Maintain Sell. Results
missed expectations on subpar 4Q11 earnings (-43% QoQ), leading us to
cut 2012-13 net profit forecasts by up to 33%. We expect 1Q12 results to
be weak, symptomatic of the sector�s sluggish sales on the tightening
of hire purchase (HP) financing and lingering supply chain issues. Our
TP remains unchanged as we roll over our valuations to 2013 with an
unchanged target PER of 8x.
Maybank Research 27 Feb 2012
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