Malaysia Airports Holdings

Malaysia Airports Holdings

Postby winston » Wed Jun 01, 2011 11:12 am

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Malaysia Airports Holdings Bhd [MAHB MK] - Buy : Malaysian timing( RM6.37 / PT: RM8.47 ) by Muzhafar Mukhtar

1Q11 earnings came in line with our expectations. However, we came away from the briefing less optimistic of KLIA 2 being completed on time.

Management also gave guidance for the possible cost of airline incentives this year (RM80-100mn), which far exceeded our expectation (RM30mn).

We believe the street may soon downgrade earnings forecasts due to these factors, although the impact on target prices may be less significant.

We will be revising our numbers to reflect the potential delay in KLIA 2 and higher airline incentive costs for 2011-2012.


Source: Nomura
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Re: Malaysia Airports Holdings

Postby winston » Mon Oct 30, 2017 12:49 pm

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Malaysia Airports Holding

We use a two-stage DCF methodology to value MAHB.

The first stage is for the initial 10 years based on our financial forecast, and the second stage is
from the 11th year to end-of-concession-life at a FCF growth rate of 2% (below IATA long-term growth forecast of 3.5%).

Our WACC is 9.1%, with 4.6% rfr, 5.1% CoD, 23% tax rate, 6.5% erp, 1.2x beta, and 65% target d/e ratio.

At our TP, FY17E EV/EBITDA would be 12x, lower than 13x Asian average.

Risks:
1) PSC revenue based on the 2009 OA does not materialize; and
2) translation losses if the MYR appreciates and depreciates against the EUR and TRY,
respectively.

Source: DB
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Re: Malaysia Airports Holdings

Postby winston » Fri Oct 18, 2019 2:49 pm

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RHB Research lowers target price for MAHB to RM9, says selling overdone

by Nazuin Zulaikha Kamarulzaman

KUALA LUMPUR (Oct 18): RHB Investment Bank Research has maintained its “Buy” call on Malaysia Airports Holdings Bhd (MAHB) at RM8.04 with a lower sum-of-parts (SOP) derived target price (TP) of RM9.00 (from RM9.50).

In a note today, the research house said MAHB's share price retreated 8% yesterday, which RHB believes was due to uncertainty over the new Regulatory Asset Base (RAB) framework.

Its analyst, Alan Lim cited The Edge Financial Daily quoting Transport Minister Anthony Loke, as saying the Transport Ministry is looking at alternatives for a RAB framework for future domestic airport developments.

“Separately, Malaysia Aviation Commission has not published the final paper on the RAB framework, which will set the passenger service charge (PSC) charge – this was due to have been published on 1 Oct.” he added.

He said the alternatives to the RAB will take time to be implemented as it will take an additional one to two years to come out with a new framework as it involves many stakeholders.

According to Lim, there is still likelihood that the RAB framework will be implemented although some details may change like its validity may only apply for Phase 1 which covers the 2020-2022 period.

RHB also believes the selling is overdone, as a lower PSC charge is likely to be neutralised by a decrease in user fees payable to the government.

The previous announcement of the PSC’s reduction was done via the user fees’ contra method.

“If the new RAB framework results in a lower PSC, we believe this arrangement will remain.”

“Despite the uncertainty of the timing, we want like to highlight that any reduction in PSC charges will likely be earnings neutral for MAHB,” Lim said.

The new TP implies 25.3 times FY20F price to earnings (P/E), or -0.52 standard deviation (SD) from its average 2-year forward P/E.

Source: The Edge

https://www.theedgemarkets.com/article/ ... g-overdone
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Re: Malaysia Airports Holdings

Postby winston » Fri Nov 01, 2019 9:24 am

Malaysia Airports Holdings (MAHB MK)
MAVCOM Raises Regulated Pricing And Lowers Capex; Theoretically Positive for MAHB


MAVCOM’s updated RAB pricing structure effectively raises the regulated revenue per pax by 1.4% on average for RP1, vs prior estimate.

For 2020, we expect this to lead to an 18% yoy rise in EBITDA.

The street however remains skeptical of its implementation due to potential dissension by stakeholders.

MAVCOM however believes they have tacit approval for the RAB system.

Most of the known risks have been priced in, but upside risk following successful implementation remains.

Maintain BUY. Target: RM9.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 3a4dafec40
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Re: Malaysia Airports Holdings

Postby winston » Tue Dec 08, 2020 8:48 am

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Malaysia Airports — Airline traffic is expected to improve

Airline traffic expected to pick up gradually, in tandem with lifting of travel ban on successful vaccine discovery

Share price has retraced from a recent high of RM5.94, so the current level offers accumulation opportunity for recovery play

Source: The Edge
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Re: Malaysia Airports Holdings

Postby winston » Tue Nov 28, 2023 10:23 am

M’sia-China visa exemption a major catalyst

China and Malaysia will permit reciprocal visa-free entry from 1 Dec 2023 and Malaysia will unilaterally extend the same to India and the Middle East.

We see this as a major positive for MAHB; reiterate Add with unchanged SOP-based target price of RM7.76.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 7601811434
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Re: Malaysia Airports Holdings

Postby winston » Fri Dec 01, 2023 10:07 am

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Malaysia Airports Holdings
New OA, MAVCOM, plus CN-MY visa free


9M23 core net profit of RM379m was below expectations at 59% of our fullyear forecast, due to slower-than-expected traffic recovery in Aug-Oct 2023.

MAHB also made a RM25m doubtful debts provision against MYAirline, whose flying licence was recently suspended.

Stay Add with higher end-CY24F SOP-based TP of RM8.05; next year’s tariff hikes, a new OA, and the end of rental discounts are key rerating catalysts.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 9577789592
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Re: Malaysia Airports Holdings

Postby winston » Wed Dec 06, 2023 10:39 am

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Are Investors Undervaluing Malaysia Airports Holdings Berhad (KLSE:AIRPORT) By 49%?

Key Insights

The projected fair value for Malaysia Airports Holdings Berhad is RM13.81 based on 2 Stage Free Cash Flow to Equity

Current share price of RM7.08 suggests Malaysia Airports Holdings Berhad is potentially 49% undervalued

Analyst price target for AIRPORT is RM8.22 which is 41% below our fair value estimate


SWOT Analysis for Malaysia Airports Holdings Berhad

Strength: Debt is not viewed as a risk.

Weakness: Dividend is low compared to the top 25% of dividend payers in the Infrastructure market.

Opportunity: Annual earnings are forecast to grow faster than the Malaysian market. Trading below our estimate of fair value by more than 20%.

Threat: Revenue is forecast to grow slower than 20% per year.


Source: Simply Wall Street

https://finance.yahoo.com/news/investor ... 02955.html
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Re: Malaysia Airports Holdings

Postby winston » Wed Dec 06, 2023 1:41 pm

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RHB IB upgrades transportation sector to 'overweight'; MAHB and Tasco top picks

By Surin Murugiah

RHB said that Malaysia Airports Holdings Bhd (MAHB) is regaining momentum in both its aeronautical and non-aeronautical segments.

It said the stronger y-o-y performance was not a surprise, given the promising growth in both passenger traffic and recovery rates.

However, it said that earnings contracted 11% q-o-q, due to the provision for doubtful debt for MYAirline, higher depreciation, and increased user fees, in tandem with the increase in passenger traffic.

“Its retail segment revenue also increased 2.6 times y-o-y, attributed to an improved passenger mix, higher retail spending per ticket of RM304 (versus 2QFY2023: RM290), and higher royalties,” the research house said.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/692842
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Re: Malaysia Airports Holdings

Postby winston » Wed Dec 27, 2023 7:31 am

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Turkey’s IC, Malaysia Airports Seek Deal on 2nd Istanbul Airport

by Ercan Ersoy, Taylan Bilgic and Anuradha Raghu

Discussions are at a preliminary stage between Malaysia Airports and IC Holding, a Turkish infrastructure company and airport operator, and may or may not result in the latter acquiring a stake at the airport.

The airport, which lies southeast about an hour’s drive from the city of almost 17 million people, served almost 34 million passengers between January and November, up 21% from year ago, making it the third-busiest airport in the country

Malaysia Airports was part of a consortium that won a €1.9 billion contract to operate the Turkish airport in 2008 for 20 years. In 2013, it agreed to raise its holding in to 60% by acquiring a 40% stake held by Indian partner GMR Infrastructure Ltd. for €225 million. It bought the remaining 40% from Turkey’s Limak Holding in 2014 for €285 million.


Source: Bloomberg

https://www.bnnbloomberg.ca/turkey-s-ic ... -1.2015621
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