Stock Name: AMWAY
Company Name: AMWAY (M) HOLDINGS BHD
Research House: RHB
KUALA LUMPUR: RHB Research Institute said '' Amway's FY12/10 net profit of RM78.3 million (+7.9% on-year) was below expectations, accounting for 94% and 95% of its and consensus forecasts respectively.
The research house said on Thursday, Feb 17 the main variance to its forecasts was the higher-than-expected selling and distribution expenses during the year, which was 14% higher than its estimates.
Amway declared a fourth interim single tier dividend of 9.0 sen for the quarter, bringing its full-year FY10 dividends to 66 sen, 3 sen higher than the research house's projected 63 sen, and 37.5% higher than FY09's 48 sen. This translates to net payout of 130% for FY10 (FY09: 109%) and a yield of 7.6%.
'We are maintaining our FY11-12 forecasts, pending Amway's analysts' briefing this 22 Feb. We also introduce our FY13 forecasts. Our fair value is maintained at RM10.23 based on unchanged WACC of 8.9%. Maintain Outperform,' said RHB Research.
Company Name: AMWAY (M) HOLDINGS BHD
Research House: RHB
KUALA LUMPUR: RHB Research Institute said '' Amway's FY12/10 net profit of RM78.3 million (+7.9% on-year) was below expectations, accounting for 94% and 95% of its and consensus forecasts respectively.
The research house said on Thursday, Feb 17 the main variance to its forecasts was the higher-than-expected selling and distribution expenses during the year, which was 14% higher than its estimates.
Amway declared a fourth interim single tier dividend of 9.0 sen for the quarter, bringing its full-year FY10 dividends to 66 sen, 3 sen higher than the research house's projected 63 sen, and 37.5% higher than FY09's 48 sen. This translates to net payout of 130% for FY10 (FY09: 109%) and a yield of 7.6%.
'We are maintaining our FY11-12 forecasts, pending Amway's analysts' briefing this 22 Feb. We also introduce our FY13 forecasts. Our fair value is maintained at RM10.23 based on unchanged WACC of 8.9%. Maintain Outperform,' said RHB Research.
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