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CBSA has entered into an agreement with Google to provide the latter with business listings in 6 Southeast Asia countries for tabulation of Google Maps. We are positive on this new income stream as we believe the move complements the company’s expansion into the regional online advertising business. Our Fair Value now stands at RM0.51, pegged at a FY11 PER of 10x to our revised forecasts. Upgrade to BUY.
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