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The FY08 results were within our expectations while the y-o-y earnings for the full
year went up as much as 11.4% to RM1.2bn from RM1bn. On a net basis, y-o-y net
profit gushed up 11.8% to RM125.8m from RM112m. Although no reasons were
attributed to the better performance, we reckon the improved industry volume and
higher selling price were the key reasons. Guinness has declared a final tax exempt
dividend of 14 sen and 17 sen gross dividend for the current quarter. This brings
the total dividend payout to 44 sen per share (FY07 – 45 sen). We are revising our
net earnings forecast upwards by 10.8% and 3.8% for FY09 and FY10 respectively.
Our target price has been raised to RM6.70 from RM6.60 previously. Maintain BUY.
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