Results in line. In anticipation of a seasonally stronger 2H, we deem AEON's 1Q12 net profit of MYR37m to be within expectations, at 18% of our and 17% of consensus full-year estimates. We continue to like AEON for its strong franchise and healthy fundamentals. The stock has re-rated from 10x (+/-) PER multiple to current 15-16x which should sustain considering its defensive earnings base amid a weak broader market. We maintain our HOLD call with a higher TP of MYR9.30 as we raise our FY13 PER peg by a notch to 15x.

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Source: Maybank Research - 25 May 2012