February 23, 2012

HARTA - Bonus issue in the pipeline

Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD
Research House: HLGPrice Call: HOLDTarget Price: 7.70



Hartalega Holdings; Hold; RM7.97
Price Target: RM7.70; HART MK

3Q12/9M12 results were within our and consensus expectations; earnings led by 4% growth in sales
volume. Propose bonus issue (1-for-1) and free warrants (1-for-5). Maintain Hold and RM7.70 TP.

Source: HwangDBS Research 23 Feb 2012

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