FY09 core earnings grew 61.7% yoy. Kossan’s 4QFY12/09 core net profit of RM41.0m (+157.9% yoy) came in above our and consensus expectations with full-year core net profit of RM119.8m (+61.7% yoy) accounting for 116.1% and 166.4% of our and consensus estimates respectively. 4Q EBITDA margin jumped 6.1%-pts qoq due to better product mix as more higher value gloves are being sold during the quarter as well as operating leverage effects on the back of increased in utilisation rate from the TRP segment and consequently, Kossan’s full-year EBITDA margin of 21.9% came in ahead of our full-year FY09 EBITDA margin forecast of 16.6%. This, however, was partly offset by a slower-thanexpected full-year revenue growth. No dividend was declared for the year, which was below our expectations of total gross DPS of 8.5 sen (FY08: 3.5 sen gross, 2.5 sen TE).
Kossan Rubber Industries Berhad : FY09 Core Earnings Surged 62% YoY, Beating Estimates - 01/03/2010
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