♦ Within expectations. Amway’s 1HFY12/10 net profit of RM38.5m (+7.8% yoy) was within our and consensus estimates, accounting for 43% and 46% of our and consensus full-year forecasts respectively. We consider this to be in line as historically, 2Q has always been the weakest quarter in terms of revenue, while the 2H earnings are generally stronger.
Amway (M) Holdings : 1H FY12/10 Within Expectations - 06/08/2010
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