Maintain Buy. We cut FY6/12-13 forecasts by 2-17% following softer-than-expected 3QFY6/12 results. Nevertheless, we remain positive on Dialog's growth prospects; tank terminal operations in Johor will sustain earnings growth over the long term. Overall, Dialog offers exposure to a respectable business model, focused management, attractive earnings growth with an increasing proportion of recurring income, and a steady progressive dividend. Our SOP-based TP is unchanged at MYR3.05.

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Source: Maybank Research - 11 May 2012