Airports│Malaysia April 10, 2015 Malaysia Airports Holdings COMPANY NOTE MAHB MK / MAHB.KL Current RM7.00 Market Cap Avg Daily Turnover Free Float Target RM7.45 US$3,184m US$2.25m 38.5% Prev. Target RM7.45 RM11,563m RM8.19m 1,639 m shares Up/Downside 6.4% Conviction| | Notes from the Field Malaysia’s weakness to drag on This is the second in a two-part series on MAHB’s businesses in Malaysia and Turkey. We maintain our Hold call as the outlook for MAHB’s Malaysian business is weak, though Turkey is doing better than expected. We recommend switching to Westports. ———————————————————————————————————————— We maintain our DCF-based target Only Malindo is expected to grow Raymond YAP, CFA T (60) 3 2261 9072 price at RM7.45, discounting cash strongly, but this airline still has a E
[email protected] flows to 2069, assuming that the relatively small base of traffic. KLIA concession is extended. There Costs to remain bloated are no forecast changes in this report. Costs are also expected to rise in FY15, Company Visit Expert Opinion Headwinds in Malaysia largely due to a full-year's recognition Channel Check Customer Views In the first part of our report released of KLIA2-related operating, ———————————————————————————————————————— Show Style "View Doc Map" yesterday, we concluded that the depreciation and interest costs. outlook for Istanbul Sabiha Gokcen is MAHB only recognised eight months good and better than originally of KLIA2-related costs in FY14. Contents expected. In this second instalment, Staying lukewarm we delve more deeply into MAHB’s BACKGROUND ..................................................................