LaFarge Malaysia; Fully Valued; RM9.37
Fair Value: RM8.00 (prev RM8.70); LMC MK
Macro concerns loom
Increasing cement capacity by 1.2m MT; c.RM280m capex unlikely to hurt div. payout. Rising costs, high rebates & potential deferment of infrastructure projects key concerns. Tweaked FY13-15F earnings by -8% to+2%; Cut to FULLY VALUED with lower RM8.00 TP.
Source: HwangDBS Research - 10 Sep 2013
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Created by kltrader | Jan 03, 2023
Created by kltrader | Sep 30, 2022