February 23, 2012

MISC - Weak earnings

Stock Name: MISC
Company Name: MISC BHD
Research House: HWANGDBSPrice Call: HOLDTarget Price: 6.60



MISC; Hold; RM5.80
Price Target: RM6.60; MISC MK

4Q11's RM40m core net loss was worst than our and consensus expectations. RM1.5bn liner exit provision
was higher than expected; bunker rates continue alarming rise. Maintain Hold and SOP-based TP of
RM6.60.

Source: HwangDBS Research 23 Feb 2012

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