Price above our expectations; small earnings impact. Sime has completed
the acquisition of former Bucyrus' distribution assets (in Australasia)
and rights under Sime's dealership territories for USD360m (or RM1.1bn).
While earnings impact is neutral in the short term, the inclusion of
Bucyrus product offerings is positive on the longer term. Maintain Hold
but raised our TP to RM8.50 (from RM8.36; based on unchanged 16x FY13
PER) on revised earnings.
Maybank research (15 December 2011)
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