Positives priced-in. Share price is flattish YTD and we see capped
upside due to: (i) upcoming 1Q12 results, which, although likely to be
higher YoY, they could be just within-or-below brokers' optimism-fuelled
forecasts of 16% YoY growth for the full-year; (ii) valuation is
already at its peak-cycle of 17x PER; and (iii) dividend yield of 5.2%
net is only slightly better than decent. Hence, we maintain our Hold
call and TP of
MYR7.60 (17x 2013 PER).
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Source: Maybank Research - 23 May 2012
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