Positives priced-in. Share price is flattish YTD and we see capped upside due to: (i) upcoming 1Q12 results, which, although likely to be higher YoY, they could be just within-or-below brokers' optimism-fuelled forecasts of 16% YoY growth for the full-year; (ii) valuation is already at its peak-cycle of 17x PER; and (iii) dividend yield of 5.2% net is only slightly better than decent. Hence, we maintain our Hold call and TP of MYR7.60 (17x 2013 PER).

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Source: Maybank Research - 23 May 2012