tell u a story. i was monitoring my trade on this one and when it nearly hit my stop loss target of 8.8x i was preparing to sell. Mana tau disconnected! then come back fuiyo drop down further to 8.7x, panic call broker house ask help sell.
then naik 8.82, i say sell, then naik 8.85, he said still want sell, i said yes! then naikl 8.87, still sell? i say yes!
Malaysia Airports Holdings - Riding On Robust Travel Demand
MAHB recorded RM209.1m core PATAMI for 9MFY17
Uplift in earnings buoyed by encouraging passenger growth
Positive momentum to continue towards year end
Maintain BUY with an unchanged TP of RM9.98 .
Solid revenue growth was the key driver.
The strong PATAMI growth for 9MFY17 was due to the solid growth in revenue, where it grew +10.1%yoy. PSC, retail and rental revenue, which together represents 74.0% of total revenue, grew +13.5%yoy to RM2.6b. The revenue expansion was the result from the strong passenger growth.
International traffic outpaced domestic passengers.
For 9MFY17, the group passenger growth was up by +8.6%yoy. Notably, international traffic growth in Malaysia outpaced the domestic advancing at +14.7%yoy. We opine that the commendable growth stemmed from the Malaysia 29th SEA Games which took place in the span of 10 days in August and was considered being the main tourist attraction. This boosted the passenger growth. The higher proportion of international passengers (50.6% of total traffic) has positive implication on the PSC, retail and rental revenue.
Positive momentum to continue.
Moving forward, AIRPORT expect this positive traction to continue towards the end of the year stemming from the strong growth (+8.5%yoy) in FY17 passenger traffic thus far. Hence, we are maintaining our FY17 forecast as we believe that MAHB will likely post a stronger 4QFY17 due to seasonal factors.
Maintain BUY AIRPORT with TP of RM9.98 based on our DCF assuming WACC of 7.8% and Beta of 1.1. MAHB as a proxy to Malaysia’s resilient inbound/outbound travel industry being the largest airport operator in Malaysia. MAHB received an extension of its operating agreement (OA) which will last until 2069, providing clarity to investors on its longer term prospects as an airport concessionaire.
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....
culbertlim
393 posts
Posted by culbertlim > 2017-03-22 20:11 | Report Abuse
what is midf