Significantly disappoints. Kinsteel's 2011 core net loss of RM87m (2010:
RM33m net loss) was significantly below our full-year net loss forecast
of RM22m and consensus' RM25m. Though near-term earnings will remain
weak, we maintain our Hold rating, as the potential official award of
the iron ore mine concession to Perwaja is a major re-rating catalyst.
Maintain forecasts and TP of RM0.49 (0.55x P/BV).
Maybank Research 1 March 2012
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