KUALA LUMPUR: HLIB Research has maintained its Sell call on Pos Malaysia with a target price of RM4.30 after it rolled forward its valuation into FY03/17, with lowered 16 times P/E, given the disappointing results, initiatives setbacks and lack of corporate disclosure.
In a note on Monday, the research house said Pos' 4QFY03/15 core ebitda dropped by 44.5% toRM47.7mil due to lower group revenue of 6.8% and higher operational cost related to transshipments, staff costs and depreciation expenses.
Meanwhile its on-quarter ebitda declined significantly by 44.0% to RM47.7mil and core net profit reduced by 65% to RM16mil.
Note that 3QFY15 result was exceptionally strong at RM45.8mil from significantly lower recognized operational cost with no explanation given.
Management was pointing to the different timing of costrecognitions during the year, it said.
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