Maintain Buy. KLCCP's 9M11 core net profit of c.RM209m was largely in
line (+6% YoY). We tweak our 2012-13 earnings forecasts by 2.5-3% post
actual 2011 results. Our target price is raised to RM4.35 based on an
unchanged 15% discount to RNAV. We continue to like KLCCP for its: 1)
deep-value valuations,2) relatively low rental/debt risks, and 3) strong
PETRONAS parentage.
Maybank Research 27 Feb 2012
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