Downgrade to Hold. LITRAK's RM102m 9MFY12 net profit (+25% YoY) was
above our expectations, at 88% of our full-year forecast. We believe
this was due to lower-than-expected amortisation for the LDP. We raise
FY12-14 forecasts by 12-16% p.a.. However, this being an accounting
upgrade with no impact on the cash flows, our RM4.20 DCF-based TP is
unaffected. Having outperformed (+12% since Nov 2011) with just 4%
upside potential, the stock is now a Hold.
Maybank Research 29 Feb 2012
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