Maintain BUY. QL's FY3/12 net profit of MYR132m (+6% YoY) came below our
expectations, making up 93% of our MYR142m full-year forecasts. We
should nevertheless see a stronger contribution from its overseas
operations in FY3/13-14 as capacity utilisation gathers momentum. We
maintain our earnings estimates and reiterate our BUY call with an
unchanged MYR3.75 DCF-based target price.
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Source: Maybank Research - 23 May 2012
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