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- We expect Tanjong’s 1Q net profit could be down yoy (low double-digit) due to weaker contribution from gaming and, possibly, power, while qoq, net profit is expected to be significantly higher thanks to better contribution from NFO as well as seasonally stronger results from Tropical Island.
- For the power division, potential lumpy items that could impact the 1Q results include business development and bidding costs as well as scheduled maintenance expenses (RM50m budgeted for FY11). A weaker US$ vs. RM would also impact the division’s contribution.
RHB Equity 360° - 22 June 2010 (Tanjong, EON Cap, Kencana; Technical: CIMB)
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