KUALA LUMPUR: BRITISH AMERICAN TOBACCO (M) [] Bhd's shares rose in early trade on Friday, Oct 21 after it declared an interim dividend tax exempt of 60 sen a share compared with 64 sen a year ago, as its earnings rose 3.3% to RM176.27 million in the third quarter ended Sept 30 from RM179.65 million.
At 9.05am, BAT was 12 sen to RM43.72 with 5,600 shares traded.
Its revenue increased by to RM1.104 billion from RM993.59 million, earnings per share were 61.70 sen compared with 59.80 sen.
Maybank IB Research in a note Oct 21 said that BAT's 9M11 recurring net profit of RM551 million (+0.5% y-o-y), post stripping off a one-off restructuring charge of RM12 million, accounted for 73.9% and 77.5% of our and consensus full-year forecasts respectively.
'Post the tax hike relief, we lower our 2011 total industry volumes (TIV) decline forecast from -5% to -2.5%.
'We continue to like BAT for its resilient premium market share but industry environment remains challenging. Maintain Hold at a higher DCF-based TP of RM45.10 (from RM43.30),' it said.
At 9.05am, BAT was 12 sen to RM43.72 with 5,600 shares traded.
Its revenue increased by to RM1.104 billion from RM993.59 million, earnings per share were 61.70 sen compared with 59.80 sen.
Maybank IB Research in a note Oct 21 said that BAT's 9M11 recurring net profit of RM551 million (+0.5% y-o-y), post stripping off a one-off restructuring charge of RM12 million, accounted for 73.9% and 77.5% of our and consensus full-year forecasts respectively.
'Post the tax hike relief, we lower our 2011 total industry volumes (TIV) decline forecast from -5% to -2.5%.
'We continue to like BAT for its resilient premium market share but industry environment remains challenging. Maintain Hold at a higher DCF-based TP of RM45.10 (from RM43.30),' it said.
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