AEON ' Five New Malls By 2014

Stock Name: AEON
Company Name: AEON CO. (M) BHD

Research House: RHB

Price Call: HOLD

Target Price: 10.40

AEON ' Five New Malls By 2014                          Market Perform (Upgraded)

Visit Note

''       AEON expects to open another outlet in Dec 2012 in Sri Manjung. The mall would be leased from the developer and have total net lettable area of 400k sq ft. Further ahead, we understand that AEON has plans to open one mall in 2013, although no details on location were given. In 2014, AEON expects to open three new malls, i.e. Kulai, Sg. Petani and Bukit Mertajam.

''       We raise our fair value to RM10.40 (from RM8.90) based on a new target PER of 16x FY12 EPS (from 14x FY12 EPS previously). We upgrade our call on the stock to Market Perform.

Source: RHB Research - 10 April 2012