KUALA LUMPUR: Maybank Investment Bank Research says Lafarge Malayan Cement is not on its Buy list.It said on Tuesday, June 22 the share price remains firm (+6% year-to-date) despite poor 1Q10 results.

'Although Lafarge has the potential for a capital repayment, we think it may be too early to buy the stock,' it said.The research house said the factors were:
(i) domestic cement demand has yet to show clear rebound, and demand optimism has had false starts in the past;
(ii) capital repayment might materialise only in 2011.

'We maintain our Hold rating and TP of RM6.40 (12x 2011 PER),' it said.