Maintain HOLD. Interim results are tracking expectations, with 1H12
numbers accounting for 48% of our and consensus full-year estimates. A
proposed 4.4sen DPU for 2Q12 was also in line. Separately, the sale of
Kayangan Depot for MYR23.6m cash would result in an additional 1.3sen
DPU for 2012. Our forecasts are broadly unchanged as is our target price
of MYR2.80.
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Source: Maybank Research - 24 July 2012
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