Bursa Malaysia Stock Watch

JT International: Maintain Hold - Bigger Pie, Smaller Cut

kltrader
Publish date: Fri, 10 Aug 2012, 09:44 AM
kltrader
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JTINTER - Bigger Pie, Smaller Cut
  • Within expectations. JTI's 2Q12 net profit of MYR29m (-4% YoY, -22% QoQ) brings 1H12 net profit to MYR67m (+3% YoY), accounting for 58% and 52% of our and consensus full-year forecasts. Results were largely in line with our estimates as JTI's marketing expenses are end-loaded in 4Q.
  • Despite falling market share, JTI offers a decent long-term dividend yield with its consistent lucrative special dividend payouts. Maintain HOLD at an unchanged DCF-based TP of MYR6.70.
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Source: Maybank Research - 10 August 2012
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