Maintain Sell. 2011 core net profit of RM113m (+1% YoY) was 8% below our
forecast but in line with consensus. Though we are positive on domestic
ETP-led demand growth, we think margins will continue to be pressured
by soft international ASPs. We have tweaked our 2012-13 EPS upward by
3-6% p.a. to incorporate better trading earnings ahead. Maintain Sell
and TP of RM1.30 (0.6x trough-cycle P/BV).
Maybank Research 29 Feb 2012
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