Kenanga ups Dutch Lady to 'outperform'

Stock Name: DLADY
Company Name: DUTCH LADY MILK INDUSTRIES BHD

Research House: KENANGA

Price Call: BUY

Target Price: 34.20

Kenanga raised its stock call on Malaysia's Dutch Lady Milk Industries Bhd to "outperform" from "market perform" after the dairy manufacturer reported an improvement in sales for its products.

"We remain positive on the company's prospect going ahead given its strong brand and market position," the broker said in a research note on Friday.

Dutch Lady's 1Q12 net profit of RM27.5 million (US$8.72 million) was in line with expectations, while revenue was up 9 percent year-on-year due to improved sales in its powder and liquid products, Kenanga said.

Kenanga kept its target price at RM34.20 (US$10.84) per share. -- Reuters

Solid 1Q12 results driven by MOPU

Stock Name: PERISAI
Company Name: PERISAI PETROLEUM TEKNOLOGI

Research House: TA

Price Call: BUY

Target Price: 1.30

Maybank cuts Guinness Anchor to 'hold'

Stock Name: GAB
Company Name: GUINNESS ANCHOR BHD

Research House: MACQUARIE GROUP

Price Call: HOLD

Target Price: 13.50

Maybank Research lowered its call on Malaysian Guinness Anchor Bhd to "hold" from "buy" on uncertainty on dividend payouts.

"Without further clarity on increased dividends funded by its debt instruments, we see little impetus for the share price at this stage," said the broker in a research note on Thursday.

Maybank said Guinness' management has been coy on announcing dividend payouts and only confirmed that funds would be mainly used for capital expenditure.

Maybank kept its target price for Guinness unchanged at RM13.50 per share. -- Reuters

Tough Operating Environment in 1Q12

Stock Name: JADI
Company Name: JADI IMAGING HOLDINGS BHD

Research House: TA

Price Call: HOLD

Target Price: 0.16

Kenanga raises Star target price

Stock Name: STAR
Company Name: STAR PUBLICATIONS (M) BHD

Research House: KENANGA

Price Call: BUY

Target Price: 3.40

Kenanga Research hiked Malaysian Star Publications (Malaysia) Bhd target price to RM3.40 (US$1.08) from RM3.26 after the newspaper publisher released its 1Q12 results.

In a research note on Thursday, Kenanga said it is cautiously optimistic on Star's outlook despite the lower-than-expected first quarter net profit of only RM32.5 million.

"We are expecting advertising expenditure sentiment to improve from 2Q12 onwards driven by scheduled major sport events and a potential general election," said the broker.

Keeping its call on the stock at "market perform", Kenanga cut Star's net profit forecasts in FY12, FY13 and FY14 by 5.1 percent, 2.9 percent and 1.8 percent due higher operating costs and tax rates.

Star announced on Wednesday that AirAsia Bhd chief executive officer Tony Fernandes has joined its board as non-executive director. -- Reuters

Alam Maritim - 1QFY12 RESULTS - Yet to pipe up

Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD

Research House: CIMB

Price Call: BUY

Target Price: 1.23

Malaysian Genomics Resource Centre - 3QFY12 RESULTS - Slow-growth genes

Stock Name: MGRC
Company Name: MSIAN GENOMICS RES CENTRE BHD

Research House: CIMB

Price Call: SELL

Target Price: 0.34

Off to a good start

Stock Name: DELEUM
Company Name: DELEUM BHD

Research House: ALLIANCE

Price Call: BUY

Target Price: 2.72

1QFY12 - Results Update

Stock Name: MTOUCHE
Company Name: MTOUCHE TECHNOLOGY BHD

Research House: NETRESEARCH

Price Call: HOLD

Target Price: 0.45

Initiation Report

Stock Name: TRIUMPL
Company Name: TRIUMPHAL ASSOCIATES BHD

Research House: NETRESEARCH

Price Call: BUY

Target Price: 1.40

Kenanga cuts Mah Sing target price

Stock Name: MAHSING
Company Name: MAH SING GROUP BHD

Research House: KENANGA

Price Call: BUY

Target Price: 2.00

Kenanga Research cut its target price for property developer Mah Sing Group to RM2.00 (US$0.64) from RM2.18 on an outlook for higher net gearing after acquiring more landbank.

Kenanga said it was neutral on Mah Sing's recent RM333.2 million acquisition for 412.4 acres of land on the outskirts of the Malaysian capital.

"Although the 0.6x net gearing is manageable and is expected to fall below 0.5x over the next two quarters on the back of continuous billings, we prefer developers to keep their net gearing ratios below 0.5x, particularly in the current global uncertainties," Kenang said in a note to clients. -- Reuters

Yeo Hiap Seng a 'buy': AmInvestment

Stock Name: YHS
Company Name: YEO HIAP SENG (M) BHD

Research House: AMMB

Price Call: BUY

Target Price: 3.90

The research arm of AmInvestment Bank started coverage on drinks manufacturer Yeo Hiap Seng Bhd with a "buy" call and a target price of RM3.90 (US$1.24) per share thanks to its expansion into Indonesia, Southeast Asia's largest economy.

AmInvestment said Yeo Hiap Seng is a dominant food and beverage company, with about 80 percent of group revenues coming from beverages marketed in Singapore and Malaysia under its iconic Yeo's brand.

"Yeo Hiap Seng is setting up a new Asian softs drinks production plant in Indonesia, possibly by end financial year 2013," AmInvestment said in a note to clients.

"This would shorten supply chain time and cut logistic costs, while also demonstrating its commitment to this potentially huge consumer market." -- Reuters

Imaspro Corporation - 3QFY12 RESULTS - Weedy prospects

Stock Name: IMASPRO
Company Name: IMASPRO CORPORATION BHD

Research House: CIMB

Price Call: SELL

Target Price: 0.73

Boustead Holdings - Update - A costly UAC

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: CIMB

Price Call: HOLD

Target Price: 5.19

1Q/FY12 results - revenue within expectations but NPATMI below. Maintain Hold Call.

Stock Name: FURNWEB
Company Name: FURNIWEB INDUSTRIAL PRODUCTS

Research House: MERCURY

Price Call: HOLD

Target Price: 0.40

1Q FY12 Results Exceed Expectations

Stock Name: KURASIA
Company Name: KURNIA ASIA BHD

Research House: TA

Price Call: BUY

Target Price: 0.66

A potential EOR play

Stock Name: DELEUM
Company Name: DELEUM BHD

Research House: ALLIANCE

Price Call: BUY

Target Price: 2.72