Affin Daily Insight (LV) - 15 April 2014 - MAHB / DIALOG / MRCB / ECONOMY / DMR / MN

Top Calls

Company Update - MAHB (REDUCE, maintain) - Registered 20.5m passenger traffic in 1Q14 MAHB recorded an impressive passenger growth of 17.8% yoy to 20.5m in 1Q14 fuelled by both international as well as domestic travels. This is ahead of our 2014 forecast of a moderate 10% passenger growth. In 1Q14, passenger growth in LCCT grew by a strong 16.0% yoy to 5.8m, compared to the 14.3% yoy growth registered in KLIA. Meanwhile, following the MH370 tragedy, we gather that MAHB observed some decline in the growth rates towards the last ten days of March. We believe the impact could worsen in the immediate term, as various news has indicated that many tourists from China have cancelled their trips to Malaysia. We make no changes to our earnings forecast pending its 1Q14 results release on 24th April. Also unchanged is our REDUCE rating on MAHB with a target price of RM7.50.

Other Calls

Flash Note - DIALOG (ADD, under review) -Pengerang Terminal Phase 1A commences operations

Flash Note - MRCB (BUY, maintain) -Acquiring development land in RPT transaction

Economy- US Weekly Wrap - US retail sales rose in tandem with improved sentiment

Debt Market Reseach -Volume drops on risk aversion due to Ukraine despite good GII auction

Morning News and Market Summary

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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