Freight Management Berhad : FY06/10 Earnings Rose 21.1% YoY - 26/08/2010

♦ Within expectations. FY06/10 net profit was in line with our and market
expectations, accounting for 101.9% and 102.5% of our and consensus fullyear
forecasts. FY06/10 net profit grew 21.1% from RM13.6m to RM16.4m
mainly due to: (1) contributions from new services (i.e. land freight and
haulage) since FY06/09; and (2) Higher contributions for its supporting
services segment i.e. custom brokerage.

Freight Management Berhad : FY06/10 Earnings Rose 21.1% YoY - 26/08/2010

RHB Equity 360° - (KFC, Parkson, Axiata, Gent Plant, Freight, HSL, Fajarbaru, Emas Kiara, IJMC, IJML, IJMP, MCIL, Allianz, MNRB, Lafarge, Wah Seong,..

Visit Note
- KFCH’s original plan was to open 12 outlets in FY2010, although we understand that target is now trimmed to 7 outlets. The reason for the lower target openings is due to the unexpected problems in the renovation of the stores combined with various red tape issues when getting approvals.

RHB Equity 360° - (KFC, Parkson, Axiata, Gent Plant, Freight, HSL, Fajarbaru, Emas Kiara, IJMC, IJML, IJMP,...

Corporate Highlights - 24/6/2010

♦ Media
Sector Update : YoY Adex Growth Momentum Continues

♦ Freight Management
News Update : Disposes of Leasehold Land in Klang

Corporate Highlights - 24/6/2010

Freight Management : Disposes of Leasehold Land in Klang - 24/6/2010

FM disposes of leasehold land in Klang. FM has on 23 Jun 10 disposed of a piece of leasehold land in Bandar Sultan Sulaiman, Klang for RM5.1m cash.

Freight Management : Disposes of Leasehold Land in Klang - 24/6/2010

RHB Equity 360° - 24 June 2010 (Media, Freight Mgt, Jaya Tiasa; Technical: MPHB)

Sector Update
Media Prima : Fair value revised to RM2.80, from RM 2.55 Outperform
MCIL : Fair value raised to RM1.16 from RM1.14 Outperform
Star : Fair value raised to RM3.86 from RM3.60 Market Perform

- According to Nielsen Media Research, May’s gross adex for print and TV media rose 21.1% yoy and grew 10.7% mom, led by TV (+22.5% yoy; +20.3% mom) while print reported commendable growth of 19.9% yoy (+3.8% mom). Once again, we believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-May), adex growth stood at 29.9% yoy.


RHB Equity 360° - 24 June 2010 (Media, Freight Mgt, Jaya Tiasa; Technical: MPHB)

Freight Management Holdings Berhad : 9MFY06/10 Net Profit Grows 20.6% - 27/05/2010

In line with expectation. 9MFY06/10 net profit of RM11.5m came in line with our expectation, at 72.8% of our full-year forecast. 9MFY06/10 net profit grew 20.6% from RM9.5m to RM11.5m mainly due to:
(1) The introduction of three new services (i.e. land freight, haulage and project cargo) since 2QFY06/09;
(2) Higher contributions at the supporting services segment; and
(3) Lower finance costs.

Freight Management Holdings Berhad : 9MFY06/10 Net Profit Grows 20.6%-27/05/2010

Freight Management Berhad : 1HFY06/10 Net Profit Rises 20% YoY - 01/03/2010

Above expectation. 1HFY06/10 net profit of RM8.1m came in above our expectation, at 56.7% of our full-year forecast. We believe the variance against our forecast came largely from the lower-than-expected effective tax rate of 17.6% vis-à-vis 25% we projected.

Freight Management Berhad : 1HFY06/10 Net Profit Rises 20% YoY - 01/03/2010