Stock Name: MMCCORP
Company Name: MMC CORPORATION BHD
HwangDBS Vickers Research has maintained its "buy" call on MMC Corporation Bhd with a target price of RM3.70 despite lowering its estimation for the company's 2011-2013 earnings by six to 16 per cent.
In its Company Focus, the research house said it had cut forecast earnings for MMC after imputing higher tax rates.
It said MMC's second quarter net profit of RM82 million was below its estimate "as the absence of deferred tax income related to the aeromall construction in Senai resulted in a higher effective tax rate for the first half of 2011.
"Pre-tax profit was in line."
It said MMC's core operations remained robust with first half pre-tax profit up 44 per cent to RM553 million. - Bernama
Company Name: MMC CORPORATION BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 3.70 |
HwangDBS Vickers Research has maintained its "buy" call on MMC Corporation Bhd with a target price of RM3.70 despite lowering its estimation for the company's 2011-2013 earnings by six to 16 per cent.
In its Company Focus, the research house said it had cut forecast earnings for MMC after imputing higher tax rates.
It said MMC's second quarter net profit of RM82 million was below its estimate "as the absence of deferred tax income related to the aeromall construction in Senai resulted in a higher effective tax rate for the first half of 2011.
"Pre-tax profit was in line."
It said MMC's core operations remained robust with first half pre-tax profit up 44 per cent to RM553 million. - Bernama
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