Maintain Buy and TP of MYR5.38. As forewarned, 1Q12 results were poor
but within expectation. Going forward, we remain upbeat on its prospect.
Most of the operational setback has been priced in, while improving
sales orders should translate into enhanced earnings. Valuations are
undemanding. Our MYR5.38 TP, pegged to a 10x 2013 PER offers a 20%
upside, undemanding for a 2-year prospective net profit CAGR of 27%.
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Source: Maybank Research - 22 May 2012
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