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NewsCIMB Research maintains Neutral on BAT, cuts target price to RM62.30
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CIMB Research maintains Neutral on BAT, cuts target price to RM62.30
by Cals Thu 25 Jul 2013, 10:30
CIMB Research maintains Neutral on BAT, cuts target price to RM62.30
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 25 July 2013 09:22
KUALA LUMPUR (July 25): CIMB Research has maintained Neutral on BRITISH AMERICAN TOBACCO (M) [] Bhd at RM60.70 with a lower target price of RM62.30 (from RM64.60) ahead of the company’s results to be released this evening.
In a note Thursday, the research house said while it does not expect any surprises from BAT’s bottomline, CIMB Research highlighted its concern with regards to its domestic sales volume.
“We expect higher selling prices coupled with the persistent threat from the illicit trade to weigh on volumes. We remain Neutral on BAT.
“Our DDM-based target priced is reduced to RM62.30 (from RM64.60) after we revise our WACC assumptions from 6.4% to 6.5%. Its current dividend yield of 4.5-4.6% is not particularly attractive, especially during the current positive market conditions,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 25 July 2013 09:22
KUALA LUMPUR (July 25): CIMB Research has maintained Neutral on BRITISH AMERICAN TOBACCO (M) [] Bhd at RM60.70 with a lower target price of RM62.30 (from RM64.60) ahead of the company’s results to be released this evening.
In a note Thursday, the research house said while it does not expect any surprises from BAT’s bottomline, CIMB Research highlighted its concern with regards to its domestic sales volume.
“We expect higher selling prices coupled with the persistent threat from the illicit trade to weigh on volumes. We remain Neutral on BAT.
“Our DDM-based target priced is reduced to RM62.30 (from RM64.60) after we revise our WACC assumptions from 6.4% to 6.5%. Its current dividend yield of 4.5-4.6% is not particularly attractive, especially during the current positive market conditions,” it said.
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