Maintain BUY. MAHB’s January 2012 passenger traffic grew 11.0% YoY,
above the management’s guidance for 6%-7% growth in 2012. We retain our
forecast for 6.7% passenger traffic growth in 2012. We however shave our
EPS estimates by 3.5% and 4.9% for 2013 after imputing higher staff
cost. Maintain BUY on MAHB with an unchanged RM7.10/share DCF-based
target price.
Maybank Research 9 March 2012
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