Maintain HOLD, TP at MYR2.83. 1Q12 results were on track. While the auto
sector is in recovery mode and MBM's long-term strategic plans look
promising, we reckon most of these positives are priced in. Our target
price (ex-rights and bonus) pegs MBM at 7x FY13 EPS.
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Source: Maybank Research - 25 May 2012
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