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Wednesday, November 16, 2011

PRESBHD - Reaching For The Stars (OSK)

In reporting its first quarterly results since listing, Prestariang announced 3QFY11 core earnings of RM10.1m. The 9MFY11 earnings stood at RM23.1m, trumping both our and consensus estimates at 84.8% and 90.9% of the full-year forecasts respectively on better contribution from its core ICT training and certification business. A first gross interim DPS of 4.0 sen was declared, translating into a lucrative yield of 5.2% at the stock’s last closing price of RM0.77. We are turning increasingly bullish on the stock as we expect an even better 4QFY11 on seasonality. Hence, we reiterate our BUY call, at a revised FV of RM0.96, based on an unchanged 6x FY12 PER.

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