Cerebos's 4Q08 net profit of S$19.8m was below our expectation of S$24.2m, bringing FY08 net profit to S$81m (-4% yoy), or 95% of our FY08 estimate. The miss was largely due to lower-than-expected net interest income as a result of lower interest rates and a lower cash balance. Management proposed a total dividend of 25 Scts, unchanged from last year. Our FY09-10 EPS estimates have been reduced by 10-12% on the back of lower sales and margin assumptions, and lower interest rates. Nevertheless, our sum-of-the-parts target price increases to S$5.42 from S$4.86, due to a decline in beta. Maintain Outperform.