Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD
Maintain Sell. 2011 core net profit of RM113m (+1% YoY) was 8% below our forecast but in line with consensus. Though we are positive on domestic ETP-led demand growth, we think margins will continue to be pressured by soft international ASPs. We have tweaked our 2012-13 EPS upward by 3-6% p.a. to incorporate better trading earnings ahead. Maintain Sell and TP of RM1.30 (0.6x trough-cycle P/BV).
Maybank Research 29 Feb 2012
Click here for full report
Company Name: ANN JOO RESOURCES BHD
| Research House: MAYBANK | Price Call: SELL | Target Price: 1.30 |
Maintain Sell. 2011 core net profit of RM113m (+1% YoY) was 8% below our forecast but in line with consensus. Though we are positive on domestic ETP-led demand growth, we think margins will continue to be pressured by soft international ASPs. We have tweaked our 2012-13 EPS upward by 3-6% p.a. to incorporate better trading earnings ahead. Maintain Sell and TP of RM1.30 (0.6x trough-cycle P/BV).
Maybank Research 29 Feb 2012
Click here for full report
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