Maybank IB downgrades Litrak, keeps target price at RM4.85

TheEdge Wed, Jun 15, 2022 09:21am - 1 year View Original


KUALA LUMPUR (June 15): Maybank Investment Bank Research has downgraded Lingkaran Trans Kota Holdings Bhd (Litrak) to “hold" at RM4.84 with an unchanged target price (TP) of RM4.85 and said Litrak’s 4QFY22 net profit of RM26 million was down both 47% y-o-y and 65% q-o-q, bringing FY22 to RM163 million (-21% y-o-y), 83% of house estimates.

In a note on Tuesday (June 14), the research house said the shortfall was due to higher amortisation of highway development expenditure at both LDP and SPRINT based on latest toll traffic volume projection by the independent traffic consultant.

“We trim FY23/FY24E earnings for Litrak by 3%/2% and introduce FY25E.

“No change our DCF valuation with the adjustments being accounting in nature,” it said.

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