Saturday, 30 July 2016

AAX (4) - Result In Line With My Estimate

Publish date: Tue, 24 May 2016, 07:33 PM


AAX has just released its March 2016 quarterly result. Net profit came in at RM179 mil. However, after excluding forex gain of RM122 mil, core earning is approximately RM58 mil. Based on 4,150 mil shares, latest Q EPS is approximately 1.4 sen. Based on annualised EPS of 5.6 sen and 40 sen share price, prospective PER is approximately 7 times.

Please refer to table below, which is self explanatory. 


This latest quarter's core net profit of RM58 mil is very closed to the RM46 mil as predicted by the financial model in my earlier article dated 23 March 2016 :- 


Note : the table above was shown in my 23 March 2016 article and it was constructed based on figures from December 2015 quarterly report. 

The only part I did not quite get it right is the maintanence and usage charges. In the March article, I mentioned that the maintenance figure of RM279 mil was unusually high (compared to previous quarter's approximately RM187 mil). However, in this latest quarter, the maintenance and usage charges did not go down as hoped and stays at RM279 mil. It seemed that this will be the new norm. We should adopt this figure in our future earning estimate.

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