RHBInvest Research Highlights 20th January 2012

20th January 2012

 

Top Story

Carlsberg – Ended 2011 on a good note, 2012 earnings outlook clearer                    Market Perform Visit Note -          Carlsberg's 4QFY11 results will be out on the 28 Feb. We understand that 4Q earnings should be fairly strong, underpinned by the earlier timing of Chinese New Year, even though 4Q revenues are normally weakest during the FY. -          Given that FY12 capex plans are minimal, comprising mainly replacement capex of around RM30m, we believe Carlsberg could potentially pay out 90-100% of its FY11 earnings.

Corporate Highlights

Digi – Ends On A High                                                                              Outperform (Upgraded) Results/Briefing Note -          DiGi's reported FY11 net profit of RM1.25bn (+6.5% yoy) exceeded our and consensus expectations, mainly due to a tax writeback of RM4.9m in 4Q. Management attributed this to approved tax incentives related to mobile broadband network facilities.