not vested
While Heineken Malaysia ended 9M18 earnings only making up 65 percent of consensus full year estimates, the recent 4Q18 results dispelled concerns of an earnings shortfall and cap off the year with healthy volume growth.
Because of concerns on its earnings, the stock traded down below -2SD from its mean price-to-earnings multiple.
With visible organic growth and low regulatory and policy risks, UOBKH believes that Heineken Malaysia should re-rate after releasing its quarterly results.
As it turned out, the stock began recovery post-FY18 earnings release.
BUY, TP RM24.50; Current share price RM23.12
Source: Shares Investments