Fairly reflected. BAT outperformed the industry in 2011, after eight
years of market share contraction. However, we think BAT’s strong
fundamentals are fairly reflected in its share price, with the stock
trading at 19.2x 2012 PER, +1SD above mean. Maintain Hold at a
marginally higher TP of RM50.40 (+6.1%) after reviewing our DCF
parameters.
Maybank Research 17 Feb 2012
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