KFC Holdings (Malaysia): Maintain Hold - EPF emerges as major shareholder

No changes to pricing. Save for EPF emerging as an affective 25% shareholder of Massive Equity (ME), the terms of KFC's and QSR's business disposals are the same. The proposed capital distribution is MYR4/share (+4.2% upside to current share price) for KFC and MYR6.80/share (+3.8%) for QSR. We maintain our Hold call on KFC.

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Source: Maybank Research - 21 May 2012