Bursa Malaysia Stock Watch

Multi-Purpose Holdings (Buy): The taxman cometh in 3Q11

kltrader
Publish date: Thu, 24 Nov 2011, 04:30 PM
kltrader
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Still a Buy. Multi-Purpose Holdings' (MPHB) 9M11 results were below expectations but this was largely due to a higher than expected tax rate of 24% (versus our expectation of 20%). Going forward, its operations are expected to remain stable. We still like MPHB (RM3.64 target price) for its cheap valuations (<10x PERs) and potential for special dividends and stronger recurring dividends post the disposal of non-core assets.

Maybank research (24 November 2011)

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