Results in line. In anticipation of a seasonally stronger 2H, we deem
AEON's 1Q12 net profit of MYR37m to be within expectations, at 18% of
our and 17% of consensus full-year estimates. We continue to like AEON
for its strong franchise and healthy fundamentals. The stock has
re-rated from 10x (+/-) PER multiple to current 15-16x which should
sustain considering its defensive earnings base amid a weak broader
market. We maintain our HOLD call with a higher TP of MYR9.30 as we
raise our FY13 PER peg by a notch to 15x.
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Source: Maybank Research - 25 May 2012
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