Stock Name: MPHB
Company Name: MULTI-PURPOSE HOLDINGS BHD
Fundamentals intact despite a weak finish. MPHB's 2011 core earnings were below our expectations, but only due to lack of investment income. More importantly, 2011 revenue was in line, despite Magnum facing stiff competition in 4Q11. We raise our 2012-13 earnings estimates by 1-3% on lower-than-expected debt levels as at end-2011, and introduce our 2014 forecast. Our SOP-based TP is tweaked to RM3.87 (+1%). Maintain Buy.
Maybank Research 27 Feb 2012
Click here for full report
Company Name: MULTI-PURPOSE HOLDINGS BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 3.87 |
Fundamentals intact despite a weak finish. MPHB's 2011 core earnings were below our expectations, but only due to lack of investment income. More importantly, 2011 revenue was in line, despite Magnum facing stiff competition in 4Q11. We raise our 2012-13 earnings estimates by 1-3% on lower-than-expected debt levels as at end-2011, and introduce our 2014 forecast. Our SOP-based TP is tweaked to RM3.87 (+1%). Maintain Buy.
Maybank Research 27 Feb 2012
Click here for full report
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