Bursa Malaysia Stock Watch

AEON Co. (M): Maintain Hold - No Surprises

kltrader
Publish date: Mon, 27 Aug 2012, 09:44 AM
kltrader
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  • Results within expectations. AEON's 2Q12 net profit of MYR38.2m (+33% YoY; +3% QoQ) was within consensus and our expectations.
  • Improved 2Q earnings lifted 1H12 net profit to MYR75.2m, up 17% YoY after excluding the MYR10.9m insurance claim received in 1Q11.
  • Although 1H12 earnings made up just 37% of our full-year forecast, we expect 2H to be much stronger as shopping activities pick up towards year end. We maintain our HOLD call, TP of MYR9.30 (15x FY13 PER).
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Source: Maybank Research - 27 August 2012
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