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HLIB Research downgrades GAB to Hold, target price RM14.39

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HLIB Research downgrades GAB to Hold, target price RM14.39 Empty HLIB Research downgrades GAB to Hold, target price RM14.39

Post by Cals Tue 26 Aug 2014, 09:15

HLIB Research downgrades GAB to Hold, target price RM14.39
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 25 August 2014 09:07

KUALA LUMPUR (Aug 25): Hong Leong IB Research (HLIB) has downgraded Guiness Anchor Bhd (GAB) to a Hold with a target price of RM14.39 and said the company’s FY14’s operating profit suffered from consumer spending dampening, weak ringgit, poor weather and decline in tourism numbers.
In a note Monday, the research house said contraband remained a major threat and research showed that it has grew 2.3x over the last 3 years.
HLIB said that for excise duty, the Royal Malaysian Customs had altered the valuation method by including an additional duty charge on all A&P expenses made on locally-brewed beers.
“GAB continued to concentrate on innovations, with two latest launches namely Smirnoff Ice and Kirin Ichiban with both products receiving positive responses.
“Given the unexciting and bleak outlook, coupling with the potential negative impact from GST next year, we trim our terminal growth assumption and target price to 1% and RM14.39, respectively. Downgrade to Hold,” it said.
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