CB Industrial Product (RM4.14; Buy; Price Target: RM4.80; CBP MK)

Improved earnings momentum
• 4Q10 net profit was above expectations
• Surprised with 1-for-20 interim share dividend;
implies FY10 payout of 47% (above expectations)
• New contract flows are improving with better
margin mix; Maintain Buy with higher SOP TP of
RM4.80