Dividend yield provides support. 4Q11's provision-hit results missed expectations, but the higher final DPS negated the setback. Medium-term prospects have improved but with the outlook for the current quarter (1Q12) still poor, we stay conservative, especially on the O&G operations. Our adjusted TP incorporates the 2-6% earnings upgrade, and is rolled forward to 2013 on an unchanged PER of 11x. Hold.
Maybank Research 27 Feb 2012