Below expectations. 1QFY12 recurring net profit plunged 62% YoY, battered by the massive flood in Thailand last October, coupled with the cessation of the Coco-Cola franchise. 1QFY12 recurring net profit of RM41.6m was below our expectations and made up just 13% of our and consensus full-year estimates. We have reduced our net profit forecasts for FY12 and FY13 by 25% and 5%. Sell maintained with a lower TP of RM15.40 on the back of the earnings downgrade (16.5x CY13 target PER vs 16x previously, on higher peer valuations).

Maybank Research 8 Feb 2012

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