Within expectations. JTI's 1Q12 net profit of MYR38m (+9% YoY, +108% QoQ) accounted for 30% and 29% of our and consensus full-year forecasts. This is within our expectation, considering that the bulk of marketing expenses would be end-loaded in 4Q. JTI announced a special net dividend of 56sen/share, which will be a short-term positive for JTI's share price, in our view. Despite the lack of other catalysts, the share price should be supported until the ex-dividend date on 8 Jun 2012. Maintain HOLD at an unchanged DCF-based TP of MYR6.20.

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Source: Maybank Research - 25 May 2012