Bursa Malaysia Stock Watch

Hock Seng Lee: Maintain Buy - On Track

kltrader
Publish date: Thu, 24 May 2012, 09:42 AM
kltrader
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Maintain BUY. 1Q12 net profit of MYR19.6m (+11% YoY, -25% QoQ) made up 20% of our and consensus full-year forecasts. We maintain our 12% net profit growth forecast for FY12 and expect a stronger performance in subsequent quarters to be supported by an outstanding order book of MYR1b. Our target price is unchanged, pegged to 12x FY12 earnings. The current weak market offers an opportunity to accumulate the stock.

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Source: Maybank Research - 24 May 2012
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