Met our expectation. RM269m 1HFY12 net profit (+47% YoY), which included a partial gain from the sale of land in Celadon City, was 50% of our full-year forecast. The results however exceeded market expectation at 55% of consensus' FY12 forecast. 2H earnings are likely to be stronger HoH; we retain our FY12 forecast for now, which implies a 27% growth. There is also no change to our RM4.10 RNAV-based TP and Buy call. The stock offers value at 14% upside to our target and 12.4x FY12 earnings. The sale of LITRAK could be the next catalyst.

Maybank Research - 29 March 2012

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