Below expectations, but no surprise. LPI reported 1HFY12/10 net profit of RM64.8m (+11.2% yoy), which accounted for 42% of our and 44% of consensus full-year estimates respectively. However, we note that 2Q earnings have consistently been the weakest, mainly due to the lower investment income at group level as dividends from Public Bank are recognised in 1Q and 3Q.
LPI Capital Berhad : Below Expectations; Proposed Bonus Issue And Rights Issue - 9/7/2010
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