Another year of double-digit growth. AEON's 2011 recurring net profit of
RM185.5m (+12% YoY) was in line with our RM180m forecast, after
excluding RM11.3m in insurance claims, a RM12.7m gain on the disposal of
its amusement business and a RM14.1m impairment loss. We continue to
like AEON Co. for its entrenched market presence and strong balance
sheet. We raise our TP to RM8.70 on rolling forward our valuations to
2013, based on 14x PER (unchanged), after revising our earnings
estimates for 2012 and 2013 up by 2% and 5% respectively.
Maybank Research 27 Feb 2012
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