Affin Hwang Capital Research Highlights

Zhulian - Stronger associate contributions

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Publish date: Thu, 18 Apr 2013, 10:04 AM
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This blog publishes research highlights from Affin Hwang Capital Research.

Zhulian Corp; Hold
Price Target: RM2.80; ZHCB MK

1Q13 net profit of RM29.7m lifted by higher associate contributions and a lower effective tax rate; within expectations. Recovery in pretax profit margins: 1Q13’s 32.5% highest since 4Q11. Declared net DPS of 3.0 sen. Positives factored in share price with 56% gain over the last 12 months. The stock is trading at +2 SD of its 5-year PE mean. Maintain HOLD with RM2.80 TP.

Source: HwangDBS Research - 18 Apr 2013

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