Results in line. SPSB's 1QFY12 results came in as expected.
Despite its stunning RM1.2b sales performance in 4MFY12, the stock's low
liquidity (11% free float) post the joint takeover offer by its major
shareholders may cap near-term share price upside. We maintain our
earnings forecasts. Our Hold call is premised on an unchanged RM3.93
target price, in turn a 10% discount to our RM4.36 RNAV estimate.
Maybank Research 23 March 2012
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