Core net profit within expectations. Nestle's 1Q12 core earnings were in
line, accounting for 31% and 32% of our and consensus full-year
forecasts respectively. A stronger 1Q has been the norm in recent years
and therefore we are maintaining our net profit forecasts of MYR509m
(+11.5% YoY) for 2012. We maintain our SELL call and DCF-based target
price of MYR52.40.
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Source: Maybank Research - 26 April 2012
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