- Maintain Hold, TP unchanged at MYR4.80. Results are tracking to expectations as 2Q12's earnings recovery was solely fueled by MISC's exit from the liner operations, a major drag to earnings in the past.
- While operations are set to improve in 2H, the chemical and petroleum shipping will continue to drag earnings over the next 2 years. Our TP is based on 1x PBV.
Source: Maybank Research - 17 August 2012
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