In line. Amway’s 1QFY12/10 net profit of RM16.7m (-13.7% yoy) was in line with our and consensus expectations, accounting for 18% and 20% of our and consensus earnings forecasts respectively. We consider this to be in line as we expect stronger earnings ahead due to the effect from weakening US$ against RM, which has already depreciated by 6% on a qoq basis. For every 1% depreciation in US$ against RM, this would lead to a 0.2-0.4%-pt gain in gross profit margin for Amway.
Amway (M) Holdings Berhad : Attractive Yield - 20/5/2010
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