Earnings in-line. 1Q net profit of MYR1.0b (+10% YoY) was within our
expectation and consensus at 24% of full-year estimates. Management
remains upbeat and the domestic pipeline remains strong for the group.
Amid capital market volatility, nevertheless, we continue to expect
valuation premiums for the group to narrow against its conventional
peers, with downside risk in the share price from its high foreign
shareholding (33% ex MUFJ's 5%). Our Sell call is maintained with an
unchanged MYR6.80 TP (1.8x P/BV, ROE 15.8%).
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Source: Maybank Research - 25 May 2012
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