Maintain BUY. 1Q12 results, due on 22 May, should not disappoint. We
maintain our forecast of a 6% growth in net profit this year, although
there is a possibility that 2012 profits may positively surprise due to
revaluation gains. Strong property sales YTD and continuous job win
momentum in the next few months would provide the growth impetus to 2013
earnings. We reiterate our BUY call on the stock with an unchanged
MYR3.15 SOP-based target price (15x 2012 earnings plus a 20sen increment
from the KLIA2 IC concession).
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Source: Maybank Research - 16 May 2012
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