New shopping experience. Johor Premium Outlet ("JPO"), the first premium outlet in the ASEAN region, started its pre-launch sales yesterday, featuring a combination of 69 brands and F&B outlets. However, we observe certain hiccups that can be overcome over time. We expect <5% impact on GENP's earnings from the JPO. Maintain Sell as GENP trades at relatively rich valuation of 17.5x 2013 PER. Our TP is unchanged at RM6.70, pegged at 14.5x 2013 PER.
Maybank research (2 December 2011)
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