OSK Research maintained its "buy" call on CI Holdings Bhd (CIH)(2828), saying the recently reported first-half earnings show that the group seems to be sustaining its growth pace- CIH is the exclusive bottler for PepsiCo beverages, and is also a manufacturer of tapware and sanitary ware fittings- It reported first-half earnings growth of 43 per cent to RM23-1 million for the year ending June 30 2011, in line with consensus forecasts- The hearty numbers, which coincided with the year-end festive seasons, were mainly attributed to the beverage division- The division accounts for 92-4 per cent of the group's sales pie- "Although the beverage segment will be the main revenue driver going forward, we see its tap and sanitary ware division posting good sales in tandem with the improving property market," OSK said in a note to clients yesterday- Margins at the beverage segment are expected to come under pressure in the coming quarters as a sugar price increase that took place last December kicks in- This, however, has already been factored in OSK's forecast and so it maintained its full-year earnings estimate for CIH at RM42-3 million for this financial year, and RM48-5 million for the next-The stock last closed at RM3-60-...

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