Buy now or forever hold your peace. Multi-Purpose Holdings (MPHB)
disposed 13% of Philippine Racing Club (PRC PM, Not Rated) for RM51.6m
cash. This is reaffirmation of its commitment to dispose non-core
assets, degear its balance sheet and pay more dividends going forward.
We raise our TP from RM3.54 to RM3.82 as we roll forward our SOP based
valuation. Maintain Buy.
Maybank Research 13 Feb 2012
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