Our earnings forecasts are reduced by 0.8-2.9% p.a. for FY10-12 after:
1) increasing our SSS growth for FY10; and
2) taking into account the loss of the 1U first phase property management contract.
Our fair value is reduced marginally to RM5.80 (from RM5.85) based on unchanged 14x (average PER for retail sector) FY12/10 EPS.
RHBRI’s Monthly Stock Watch - Special Focus : Downdraft Of Fear; Longer-term Outlook Still Positive - 3/6/2010
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