Special dividend masks an uncertain outlook
Slowing down. 9M11 results were within expectations but it is evident
that 3Q11 revenue and earnings growth YoY grinded to a halt. In
addition, we are disturbed to notice that 3Q11 revenue actually eased
1% QoQ when we had expected it to exhibit strong QoQ growth on Hari
Raya ad spend. Maintain Sell and RM2.25 TP. Only a special single tier
DPS of 5 sen (in addition to 3 sen 2nd interim) provided some cheer.
Maybank research (21 November 2011)
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