- Maintain HOLD. 1H12 net profit of MYR19.9m (-9% YoY) came in as expected, accounting for 45-46% of our and consensus full-year estimates. 2Q12 DPU was 1.8sen, lifting YTD DPU to 3.6sen (-0.2% YoY); in line.
- No change to our earnings forecasts and DCF-based TP of MYR0.91. Potential surprises could come from: 1) yield accretive acquisitions, and 2) special dividends from asset disposals.
Source: Maybank Research - 28 August 2012
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