We met the company’s management recently and take comfort in knowing that NTPM is dedicated to maximising shareholder value through stringent cost management. Supported by the resilient nature of its business, declining raw material prices, strong balance sheet and the upcoming contribution from the new recycling business as well as its decent dividend yield of >7%, we maintain our BUY recommendation with a TP of RM0.39 after adjusting for bonus shares, based on 10x CY09 EPS.
Product/Brandname Owned by NTPM
1) Premier - tissue
2) Cutie toilet roll
3) Intimate sanitary napkin