growth, the momentum has slowed down from mid-teen levels achieved in the first half of 2011. Cargo volumes grew marginally by 4.5% YoY (11M 2011: -2.2% YoY) underpin by strong domestic related growth. Maintain Buy on MAHB; no change to our earnings forecasts and RM7.00/share DCF-based target price.


Maybank research (6 January 2012)

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