KUALA LUMPUR (Nov 4): OSK Research has raised the fair value for GUINNESS ANCHOR BHD [] to RM14.20 and is maintaining its Buy rating.
It said on Friday, GAB reported earnings of RM55 million in the first quarter ended Sept 30, 2011, which was a 43% increase year-on-year and 90% quarter-on-quarter, which was in line with its expectations. GAB's Tiger brand is now the best selling beer, while Guinness and Heineken registered double-digit growth.
“With no excise duty hike announced in the recent Budget 2012, we expect continued growth in industry volume, with Euro 2012 being an added near-term kicker. We raise our FV to RM14.20 and maintain our BUY rating,” it said.
It said on Friday, GAB reported earnings of RM55 million in the first quarter ended Sept 30, 2011, which was a 43% increase year-on-year and 90% quarter-on-quarter, which was in line with its expectations. GAB's Tiger brand is now the best selling beer, while Guinness and Heineken registered double-digit growth.
“With no excise duty hike announced in the recent Budget 2012, we expect continued growth in industry volume, with Euro 2012 being an added near-term kicker. We raise our FV to RM14.20 and maintain our BUY rating,” it said.
