AEON Credit Service; Hold; RM8.74
Price Target: RM9.20 (Prev: RM7.00); ACSM MK
FY12 profit better than expected; declared 16.8 sen net DPS; FY12 total DPS is 30 sen. Robust loan growth driven by personal financing and credit cards. Maintain Hold, TP raised to RM9.20 (pegged to 8x CY13 EPS), offering 9% total return (including 4% net dividend yield).
Source: HwangDBS Research - 20 April 2012
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