GLOMAC - Doing Fine (OSK)

We view Glomac’s FY11 results as within our and consensus expectations, accounting for around 22.7% and 22% of the FY12 net profit forecasts respectively as we expect stronger quarters ahead. Revenue up marginally by 1.2% y-o-y however net profit spiked up by 14.6% y-o-y attributed to better margins. We maintain our forecasts and BUY recommendation at an unchanged FV of RM2.00, based on 0.9x CY11 P/NTA, which is about 1.0σ above its 10-year historical mea