Company Name: BERJAYA SPORTS TOTO BHD
| Research House: HLG | Price Call: BUY | Target Price: 4.98 |
Stock Name: GLOMAC
Company Name: GLOMAC BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.57 |
BToto (BUY)
4D Jackpot ' The lucky charm
'''' Reported 1QFY12 net profit of RM93.8m came in within expectation, accounting for 23.1% of HLIB's estimate and 24.2% of consensus full year estimates. Historically, 1Q results normally contributed 22-24% of full year earnings.
'''' Declared first interim single tier exempt dividend of 8 sen.
'''' Net profit for 1QFY12 increased 43.7% yoy due to the contribution from the new 4D Jackpot game that was introduced in June 2011. Net profit decline qoq due to seasonal factor as 4Q records higher sales on the back of Chinese New Year festival.
'''' 4D Jackpot's sales remains exciting as its sales was stable at an average of RM1.6m meanwhile for the jackpot games as a whole, total sales has been above Magnum's jackpot sales since the launch of 4D Jackpot.
'''' Maintain BUY with unchanged TP of RM4.98.
''
Glomac (BUY)
Q1 results: A decent start to FY12
'''' 1QFY12 net profit of RM17.9m was 22% of HLIB and 24% of consensus full-year forecast respectively, driven by 18% rise in PBT qoq arising from lower operating expenditure for the quarter.
'''' We consider this to be in-line given that 1HFY12 is expected to be a slow period, as this year's projects (total GDV of RM900m) have yet to be launched.''
'''' Unbilled sales remain at RM550m (0.9x FY11 property development revenue).
'''' No change to our earnings forecast and TP of RM2.57 (20% discount to RNAV). Maintain BUY.''
''
August Inflation Report
'''' CPI growth slowed marginally to 3.3% yoy in Aug 2011 (Jul: +3.4% yoy), the second consecutive month of moderation and matching the consensus estimate. MOM basis, the increase in CPI remained stable at 0.2%
'''' August CPI data confirmed that inflation has already peaked in June at 3.5% yoy. The pass-through effect from June electricity hike continued to be visible in August, as reflected in the higher inflation rate in the services sector.
'''' We expect the next round of subsidy rationalisation to be implemented in December. All-in-all, we retain our forecast that the CPI growth will average 3.2% in 2011.
'''' Given that risks to growth have increased while inflation appeared to have peaked, we continue to see BNM holding the OPR steady until end-2011.
''
FBM KLCI - Renewed downside risks as Fed disappoints
'''' In the wake of the overnight sharp falls in U.S. and Europe markets, the technical rebound momentum from yesterday is likely to be under threat. Critical level to watch is the 1400 psychological support as a break below will trigger further pressures towards 1367 pts (61.8% FR from peak 1597 and low 1224). Any technical rebound is likely to face tough hurdles near 1441 (10-D SMA) and 1453 (mid Bollinger band) pts.
Dow Jones ' Downside risks increase''
'''' The short term uptrend line support near 11000 is likely to be tested soon due to weakening technical indicators. Immediate resistance levels are 11316 (mid Bollinger band) and 11610 (50-d SMA) whilst supports fall on 11000 and 12 Sep pivot low of 10824 pts.
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