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Kenanga: Pos Malaysia 1H profit within expectation

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Kenanga: Pos Malaysia 1H profit within expectation Empty Kenanga: Pos Malaysia 1H profit within expectation

Post by Cals Mon 25 Nov 2013, 14:11

Kenanga: Pos Malaysia 1H profit within expectation
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 25 November 2013 11:16
KUALA LUMPUR (Nov 25): Pos Malaysia Bhd's latest financials came in within market expectation, according to Kenanga Investment Bank Bhd.

Kenanga wrote in a note today that Pos Malaysia's first-half net profit accounted for 48% of Kenanga's and consensus full-year forecast.

"No changes to our forecasts. Maintain "market perform" and a target price of RM5.39 based on 15x CY14 EPS of 35.9 sen in line with its peers’ average," Kenanga said.

Last Friday, Pos Malaysia Bhd said net profit increased 30% to RM39.55 million in the second quarter ended September 30, 2013 (2QFY14) from RM30.43 million a year earlier. Revenue climbed to RM316.98 million from RM300.45 million.

Pos Malaysia's cumulative first-half net profit rose to RM82.7 million from RM67.21 million a year earlier. Revenue was higher at RM672.79 million versus RM611.76 million.

The company said it plans to pay an interim dividend of eight sen a share less 25% income tax for 2QFY14.
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