Affin Hwang Capital Daily Insight (LV) - 20 April 2016 - MAHB

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Company Update � Malaysia Airports (SELL, maintain) - Passenger traffic grew by 3.4% in 1Q16 Passenger movement handled by MAHB in Malaysia grew by 3.4% yoy in 1Q16, while aircraft movement contracted by 2.6% yoy. Although below our expectations, this should fuel revenue growth in its upcoming results due early May. 1Q16 earnings will nevertheless still be impacted by rising maintenance cost at KLIA2 and high interest and depreciation charges for ISG. Stock lacks any meaningful catalyst while valuations are expensive. Maintain SELL.

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