Results Preview Hai-O’s 3QFY04/14 top and bottomline to be stronger, says Affin IB Research
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Results Preview Hai-O’s 3QFY04/14 top and bottomline to be stronger, says Affin IB Research
Results Preview Hai-O’s 3QFY04/14 top and bottomline to be stronger, says Affin IB Research |
Business & Markets 2014 |
Written by theedgemalaysia.com |
Wednesday, 12 March 2014 08:59 |
KUALA LUMPUR (March 12): Affin IB Research has maintained its Add rating on Hai-O Enterprise Bhd at RM2.51 with a target price of RM2.95 and said the company’s 3QFY04/14 top and bottomline would be higher on sequential and year-on-year (y-o-y) when it reports its 3QFY04/14’s results on March 26.
In a note Wednesday, the research house said Hai-O’s top and bottomline would be lifted by resilient sales in conjunction with the Chinese New Year this year.
Affin IB Research said while the market may expect a stronger set of 3Q14 results, the company’s 9M14 year-to-date numbers would still be marginally lower y-o-y, given Hai-O’s weak 1H14 results, which was affected by weaker demand for its foundation garments.
“Nonetheless, we believe that management will likely reward its shareholders with a final dividend (DPS) of at least 10 sen per share, bringing FY14 DPS to 14 sen per share, on par with FY13’s DPS.
“The company could potentially raise its dividend payout in FY15, in conjunction with Hai-O’s 40th year anniversary celebration.
“On the whole, we remain positive on Hai-O’s prospects given: 1) the company’s healthy fundamentals; 2) Hai-O’s generosity in rewarding shareholders; and 3) its still appealing valuations of 11x FY14E PER. Key risks to our view are: 1) a sharp slowdown in consumer spending, dampening distributors’ sales; and 2)stiffer-than-expected competition from other MLM companies,” it said.
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