3Q11 earnings below expectation. 9M11 net profit of RM106m merely made
up 62% and 64% of our full-year forecast and consensus. Pretax profit
dropped across all segments except for KFC Malaysia. 3Q11 net profit of
RM34m came below our expectation while we were expecting stronger
earnings in 2H. We maintain our Hold call but lower the DCF-based TP to
RM3.12 following our earnings downgrade.
Maybank research (29 November 2011)
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