Respectable results but outlook is challenging. MPR recorded marginally better-than-expected results due to lower-than-expected costs. We tweak our earnings estimates up by 4% p.a. over 2012-13 on minor adjustments to estimated costs and introduce our 2014 forecast. Consequently, our TP is raised to RM2.34 (+4%), on an unchanged 13.5x 2012 PER. Risk-reward still does not favour investors. Given its challenging outlook and rich valuations, we still rate MPR a Sell.

Maybank Research - 24 Feb 2012

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