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Results Note � MMHE (ADD, maintain)
- Weak results but bright prospects remain intact MMHE�s 1Q14 pretax profit fell by 40% yoy to RM34.1m due to lower revenue (-27% yoy) and lower EBIT margin (-0.5 ppt yoy to 5.5%). The results are below consensus and our expectations - the group�s 1Q14 pretax profit only accounted for 12-13% of consensus and our full year pretax profit forecast. The key variance from our forecast is lower-than-expected EBIT margin due to timing difference of the offshore projects and the low number of projects undertaken by marine division. We cut our 2014E EPS forecast by 19% to account for the weaker-than-expected 1Q results, timing difference for Malikai and SK316 project billings as well as slower-than-expected intake of new contracts. No changes to our 2015-16E earnings forecast as we expect the Malikai and SK316 projects to pick up pace in 2H14. Maintain ADD rating and TP of RM4.20 based on 21x CY15 EPS.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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