Bursa Malaysia Stock Watch
JT International: Hold
kltrader
Publish date: Tue, 22 Nov 2011, 02:59 PM
kltrader
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Maintain Hold. 3Q11 net profit of RM40m (+13% YoY, +30% QoQ) brings 9M11 net profit to RM105m (-2% YoY), which is in line despite accounting for 80% and 82% of our and consensus full year forecast. We expect JTI's 2012-13 market share growth to plateau and net profit to grow at a sluggish 5% 3-year CAGR due to intensified competition from other VFM brands. We maintain our Hold call for its likely special dividends. Our DCF-based TP of is raised to RM6.60 (from RM6.20).
Maybank research (22 November 2011)
Click here for full report ''
Maintain Hold. 3Q11 net profit of RM40m (+13% YoY, +30% QoQ) brings 9M11 net profit to RM105m (-2% YoY), which is in line despite accounting for 80% and 82% of our and consensus full year forecast. We expect JTI's 2012-13 market share growth to plateau and net profit to grow at a sluggish 5% 3-year CAGR due to intensified competition from other VFM brands. We maintain our Hold call for its likely special dividends. Our DCF-based TP of is raised to RM6.60 (from RM6.20).
Maybank research (22 November 2011)
Click here for full report ''
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