Stock Name: BERNAS
Company Name: PADIBERAS NASIONAL BHD
Inability to raise prices crimped profits. PATAMI of RM165.7m was 6.7% lower YoY, but there was RM20m once off cost (we estimate) relating to the disposal of Save More business unit. Excluding this item, core net income of RM187.7m (+4.6% YoY) was slightly ahead of our expectations of RM180m. Business outlook is expected to perform well in 2012 as prices of raw rice has receded and Bernas will no longer bare loss making unit. Maintain Hold with unchanged target price of RM3.40/share based on DDM.
Maybank Research - 24 Feb 2012
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Company Name: PADIBERAS NASIONAL BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 3.40 |
Inability to raise prices crimped profits. PATAMI of RM165.7m was 6.7% lower YoY, but there was RM20m once off cost (we estimate) relating to the disposal of Save More business unit. Excluding this item, core net income of RM187.7m (+4.6% YoY) was slightly ahead of our expectations of RM180m. Business outlook is expected to perform well in 2012 as prices of raw rice has receded and Bernas will no longer bare loss making unit. Maintain Hold with unchanged target price of RM3.40/share based on DDM.
Maybank Research - 24 Feb 2012
Click here for full report
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