Results Note � Malaysia Airports (HOLD,
upgrade)
- Commendable performance
MAHB recorded strong earnings for 1H17, underpinned
by strong passenger growth outlook and a slight recovery in Turkey. The
stronger earnings performance was supported by robust passenger growth in the
Malaysian operations, as airports in Malaysia registered a solid 13.9% yoy
higher passenger movement during the 2Q17. Turkey operations are also turning
around, with passenger movement rising 5.1% yoy to 7.8m passengers in 2Q17.
We raise our DCF derived SOTP to RM9.10, after raising our long term growth
assumptions. Upgrade to HOLD.
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