Below expectations. Hai-O’s 1QFY04/11 net profit was below our and
consensus estimates, accounting for only 11.2% and 12.2% of our and
consensus full year net profit forecasts respectively. Earnings dropped
significantly by 57.7% yoy and 45.3% qoq respectively. The drop was
mainly attributed to its MLM division, which experienced a contraction in
revenues of 73% yoy, while accounting for only 8% of our full year revenue
estimate for the division.
Hai-O Enterprise Berhad : MLM Division Slowdown Worse Than Expected - 30/09/2010
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