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Maybank - Maintain buy on Atlan (Duty free parent)
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tonylim70
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28-Feb-2018 00:24
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Duty Free' s Parent Atlan Bhd has been rising quietly. Even after XD, its share price has reached recent high. Something brewing? Today duty warrant became the top % gainer. 
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tonylim70
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28-Jan-2018 11:11
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https://klse.i3investor.com/servlets/ptres/43569.jsp Atlan Holdings Bhd - 3Q' FY18 - Results Dragged by Forex Losses Date: 12/01/2018 Source : MERCURY Stock : ATLAN Price Target : 6.10 | Price Call : BUY Last Price : 4.40 | Upside/Downside : +1.70 (38.64%) Maintain BUY We maintain BUY recommendation with unchanged target price of RM6.10 based on SOP valuation. We continue favor Atlan for its growth potential, resilient earnings and sustainable dividend payout. Potential re-rating catalysts for the stock include foreseeable M& A to unlock value of its assets. 3Q&rsquo FY18 Profit Dragged by Forex Losses, Revenue in-line Atlan&rsquo s 3Q&rsquo FY18 net profit plunged 90% to RM1.61mil for the quarter due to foreign exchange loss while revenue in line with our forecast, increased by 2.4% to RM186mil, compared with RM181.6mil same quarter last year due to higher revenue from automotive and investment holding segments. After excluding unrealized foreign exchange loss/gain, Atlan&rsquo s core net profit fell 21.8% or RM2.4mil to RM8.6mil for 3Q&rsquo FY18 compared with RM11.0mil same quarter last year mainly due to higher management fee incurred and longer than expected gestation period required for cost cutting and efficiency improvement measures to yield results. The duty free segment, the main revenue and profit contributor recorded slight increase in revenue, show sign of stabilizing after demand negatively affected by the imposition of GST at the border outlets and duty free zones with effect from 1st Jan&rsquo 17. Maintain Dividend Payout Despite weaker than expected results, Atlan maintained its dividend payout, declared 3rd interim net DPS of 10.0 sen, in line to our expectation and forecast. Source: Mercury Research - 12 Jan 2018 |
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tonylim70
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23-Jan-2018 10:01
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https://klse.i3investor.com/blogs/nanyang_stock_expert/144392.jsp |
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tonylim70
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15-Jan-2018 15:21
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https://klse.i3investor.com/servlets/ptres/43553.jspMaintain BUY3QFY2/18 results were in-line but third interim net DPS of 10.0sen (YTD: 21.0sen) was above our estimate. Earnings growth was mainly held up by the duty free and property segments. Our FY18-20 earnings forecasts and MYR6.00 SOP-TP are intact. Duty free segment largely stableExcluding one-off items totalling to -MYR6.6m (i.e. forex loss, fair value gains), 3QFY18 core net profit was MYR8.2m (+13% YoY, +5% QoQ), bringing 9MFY18 core net profit to MYR27.4m (-11% YoY) and accounting for 69% of our full-year estimate. Results were within our estimate as we are anticipating seasonally stronger 4QFY18 earnings. YoY, 3QFY18&rsquo s core earnings were held up by (i) marginally higher revenue at the duty free segment due to better product and sales mix (i.e. at the airport and bordertown outlets), (ii) sustained profit at the property and hospitality segment. This, however, was partly offset by (iii) slower automotive profits due to higher material costs and maintenance expenses, and (iv) a higher effective tax rate of 32% (excluding one-offs 3QFY17: 25%). Earnings estimates unchangedWe maintain our core earnings forecasts. However, we raise our net profit payout forecast to 135% from 100% for FY18 but maintain our conservative FY19-20&rsquo s estimates at 100% p.a.. This results in FY18/19/20 net DPS of 21.0sen/16.1sen/16.6sen. Partnership still positiveDFI&rsquo s partnership with Heinemann [via its wholly-owned subsidiary, Heinemann Asia Pacific (HAP)] has remained favourable and resulted in positive, synergistic impact in areas such as (i) transportation costs - down 63% YoY to MYR1.4m for 9MFY18, and (ii) inventory &ndash down 23% YoY to MYR166m (end-3QFY18). We believe there are more operational potentials to be realised from the partnership which could translate into positive earnings impact. Source: Maybank Research - 12 Jan 2018 |
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