Kenanga cuts Ann Joo's target price

Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD

Research House: KENANGA

Price Call: SELL

Target Price: 1.62

Kenanga Research lowered its target price on steel maker Ann Joo Resources Bhd's stock to RM1.62 from RM1.96, citing weak demand for steel products due to the protracted European financial crisis.

Kenanga, which maintained its "market perform" rating on Ann Joo, said the oversupply of steel in China could have exacerbated the situation.

"We expect a slower 1H12 due to lackluster demand in the international market as the long-drawn European crisis caused customers to delay their purchases," the broker wrote in a note to clients.

Reflecting these concerns, the stock has dipped nearly 18 percent since mid-April.

However, Ann Joo could benefit from demand coming from key infrastructure, port and airport projects, the broker said. -- Reuters

Maybank IB upgrades Maxis to 'buy'

Stock Name: MAXIS
Company Name: MAXIS BERHAD

Research House: MAYBANK

Price Call: BUY

Target Price: 6.80

Maybank IB Research raised its call on Maxis Bhd to "buy" from "hold" previously after the mobile phone operator announced stronger-than-expected earnings in its first quarter results.

"We raise our forecasts to show 5.8 percent growth in core profits in the fiscal year ending Dec 31, 2012 (FY2012) and 7.4 percent in FY13," said Maybank IB in a research note on Friday.

The research house also raised its FY12 and FY13 revenue forecasts up 2-4 percent and net profit up 5-7 percent.

Maxis announced on Thursday that its Q1 ending March 31, 2012 net profit rose 6.1 percent to RM572 million, contributing the better performance to lower write-offs in property, plant and equipment.

Maybank revised its target price upwards to 6.80 ringgit ($2.14) per share from 5.70 ringgit previously. -- Reuters

A Mini "Cash Cow"

Stock Name: SKPRES
Company Name: SKP RESOURCES BHD

Research House: TA

Price Call: BUY

Target Price: 0.81

Earnings Under Pressure, No Rerating Catalyst

Stock Name: MELEWAR
Company Name: MELEWAR INDUSTRIAL GROUP BHD

Research House: TA

Price Call: SELL

Target Price: 0.33

No Rerating Catalyst Yet!

Stock Name: KWANTAS
Company Name: KWANTAS CORPORATION BHD

Research House: TA

Price Call: SELL

Target Price: 1.89

Promising Outlook Ahead

Stock Name: IRIS
Company Name: IRIS CORPORATION BHD

Research House: TA

Price Call: BUY

Target Price: 0.31

Petronas Chemicals cut to 'market perform'

Stock Name: PCHEM
Company Name: PETRONAS CHEMICALS GROUP BHD

Research House: RHB

Price Call: HOLD

Target Price: 6.84

RHB Research cut its call on Malaysia's Petronas Chemicals Group Bhd to "market perform" on the shaky outlook for the company's products amid current global economic uncertainties.

"There is downside risk in the 2Q and possibly 3Q FY12 as demand and product prices will likely be influenced by the continued uncertainty in the Eurozone and the economic slowdown in China," RHB said in a research note on Wednesday.

RHB cut earnings per share forecasts for Petronas Chemicals for the financial years 2012, 2013 and 2014 by 1.5 percent, 3.5 percent and 5.4 percent respectively due to the uncertain outlook for the olefins and derivatives (OandD), and fertilisers and methanol (FandM) segments.

"Earnings will remain volatile in the medium term, with potential for more downside - influenced largely by softening oil prices and weakening fundamental demand for petrochemical products," RHB added.

Petronas released its 1QFY12 results on Monday, showing a 7.7 percent drop in net profit to RM1.121 billion due to higher tax expenses.

RHB lowered its fair value estimate for the stock to RM6.84 per share from RM7.44 per share. -- Reuters

4QFY12 results within expectations. Another record year in revenue and net profit.

Stock Name: QL
Company Name: QL RESOURCES BHD

Research House: ZJ

Price Call: BUY

Target Price: 3.60

Hektar REIT - 1QFY12 RESULTS - Mall acquisitions to start contributing in 3Q12

Stock Name: HEKTAR
Company Name: HEKTAR REITS

Research House: CIMB

Price Call: BUY

Target Price: 1.50