Raise TP to RM0.98 (+9% YoY) but maintain Sell. MCIL's earnings exceeded
expectations for another quarter. We revise our FY13-15 earnings
estimates upwards by 8%-9% p.a. on slightly less pessimistic
assumptions. That said, we are mindful that its YoY adex growth has
slowed markedly, from low double digits in percentage terms in 2QFY12 to
mid-single digits in 3QFY12. In addition, we understand that its Jan
2012 gross adex contracted by 3% YoY.
Maybank Research 29 Feb 2012
Click here for full report
No comments:
Post a Comment