Bursa Malaysia Stock Watch

Nestle (Malaysia): Maintain Sell - Not sufficient for a re-rating

kltrader
Publish date: Thu, 26 Apr 2012, 10:31 AM
kltrader
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Core net profit within expectations. Nestle's 1Q12 core earnings were in line, accounting for 31% and 32% of our and consensus full-year forecasts respectively. A stronger 1Q has been the norm in recent years and therefore we are maintaining our net profit forecasts of MYR509m (+11.5% YoY) for 2012. We maintain our SELL call and DCF-based target price of MYR52.40.

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Source: Maybank Research - 26 April 2012
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