HLIB reiterates "buy" call on MAHB
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HLIB reiterates "buy" call on MAHB
HLIB reiterates "buy" call on MAHB |
Business & Markets 2014 |
Written by Bernama |
Monday, 16 June 2014 10:47 KUALA LUMPUR (June 16): Hong Leong Investment Bank (HLIB) has reiterated its "buy" recommendation for Malaysia Airports Holdings Bhd (MAHB) with an unchanged target price of RM10.55, despite its weak May statistics. The data showed that passenger movement growth was only 2.1 per cent year-on-year (yoy) due to the impact from the missing MH370 flight and Sabah kidnaping incidents as well as capacity rationalisation, especially on domestic routes. It was also due to a high base effect with strong traffic noted during the May 2013 election. Nevertheless, year-to-date passenger growth remained strong at 13.5 per cent, yoy, versus HLIB's forecast of 12.8 per cent yoy for financial year 2014, the research house said in a note today. HLIB said it was positive about the airport operator's monopoly of airports operation in Malaysia (except Senai) and the main beneficiary of strong air traffic into Malaysia and Visit Malaysia Year 2014, in line with government initiatives to boost tourism sector; MAHB would also be unaffected by high jet fuel cost and the ringgit's depreciation, as well as, potentially higher non-aeronautical revenue. However, HLIB was negative about MAHB's low liquidity. As at 10.31 am, MAHB shares rose four sen to RM7.78 with 1,600 lots changing hands. |
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