Stock Name: PERISAI
Company Name: PERISAI PETROLEUM TEKNOLOGI
Company Name: PERISAI PETROLEUM TEKNOLOGI
| Research House: TA | Price Call: BUY | Target Price: 1.39 |
February 8, 2013
February 7, 2013
Bancassurance business likely to improve
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Company Name: PUBLIC BANK BHD
| Research House: MIDF | Price Call: BUY | Target Price: 17.10 |
Bancassurance business likely to improve
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Company Name: PUBLIC BANK BHD
| Research House: MIDF | Price Call: BUY | Target Price: 17.10 |
FY12 Results – No Surprises
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Company Name: PUBLIC BANK BHD
| Research House: TA | Price Call: SELL | Target Price: 16.60 |
Strong sales momentum
Stock Name: IJMLAND
Company Name: IJM LAND BERHAD
Company Name: IJM LAND BERHAD
| Research House: MIDF | Price Call: BUY | Target Price: 2.60 |
MSM - Upgrades still a work in progress
Stock Name: MSM
Company Name: MSM MALAYSIA HOLDINGS BERHAD
Company Name: MSM MALAYSIA HOLDINGS BERHAD
| Research House: MIDF | Price Call: HOLD | Target Price: 4.43 |
Affin raises Public Bank target price
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Affin Research raised its target price on Public Bank Bhd to RM16.20 from RM15.70 after the company's earnings for the year ended Dec. 31 came within expectations.
The company reported a "moderate" 5 per cent jump in its net profit at RM3.9 billion, driven by Islamic Banking and non-interest income.
"Being a predominantly domestic, retail-based lender with top market positions in household and small-to-medium enterprise financing, we continue to forecast a healthy net earnings growth of 11.8 per cent for this year," Affin said in a report on Thursday.
The brokerage maintained its 'add' rating on Public Bank. Shares of Public Bank were down 0.76 per cent at RM15.60 as of 0903am (0103GMT) while the benchmark index was down 0.63 per cent. -- Reuters
Company Name: PUBLIC BANK BHD
| Research House: AFFIN | Price Call: TRADING BUY | Target Price: 16.20 |
Affin Research raised its target price on Public Bank Bhd to RM16.20 from RM15.70 after the company's earnings for the year ended Dec. 31 came within expectations.
The company reported a "moderate" 5 per cent jump in its net profit at RM3.9 billion, driven by Islamic Banking and non-interest income.
"Being a predominantly domestic, retail-based lender with top market positions in household and small-to-medium enterprise financing, we continue to forecast a healthy net earnings growth of 11.8 per cent for this year," Affin said in a report on Thursday.
The brokerage maintained its 'add' rating on Public Bank. Shares of Public Bank were down 0.76 per cent at RM15.60 as of 0903am (0103GMT) while the benchmark index was down 0.63 per cent. -- Reuters
February 6, 2013
HLIB maintains 'hold' call on UMW
Stock Name: UMW
Company Name: UMW HOLDINGS BHD
UMW Holdings Bhd's oil and gas (OandG) division is expected to report stronger earnings in 2013, said Hong Leong Investment Bank Research (HLIB Research).
In a note today, HLIB Research said UMW is in the midst of restructuring its OandG division and potentially listing it in 2013.
It said UMW Petrodil (Malaysia) Sdn Bhd was yesterday awarded a US$140 million (RM432 million)contract to supply a single combo top tension riser for Sabah Shell Petroleum Company Ltd's Malikai project. UMW Petrodil is a wholly-owned subsidiary of the UMW Group.
HLIB Research said the contract is expected to contribute positively to the 2013 earnings and net assets of the group.
"We expect the award to contribute marginally to UMW's earnings from 2013 onward, as we understand the project's profit margin is only 2-3 per cent (RM10 million).
"It is expected to expand over a two to three year timeframe," it
added.
HLIB Research also maintained a "hold" call on UMW with a higher target price of RM12.28 (from RM10.60), after rolling-forward its valuation into financial year 2014, and ascribing a 12 times price earnings to the automotive and OandG divisions. -- Bernama
Company Name: UMW HOLDINGS BHD
| Research House: HLG | Price Call: HOLD | Target Price: 12.28 |
UMW Holdings Bhd's oil and gas (OandG) division is expected to report stronger earnings in 2013, said Hong Leong Investment Bank Research (HLIB Research).
In a note today, HLIB Research said UMW is in the midst of restructuring its OandG division and potentially listing it in 2013.
It said UMW Petrodil (Malaysia) Sdn Bhd was yesterday awarded a US$140 million (RM432 million)contract to supply a single combo top tension riser for Sabah Shell Petroleum Company Ltd's Malikai project. UMW Petrodil is a wholly-owned subsidiary of the UMW Group.
HLIB Research said the contract is expected to contribute positively to the 2013 earnings and net assets of the group.
"We expect the award to contribute marginally to UMW's earnings from 2013 onward, as we understand the project's profit margin is only 2-3 per cent (RM10 million).
"It is expected to expand over a two to three year timeframe," it
added.
HLIB Research also maintained a "hold" call on UMW with a higher target price of RM12.28 (from RM10.60), after rolling-forward its valuation into financial year 2014, and ascribing a 12 times price earnings to the automotive and OandG divisions. -- Bernama
Hartalega a 'buy' says HLIB
Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD
Hong Leong Investment Bank Research (HLIB Research) has recommended a 'buy' call on Hartalega Holdings Bhd at a target
price (TP) of RM5.16.
In a note today, HLIB Research said Hargalega has a dominant position in the nitrile glove market and has high return on equity (ROE) and net profit margins.
"In the event of a price war, Hartalega's earnings will be the least affected and the comapny is shielded by its high profit margins," it said.
It said the likely risks, however, were delays in capacity expansion plan, surge in nitrile latex prices and shift in demand to natural latex gloves from nitrile gloves, if prices of natural latex were to fall significantly below nitrile latex.
Meanwhile, HwangDBS Vickers Research Sdn Bhd has maintained a 'hold' call on the company at a higher TP of RM4.80 (from RM4.70) after the earnings revision.
"The current valuation has priced in Hartalega's strong fundamentals, highest ROE and operating margins in the sector," it said in a note today.
HwangDBS Vickers said it has raised Hartalega's financial years 2013/2014 earnings by five/two per cent after inputing higher operating margins (28/27 per cent versus 27/26 per cent previously).
It said the next re-rating catalyst would be the strong earnings traction arising from improving efficiency through deeper research and development efforts and faster line speeds.
Kenanga Research has maintained a 'market perform' call on the company at a lower TP of RM5.12. -- Bernama
Company Name: HARTALEGA HOLDINGS BHD
| Research House: HLG | Price Call: BUY | Target Price: 5.16 |
Hong Leong Investment Bank Research (HLIB Research) has recommended a 'buy' call on Hartalega Holdings Bhd at a target
price (TP) of RM5.16.
In a note today, HLIB Research said Hargalega has a dominant position in the nitrile glove market and has high return on equity (ROE) and net profit margins.
"In the event of a price war, Hartalega's earnings will be the least affected and the comapny is shielded by its high profit margins," it said.
It said the likely risks, however, were delays in capacity expansion plan, surge in nitrile latex prices and shift in demand to natural latex gloves from nitrile gloves, if prices of natural latex were to fall significantly below nitrile latex.
Meanwhile, HwangDBS Vickers Research Sdn Bhd has maintained a 'hold' call on the company at a higher TP of RM4.80 (from RM4.70) after the earnings revision.
"The current valuation has priced in Hartalega's strong fundamentals, highest ROE and operating margins in the sector," it said in a note today.
HwangDBS Vickers said it has raised Hartalega's financial years 2013/2014 earnings by five/two per cent after inputing higher operating margins (28/27 per cent versus 27/26 per cent previously).
It said the next re-rating catalyst would be the strong earnings traction arising from improving efficiency through deeper research and development efforts and faster line speeds.
Kenanga Research has maintained a 'market perform' call on the company at a lower TP of RM5.12. -- Bernama
Recovery in Motion
Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD
Company Name: FRASER & NEAVE HOLDINGS BHD
| Research House: TA | Price Call: SELL | Target Price: 18.87 |
Recovery in Motion
Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD
Company Name: FRASER & NEAVE HOLDINGS BHD
| Research House: TA | Price Call: SELL | Target Price: 18.87 |
Partial Disposal of Kuantan Port Consortium Sdn Bhd
Stock Name: IJM
Company Name: IJM CORPORATION BHD
Company Name: IJM CORPORATION BHD
| Research House: TA | Price Call: HOLD | Target Price: 5.45 |
Strategic tie-up with Guangxi to expand port business
Stock Name: IJM
Company Name: IJM CORPORATION BHD
Company Name: IJM CORPORATION BHD
| Research House: MIDF | Price Call: BUY | Target Price: 6.63 |
Unstoppable nitrile momentum
Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD
Company Name: HARTALEGA HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 5.19 |
Less interest now with OUE-Kirin out of the equation
Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD
Company Name: FRASER & NEAVE HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 17.52 |
CIMB raises UMW target price
Stock Name: UMW
Company Name: UMW HOLDINGS BHD
CIMB Research raised its target price for UMW Holdings Bhd to RM14.45 from RM13.10 after the industrial-to-automotive company's oil and gas unit won a 140 million contract in East Malaysia.
The contract will add a maximum of 3 per cent to UMW's earnings, though a weakening US dollar and yen will have a larger positive effect, CIMB said in a report on Wednesday. The brokerage maintained an 'outperform' call on UMW.
UMW said in December it planned to sell up to RM2 billion in Islamic bonds to cut debt and fund working capital. Shares of UMW fell 0.16 per cent to RM12.16. The stock has gained nearly 25 per cent in the past six months, according to data from Thomson Reuters. -- Reuters
Company Name: UMW HOLDINGS BHD
| Research House: CIMB | Price Call: BUY | Target Price: 14.45 |
CIMB Research raised its target price for UMW Holdings Bhd to RM14.45 from RM13.10 after the industrial-to-automotive company's oil and gas unit won a 140 million contract in East Malaysia.
The contract will add a maximum of 3 per cent to UMW's earnings, though a weakening US dollar and yen will have a larger positive effect, CIMB said in a report on Wednesday. The brokerage maintained an 'outperform' call on UMW.
UMW said in December it planned to sell up to RM2 billion in Islamic bonds to cut debt and fund working capital. Shares of UMW fell 0.16 per cent to RM12.16. The stock has gained nearly 25 per cent in the past six months, according to data from Thomson Reuters. -- Reuters
February 5, 2013
Affin upgrades MAS to 'reduce'
Stock Name: MAS
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
Affin Investment Bank upgraded Malaysian Airline System Bhd to 'reduce' from 'sell', saying the national carrier's tough operating environment and its financing risk have largely been reflected in its weak share price.
"Over the last three months, Malaysian Airline's share price has fallen by more than 30 per cent following the proposal of yet another capital raising exercise," Affin said in a research note on Tuesday.
Affin said it expects Malaysian Airline to post positive earnings before interests, tax, depreciation and amortisation in the fourth quarter of 2012, but that it will still be a red bottom line. It said, however, the loss could be narrower because of a "moderating operating statistic performance coupled with a flattish jet fuel price."
Affin kept its target price at 64 sen per share on the counter and did not change its earning forecast for Malaysian Airline.
The counter dropped 0.72 per cent to 69 sen per share, while the benchmark index rose 0.07 per cent. -- Reuters
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
| Research House: AFFIN | Price Call: TRADING SELL | Target Price: 0.64 |
Affin Investment Bank upgraded Malaysian Airline System Bhd to 'reduce' from 'sell', saying the national carrier's tough operating environment and its financing risk have largely been reflected in its weak share price.
"Over the last three months, Malaysian Airline's share price has fallen by more than 30 per cent following the proposal of yet another capital raising exercise," Affin said in a research note on Tuesday.
Affin said it expects Malaysian Airline to post positive earnings before interests, tax, depreciation and amortisation in the fourth quarter of 2012, but that it will still be a red bottom line. It said, however, the loss could be narrower because of a "moderating operating statistic performance coupled with a flattish jet fuel price."
Affin kept its target price at 64 sen per share on the counter and did not change its earning forecast for Malaysian Airline.
The counter dropped 0.72 per cent to 69 sen per share, while the benchmark index rose 0.07 per cent. -- Reuters
Improving Tradability of Share
Stock Name: SKPRES
Company Name: SKP RESOURCES BHD
Company Name: SKP RESOURCES BHD
| Research House: TA | Price Call: BUY | Target Price: 0.58 |
Alam Maritim share prices unchanged
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
An extension contract worth RM70.8 million awarded to Alam Maritim Resources Bhd yesterday failed to give impetus to the
company's share price today.
Alam Maritim share prices ended unchanged at 82 sen at lunch-break after the counter moved between 81.5 sen and 83.5 sen throughout the morning session with 1.651 million units traded.
The contract, awarded by Petronas Carigali Sdn Bhd Peninsular Malaysia Operations, through its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd for the purpose of providing two work boats to support the latter's painting activities.
Maybank Investment Bank, in a note today, said the successful extension of workboat contracts with was an increased estimated daily charter rate (DCR) of RM98,000, was three per cent higher than a recent contract announced in Oct 2012.
"This also was 15 per cent higher than the original contract in May 2012 and 31 per cent higher than for a similar work boat contract secured in Sept 2011, it said.
It added: "We understand that two of Alam's workboats, Setia Ulung and Setia Sakti, are chartered out for this contract and hence we make no changes to our forecast as we have already factored in the extension time frame.
"We reiterate our "buy" call on Alam with a target price of RM1.05," it added. The investment bank viewed this development positively.
"While this was just the exercise of a one-year extension option, the 15 per cent higher DCR Alam obtained for the contract extension emphasised the increasing strength in the offshore support vessel market, especially for workboats and barges," it added. -- Bernama
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.05 |
An extension contract worth RM70.8 million awarded to Alam Maritim Resources Bhd yesterday failed to give impetus to the
company's share price today.
Alam Maritim share prices ended unchanged at 82 sen at lunch-break after the counter moved between 81.5 sen and 83.5 sen throughout the morning session with 1.651 million units traded.
The contract, awarded by Petronas Carigali Sdn Bhd Peninsular Malaysia Operations, through its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd for the purpose of providing two work boats to support the latter's painting activities.
Maybank Investment Bank, in a note today, said the successful extension of workboat contracts with was an increased estimated daily charter rate (DCR) of RM98,000, was three per cent higher than a recent contract announced in Oct 2012.
"This also was 15 per cent higher than the original contract in May 2012 and 31 per cent higher than for a similar work boat contract secured in Sept 2011, it said.
It added: "We understand that two of Alam's workboats, Setia Ulung and Setia Sakti, are chartered out for this contract and hence we make no changes to our forecast as we have already factored in the extension time frame.
"We reiterate our "buy" call on Alam with a target price of RM1.05," it added. The investment bank viewed this development positively.
"While this was just the exercise of a one-year extension option, the 15 per cent higher DCR Alam obtained for the contract extension emphasised the increasing strength in the offshore support vessel market, especially for workboats and barges," it added. -- Bernama
February 4, 2013
4Q/FY12 results - revenue within expectations, NPAT a bit above. Maintain Buy Call.
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
Company Name: MALAYSIA BUILDING SOCIETY BHD
| Research House: MERCURY | Price Call: BUY | Target Price: 2.68 |
Expect stronger trading revenue ahead
Stock Name: BURSA
Company Name: BURSA MALAYSIA BHD
Company Name: BURSA MALAYSIA BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.40 |
CI Holdings - 2QFY13 RESULTS - Still looking around for a new business
Stock Name: CIHLDG
Company Name: C.I. HOLDINGS BHD
Company Name: C.I. HOLDINGS BHD
| Research House: CIMB | Price Call: SELL | Target Price: 0.82 |
2Q/FY13 results - revenue within expectations, while NPAT is above. Maintain Buy Call.
Stock Name: SPRITZR
Company Name: SPRITZER BHD
Company Name: SPRITZER BHD
| Research House: MERCURY | Price Call: BUY | Target Price: 1.19 |
FY12 Results – Spot On!
Stock Name: BURSA
Company Name: BURSA MALAYSIA BHD
Company Name: BURSA MALAYSIA BHD
| Research House: TA | Price Call: HOLD | Target Price: 7.20 |
Cost to income ratio expected to trend higher moving forward
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
Company Name: MALAYSIA BUILDING SOCIETY BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.50 |
Wing Tai a 'buy' says HwangDBS
Stock Name: WINGTM
Company Name: WING TAI MALAYSIA BERHAD
HwangDBS Vickers Research Sdn Bhd has maintained its "buy" call on Wing Tai Malaysia Bhd (WTM) with a target price of RM2.30.
This follows the company's mass landed residential project on mainland Penang seeing robust sales at new benchmark prices.
Over the years, WTM has successfully transformed itself from a garment manufacturer, to an established property developer and an apparel retailing group.
In a note today, the research house said with 169 acres of landbank remaining in Bukit Mertajam, WTM stands to benefit from rising land value, driven by the completion of the second Penang bridge and robust foreign direct investment's into Penang.
"Retail has been expanding strongly to make up 30 per cent of first half financial year 2013 earnings before interest and taxes (EBIT).
"We expect growth to be sustained at 10 to 15 per cent driven by additional stores and new brands," it added.
Meanwhile, OSK Research has maintained its "buy" call on WTM with a revised target price to RM2.25.
The research house said it sees a potential higher sales contribution from WTM's resilient Penang property division, after the full completion of the second Penang bridge by the first quarter of 2013.
"WTM's second quarter financial year 2013 results improved
month-on-month and year-on-year (y-o-y).
"Its top line expanded 50.3 per cent quarter on quarter and 23.7 per cent y-o-y to RM154.4 million, driven by higher contribution from its property development and retail divisions," it added. It said the company's fundamentals remain intact. -- Bernama
Company Name: WING TAI MALAYSIA BERHAD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 2.30 |
HwangDBS Vickers Research Sdn Bhd has maintained its "buy" call on Wing Tai Malaysia Bhd (WTM) with a target price of RM2.30.
This follows the company's mass landed residential project on mainland Penang seeing robust sales at new benchmark prices.
Over the years, WTM has successfully transformed itself from a garment manufacturer, to an established property developer and an apparel retailing group.
In a note today, the research house said with 169 acres of landbank remaining in Bukit Mertajam, WTM stands to benefit from rising land value, driven by the completion of the second Penang bridge and robust foreign direct investment's into Penang.
"Retail has been expanding strongly to make up 30 per cent of first half financial year 2013 earnings before interest and taxes (EBIT).
"We expect growth to be sustained at 10 to 15 per cent driven by additional stores and new brands," it added.
Meanwhile, OSK Research has maintained its "buy" call on WTM with a revised target price to RM2.25.
The research house said it sees a potential higher sales contribution from WTM's resilient Penang property division, after the full completion of the second Penang bridge by the first quarter of 2013.
"WTM's second quarter financial year 2013 results improved
month-on-month and year-on-year (y-o-y).
"Its top line expanded 50.3 per cent quarter on quarter and 23.7 per cent y-o-y to RM154.4 million, driven by higher contribution from its property development and retail divisions," it added. It said the company's fundamentals remain intact. -- Bernama
Affin raises target price on MISC
Stock Name: MISC
Company Name: MISC BHD
Affin Research raised its target price on shipping firm MISC Bhd to RM5.30 from RM4.61 following the buyout offer from Petroliam Nasional Bhd.
"We view the offer as reasonably positive, given the uncertainty in a challenging shipping environment over the next year and low public shareholding spread," Affin said in a research note on Monday.
Petronas, Malaysia's state-owned oil firm, offered RM8.8 billion or RM5.30 per share for MISC last Thursday. Affin maintained an "add" rating on MISC, which saw its shares open 17 per cent higher on the news.
MISC, which disposed of its liner business last year, expects its earnings to improve. "We believe the proposal by Petronas is an opportunistic move to ride on MISC's expected earnings recovery and tap into its deep embedded value," said Affin.
MISC was up 17.08 per cent at RM5.21 as of 0955 a.m. (0156GMT), its highest since April last year. -- Reuters
Company Name: MISC BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 5.30 |
Affin Research raised its target price on shipping firm MISC Bhd to RM5.30 from RM4.61 following the buyout offer from Petroliam Nasional Bhd.
"We view the offer as reasonably positive, given the uncertainty in a challenging shipping environment over the next year and low public shareholding spread," Affin said in a research note on Monday.
Petronas, Malaysia's state-owned oil firm, offered RM8.8 billion or RM5.30 per share for MISC last Thursday. Affin maintained an "add" rating on MISC, which saw its shares open 17 per cent higher on the news.
MISC, which disposed of its liner business last year, expects its earnings to improve. "We believe the proposal by Petronas is an opportunistic move to ride on MISC's expected earnings recovery and tap into its deep embedded value," said Affin.
MISC was up 17.08 per cent at RM5.21 as of 0955 a.m. (0156GMT), its highest since April last year. -- Reuters
It boils down to innovation
Stock Name: PANAMY
Company Name: PANASONIC MANUFACTURING MSIA
Company Name: PANASONIC MANUFACTURING MSIA
| Research House: MIDF | Price Call: BUY | Target Price: 22.62 |
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