MAHB resumes decline on Turkey worries

MAHB said the amount was still subject to a comprehensive evaluation by KAFS of the quantum or amount of losses.

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) saw its share price fall to a low of RM5.80 in late Friday trade as gnawing worries about the political developments in Turkey remained unabated.

At 4.05pm, MAHB was down 21 sen to RM5.0, which was the lowest since March 2. However, IHH Healthcare was unchanged at RM6.48.

The FBM KLCI fell 0.04 of a point to 1,657.50. Turnover was 1.12 billion shares valued at RM977.28mil. There were 334 gainers, 356 losers and 341 counters unchanged.

On July 21, Turkey's president Recep Tayyip Erdogan declared a state of emergency for three months after a failed army coup attempt last weekend.
 
Since then, more than 600 schools have been closed while the lira has depreciated by 5% against the ringgit, it said.

MAHB’s operations in Turkey comprise its 100% stakes in the Istanbul Gokcen International Airport (ISG) and LGM Havalimani (LGM), which manages and operates the airport. 

IHH’s subsidiary Acibadem Holdings is Turkey’s largest private healthcare provider by registered beds, offering integrated healthcare services across 18 hospitals in Turkey, Macedonia and Iraq, according to the group’s first quarter report.

On Monday, Hong Leong Investment Bank Research downgraded MAHB to “hold” from “buy” yesterday following reports of the failed coup .attempt.

The research house lowered its target price to RM6.90 from RM7.50 on lower ISGA valuation by 30%.

Maybank Investment Bank Research said on Friday the political unrest in Turkey should have limited impact on IHH as its operations there only contributes about 6% to its net profits last year, said 

It said Turkey's hospitals depend largely on local patients. It is maintaining its “hold” call for IHH with a price target of RM6.13 per share.