Century Logistics cut to 'underperform'

Stock Name: CENTURY
Company Name: CENTURY LOGISTICS HOLDINGS BHD

Research House: RHB

Price Call: SELL

Target Price: 1.63

RHB Research lowered its call on Malaysia's Century Logistics Holdings Bhd to "underperform" from "outperform" after the logistics services company announced weaker than expected 1Q12 earnings.

In a research note on Friday, RHB said Century's first quarter net profit of RM4.3 million (US$1.40 million) came in below expectations, accounting for 13.8 percent of consensus full-year estimates.

"We believe earnings risks have risen and we downgrade the stock to underperform (from outperform)," RHB said.

RHB said the weaker earnings were partly due to start-up losses and lower-than-expected contribution from the ship-to-ship (STS) segment.

"The ongoing strike by container haulage drivers had indirectly hampered its total logistics segment," RHB added. RHB cut its fair value estimates to 1.63 ringgit per share from 2.09 ringgit. -- Reuters

3QFY12 - Results Update

Stock Name: GDEX
Company Name: GD EXPRESS CARRIER BHD

Research House: NETRESEARCH

Price Call: BUY

Target Price: 1.20

Affin upgrades Sunway to 'buy'

Stock Name: SUNWAY
Company Name: SUNWAY BERHAD

Research House: AFFIN

Price Call: BUY

Target Price: 2.90

Affin Research upgraded Sunway Bhd to "buy" after the construction firm won part of Malaysia's mass railway project that worth some RM1.17 billion (US$381.08 million).

"We are positive on the contract win. The contract, when signed, will boost Sunway's construction orderbook to a record high of RM4 billion (US$1.30 billion)," the broker said in a note on Thursday.

Maintaining target price of RM2.90 per share on Sunway, Affin said it continued to like Sunway for its integrated real estate business model, strategic land bank, extensive experience in the construction sector and established international footprint in Singapore, China and Middle East.

By 11:58am, Sunway's shares was unchanged at RM2.37 per share, underperforming the Malaysia's benchmark stock index that rose 0.26 percent. -- Reuters

Kenanga starts Unisem with 'outperform'

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

Research House: KENANGA

Price Call: BUY

Target Price: 1.86

Kenanga Research started Malaysian semiconductor packaging and test services provider Unisem (M) Bhd with an "outperform" call and a target price of RM1.86 per share.

"With the ongoing management initiative to refocus the business, we believe Unisem is well positioned to ride the current rebound in the semiconductor industry," said the broker in a research note on Wednesday.

Kenanga said due to the semiconductor industry's cycle upturn, Unisem's net earnings is expected to rebound with a strong compound annual growth rate of 94 percent by FY13. -- Reuters

Maybank raises Ann Joo to 'buy'

Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD

Research House: MAYBANK

Price Call: BUY

Target Price: 2.20

Maybank Research raised its call on Malaysia's steel products manufacturer Ann Joo Resources to "buy" from "sell" on the back of stronger demand growth in the Southeast Asian country.

"We are turning positive on Ann Joo due to pent-up local steel demand from 2H12 onwards and potential long-term high-margin vendor contract from Petronas," the broker said in a research note on Wednesday.

Ann Joo's trading arm supplies flat steel to Petronas for its fast-track oil and gas project, and is in the midst of securing a long-term vendor contract which would boost its trading revenue by RM250 million.

Maybank added that local steel supply is likely to be tight from 2013 onwards due to the roll-out of mega infrastructure projects such as LRT extensions and the Sg Buloh-Kajang MRT. Maybank raised Ann Joo's target price to RM2.20 per share from RM1.30. -- Reuters

Entry into Offshore Drilling

Stock Name: PERISAI
Company Name: PERISAI PETROLEUM TEKNOLOGI

Research House: TA

Price Call: BUY

Target Price: 1.15

1QFY12 Results Update

Stock Name: SOP
Company Name: SARAWAK OIL PALMS BHD

Research House: NETRESEARCH

Price Call: BUY

Target Price: 7.00

'Good time to buy Multi-Purpose'

Stock Name: MPHB
Company Name: MULTI-PURPOSE HOLDINGS BHD

Research House: KENANGA

Price Call: BUY

Target Price: 3.72

Kenanga Research started Malaysian financial services to gaming conglomerate Multi-Purpose Holdings Bhd with an "outperform" call and target price of RM3.72 per share.

"We believe it is a good time to buy MPHB now at its undemanding valuation before it gets rerated by the after the completion of the rationalisation exercise," the broker said in a research note on Tuesday.

Kenanga said MPHB is undergoing an asset rationalisation exercise to dispose its non-gaming assets and become a pure new fund offer (NFO) play, leading to a higher stock valution.

"With the disposal, it will become a pure NFO play, which will force the market to push its valuation up," the broker said. -- Reuters

Berjaya Corporation Berhad Update - Expanding portfolio

Stock Name: BJCORP
Company Name: BERJAYA CORPORATION BHD

Research House: CIMB

Price Call: HOLD

Target Price: 0.89

Mudajaya - Update - Cheapest exposure to highway and power plant jobs

Stock Name: MUDAJYA
Company Name: MUDAJAYA GROUP BHD

Research House: CIMB

Price Call: BUY

Target Price: 3.45