- Impressive growth, results in line, but priced-in. Guinness' FY6/12 net profit grew 14% on revenue growth of 9%. Full-year results were within our expectation and consensus.
- However, valuations are fair and there is no indication the company will take on more gearing to boost dividends. We keep our Hold call with a raised target price of RM14.50.
Source: Maybank Research - 29 August 2012
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