Supported by re-stoking and inventory buildup. 1Q12 results, to be
released on the third week of May, is expected to be highly profitable,
buoyed by high plant utilization rates of ±85% (1Q11: 83.6%) with no
major maintenance shutdowns, and strong product margins. Worldwide
manufacturing numbers were strong in 1Q12 which prompted heavy buying
for re-stocking and inventory buildup ahead of the traditional
maintenance shutdown period of March. BUY, with an unchanged TP of
MYR7.50 on 12x 2013 PER, the industry's historical mean PER.
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Source: Maybank Research - 10 May 2012
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