Fundamentals intact despite a weak finish. MPHB's 2011 core earnings
were below our expectations, but only due to lack of investment income.
More importantly, 2011 revenue was in line, despite Magnum facing stiff
competition in 4Q11. We raise our 2012-13 earnings estimates by 1-3% on
lower-than-expected debt levels as at end-2011, and introduce our 2014
forecast. Our SOP-based TP is tweaked to RM3.87 (+1%). Maintain Buy.
Maybank Research 27 Feb 2012
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