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[公司专区] 5014 AIRPORT 大馬機場

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发表于 2011-10-28 21:09 | 显示全部楼层
MAHB’s numbers holding up well     

Malaysia Airports Holdings Bhd
(Oct 27, RM5.88)
Maintain buy with target price of RM7.36: MAHB reported commendable earnings, with its cumulative core net profit coming in line with our estimates but ahead of consensus. Top line growth was fuelled by higher passenger spending while its bottom line got a boost from a higher utilisation rate and economies of scale.

Under the operating agreement signed in 2009, MAHB is entitled to compensation from the government should an overdue hike in tariffs be put on hold. As such, the government’s recent move to freeze MAHB’s proposed tariff hikes on aircraft landing and parking, due for an increase effective 2012, could see MAHB reducing the payment of user fees.

In the pipeline are two more joint venture (JV) initiatives and a 50-acre development of a factory outlet.

Save for a net exceptional loss item of RM2.2 million (after associates’ FRS 139 impact and a RM22 million dividend income gain), MAHB’s 3QFY11 core net profit stood at RM110.4 million or 17.3% quarter-on-quarter (q-o-q —16.6% year-on-year [y-o-y]; 12.1% year-to-date [YTD]) on the back of revenue of RM483.7 million or 2.4% q-o-q or 2.4% (8.4% y-o-y; 7% YTD). On a cumulative basis, the results were in line with our forecasts as revenue and core net profit accounted for 72% and 78% of our full-year forecasts, but beat consensus estimates. The y-o-y revenue growth was driven by resilient passenger growth (-0.3% q-o-q; 10.8% y-o-y; 12% YTD) although we note that q-o-q passenger growth was seasonally weaker owing to the lull during Ramadan. This was offset by higher non-aeronautical contribution boosted by more robust passenger spending on maximising rental space at the low-cost terminal.

MAHB managed to cut costs further during the nine-month period, with earnings before interest, tax, depreciation and amortisation (Ebitda) margin improving by 0.7 percentage points to 37.6% against 36.9% last year. Costs came down due to higher staff productivity as it achieved better economies of scale.

The management said KLIA2 may not be completed in time for commencement in 2012. Should the terminal be completed only in early 2013, the impact on our FY12 forecasts would be small as this may give rise to only a small 3.5% reduction in earnings. Valuation-wise, a delay would carry little weight in lowering our fair value for MAHB over the longer term. The management will be holding a briefing in the near future to update the investment community on the progress of KLIA2.

The management indicated that it is tendering for two more private JV initiatives with a utilities provider (likely to be Tenaga Nasional Bhd) and a hotelier. The JV will be structured like the recently announced JV partnership with WCT Bhd, in which MAHB is allocated free equity interest participation in exchange for the use of airport land by the JV partner. In addition, the government is developing a 50-acre (20ha) piece of land for a factory outlet to attract more visitors to the airport and boost non-aeronautical revenue.

With the 9MFY11 earnings in line with our estimates, we make no changes to our earnings at this juncture. We reaffirm our “buy” call, with a discounted cash flow-derived target price of RM7.36, based on 9% weighted average cost of capital. MAHB is a defensive aviation play which will do well in both good and bad times owing to resilient air travel demand and its large base of budget travellers. — OSK Research, Oct 27 ... olding-up-well.html

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发表于 2011-10-28 22:57 | 显示全部楼层
上調服務費 大馬機場淨利看漲











因此,達證券重申對航空領域「中和」的投資評級,並將大馬機場目標價格調整至7.60令吉。至於豐隆投行則維持航空領域「增持」的投資評級,也維持大馬機場「買進」投資評級,並上調其目標價格至7令吉。 ... XEy1P000Dws283u9XR7

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发表于 2011-11-30 13:47 | 显示全部楼层

作者/本刊梁志华 Nov 30, 2011 01:14:56 pm  




对此,本地证券研究所——黄氏星展证券研究(Hwang DBS Vickers Research)今天将马来西亚机场控股公司的投资建议下调至“守住”,目标价也调降至6.70元,主要反映出第二吉隆坡国际机场的建筑成本飙升的因素。



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发表于 2011-11-30 17:10 | 显示全部楼层
MAHB slips on concerns of higher KLIA2 costs      

KUALA LUMPUR (Nov 30): Shares of Malaysia Airports Holdings Bhd (MAHB) slipped in early trade on Wednesday as investors were concerned about the escalating costs for the new klia2 terminal.

At 9.59am, MAHB was down nine sen to RM6. There were 131,000 shares done.

However, the FBM KLCI charged ahead 10.86 points to 1,455.68 on buying of index-linked stocks. Turnover was 241.57 million shares valued at RM171.22 million. There were 230 gainers, 132 losers and 206 stocks unchanged.

MAHB forecast the CONSTRUCTION [] cost of KLIA2 to escalate to between RM3.6 billion and RM3.9 billion mainly due to upgrades of specifications of the airport. The initial budget was RM2.5 billion.

Hwang DBS Vickers Research had downgraded its target price for MAHB to RM6.70 as it factors in the higher investments for klia2.

“We believe that MAHB’s cash levels will be stretched following the hike in costs for the new klia2 and factor in a cash call. We also cut MAHB’s dividend payout policy to 40% in view of the need to preserve cash levels,” it said. ... er-klia2-costs.html

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发表于 2011-11-30 17:11 | 显示全部楼层
RHB Research maintains Outperform on MAHB, FV RM8.39      

KUALA LUMPUR (Nov 30): RHB Research Institute is maintaining its outperform recommendation on Malaysia Airports and raised its fair value estimate to RM8.39 from RM8.08 based on “sum-of-parts”.

It said on Wednesday that MAHB forecasts the CONSTRUCTION [] cost of KLIA2 to escalate to between RM3.6 billion and RM3.9 billion mainly due to upgrades of specifications of the airport. The initial budget was RM2.5 billion).

RHB Research said despite the additional upgrades, MAHB reiterate that KLIA is on track to be completed by Jan 2013 and fully operational by April 2013.

According to MAHB, the additional cost of up to RM1.4 billion for KLIA2 would funded with the remaining RM600 million not yet drawn down from its RM3.1 billion sukuk fund facility and RM800 million internally generated fund.

“We are reducing our FY13 net profit forecast by 10.2% to reflect: (1) higher depreciation costs and operating costs upon the opening of KLIA2; and (2) higher finance costs.

“Nonetheless, KLIA2 project will now yield a valuation enhancement of RM1.65 a share (versus RM1.34/share previously) after adjusting our project value to RM3.9 billion assuming the same project internal rate of returns (IRR) of 10% (vis-à-vis MAHB’s guidance of 11%-12%),” it said. ... -mahb-fv-rm839.html

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发表于 2011-11-30 17:26 | 显示全部楼层
Improved, larger KLIA2 to cost RM3.9b      

SEPANG: Malaysia Airports Holdings Bhd (MAHB) revealed yesterday that the new KLIA2 will now cost 95% more at RM3.6 billion to RM3.9 billion due to significant changes at the terminal, which include the very much debated aerobridges.

MAHB managing director Tan Sri Bashir Ahmad Abdul Majid, however, denied any cost overruns at the project, where the deadline has been further pushed to April 2013 from the first half of next year.

“After discussing with all our stakeholders, airlines and the public, these are the requirements,” said Bashir at a media briefing on the KLIA2 yesterday.

He added that the bulk of the cost swelling stemmed from increased earthworks as a result of the enhanced footprint area of the terminal (RM670 million), bigger terminal building (RM420 million), longer runway at 3.96km from 2.5km initially (RM180 million) and better public infrastructure (RM260 million), among other expenditure.

BIGGER AND BETTER ... Significant changes to the terminal and facilities at KLIA2, including the much discussed aerobridges, will raise the  price tag of the new low-cost carrier terminal by 95% to close to RM4 billion.
Interestingly, the incorporation of aerobridges, which was the core of the dispute between AirAsia Bhd and MAHB, cost only RM120 million or just about 7% of the entire cost increase of RM1.6 billion to RM1.9 billion.

Of the cost increase, about RM530 million is for the construction of buildings of government agencies. The improved KLIA2 will also see more aircraft stands, which will incur RM160 million more in costs and upgraded air traffic control facilities, which will see an additional RM130 million in expenditure.

He also said the cost of the KLIA2 meets global standards at some RM4,900 per sq m while the cost per passenger works out to only 25 sen.

Bashir added that the adjustments to the size and design of the KLIA2 came about because MAHB needed to meet the government’s requirement to segregate international and domestic passengers. He said that MAHB had also considered exercising the option to include aerobridges and fully-automated baggage handling system, which were not considered before, as requested by an airline partner.

“We have decided to bring forward the capex. It is better for us to delay by a few months rather than doing them (the changes) later and go through a lot of interruption,” Bashir told newsmen gathered for the briefing yesterday.

He said as a result of tedious tender processes, requirement changes on aerobridges and runway extensions as well as the baggage handling system, the project’s completion has been delayed to the end of next year and the KLIA2 will only be operational ready by April 2013.

“It was only in June that discussions on whether the baggage handling system be fully automated were held… in trying to agree (on the matter), we had weekly discussions with our airline partners.

“The best way to handle 45 million passengers is to have a fully-automated system,” said Bashir, explaining the time line and causes of the delay.

He added that the terminal has been extended by over 71% in terms of space, enough to handle 45 million passengers per annum versus 30 million as initially planned.  

He also adressed concerns that a costlier airport does not necessarily mean higher airport taxes for travellers because aeronautical charges are highly regulated. Based on the current numbers, Bashir said, it should be no problem for KLIA2 to break even within its first few years of operations.

The aeronautical charges have also been a reason for dispute between AirAsia and MAHB for awhile now.

The Transport Ministry recently approved a RM14 increase in airport tax to RM65 per passenger in most of its international airports while the LCCT in KLIA and the Terminal 2 in Kota Kinabalu saw charges go up by RM7 to RM32 per international passenger.

Landing and parking charges, meanwhile, will rise in three stages over three years — landing charges will be 9% while parking charges will be increased by 18% per year. This is the first increase in charges after 17 years.

“We are not allowed to go back to the government (for an increase) until 2014. It is my understanding that whatever charges at the current LCCT applies at KLIA2,” Bashir added. ... -to-cost-rm39b.html

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发表于 2011-12-1 00:05 | 显示全部楼层
第二機場超支 大馬機場料需額外融資














達證券分析員認為其上漲空間僅達27.5%,維持該股達「買進」評級,目標價格為7.60令吉。艾芬投行分析員也給予「買進」評級,目標價格為8.50令吉。 ... 2OR1R7g2g870n7K1OdD

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发表于 2011-12-1 09:03 | 显示全部楼层

作者/翁慧琪 Nov 30, 2011 10:03:24 pm  













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发表于 2011-12-1 22:54 | 显示全部楼层
Research houses downgrade MAHB on costlier KLIA2     

PETALING JAYA: Research firms called downgrades on Malaysia Airports Holdings Bhd (MAHB), a favourite of aviation analysts, after the airport operator unveiled plans to build a bigger and costlier low-cost carrier terminal dubbed KLIA2.

On Tuesday, MAHB revealed that the total investment for KLIA2, which has been expanded by over 70% in terms of size, will increase to RM3.4 billion to RM3.9 billion from the initial RM2 billion.

HwangDBS Research, which downgraded the counter to “hold” from “buy”, said with the higher investment in KLIA2, MAHB might see higher depreciation cost than initially expected during the early years.

“In our opinion, additional revenue to cover the higher capital cost may take time to kick in, as passengers gradually increase. This would result in lower utilisation in the initial years,” said the research house.

HwangDBS cut MAHB’s earnings estimate for FY12 ending December by 3% to RM381 million and FY13 by 17% to RM350 million in view of higher depreciation costs.

However, it said the depreciation would be partially offset by the larger retail space and potential additional revenue of about RM40 million per year due to rental of the airport control tower to the government.

Hwang DBS’ move to cut MAHB’s earnings estimate was echoed by others, including RHB Research, which reduced its FY13 net profit forecast by 10.2% to RM410.7 million and OSK Research, which cut its FY13 earnings by 8% to RM450.2 million. RHB maintained its “buy” call and OSK its “outperform” on MAHB.

CIMB said it is looking at a 30% dip in core earnings once KLIA2 commences operations in 2013 due to higher operating costs.

The research firm said the major factor in its earnings downgrade is the possible huge rise in staff count, maintenance and repair costs, utilities and other miscellaneous costs as result of a bigger KLIA2.

CIMB downgraded its core earnings per share estimates by 12.5% for FY13, 7% in FY14 and 1% to 2% from FY15 to FY18.

The research house also expects MAHB to raise a further RM600 million from its remaining debt facility to help finance KLIA2.

It assumes the additional RM600 million equity issue can be achieved via a 10% placement at around RM5.50 per placement share.

CIMB said the equity funding inherently increases its weighted average cost of capital (WACC) estimate as MAHB’s cost of equity is more than double its cost of debt, at 10% versus just 4.6% for its debt.

It has also turned cautious on MAHB’s plans to expand beyond what is necessary as it has seen other airport operators, such as Thailand’s AOT of Suvarnabhumi, making the same mistake.

It advised investors to stay on the sidelines as it downgraded the stock from “outperform” to “neutral” with a lower target price at RM6.90 from RM7.95.

HwangDBS believed that MAHB’s cash levels would be stretched following the hike in costs for the new KLIA2 and factored in a cash call. It also trimmed MAHB’s dividend payout policy to 40% in view of the need to preserve cash levels.

OSK Research revised its fair value on the airport operator downwards but retained its “buy” call. It derived a lower fair value of RM7.26 from RM8.10 previously based on an unchanged WACC assumption of 9%.

It also noted that MAHB’s management expects total net savings of RM766.15 million over 20 years from “front loading” its future capital expenditure.

It added that the total capex for KLIA2 seems astronomical at first glance, but on a unit cost basis at RM4,694 per sq m, its cost is relatively lower than KLIA’s RM8,000 per sq m, and Kota Kinabalu and Kuching airports’ RM6,000 per sq m each.

OSK noted MAHB may be entitled to sales tax exemptions ranging from 5% to 10% on the equipment purchased, which would potentially reduce the capex by RM150 million to RM200 million.

So far, the counter has four “buy”, and one “outperform”, “neutral”, “hold” and “under review” calls each, based on Bloomberg data and the latest reports issued by the research houses. ... costlier-klia2.html

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发表于 2011-12-2 12:10 | 显示全部楼层
機場稅漲價堅持不交‧亞航:要鬥到底   2011-12-02 08:05        
  • 東尼:我們會鬥爭,我們的運動明天開始。(圖:星洲日報)









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发表于 2011-12-2 12:17 | 显示全部楼层

  2011-11-26 17:51




消息人士對The Edge週刊說,目前無法掌握賽費沙會在明年1月加入大馬機場,或者是在未來數月內成為峇西爾的“替補”。市場預計峇西爾將持續留在大馬機場董事部內。


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发表于 2011-12-2 22:36 | 显示全部楼层
MAHB chairman backs Bashir to stay on as MD      

SEPANG (Dec 2): Malaysia Airports Holdings Berhad (MAHB) chairman Tan Sri Dr Aris Othman has extended his full support to a proposal to extend
the service of Tan Sri Bashir Ahmad as the company's managing director.

"I can say with confidence that the entire Board of Directors will extend their full support to him being retained as the managing director.

"In my opinion, the current situation is critical from the aspect of our  standing and development. We should not make any changes whatsoever,
particularly for this position," he said.

Aris was speaking at the 6th joint signing ceremony with the Peninsular, Sabah/Labuan and Sarawak, Malaysia Airports Holdings Berhad Workers Unions, here on Friday.

Bashir's position as managing director came under question again following a media report that he would be replaced by Pos Malaysia Berhad Chief Executive Officer (CEO), Datuk Syed Faisal Albar Syed Albar, whose contract ends at the end of this month.

Bashir's contract with MAHB ends in June next year.

The proposal to extend Bashir's service was voiced by the President of the Peninsular, Malaysia Airports Holdings Berhad Workers Union, Hussin Shaharn at the same ceremony.

It was also proposed at the event that a memorandum be sent to the Prime Minister, Datuk Seri Najib Tun Razak, on the proposal.

Hussin also proposed that another memorandum be sent to the Prime Minister on the confusion at the Low Cost Carrier Terminal (LCCT) on Thursday in relation to the, "Say No To Airport Tax Increase", by Air Asia.

Air Asia is protesting MAHB's decision to raise the airport tax by between RM7 to RM14 at its five airports in the country, effective Thursday.

Meanwhile, the joint agreement signed today will see 2,705 non-executive workers of MAHB, receiving a new salary structure involving increases of 7-43 per cent.

There is also a salary adjustment of six per cent for 4,051 workers not involved in the restructuring. - Bernama ... -stay-on-as-md.html

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发表于 2011-12-6 20:02 | 显示全部楼层
MAHB refutes AirAsia’s statement

KUALA LUMPUR: Immediately after AirAsia Bhd claimed that it did not ask for a fully automatic baggage handling system (BHS) in KLIA2, Malaysia Airports Holdings Bhd (MAHB) came out to defend its position on the matter.

In a statement issued yesterday evening to counter AirAsia’s statement sent out earlier in the day (read above story), MAHB provided documents to show that AirAsia had indeed requested to change the BHS in KLIA2 from a semi-automated to a fully automated one, which would result in the delay of KLIA2 completion and cost overruns.

The letters also highlighted that AirAsia had projected the KLIA2 to have more than 35 million passengers per annum within five years of opening day.

MAHB provided a letter dated June 16 from AirAsia group CEO Tan Sri Tony Fernandes, which stated that AirAsia opted for a fully automated BHS after considering three options given by MAHB.

The AirAsia letter read: “Our official response to MAHB is that AirAsia prefers that the BHS system be developed as shown in BHS Option 3: Dual Tilt Tray Sorter with Full Connectivity (fully-auto BHS). There are two principal reasons why we have chosen this approach, and they both have to do with insuring that the AirAsia group has a BHS system which has the capacity and flexibility to support our continued growth and development.”

In the letter, AirAsia had also said it had developed a state-of-the-art passenger and baggage check-in system, which would be rolled out at the new KLIA2.

The airline and airports operator, helmed by Tan Sri Tony Fernandes (left) and Tan Sri Bashir Ahmad respectively, tell their side of the KLIA2 story.
AirAsia also stated its new projections that KLIA2 would have more than 35 million passengers per annum within five years of opening day (by 2017). It added that the capacity must be installed at the onset of completion of KLIA2 as it would be difficult to expand the BHS system within five years of opening.

“We recognise our decision to select the most powerful BHS system option may have certain impact on the current work at the PLCCT (KLIA2). However, the evolving nature of our business requires a high level of strategic agility for our continued growth and success,” said the AirAsia letter.

MAHB also provided a letter dated Oct 10 that it wrote to AirAsia X Sdn Bhd chairman Tan Sri Rafidah Aziz. In the letter, MAHB said AirAsia’s request to change the BHS from semi-automated to fully automated would delay the progress of the KLIA2.

“MAHB had a meeting with AirAsia and AirAsiaX on July 1. MAHB had highlighted during this meeting that with the current progress of the development of KLIA2 having reached almost 40% as per the completion timeline by October 2012, any material changes in the BHS system would most certainly impact the completion date of the project,” MAHB said in its letter to Rafidah.

The delay is due to the reworking of the terminal design and layout, MAHB added.

The MAHB letter further said that in order to reduce the delay of KLIA2 completion, MAHB and AirAsia contemplated on a modified version of option 2 (semi-auto BHS) which would incorporate certain features from option 3 (full-auto BHS).  MAHB said the modified version 2 would satisfy AirAsia’s immediate operational needs but not its long-term needs.

MAHB noted that during its board meeting on July 4, the board had decided to proceed with Option 3, as it was concerned that “AirAsia’s position could very well change in the future” and it would be difficult to accommodate any changes then.

MAHB conveyed its board’s decision to AirAsia on July 6.

It also required AirAsia’s confirmation on its willingness to use the full Baggage Source Message system (BSM) and the Common Use Passenger Processing System (CUPPS) that is needed for a fully-auto BHS.

“Although we received AirAsia’s confirmation to comply with the BSM requirements on Aug 18, AirAsia’s response on the CUPPS is still outstanding and this could further delay the upgrade of the BHS beyond six months,” said MAHB. ... sias-statement.html

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发表于 2012-2-1 17:41 | 显示全部楼层
大馬 2012-01-31 14:04







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发表于 2012-2-21 14:16 | 显示全部楼层
Financial Results
Reference No MA-120209-32140

Company Name
Stock Name
Date Announced
Financial Year End
Quarterly report for the financial period ended
The figures
have not been audited

Converted attachment :

Please attach the full Quarterly Report here:
Announcement Q4-2011.pdf



Malaysian Ringgit (MYR)


          2Profit/(loss) before tax
          3Profit/(loss) for the period
          4Profit/(loss) attributable to ordinary equity holders of the parent
          5Basic earnings/(loss) per share (Subunit)
          6Proposed/Declared dividend per share (Subunit)

          Net assets per share attributable to ordinary equity holders of the parent ($$)

          Remarks :

          Definition of Subunit:
          In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
          Example for the subunit as follows:

          Country Base Unit Subunit
          Malaysia Ringgit Sen
          United States Dollar Cent
          United Kingdom Pound Pence

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          发表于 2012-2-21 14:17 | 显示全部楼层
          General Announcement
          Reference No MA-120221-44814

          Company Name
          Stock Name
          Date Announced


          Malaysia Airports Holdings Berhad: Additional Information of the Unaudited 4th Quarter 2011.

          Q4'11-additional info.pdf

          Announcement Details/Table Section :

          We refer to the above matter.
          We enclose herewith additional information on the Unaudited Fourth Quarter 2011 results which was announced earlier.

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          发表于 2012-2-22 11:38 | 显示全部楼层











 ... lPL0SF22WNI270g2oG7

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          发表于 2012-2-22 23:40 | 显示全部楼层














 ... 6v709U923FY257S3XQ9

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          发表于 2012-2-29 23:18 | 显示全部楼层
          Klia2 还有一年半才完成。

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          发表于 2012-3-2 10:14 | 显示全部楼层

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