In line. Hai-O’s 9MFY04/10 core net profit of RM56.0m (+52.7% yoy) was in line with our and consensus expectations, accounting for 71% of full year net profit forecasts respectively. We believe this to be in line as 4Q is generally the strongest quarter for the group, accounting for 30-36% of historical full year forecasts.
Hai-O Enterprise Berhad : Indonesia Coming On Stream-22/03/2010
2 comments:
Can a bit of Indon profit be sighted in 4Q?
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PoliteMarket.blogspot.com
Yes, there could be a little of Indonesia profit sighted in 4Q as Hai-O has started a soft MLM member recruitment drive since early-2010. As at Feb 10, we understand from management that they have already recruited <1000 members. However, we believe any potential earnings contribution from Indonesia is not expected to be meaningful in 4Q (adding less than 0.1% to net earnings) and as such, we have only imputed profit contributions from Hai-O’s Indonesian venture to start from FY11 in our forecasts.
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