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RHB Research raises Faber
Group's (1368.KU) target to MYR2.07 from MYR1.62 and keeps its Outperform call
after the company reported better-than-forecast 3Q results; the house raises
FY12-FY14 profits by 4.1%-14.7% and updates its net cash position following the
company's special dividend announcement, which translates into a net payout
ratio and net yield of 82% and 11% respectively.
"While we continue to ascribe a
25% discount to the SOP valuation given the lack of visibility on the new
concession terms, we believe Faber would remain as a party to the new concession
as the company was granted an extension to continue operating until the
concession is renewed," says RHB. Faber is up 7.0% at MYR1.49.
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