December 31, 2013

Kenanga sees Ho Hup's strong turnaround

Stock Name: HOHUP
Company Name: HO HUP CONSTRUCTION COMPANY
Research House: KENANGAPrice Call: BUYTarget Price: 1.55



Kenanga Research expects a strong turnaround for Ho Hup Construction Company Bhd with forecasted net earnings of
RM17.1 million, RM106.3 million and RM146.8 million for financial years 2013, 2014 and 2015 respectively.

In a research note today, it said Ho Hup Construction is poised
to make a comeback after an extended break from the property and construction scene, following a lengthy corporate turnaround exercise.

" The financial regularisation exercise is near completion to uplift Ho Hup Construction from the PN17 status, which will enable the company to reap benefits from the development of its crown jewel, the 60-acre (approximately 24 hectares prime land in Bukit Jalil, Kuala Lumpur," it said.

It said the commercial freehold land of 10 acres (four hectares) belonging to Bukit Jalil Development Sdn Bhd's and 50 acres (20 hectares) of joint development land, is the main driver for the company's future earnings.

The research house said while Ho Hup Construction will have the sole development right to Bukit Jalil Development's land, a joint development agreement was signed between it and Malton Bhd for the joint development land.

Under the joint development agreement Ho Hup construction will be
entitled to 18 per cent of the gross development value (GDV) of RM2.1 billion or a minimum of RM220 million from Malton, as well as a cash advance of RM80 million.

It said currently, a revised master plan for the joint development land has been submitted and is pending approval, with the revised GDV estimated at more than RM4.0 billion from RM2.1 billion at present.

Kenanga Research has rated Ho Hup Construction as a "trading buy" with a fair value of RM1.55.-- Bernama

December 25, 2013

December 23, 2013

December 19, 2013

December 17, 2013

December 16, 2013

December 5, 2013

November 30, 2013

November 26, 2013

GRANFLO - 3QFY13 - Results Update

Stock Name: GRANFLO
Company Name: GRAND-FLO BERHAD
Research House: NETRESEARCHPrice Call: HOLDTarget Price: 0.30



UMW - Automotive and O&G Looking up

Stock Name: UMW
Company Name: UMW HOLDINGS BHD
Research House: TAPrice Call: BUYTarget Price: 14.92



HLBANK - 1QFY14 Up on Writebacks and Higher Associate Profit

Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD
Research House: TAPrice Call: SELLTarget Price: 14.40



AEON - Well On Track

Stock Name: AEON
Company Name: AEON CO. (M) BHD
Research House: TAPrice Call: SELLTarget Price: 12.72



PARKSON - Margin Compression, Near Term Concern

Stock Name: PARKSON
Company Name: PARKSON HOLDINGS BHD
Research House: TAPrice Call: HOLDTarget Price: 3.98



NHFATT - 3QFY13 Results Update

Stock Name: NHFATT
Company Name: NEW HOONG FATT HOLDINGS BHD
Research House: NETRESEARCHPrice Call: BUYTarget Price: 3.50



WahSeong - No silver lining yet

Stock Name: WASEONG
Company Name: WAH SEONG CORPORATION BHD
Research House: MIDFPrice Call: HOLDTarget Price: 1.76



Padini - Value is emerging

Stock Name: PADINI
Company Name: PADINI HOLDINGS BHD
Research House: MIDFPrice Call: BUYTarget Price: 1.80



AEON - Stable performance but valuation rather rich

Stock Name: AEON
Company Name: AEON CO. (M) BHD
Research House: MIDFPrice Call: HOLDTarget Price: 14.02



TaAnn - Timber segment more than doubles contribution

Stock Name: TAANN
Company Name: TA ANN HOLDINGS BHD
Research House: MIDFPrice Call: HOLDTarget Price: 3.87



Parkson - Chinas weakness to persist

Stock Name: PARKSON
Company Name: PARKSON HOLDINGS BHD
Research House: MIDFPrice Call: SELLTarget Price: 2.63



Faber - Property pulling back

Stock Name: FABER
Company Name: FABER GROUP BHD
Research House: MIDFPrice Call: BUYTarget Price: 3.61



FIBON - Acquiring 33-acre land in Kluang

Stock Name: FIBON
Company Name: FIBON BERHAD
Research House: TAPrice Call: SELLTarget Price: 0.50



PADINI - FY14: Generous dividend payout

Stock Name: PADINI
Company Name: PADINI HOLDINGS BHD
Research House: JF APEXPrice Call: BUYTarget Price: 1.87



November 20, 2013

KPJ - Venturing into Bangladesh

Stock Name: KPJ
Company Name: KPJ HEALTHCARE BHD
Research House: TAPrice Call: BUYTarget Price: 7.45



UMW - Vios Igniting Sales. Accumulate UMW

Stock Name: UMW
Company Name: UMW HOLDINGS BHD
Research House: TAPrice Call: BUYTarget Price: 14.92



CRESBLD - Closer to the finishing line

Stock Name: CRESBLD
Company Name: CREST BUILDER HOLDINGS BHD
Research House: JF APEXPrice Call: BUYTarget Price: 1.81



Imaspro Corporation - 1QFY14 RESULTS - On fertile ground

Stock Name: IMASPRO
Company Name: IMASPRO CORPORATION BHD
Research House: CIMBPrice Call: BUYTarget Price: 1.03



AirAsia X - Defending its yield

Stock Name: AAX
Company Name: AIRASIA X BERHAD
Research House: MIDFPrice Call: BUYTarget Price: 1.60



Dialog - Margin contractions from higher operating expenses

Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Research House: MIDFPrice Call: HOLDTarget Price: 3.15



Lafarge - Rebound in profit but competition is stiff and growth

Stock Name: LAFMSIA
Company Name: LAFARGE MALAYSIA BERHAD
Research House: MIDFPrice Call: HOLDTarget Price: 9.70



TSH - Reported earnings boosted by the sale of Pontian stake

Stock Name: TSH
Company Name: TSH RESOURCES BHD
Research House: MIDFPrice Call: HOLDTarget Price: 2.50



Alam Maritim - 3QFY13 RESULTS - Do the wave dance!

Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Research House: CIMBPrice Call: BUYTarget Price: 1.51



BPURI - Joint Property Development in Kota Bahru

Stock Name: BPURI
Company Name: BINA PURI HOLDINGS BHD
Research House: TAPrice Call: BUYTarget Price: 0.96



November 11, 2013

November 8, 2013

KLK - Maiden Foray into Africa

Stock Name: KLK
Company Name: KUALA LUMPUR KEPONG BHD
Research House: JF APEXPrice Call: HOLDTarget Price: 21.57



Unisem - Losses to widen in 4Q13

Stock Name: UNISEM
Company Name: UNISEM (M) BHD
Research House: MIDFPrice Call: SELLTarget Price: 0.62



PetChem - Sales volume negatively affected by plant maintenance

Stock Name: PCHEM
Company Name: PETRONAS CHEMICALS GROUP BHD
Research House: MIDFPrice Call: HOLDTarget Price: 6.96



Nestl - Expect a seasonally weaker 4QFY13

Stock Name: NESTLE
Company Name: NESTLE (M) BHD
Research House: MIDFPrice Call: HOLDTarget Price: 67.96



MISC - Better numbers except for Chemical and Petroleum shipping

Stock Name: MISC
Company Name: MISC BHD
Research House: MIDFPrice Call: HOLDTarget Price: 5.35



FN - Change in leadership may rejuvenate company

Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD
Research House: MIDFPrice Call: HOLDTarget Price: 19.60



November 7, 2013

November 6, 2013

October 31, 2013

REDTONE - 1QFY14 Results Update

Stock Name: REDTONE
Company Name: REDTONE INTERNATIONAL BHD
Research House: NETRESEARCHPrice Call: HOLDTarget Price: 0.81



GDEX - Update Report

Stock Name: GDEX
Company Name: GD EXPRESS CARRIER BHD
Research House: NETRESEARCHPrice Call: HOLDTarget Price: 2.50



October 22, 2013

October 18, 2013

October 14, 2013

Felda Global Ventures Holdings Bhd - Synergistic Acquisition

Stock Name: FGV
Company Name: FELDA GLOBAL VENTURES HLDG BHD
Research House: TAPrice Call: BUYTarget Price: 5.26



Top Glove Corporation Berhad - Nitrile Wave Continues

Stock Name: TOPGLOV
Company Name: TOP GLOVE CORPORATION BHD
Research House: TAPrice Call: BUYTarget Price: 7.20



Research houses raise Felda Global's earnings estimates

Stock Name: FGV
Company Name: FELDA GLOBAL VENTURES HLDG BHD
Research House: ALLIANCEPrice Call: HOLDTarget Price: 4.03



KUALA LUMPUR: Alliance Research has revised upward Felda Global Ventures Bhd's 2014 and 2015 earnings estimates by 30 per cent and 32 per cent, respectively.

This is given that its acquisition of Felda Holdings Bhd would be completed by year-end.

The research note said the 51 per cent stake acquisition in Felda Holdings from Koperasi Permodalan Felda for RM2.2 billion, would streamline the group's operations and significantly, earnings accretive.

"We are upgrading our call on Felda Global from 'sell' to 'neutral' with a higher target price of RM4.03 from RM3.10 previously," it said in a note.

Meanwhile, in a separate note, RHB Research said the acquisition would enable Felda Global to have complete control over the entire plantation value chain, resulting in better operational efficiency.

The research house expects this acquisition to add 10 per cent to the company's 2014 net earnings estimates, leading to its recommendation to "buy" from "neutral", with a higher target price of RM4.84 from RM4.60.

Felda Holdings is the largest crude palm oil producer in the world with production of 3.3 million metric tonnes, accounting for eight per cent of the global market last year.

It operates 71 palm oil mills, seven refineries, four kernel crushing plants as well as several bulking installations and distribution depots and warehouses.

HwangDBS Vickers Research said Felda Holdings contributed 19 per cent of Felda Global's 2012 financial year core profit.

It expects the deal to boost the company's 2014 financial year core earnings by about 20 per cent.

"We maintain our forecast and our 'hold' recommendation for now, pending shareholder approval of Felda Global and Koperasi Permodalan Felda," it added in a note. -- BERNAMA

Top Glove Corp Bhd - Slow moving FY2013

Stock Name: TOPGLOV
Company Name: TOP GLOVE CORPORATION BHD
Research House: JF APEXPrice Call: HOLDTarget Price: 6.14



October 4, 2013

October 2, 2013

Acquires 1,352 acres freehold land in Pasir Gudang

Stock Name: MAHSING
Company Name: MAH SING GROUP BHD
Research House: TAPrice Call: BUYTarget Price: 2.73



Mah Sing - Embarking on a new township development in Johor

Stock Name: MAHSING
Company Name: MAH SING GROUP BHD
Research House: MIDFPrice Call: BUYTarget Price: 2.62



Update Report

Stock Name: TECNIC
Company Name: TECNIC GROUP BERHAD
Research House: NETRESEARCHPrice Call: BUYTarget Price: 3.70



HSL - First job in 2H13

Stock Name: HSL
Company Name: HOCK SENG LEE BHD
Research House: MIDFPrice Call: HOLDTarget Price: 1.80



Tan Chong - Termination of SYM motorcycle distributorship in Laos

Stock Name: TCHONG
Company Name: TAN CHONG MOTOR HOLDINGS BHD
Research House: MIDFPrice Call: BUYTarget Price: 7.70



Favelle Favco rises on offshore crane orders

Stock Name: FAVCO
Company Name: FAVELLE FAVCO BHD
Research House: RHBPrice Call: BUYTarget Price: 3.55



Favelle Favco Bhd's (FFB) share price rose 10 sen or 3.75 per cent to RM2.77 as at 10.16 am, boosted by purchase orders for
supply of offshore cranes for a combined value of RM109 million it has received.

A total of 101,900 shares exchanged hands.

RHB Research said the purchase orders have lifted FFB's year-to-date (YTD) new orders to RM607.4 million and have boosted its orderbook to RM936.3 million.

"We make no changes to our Financial Year 2013-2014 earnings per share forecast as the bulk of the orders are only expected to be delivered by 2015.

"The only risk to our forecast is a higher-than-expected tax rate of 20 per cent in Financial Year 2013-2014 after the expiration of its pioneer tax status," the research house said in a note today.

The research firm maintained a "buy" call on FFB's shares, with a fair value of RM3.55, as earnings growth remain robust, backed by a strong orderbook and earnings visibility in the Financial Year 2015.-- Bernama

September 27, 2013

September 25, 2013

September 19, 2013

September 2, 2013

Salcon Berhad (Salcon) - 2QFY13 Results Report

Stock Name: SALCON
Company Name: SALCON BHD
Research House: NETRESEARCHPrice Call: BUYTarget Price: 0.78



Tecnic Group Berhad (Tecnic) - 2QFY13 Results Report

Stock Name: TECNIC
Company Name: TECNIC GROUP BERHAD
Research House: NETRESEARCHPrice Call: BUYTarget Price: 3.80



Triumphal Associates Bhd (TAS) - 2QFY13 Results Report

Stock Name: TRIUMPL
Company Name: TRIUMPHAL ASSOCIATES BHD
Research House: NETRESEARCHPrice Call: BUYTarget Price: 1.30



Melewar Industrial Group Berhad - Bleeding Continues

Stock Name: MELEWAR
Company Name: MELEWAR INDUSTRIAL GROUP BHD
Research House: TAPrice Call: SELLTarget Price: 0.12



EP Manufacturing Berhad - Disappointing 2Q results

Stock Name: EPMB
Company Name: EP MANUFACTURING BHD
Research House: TAPrice Call: SELLTarget Price: 0.79



SKP Resources Berhad - No Sign of Abating

Stock Name: SKPRES
Company Name: SKP RESOURCES BHD
Research House: TAPrice Call: BUYTarget Price: 0.65



UMWH - Expect a better 2HFY13

Stock Name: UMW
Company Name: UMW HOLDINGS BHD
Research House: MIDFPrice Call: HOLDTarget Price: 13.15



Sime Darby - Riding on other core businesses

Stock Name: SIME
Company Name: SIME DARBY BHD
Research House: MIDFPrice Call: BUYTarget Price: 11.00



RHB Capital Berhad - Expect stronger loan growth and lower loan impairment in 2HFY13

Stock Name: RHBCAP
Company Name: RHB CAPITAL BHD
Research House: MIDFPrice Call: BUYTarget Price: 9.50



Kinsteel - Ability to refinance debt remains a concern

Stock Name: KINSTEL
Company Name: KINSTEEL BHD
Research House: MIDFPrice Call: SELLTarget Price: 0.22



Axiata - XL dragging group’s performance

Stock Name: AXIATA
Company Name: AXIATA GROUP BERHAD
Research House: MIDFPrice Call: HOLDTarget Price: 7.43



August 26, 2013

August 22, 2013

Factory outlet will up MAHB non-aero gains

Stock Name: AIRPORT
Company Name: MALAYSIA AIRPORTS HOLDINGS BHD
Research House: ALLIANCEPrice Call: HOLDTarget Price: 6.78



Alliance Research expects Malaysia Airports Holdings Bhd's (MAHB) non-aeronautical revenue to be boosted upon the
completion of the Mitsui Outlet Park KL International Airport in 2015.

In a note today, the research house said once completed, MAHB would be entitled to an annual royalty and rent from the development, thus generating sustainable recurring income for the national airports operator.

MAHB signed a joint-venture agreement with Mitsui Fudosan Co Ltd to undertake the largest factory outlet project in South-East Asia, worth RM335 million.

Under the agreement, MAHB and Mitsui would form a joint-venture (JV) company, MFMA Development Sdn Bhd, to build the factory outlet. MAHB would hold a 30 per cent stake in the JV.

"We also favourably view the terms of the collaboration as MAHB will be entitled to an upfront concession fee, effectively subsidising its cost of investment in the JV.

"We are positive over the long-term fundamentals of MAHB, while riding the boom of low-cost carriers without the accompanying fuel cost risk," it added.

Alliance Research maintained it 'neutral' call on the stock, with an unchanged target price of RM6.78.-- Bernama

AirAsia - Yield contracts as competition heightens

Stock Name: AIRASIA
Company Name: AIRASIA BHD
Research House: MIDFPrice Call: BUYTarget Price: 3.78



Maybank - Loan loss provisioning likely to be lower in 2HFY13

Stock Name: MAYBANK
Company Name: MALAYAN BANKING BHD
Research House: MIDFPrice Call: BUYTarget Price: 11.00



Maybulk - Dry bulk segment still bleeding

Stock Name: MAYBULK
Company Name: MALAYSIAN BULK CARRIERS BHD
Research House: MIDFPrice Call: HOLDTarget Price: 1.90



MSM - To benefit from lower free-market prices as LTC drops to 40%

Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Research House: MIDFPrice Call: HOLDTarget Price: 5.28



August 21, 2013

TSH - 2QFY13 - Results Review

Stock Name: TSH
Company Name: TSH RESOURCES BHD
Research House: MIDFPrice Call: HOLDTarget Price: 2.50



AirAsia X - Shrinking losses in a traditionally weak quarter

Stock Name: AAX
Company Name: AIRASIA X BERHAD
Research House: MIDFPrice Call: BUYTarget Price: 1.70



BumiArmada - Highest PATAMI in six quarters

Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
Research House: MIDFPrice Call: BUYTarget Price: 4.83



Dialog - Ended the year on a high

Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Research House: MIDFPrice Call: BUYTarget Price: 3.29



KLK - Earnings impacted by lower CPO prices

Stock Name: KLK
Company Name: KUALA LUMPUR KEPONG BHD
Research House: MIDFPrice Call: HOLDTarget Price: 21.40



MAS - Degradation of ticket yield base

Stock Name: MAS
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
Research House: MIDFPrice Call: SELLTarget Price: 0.27



TH Plantations - Growing pains

Stock Name: THPLANT
Company Name: TH PLANTATIONS BHD
Research House: MIDFPrice Call: BUYTarget Price: 2.10



Alam Maritim - Mast-erful navigation

Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Research House: CIMBPrice Call: BUYTarget Price: 1.49