All eyes on the demerger. Multi-Purpose Holdings' (MPHB) 1Q12 results
were below expectations. We trim our FY12-14 earnings estimates by 5-10%
p.a. and SOP-based TP by 2% to MYR3.87 to reflect stiffer competition.
MPHB remains a high conviction BUY. Its recent proposal to demerge its
gaming and non-gaming businesses will unlock value in the group. With
80% net DPR, the resulting MPHB (or Magnum) will also offer high
dividend yields; we estimate a yield of 5.5% for FY13 based on MPHB's
current share price.
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Source: Maybank Research - 28 May 2012
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