Reiterate BUY; raising TP. Glomac's FY4/12 core net profit of
MYR79.3m (+26% YoY) was within our expectations but beat
consensus forecasts by 6%. Its total 5.5sen gross DPS for FY4/12 was
also in line. We tweak our FY4/13-14earnings forecasts by -2.9% to +2.6%
post FY4/12 results, and introduce FY4/15 forecast. Our TP is raised to
MYR1.10 (+14sen; unchanged 40% discount to RNAV). Glomac is deeply
undervalued at just 0.8x P/BV and 5.8x FY4/13 PER.
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Source: Maybank Research - 27 June 2012
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