Journey to Wealth
Multi-Purpose Holdings - A Yield Play
Multi-Purpose Holdings (MPHB) registered FY12 net profit of RM343.8m. Stripping off some one-off items of RM45.0m incurred during the year, its core earnings of RM298.8m fell short of both consensus and our expectations at 82.2% and 92.9% of the respective full year estimates. The company declared a final DPS of 3.5 sen less income tax and a 1.5 sen single-tier DPS. Maintain BUY with our SOP-based FV reduced to RM3.88.
Subpar numbers. MPHB's FY12 revenue was 4.1% lower y-o-y at RM3.41bn as a result of higher prize payout ratio for its gaming division during the period. By the same token, its core earnings shed 1.4% y-o-y to RM298.8m, falling short of both our and street estimates. On a quarterly basis, 4QFY12 numbers are weaker across the board, with both revenue and core earnings lower on both y-o-y and q-o-q.
Source: OSK
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
