Net profit declined in 2011. Net profit of RM144m (-8% YoY) was in line
with our estimates of RM147m but below consensus' RM157m. Total revenue
grew 11% YoY, driven by healthy sales growth across all divisions. Our
forecasts are maintained, as are our Hold call and TP of RM4.00,
equivalent to the offer price by Massive Equity.
Maybank Research 29 Feb 2012
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