- Take a breather. Last night's details of MPHB's plans to demerge its non-gaming from its gaming businesses, to be completed by 1H13, were not totally unexpected.
- MPHB current shareholders would receive MYR0.49/shr capital repayment and they can subscribe for 1 MPHBC share for every 2 MPHB shares held at low valuations.
- With MPHB share price already trending very close to our TP (share price up 41% YTD), and with the realisation of full valuations only after the demerger is completed in mid-2013, we think that the upside to MPHB's share price would be capped for now. We downgrade the stock to a HOLD.
Source: Maybank Research - 16 August 2012
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