Upgrade to HOLD, TP revised to MYR4.80. 1Q12 results were hit by several
one-offs and huge losses at the liner division. We expect earnings to
recover in 2Q12 as MISC progressively exits from the liner operations.
Trading below book value, we upgrade MISC to a HOLD.The upside to our
new TP warrants a more aggressive call but at this stage, the outlook
remains hazy for the petroleum and chemical divisions particularly amid
rising external economic headwinds.
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Source: Maybank Research - 17 May 2012
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