Downgrade to Hold. AEON's share price is up an impressive 33% YTD and
has breached our TP of RM8.70 (pegged at 14x 2013 PER). With little
upside catalyst at this stage and low dividend yield as support, we
downgrade our recommendation from Buy to Hold. We forecast revenue
growth of 6.8% for the group in 2012, in line with the 6% industry
growth expected by the Retail Association of Malaysia.
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Source: Maybank Research - 18 April 2012
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