Dividend yield provides
support. 4Q11's provision-hit results missed expectations, but the
higher final DPS negated the setback. Medium-term prospects have
improved but with the outlook for the current quarter (1Q12) still poor,
we stay conservative, especially on the O&G operations. Our
adjusted TP incorporates the 2-6% earnings upgrade, and is rolled
forward to 2013 on an unchanged PER of 11x. Hold.
Maybank Research 27 Feb 2012
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