Thursday, 19 April 2012

Maybank IB Research maintains BUY on MAHB, target price RM7.10

KUALA LUMPUR (April 19): Maybank Investmnt Bank Bhd Research has maintained its Buy rating on MALAYSIA AIRPORT HOLDINGS BHD [] (MAHB) at RM5.71 with a target price of RM7.10 and said MAHB's February 2012 passenger traffic growth of 2.3% year-on-year , which brought year-to-date growth to 6.7%, was within the guidance of 6%-7% growth in 2012.

In a note April 19, the reseach house said the February slowdown was expected as the Chinese New Year was in January this year versus February back in 2011.

“Secondly, MAS has cut its system capacity by 10% in February as part of its business turnaround plan.

“We retain our forecast for 6.7% passenger traffic growth in 2012 as it has already taken into account these factors. Maintain BUY with an unchanged MYR7.10 per share DCF-based target price,” it said.

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