Meiban's 4Q08 net profit of S$6.9m (-8% yoy) came in 246% and 108% above consensus and our forecasts respectively on higher-than-expected sales, gross margins and opex ratio, forex gains (S$397k) and a tax write-back (S$761k). The above was partially offset by about S$1m of provisions for doubtful debt and stock obsolescence. Full-year net profit was 32% and 20% above consensus and our forecasts, respectively. Meiban declared a final dividend and special dividend of 1cts each, translating into a close to 14% yield. We have left our FY09-10 forecasts unchanged given the limited near-term earnings visibility. Our target price is unchanged at 30.5cts, based on 0.7x CY09 P/BV. The stock remains attractive at 3x CY10 P/E (against average historical) and less than 0.4x P/BV. Maintain Outperform.