Maintain BUY. 1Q12 net profit of MYR19.6m (+11% YoY, -25% QoQ) made up
20% of our and consensus full-year forecasts. We maintain our 12% net
profit growth forecast for FY12 and expect a stronger performance in
subsequent quarters to be supported by an outstanding order book of
MYR1b. Our target price is unchanged, pegged to 12x FY12 earnings. The
current weak market offers an opportunity to accumulate the stock.
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Source: Maybank Research - 24 May 2012
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