March 7, 2012

PPB - No rerating catalysts

Stock Name: PPB
Company Name: PPB GROUP BHD
Research House: HWANGDBSPrice Call: SELLTarget Price: 15.00



PPB Group; Fully Valued; RM16.86
Price Target: RM15.00; PEP MK
Expansion of flour business is a long term story. No upside for dividends with higher capex. Maintain Fully Valued, RM15.00 TP.

Source: HwangDBS Research 7 March 2012

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