Underperformance. RM123m 2011 net profit (-8% YoY) was below our
expectations, accounting for 94% of our and consensus forecasts
respectively. After delivering double-digit earnings growth from
2008-10, JTI's 2011 earnings were dampened as its dominant brand,
Winston, lost market share to rivals. Maintain Hold with an unchanged
DCF-based TP of RM6.80 pending an analyst briefing today.
Maybank Research 28 Feb 2012
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