MARKET BUZZ: Malaysia Airports At 5-Week Low; Valuation Expensive -TA Securities


  By Alexander Winifred
Nikkei Markets
  KUALA LUMPUR (Nov 13) — Malaysia Airports Holdings drops for fourth session to MYR8.30, lowest since Oct. 4. TA Securities says stock trades at “expensive” forward price-to-earnings ratio of 51x; reiterates Sell call. Raises target price to MYR8.47 from MYR8.10 after raising FY17-FY19 earnings projection by 12.9%-14%, to adjust for new FY17-FY19 passenger growth assumptions. Notes, Malaysia Airports’ October operating data continued to reflect favorable travel sentiment due to visa relaxation measures and currency advantage. However, house views market has fully priced in positive catalysts including earnings recovery, concession extension, possible sale of minority stake in ISG and special dividend.
  – By Alexander Winifred;; +60320267363
– Edited by Abhijit Basu
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