Results within expectations. Notion VTEC's minor loss of RM5m for 1QFY12
was within our and market expectations. The operations reported a small
RM0.7m core net profit before including a RM5m negative one-off for the
floods in Thailand. However, we see a strong rebound in sequential
earnings led by the HDD segment, which could prompt consensus to upgrade
its FY12 estimates. Additionally, Notion also declared a 3-for-4 bonus
issue and 1-for-4 free warrants. Maintain Buy and TP of RM2.50
(unchanged) on 4x EV/EBITDA.
Maybank Research 21 Feb 2012
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