Maintain Hold. MYR79m 1H12 net profit (+3% YoY) made up 49-53% of
house's and street's 2012 estimates. There is no change to our earnings
forecasts and target price as we continue to peg Bursa at a 20% discount
to our target 25x for SGX i.e. at 20x current year earnings plus excess
cash of MYR0.91/sh (30 Jun 2012). Within our coverage universe, we are
Buyers of SGX SP (TP: SGD7.43) for its structural growth potential;
Sellers of HK Exchange (388 HK; TP: HKD90.00).
Click here for full report
Source: Maybank Research - 19 July 2012
No comments:
Post a Comment