Bursa Malaysia Stock Watch
Lafarge Malayan Cement: Buy
kltrader
Publish date: Wed, 23 Nov 2011, 12:29 PM
kltrader
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Proxy to major wins in construction Shariah-compliant
Maintain Buy. 9M11 net profit of RM201m (-7% YoY) was below expectations, at 68% of our full-year forecast and 63% of consensus. However, we continue to see LMC as a proxy to the local construction sector which should receive a significant lift in job flows next year. Meanwhile, LMC's share price is well-supported by its decent net dividend yield of >5%. Our 2011 EPS is lowered by 5% but our 2012-13 forecasts and TP of RM7.60 (17x 2013 PER) are retained.
Maybank research (23 November 2011)
Click here for full report ''
Maintain Buy. 9M11 net profit of RM201m (-7% YoY) was below expectations, at 68% of our full-year forecast and 63% of consensus. However, we continue to see LMC as a proxy to the local construction sector which should receive a significant lift in job flows next year. Meanwhile, LMC's share price is well-supported by its decent net dividend yield of >5%. Our 2011 EPS is lowered by 5% but our 2012-13 forecasts and TP of RM7.60 (17x 2013 PER) are retained.
Maybank research (23 November 2011)
Click here for full report ''
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