Financials Malaysia Airports Holdings

Equities

AIRPORT

MYL5014OO005

Airport Services

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-07-03 pm EDT			5-day change	1st Jan Change
10 ^MYR	+0.10%		+2.77%	+35.87%

Jul. 03	Malaysian Shares Rebound; Go Hub Soars Over 171% on Strong ACE Market Debut	MT
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Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,610	9,822	9,922	10,884	12,281	16,686	-	-
Enterprise Value (EV) ¹	16,272	13,493	13,651	14,326	15,158	19,239	18,771	19,022
P/E ratio	26.3 x	-8.37 x	-12 x	83.9 x	25.2 x	21.2 x	17.9 x	16 x
Yield	1.97%	-	-	0.6%	1.47%	2.04%	2.34%	2.63%
Capitalization / Revenue	2.42 x	5.26 x	5.93 x	3.48 x	2.5 x	2.82 x	2.59 x	2.45 x
EV / Revenue	3.12 x	7.23 x	8.16 x	4.58 x	3.08 x	3.25 x	2.92 x	2.79 x
EV / EBITDA	7.1 x	624 x	62 x	12.1 x	6.63 x	7.29 x	6.55 x	6.36 x
EV / FCF	9.93 x	-52.5 x	104 x	15.9 x	11.1 x	11.6 x	11.2 x	10.2 x
FCF Yield	10.1%	-1.9%	0.96%	6.28%	9.04%	8.59%	8.94%	9.78%
Price to Book	1.35 x	1.21 x	1.37 x	1.46 x	1.53 x	2.14 x	2.01 x	1.88 x
Nbr of stocks (in thousands)	1,659,192	1,659,192	1,659,192	1,659,192	1,668,554	1,668,554	-	-
Reference price ²	7.600	5.920	5.980	6.560	7.360	10.00	10.00	10.00
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,213	1,866	1,673	3,127	4,914	5,923	6,438	6,822
EBITDA ¹	2,292	21.62	220.2	1,186	2,286	2,639	2,866	2,993
EBIT ¹	1,350	-588.1	-394.4	349.2	1,137	1,582	1,730	1,823
Operating Margin	25.9%	-31.51%	-23.58%	11.17%	23.14%	26.72%	26.87%	26.72%
Earnings before Tax (EBT) ¹	659.2	-1,764	-1,041	184.6	506.1	995.2	1,199	1,360
Net income ¹	537	-1,116	-766.4	187.2	543.2	778.6	936	1,070
Net margin	10.3%	-59.81%	-45.81%	5.99%	11.05%	13.15%	14.54%	15.68%
EPS ²	0.2890	-0.7075	-0.4966	0.0782	0.2917	0.4714	0.5581	0.6239
Free Cash Flow ¹	1,639	-257	131.7	900	1,370	1,652	1,678	1,861
FCF margin	31.44%	-13.77%	7.87%	28.78%	27.87%	27.89%	26.06%	27.28%
FCF Conversion (EBITDA)	71.51%	-	59.78%	75.86%	59.93%	62.6%	58.55%	62.18%
FCF Conversion (Net income)	305.18%	-	-	480.77%	252.16%	212.14%	179.25%	173.92%
Dividend per Share ²	0.1500	-	-	0.0391	0.1080	0.2037	0.2342	0.2629
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	551.3	570.8	689.8	863.6	1,003	1,034	1,232	1,372	1,351	1,563	1,502	1,533	1,649	1,682
EBITDA	166.8	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-65.44	30.46	99.13	172.4	47.25	205.8	312.5	-	360.1	414.8	398.6	406.7	458.4	466.3
Operating Margin	-11.87%	5.34%	14.37%	19.96%	4.71%	19.9%	25.36%	-	26.65%	26.54%	26.54%	26.54%	27.8%	27.72%
Earnings before Tax (EBT) ¹	-215	-	-91.09	-19.13	445.2	-	-	-	214.6	278.9	267.9	273.4	-	-
Net income ¹	-136.7	-	-58.15	-9.035	359.1	-	-	-	190	202.9	194.9	198.9	-	-
Net margin	-24.8%	-	-8.43%	-1.05%	35.81%	-	-	-	14.06%	12.98%	12.98%	12.98%	-	-
EPS ²	-0.0911	-	-0.0437	-0.0142	0.2077	-	-	-	0.1053	0.1223	0.1175	0.1199	-	-
Dividend per Share	-	-	-	-	0.0391	-	-	0.1080	-	-	-	-	-	-
Announcement Date	2/28/22	5/30/22	8/25/22	11/29/22	2/28/23	5/30/23	8/24/23	2/29/24	5/30/24	-	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,662	3,671	3,729	3,442	2,877	2,554	2,086	2,336
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.598 x	169.8 x	16.93 x	2.901 x	1.259 x	0.9678 x	0.7278 x	0.7807 x
Free Cash Flow ¹	1,639	-257	132	900	1,370	1,652	1,678	1,861
ROE (net income / shareholders' equity)	5.82%	-12.8%	-9.98%	2.55%	7.04%	10.3%	11.8%	12.4%
ROA (Net income/ Total Assets)	2.42%	-5.26%	-3.79%	1%	2.72%	4.18%	4.97%	5.38%
Assets ¹	22,228	21,231	20,221	18,720	19,953	18,649	18,848	19,890
Book Value Per Share ²	5.620	4.880	4.370	4.480	4.810	4.670	4.980	5.320
Cash Flow per Share ²	1.280	-0.0400	0.1600	0.6300	1.010	1.260	1.420	1.510
Capex ¹	490	190	139	140	310	935	976	810
Capex / Sales	9.4%	10.17%	8.33%	4.47%	6.3%	15.78%	15.16%	11.87%
Announcement Date	2/28/20	2/26/21	2/28/22	2/28/23	2/29/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Malaysia Airports Holdings

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10 MYR

Average target price

10.62 MYR

Spread / Average Target

+6.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Airport Services

	1st Jan change	Capi.
MALAYSIA AIRPORTS HOLDINGS	+35.87%	3.54B
AENA S.M.E., S.A.	+16.15%	30.97B
AÉROPORTS DE PARIS	+1.62%	12.62B
SHANGHAI INTERNATIONAL AIRPORT CO., LTD.	+0.67%	11.3B
GRUPO AEROPORTUARIO DEL SURESTE, S. A. B. DE C. V.	+9.23%	9.02B
GRUPO AEROPORTUARIO DEL PACÍFICO, S.A.B. DE C.V.	-4.49%	7.92B
GMR AIRPORTS INFRASTRUCTURE LIMITED	+19.47%	7B
FLUGHAFEN ZÜRICH AG	+15.26%	6.92B
AUCKLAND INTERNATIONAL AIRPORT LIMITED	-12.84%	6.95B
SATS LTD.	+7.27%	3.28B

Other Airport Services