Offer price is attractive. Following from our meeting with Massive
Equity Sdn Bhd (MESB), the 51:49 joint venture between Johor Corp and
CVC Capital Partners Asia III, management assures that there will be
full distribution of proceeds up the chain to shareholders of Kulim from
the acquisition of QSR's and KFC's assets/liabs and that the latter two
companies will be delisted. We maintain that the proposed offer price
of RM4/KFC share is attractive to shareholders, pricing the stock at a
prospective 2012 PER of 19.4x, based on our forecasts.
Maybank research (16 December 2011)
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