Maintain Hold and our DCF-based TP of RM8.30. We are positive on the move to brew Asahi locally, for this should contribute to some margin enhancement over the medium term. In the near term, however, no material impact is expected given that the super premium segment is not a meaningful contributor to overall sales just yet. No dividend policy has been established hence we maintain our net dividend payout assumption of 58-62% for FY12-13 - a net yield of 3.8% for FY12.


Maybank Research 30 January 2012

Click here for full report