November 1, 2011

RHBInvest Research Highlights 1st Nov 2011

Stock Name: UNISEM
Company Name: UNISEM (M) BHD
Research House: RHBPrice Call: SELLTarget Price: 0.73

Stock Name: MPI
Company Name: MALAYSIAN PACIFIC INDUSTRIES
Research House: RHBPrice Call: SELLTarget Price: 2.07

Stock Name: NOTION
Company Name: NOTION VTEC BHD
Research House: RHBPrice Call: SELLTarget Price: 1.30



Sector Call
 
Semiconductor : Chip sales downtrend continues                                                                   Underweight
Sector Update
Unisem : Fair value is RM0.73                                                                                                Underperform
MPI : Fair value is RM2.07                                                                                                      Underperform
Notion : Fair value is RM1.30                                                                                                  Underperform
 
Corporate Highlights
 
HSL : Lands RM90.3m water job in Bintulu                                                                                Outperform
News Update
-          HSL has secured a RM90.3m contract for the construction of a new water treatment plant, reservoir and associated facilities in Samalaju, Bintulu. 
 
TRC : Lands RM51.4m Lumut Jetty upgrading project                                                                 Outperform
News Update
-          TRC has secured a RM51.4m contract for the upgrading of basic infrastructure of Lumut Jetty, Perak. 
 
Wah Seong : Losing out on a portion of Wheatstone                                                                  Market Perform
News Update
-          We understand that Wah Seong's main competitor, Bredero-Shaw has been awarded the pipeline coatings contract for the gas supply trunkline of the Wheatstone Project in Australia . The value of the contract was not mentioned, but we understand that the trunkline portion makes up the major part of a pipeline contract. We had assumed that the contract would be worth US$200m (RM610m) and kick-start in FY12.
 
MBSB : 3Q11 results surpasses expectations yet again                                                               Outperform
3QFY11 Results
-          MBSB's 3Q11 results beat our and consensus expectations with 9MFY11 net profit of RM241.6m (+81.4% yoy) accounting for 81.9% of our and 84.7% of consensus full-year net profit forecasts respectively.

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