Tomei – another disappointed quarters but still a hold

The recent result shown a difficult time ahead for retails.  We think Tomei may have over expanded if revenue slightly increase but it’s profit is not doing well.  I think Tomei should have hedge its gold better. For 3 quarters with RM 0.10 plus earnings.  The PE and NTAV are still very attractive at RM 1.30 above.  It is trade almost half below its book.   We still recommend a hold but if price dip below RM 0.70 we will start to buy mildly.