Maintain Hold. MSM is expected to release its 4Q11 results in the fourth
week of February. 4Q11 is a seasonally strong quarter due to the
year-end school holidays and Christmas. Furthermore, MSM will reap the
benefit of softening raw sugar prices in the quarter. We however
estimate a mismatch in the new locked-in cost of raw sugar versus the
new government subsidy. Maintain Hold, as we put our DDM-based target
price of RM4.10/share under review pending clarifications.
Maybank Research 16 Feb 2012
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