Stock Name: LITRAK
Company Name: LINGKARAN TRANS KOTA HOLDINGS
Downgrade to Hold. LITRAK's RM102m 9MFY12 net profit (+25% YoY) was above our expectations, at 88% of our full-year forecast. We believe this was due to lower-than-expected amortisation for the LDP. We raise FY12-14 forecasts by 12-16% p.a.. However, this being an accounting upgrade with no impact on the cash flows, our RM4.20 DCF-based TP is unaffected. Having outperformed (+12% since Nov 2011) with just 4% upside potential, the stock is now a Hold.
Maybank Research 29 Feb 2012
Click here for full report
Company Name: LINGKARAN TRANS KOTA HOLDINGS
| Research House: MAYBANK | Price Call: HOLD | Target Price: 4.20 |
Downgrade to Hold. LITRAK's RM102m 9MFY12 net profit (+25% YoY) was above our expectations, at 88% of our full-year forecast. We believe this was due to lower-than-expected amortisation for the LDP. We raise FY12-14 forecasts by 12-16% p.a.. However, this being an accounting upgrade with no impact on the cash flows, our RM4.20 DCF-based TP is unaffected. Having outperformed (+12% since Nov 2011) with just 4% upside potential, the stock is now a Hold.
Maybank Research 29 Feb 2012
Click here for full report
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