Bursa Malaysia Stock Watch
Lingkaran Trans Kota: Downgrade to Hold - Earnings above, dividends below
kltrader
Publish date: Wed, 29 Feb 2012, 09:37 AM
kltrader
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Downgrade to Hold. LITRAK's RM102m 9MFY12 net profit (+25% YoY) was above our expectations, at 88% of our full-year forecast. We believe this was due to lower-than-expected amortisation for the LDP. We raise FY12-14 forecasts by 12-16% p.a.. However, this being an accounting upgrade with no impact on the cash flows, our RM4.20 DCF-based TP is unaffected. Having outperformed (+12% since Nov 2011) with just 4% upside potential, the stock is now a Hold.
Maybank Research 29 Feb 2012
Click here for full report
Maybank Research 29 Feb 2012
Click here for full report
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