Maintain Buy. MAHB will release its 4Q11 results in the third week of February. 4Q is seasonally the strongest quarter for the year. Based on the operating statistics published, we expect a core net profit (less forex translation and all other non-cash items) of RM139.8m (+35.5% YoY, +6.6% QoQ). Maintain Buy, with a slightly higher DCF-based TP of RM7.10, after imputing a higher passenger growth forecast of 6.7% in 2012 (previously 5%) and contributions from MAHB's 30%-owned KLIA2 integrated complex (KLIA2 IC) concession beginning 2013.

Maybank Research 9 Feb 2012

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