Highlights of the day
§
Pos
Malaysia (Results Review): 2QFY13:
In line with expectations (Maintain HOLD, TP: RM3.00) [download
report]
6MFY13 earnings came in within house and market
expectations. 6M net profit grew 38% compared to the same period last year to
RM67m, backed by higher EBIT despite higher operating costs incurred. 2QFY13
revenue grew marginally to RM300m (+3% y-o-y), while 2Q PBT of RM44m was up 2%
y-o-y despite a decrease in EBIT. The Group’s mail business remained the key
income generator while contribution from the courier segment has been
increasing. However, POS’ retail business is still at loss-making impacted by
higher staff costs, increased operating expenses, and depreciation and
amortization. An interim net DPS of 6.0 sen was declared for the quarter.
Maintain Hold, with target price of RM3.00.
§
MSM
Malaysia
9MFY12 earnings came in below expectations, making up 57% and 63% of
house and consensus estimates, respectively. 9MFY12 revenue was relatively
flat, a result of decreased sales volume for domestic and export sales, despite
obtaining higher average prices. 2QFY12 earnings suffered from higher raw sugar
and input costs, down 11% y-o-y. MSM declared an interim dividend of 8 sen per
share for the quarter. We make no changes to our estimates at the moment.
Maintain HOLD with TP of RM5.05.
Other reports
Other Malaysian news
§ Telekom: Targets 500,000
SME customers by year-end
§ AirAsia: Denies buying Indian budget carrier
§ DRB-Hicom: Sale
§ Jaya
Tiasa: Spending RM235m
§ MUI: High Court orders winding-up of debtors owing RM427.8m
to MUI
§ Pacific & Orient: Gets green light to divest
49% of subsidiary
§ Time Engineering: Lim leaves in a huff
§ O&G: Petronas makes two major gas discoveries
Global news
§
China
§
Europe : Finance chiefs prod IMF as Greek aid talk
marathon drags on
§
UK : Canada
§
Thailand
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Singapore
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