Keep on the BUY side, target raised. TM continued to please
shareholders. 2011 results were in line with expectations, as recurring
net profit rose 12.6% YoY. In addition, it proposed a 30sen/share
capital distribution, the second such exercise in two years, on top of a
9.8sen single-tier final dividend. With Unifi continuing to sizzle, we
maintain BUY on TM with a raised target price of RM5.52.
Maybank Research 27 Feb 2012
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