Multi-Purpose Holdings: Maintain Hold - Where Art Thou Dividends?

• Maintain HOLD but tweak TP to MYR3.82 (-1%). 2Q12 results were above our expectations only due to a one-off positive tax charge.
• We are disappointed that no interim DPS was declared. Competition is also intensifying for Magnum.
• We trim our FY12 earnings estimate by 3% for a higher prize payout ratio assumption, and raise our FY13-14 estimates by 9%/5% only for lower interest costs on lower debt levels after a MYR577m repayment in 1H12.

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Source: Maybank Research - 3 Sept 2012