RHBInvest Research Highlights 08th February 2012

Stock Name: UNISEM
Company Name: UNISEM (M) BHD

Research House: RHB

Price Call: HOLD

Target Price: 1.53

Stock Name: MPI
Company Name: MALAYSIAN PACIFIC INDUSTRIES

Research House: RHB

Price Call: HOLD

Target Price: 3.47

08th February 2012

 

Top Story

Indonesia Banks ' All Set For Lift Off                                                        Overweight (Upgraded) Sector Update Bank Rakyat ' Fair value IDR8,200                                                            Outperform (Upgraded) Bank Mandiri ' Fair value IDR7,900                                                           Outperform (Upgraded) BCA ' Fair value IDR7,500                                                                   Market Perform (Upgraded) Bank Danamon ' Fair value IDR5,500                                                        Outperform (Upgraded)

Sector Update

Semiconductor ' Dec chip sales slips, but more upbeat outlook                                           Neutral Sector Update Unisem ' Fair value raised to RM1.53 based on 1x forward FY12 P/BV                     Market Perform MPI ' Fair value maintained at RM3.47 based on 1x forward CY12 P/BV                    Market Perform

Corporate Highlights

CIMB ' 2011 ROE to end up between 16-17%                                                            Underperform Company Update -          CIMB held a small group meeting for analysts last Friday. -          For APH, the main focus was to find investors to complete the project. No further provision required at this juncture and although the loan has not been fully provided for, the balance required is not much while the upside from recoveries could be quite decent.    Genting Malaysia ' Hitch In Miami Casino Gaming Law Approval                                   Outperform Company Update -          Genting Malaysia's plans to build a US$3.8bn 5,200-room resort overlooking Miami's Biscayne Bay has stalled, as a Florida House of Representatives committee postponed a vote on a bill to expand casino gambling.   Wah Seong ' Transforming The Renewable Energy Division                                     Market Perform News Update -          The company announced that its wholly-owned subsidiary has entered an agreement to purchase 51% of Atama Resources for US$25m (approximately RM76.3m). Atama Plantation has a 30-year concession agreement to develop an oil palm plantation and industrial complexes on 470,000 hectares of federal land in Congo .