Stock Name: GAB
Company Name: GUINNESS ANCHOR BHD
Results in line, upgrade to Buy, raising TP. 1HFY12 net profit of RM121m (+17% YoY) was boosted by sales growth on stable margins. We note Guinness' growing cash pile and would not rule out larger dividends, which could be boosted by its recent debt issuance. Improving market penetration and decent yields (net: 4.9%) coupled with possible further cash management initiatives provide upside impetus to the stock price. We raise our DCF-based TP to RM13.50.
Maybank Research - 24 Feb 2012
Click here for full report
Company Name: GUINNESS ANCHOR BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 13.50 |
Results in line, upgrade to Buy, raising TP. 1HFY12 net profit of RM121m (+17% YoY) was boosted by sales growth on stable margins. We note Guinness' growing cash pile and would not rule out larger dividends, which could be boosted by its recent debt issuance. Improving market penetration and decent yields (net: 4.9%) coupled with possible further cash management initiatives provide upside impetus to the stock price. We raise our DCF-based TP to RM13.50.
Maybank Research - 24 Feb 2012
Click here for full report
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