Faber’s FY11 results came in well ahead of our and consensus expectations, with its FY11 net profit making up 246% and 169% of the respective FY11 net profit forecasts. The outperformance was largely due to higher-than-expected revenue coupled with the reversal of cost amounting to RM40.7m in 4QFY11 in relation to the recognition of expenses in 3Q for its IFM contracts in the UAE. We maintain our FY12 forecast and introduce our FY13 forecast. We are keeping our Trading Buy call on Faber at a slightly higher FV of RM2.34 from RM2.24 previously after rolling over our SOP valuation from FY11 to FY12.
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Published to mark the centenary of author, poet and travel writer Lawrence Durrell's birth, a reissue of The Alexandria Quartet comes with a new introduction by Jan Morris. It's 'one of a kind', she writes, 'on the whole a masterpiece'. Look out too in 2012 for Durrell's work available in ebook
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