1QFY12/10 results within our expectations but above consensus. 1QFY12/10 results came in at 33% and 67.1% of our and market full-year forecasts respectively. However, we consider this to be in line with our expectations as 1Q results were exceptionally high due to the launch of the Alza in Nov 09. 1QFY10 revenue increased by 39.2% yoy mainly due to higher unit sales experienced by subsidiaries Federal Auto (+207.3% yoy in unit sales) and DMMS Perodua (+44.5% yoy in unit sales) as well as higher sales by the autoparts manufacturing subsidiaries WCC (+52.9% yoy in sales value) and OMI (+35.0% yoy in sales value). 1QFY12/10 normalised net profit increased by 291.0% yoy mainly due to:
1) margin expansion on greater economies of scale as well as lower imported costs stemming from more favourable exchange rate; and
2) 400.8% yoy increase in associate Perodua contributions (on unit sales improvement of 24.4% yoy).
MBM Resources Berhad : Strong Start To The Year - 25/05/2010
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