No surprises. QCT's 3M12 results were in line, accounting for 21-23% of
our and consensus full-year estimates. As expected, no dividend was
declared. No change to our earnings forecasts and MYR1.10 TP. Despite
its higher-than-average yield of 7.7% (gross) (vs. industry's 6.8%), we
maintain our Hold rating on QCT as we see high occupancy risk in office
REITs given the current oversupply situation.
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Source: Maybank Research - 4 May 2012
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