Maintain Sell with a RM5.70 TP, based on a 20% discount to SOP
valuations. Results missed our forecast and consensus on a weak final
quarter performance. We cut 2012-13 forecasts by 18% each on the back of
a poor outlook for the petroleum, chemical and liner businesses over
the next 24 months. While the share price has fallen 21% QoQ, a
re-rating is still not on the table considering its negative prospects.
Maybank Research 23 Feb 2012
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