* Valuations cheap on all fronts, 2010 P/BV of 1.3x at 38.1% discount to
Asian peers, P/E of 11.0x at 33.3% discount.
* 2009-10 EPS raised by 6.3-7.4% on the back of unabsorbed reinvestment
allowances, lowering effective tax rate.
* TP raised to MYR6.20, P/BV of 1.3x, dividend yields of 5.0-5.7% due to
due to strong FCF yields of 9.1-11.1%. BUY.
2009E: P/E 12.0, P/B 1.4, ROE 12.1, Yld 5.0
2010E: P/E 11.0, P/B 1.3, ROE 12.5, Yld 5.4
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