Bursa Malaysia Stock Watch
Boustead (Buy) - The Future Is Brighter Ahead
kltrader
Publish date: Tue, 28 Feb 2012, 09:53 AM
kltrader
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Boustead (Buy)
The Future Is Brighter Ahead
- FY11 core results (excluding exceptional) below HLIBand consensus expectations due to the heavy industry division (cost escalationand lapse in new contract) and lower plantation contribution in 4Q.
- 4th interim single-tier dividend of 9 sen,making total of 29 sen, below our projection of 34.5 sen but not disappointingis add the dividend in species of Pharmaniaga shares.
- Despite the earnings disappointment, the new petrol vessel contract andmaiden full year contribution from Pharmaniaga will revive earnings expansionfrom FY12 onwards.
- Rare stock that provide earnings growth and high yield.
- FY12-13 forecasts cut by 7-9% following the results.
- Maintain Buy.
- Target price raised to RM6.20 (10% discount to estimated SOP of RM6.89)from RM5.91, incorporating our higher TP for Affin, latest BHIC price andfine-tuning post FY11 results.
Source: HLIB Research 28 Feb 2012
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