[%TbUg%] 
Research by PIB
Neutral – TP of MYR 6.85

“Proposed Bonus Issue” 

QL has proposed a one-for-two bonus issue with an entitlement date to be determined later. Post bonus issue, QL’s enlarged share capital will increase to 3.65bn shares. We are positive on this proposal as we believe that the bonus issue will enhance the marketability of its shares, making it more appealing to a wider base of public shareholders thereby improving its trading liquidity. Should the proposed bonus issue go through, our DCF derived TP will be adjusted to RM4.56. Nevertheless, we maintain our Neutral call on QL with an unchanged TP of RM6.85 at this juncture, pending further details from the proposal.

Analyst(s):
Wong Ling Ling
[%oPlj%]

$KLSE-QL 
Research by PIB
Neutral – TP of MYR 6.85

“Proposed Bonus Issue” 

QL has proposed a one-for-two bonus issue with an entitlement date to be determined later. Post bonus issue, QL’s enlarged share capital will increase to 3.65bn shares. We are positive on this proposal as we believe that the bonus issue will enhance the marketability of its shares, making it more appealing to a wider base of public shareholders thereby improving its trading liquidity. Should the proposed bonus issue go through, our DCF derived TP will be adjusted to RM4.56. Nevertheless, we maintain our Neutral call on QL with an unchanged TP of RM6.85 at this juncture, pending further details from the proposal.

Analyst(s):
Wong Ling Ling
wong.lingling@publicinvestbank.com.my