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Hot Stock MAHB falls 3.3% on lower passenger movement, possible Turkey airport concession stake buy

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Hot Stock MAHB falls 3.3% on lower passenger movement, possible Turkey airport concession stake buy Empty Hot Stock MAHB falls 3.3% on lower passenger movement, possible Turkey airport concession stake buy

Post by Cals Tue 07 Oct 2014, 23:35

Hot Stock MAHB falls 3.3% on lower passenger movement, possible Turkey airport concession stake buy
Business & Markets 2014
Written by Charlotte Chong of theedgemalaysia.com   
Tuesday, 07 October 2014 15:18

KUALA LUMPUR (Oct 7): Malaysia Airports Holdings Bhd (MAHB) dropped as much as 24 sen or 3.3% to RM7.13 after the airport operator reported lower passenger traffic in August this year.

MAHB reported passenger movement in August declined 5.2% year-on-year to 6.9 million.

Today, MAHB shares reduced losses at afternoon break. At 12:30pm, MAHB declined 17 sen or 2.31% to to RM7.20 to become the bourse's fourth-largest decliner.

A total of 711,500 shares changed hands. At 3.20pm, MAHB shares changed hands at RM7.21.

For comparison, the FBM KLCI rose 3.17 points or 0.2%

In a report today, TA Securities Holdings Bhd analyst Tan Kam Meng said MAHB expected passenger movement to remain soft during the seasonal peak of year-end school holiday and festive seasons.

Tan said TA was maintaining its "sell" rating on MAHB shares with a fair value of RM7.82.

Tan also commented on MAHB's right-of-first-refusal to acquire Limak and Limak Yatirim's collective 40% stake in the concession for Turkey's Istanbul Sabiha Gokcen International Airport.

He said if MAHB chose to acquire the remaining 40% for €285 million, or RM1.2 billion, funding may come from share placement, thus, resulting in earnings per share dilution.
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