Continued growth, but largely priced in. 3QFY6/12 net profit of MYR51m
(-21.7% QoQ; +5.2% YoY) was within expectations. 4Q tends to be the
weakest quarter and without further clarity on increased dividends
funded by its debt instruments, we see little impetus for the share
price at this stage. Providing support, nevertheless, is a decent
dividend yield of 4.6% for FY6/13. We maintain our MYR13.50 DCF-based TP
but, with limited upside, we downgrade Guinness to a HOLD.
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Source: Maybank Research - 24 May 2012
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