Wednesday, 18 April 2012

Maybank IB Research downgrades Aeon to Hold from Buy

KUALA LUMPUR April 18): Maybank Investment Bank Bhd Research has downgraded Aeon Co (M) Bhd to a Hold at RM9.6 with an unchanged target price of RM8.70 and said the company’s share price was up an impressive 33% year-to-date and had breached its target price (pegged at 14x 2013 PER).

“With little upside catalyst at this stage and low dividend yield as support, we downgrade our recommendation from Buy to Hold.

“We forecast revenue growth of 6.8% for the group in 2012, in line with the 6% industry growth expected by the Retail Association of Malaysia,” Maybank IB Research said in a note on Wednesday.

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