Hwang Dbs on Pelikan International

Pelikan International (RM1.50; Fully Valued; Price Target:
RM1.35; PELI MK)
2Q09 within expectation
• 1H09 result was within our forecast but beat
consensus’
• Stronger net profit was driven by improved operating
margins and recovery in Europe demand
• Maintained Fully Valued and RM1.35 TP

20/8/2009