Within expectation. 1Q12 core net profit of MYR116.6m (+3.4% YoY, +26.7% QoQ) underpins MAHB's resilience in the face of adversity. Despite Malaysian Airlines cutting capacity by over 10% in the quarter, MAHB managed to deliver 6.5% traffic growth YoY which is within its guidance for 6%-7% traffic growth in 2012. We look forward to a promising 2012 as air travel momentum remains healthy in the region and MAHB's high utilization rates will boost profit and profit margin expansion. Maintain Buy, with an unchanged target price of RM7.10/share DCF-based.

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Source: Maybank Research - 27 April 2012