Shortfall again
Buy call maintained, but with a lower target price. 9M11 net profit of
RM114.5m (+15% YoY) made up just 68% of our earlier full-year
forecast and 70% of consensus. Construction works recognition was
slower than expected and 3Q results included another RM3m of forex
loss lifting total forex loss to RM16m for 9M11. We lower our 2011 net
profit forecast by 8% and 2012-13 forecasts by 12-15%. This puts our
TP, which is largely earnings based, at a lower RM2.75 (-11%).
Maybank research (18 November 2011)
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