Bursa Malaysia Stock Watch

Hock Seng Lee: Maintain Buy - Tracking Expectations

kltrader
Publish date: Thu, 30 Aug 2012, 09:53 AM
kltrader
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  • Maintain BUY. Results are in line, with 1H12 net profit of MYR42m (+9% YoY) at 42% of our and 45% of consensus full-year forecasts.
  • We expect a seasonally stronger 2H and maintain our estimates. Our target price is pegged to 12x mid-FY13 earnings, close to 1 SD above its historical mean PER, for its growth potential.
  • Current valuations are undemanding, with the stock trading at 8.7x 12M forward earnings.
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Source: Maybank Research - 30 August 2012
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