Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Raw sugar price volatility crimps profits. RM265.3m 2011 core net profit (+4.7% YoY) was marginally above our forecast of RM256m but in-line with consensus. This is a fair performance given the exceptionally high raw sugar price volatility in the year. We anticipate the management to announce a final dividend of at least 8sen/share at the upcoming AGM (full year 16sen/share), consistent to the minimum 50% payout ratio policy. Maintain Hold, with an unchanged target price of RM4.10/share based on DDM.
Maybank Research 21 Feb 2012
Click here for full report
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 4.10 |
Raw sugar price volatility crimps profits. RM265.3m 2011 core net profit (+4.7% YoY) was marginally above our forecast of RM256m but in-line with consensus. This is a fair performance given the exceptionally high raw sugar price volatility in the year. We anticipate the management to announce a final dividend of at least 8sen/share at the upcoming AGM (full year 16sen/share), consistent to the minimum 50% payout ratio policy. Maintain Hold, with an unchanged target price of RM4.10/share based on DDM.
Maybank Research 21 Feb 2012
Click here for full report
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