Maintain Hold and our DCF-based TP of RM8.30. We are positive on the
move to brew Asahi locally, for this should contribute to some margin
enhancement over the medium term. In the near term, however, no material
impact is expected given that the super premium segment is not a
meaningful contributor to overall sales just yet. No dividend policy has
been established hence we maintain our net dividend payout assumption
of 58-62% for FY12-13 - a net yield of 3.8% for FY12.
Maybank Research 30 January 2012
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