HwangDBS raises Wing Tai's target price

Stock Name: WINGTM
Company Name: WING TAI MALAYSIA BERHAD

Research House: HWANGDBS

Price Call: BUY

Target Price: 2.10

HwangDBS Vickers Research raised its target price on shares of property and garment retail company Wing Tai Malaysia Bhd to RM2.55 from RM2.10, citing a robust sales outlook.

Wing Tai is "ripe for another big launch" in Malaysia's capital city, Kuala Lumpur, and its earnings will be propped up by ongoing projects in the northern state of Penang, HwangDBS said in a note on Friday.

"Share price should be supported by continual share buybacks," HwangDBS said, which includes purchases by parent Wing Tai Holdings Ltd.

The research house kept its 'buy' call on the stock.

Shares in Wing Tai Malaysia rose 2.45 per cent, outperforming the Malaysian benchmark stock index's 0.13 fall.-- Reuters

Robust Earnings Driven by Strong Sales

Stock Name: SPSETIA
Company Name: SP SETIA BHD

Research House: TA

Price Call: BUY

Target Price: 4.28

3Q FY13 Net Profit Down 10.6% QoQ

Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD

Research House: TA

Price Call: SELL

Target Price: 15.50

Sequential margin recovery in 1Q13

Stock Name: MAXIS
Company Name: MAXIS BERHAD

Research House: TA

Price Call: BUY

Target Price: 8.16

Maxis - 1QFY13 Results Review

Stock Name: MAXIS
Company Name: MAXIS BERHAD

Research House: MIDF

Price Call: HOLD

Target Price: 6.80

CIMB: WCT poises to clinch RM1.5b new jobs

Stock Name: WCT
Company Name: WCT BHD

Research House: CIMB

Price Call: BUY

Target Price: 3.03

This year is set to be another good year for WCT Bhd, which is poised to clinch RM1.5 billion worth of new jobs, says CIMB Research.

The research house said WCT's RM1.9 billion worth of new construction job last year represented a strong recovery from 2011.

"We expect this recovery to sustain in the second half of this year, backed by RM1.5 billion worth of new jobs targeted," the research firm said in a note.

In property development, it said, the group would continue to aggressively expand is landbank, with capital commitments of RM798 million.

Besides Iskandar Malaysia in Johor, WCT was looking at new land in Penang, Kota Kinabalu and Vietnam, it said.

"Recurring income from property investment is set to expand this year, with an additional amount between RM10 million and RM20 million per annum from the gateway commercial mall at klia2," it added.

CIMB Research has upgraded its rating on WCT Bhd to "outperform" with a revised target price of RM3.03 from RM2.55 previously.-- Bernama

'2013, a recovery year for IJM Corp'

Stock Name: IJM
Company Name: IJM CORPORATION BHD

Research House: CIMB

Price Call: BUY

Target Price: 6.74

This year will be a recovery year for IJM Corp Bhd's construction division, especially with the general election out of the way, says CIMB Research.

The research house expects a better performance this year by the division, led by a pick-up in progress billings of existing jobs other than My Rapid Transit (MRT) package V5, which has yet to reach 10 per cent physical progress.

"We expect construction's seven per cent pre-tax margin to be sustainable in the coming quarters," it said in a research note today.

Apart from improving fundamentals, potential medium-term catalysts are an award of the West Coast Expressway contract and pre-qualification rounds for MRT new lines.

"We expect sentiments on the stock to improve further as investors switch to high-beta cyclical stocks," it added.

CIMB Research has upgraded its rating on IJM Corp to 'outperform' with a revised target price of RM6.74 from RM5.27 previously.-- Bernama

CIMB upgrades 'outperform' for Gamuda

Stock Name: GAMUDA
Company Name: GAMUDA BHD

Research House: CIMB

Price Call: BUY

Target Price: 5.60

CIMB Research has upgraded from 'neutral' to 'outperform' rating for Gamuda Bhd with a higher target price of RM5.60 from RM3.98 as the Mass Rapid Transit (MRT) should re-emerge as Gamuda's next source of growth with one of the two lines likely to be launched in the second half of this year.

"Gamuda's competitive edge stems from its role as the main contractor for MRT tunnelling work and project development partner for the above-ground portion," it said in a research note today.

In addition, it said, the KL-Singapore High-Speed Rail and Johor
Baharu-Singapore Rapid Transit System were new opportunities on top of MRT, potentially providing further catalyst.

"Gamuda is one of our top sector picks," CIMB Research said.

For this year and next year, it said, Gamuda was vying for more than RM10 billion worth of new contracts, mainly from MRT 2 and 3 and the Gemas-Johor Baharu double-tracking project.

"Other potential positives are the likely disposal of its stake in highway operators Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd or Sprint and Lingkaran Trans Kota Holdings Bhd or Litrak, which eventually will lead to special dividends," it added.-- Bernama

Alliance maintains 'neutral' on Maxis

Stock Name: MAXIS
Company Name: MAXIS BERHAD

Research House: ALLIANCE

Price Call: HOLD

Target Price: 6.70

Alliance Research has maintained its 'neutral' call on Maxis Bhd, with a target price of RM6.70, following its RM475
million first quarter financial year 2013 core net profit that came in within expectations.

The research house said Maxis' first quarter financial year core net profit accounted for about 22 per cent of its consensus full-year estimates.

It said the 4.4 per cent year-on-year first quarter financial year revenue growth was mainly contributed by higher data revenue and outright device sales, which offset the slight reduction in voice and short message services (SMSes).

"After recording a decent first quarter financial year 2013 results, Maxis reiterates its revenue growth guidance of mid-single digit in 2013, with earnings before interest, taxes, depreciation and amortisation (EBITDA) margin sustaining at 48.0 per cent to 48.5 per cent," said Alliance Research in a
research note today.

It said Maxis would continue to monitor and maintain cost discipline, particularly in sales and marketing expenses, general administration costs, as well as equipment-related expenses.

In a separate note, HwangDBS Vickers Research said key growth drivers for Maxis are leveraging on its first mover advantage on 4G long-term evolution on the 1800Mhz band, data revenue growth through increasing smartphone penetration and greater take-up of high speed broadband (HSBB) home subscriptions post-Astro Internet protocol television (IPTV) rollout.

"However, Maxis has yet to react to Digi's recent plan revisions, which we think appeals more value-centric customers who prefer lower price bundles to higher speeds, and will likely result in lower subscription growth traction for Maxis," it added.

HwangDBS Vickers Research has maintained 'fully valued' on Maxis, with the target price of RM6.97.-- Bernama

Credit cost to edge to "normal" level in the quarters ahead

Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD

Research House: MIDF

Price Call: HOLD

Target Price: 15.00

HwangDBS maintains 'buy' on Quill Capita

Stock Name: QCAPITA
Company Name: QUILL CAPITA TRUST

Research House: HWANGDBS

Price Call: BUY

Target Price: 1.45

HwangDBS Vickers Research has maintained its 'buy' call on Quill Capita Trust with a target price of RM1.45, as the company continues to perform.

This is despite a tenant's market in the office segment and Quill Capita Trust enjoys an evenly distributed lease expiry profile as well as diversified set of tenants.

In a note today, the research house said the near-term earnings growth for Quill Capita Trust will be soft, given the low rental reversion capacity, in lieu of the large incoming office supply to flood the market from 2013-2014.

"Though average rents have inched up marginally quarter-on-quarter for four consecutive quarters, as at the fourth quarter of 2012, the large supply overhang still places pressure on Quill's asset portfolio.

"But it will be mitigated by 44 per cent of its assets based in Cyberjaya where supply is not expected to increase as much as in Klang Valley," it added.-- Bernama

Entering the edible oil business

Stock Name: CIHLDG
Company Name: C.I. HOLDINGS BHD

Research House: CIMB

Price Call: SELL

Target Price: 0.82

No surprises in 1Q13, in-line with expectations

Stock Name: PERISAI
Company Name: PERISAI PETROLEUM TEKNOLOGI

Research House: TA

Price Call: BUY

Target Price: 1.49

New Imports Possibly a Catalyst

Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD

Research House: TA

Price Call: SELL

Target Price: 17.82

My Cola and Est Cola to go head on with Coca-Cola

Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD

Research House: MIDF

Price Call: HOLD

Target Price: 17.52

Naim - constructing promises

Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD

Research House: MIDF

Price Call: BUY

Target Price: 3.22

A Strong Start To The Year

Stock Name: HEKTAR
Company Name: HEKTAR REITS

Research House: CIMB

Price Call: BUY

Target Price: 1.75

Strong growth from adex rebound

Stock Name: MEDIA
Company Name: MEDIA PRIMA BHD

Research House: MIDF

Price Call: BUY

Target Price: 2.60

Hold on for a generous dividend

Stock Name: MAXIS
Company Name: MAXIS BERHAD

Research House: MIDF

Price Call: HOLD

Target Price: 6.80

Still the king of nitrile

Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD

Research House: MIDF

Price Call: HOLD

Target Price: 5.19

Dairy Malaysia facing the squeeze

Stock Name: F&N
Company Name: FRASER & NEAVE HOLDINGS BHD

Research House: MIDF

Price Call: HOLD

Target Price: 17.52

'MPHB remains top pick for gaming'

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

Research House: ALLIANCE

Price Call: BUY

Target Price: 4.21

Multi-Purpose Holdings Bhd (MPHB) remains the top pick for the gaming sector, says Alliance Research.

Alliance Research said MPHB Capital Bhd (MPHB Cap) could be listed in the late second quarter 2013, although it did not discount the possibility of a one or two-month delay, as approval from the Securities Commission Malaysia (SC) came only yesterday.

It said to recap, SC approved the proposed listing exercise of MPHB Cap in December last year, subject to certain conditions.

One condition, required MPHB Cap to conduct an independent valuation of its material property assets and incorporate disclosures relating to the valuation as well as financial effects in the listing prospectus.

"We understand that this condition led to the delay of MPHB Cap's listing, which was initially planned for the first quarter of this year," said Alliance Research in a research note today.

Alliance Research has retained its strong 'buy' recommendation for MPHB with an unchanged target price of RM4.21.-- Bernama

HUC win

Stock Name: DAYANG
Company Name: DAYANG ENTERPRISE HOLDINGS BHD

Research House: MIDF

Price Call: BUY

Target Price: 4.41

RHB upgrades CIMB to 'buy'

Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD

Research House: RHB

Price Call: BUY

Target Price: 9.90

RHB Research raised its rating on CIMB Group Holdings Bhd to 'buy' from 'trading buy' with the removal of political uncertainties after results from Malaysia's 13th general election came in late Sunday night.

"We think this eases the risks of cancellations and changes to the terms of big-ticket projects, and it will help remove the uncertainties that may have impacted investment spending decisions," RHB said in a report on Monday.

The brokerage raised its fair value for CIMB to RM9.90 from RM8.70.

The ruling coalition, Barisan National, won 133 out of 222 parliamentary seats contested.

Shares of CIMB rose as much as 14.3 per cent to a 22-month high of RM8.70, while the benchmark index reached an all-time high.-- Reuters

Promotional package led to a stronger personal financing growth again

Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD

Research House: MIDF

Price Call: HOLD

Target Price: 2.50

Cleverly positioned to ride on a fast growing economy

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

Research House: MIDF

Price Call: BUY

Target Price: 67.96

New Capacities, A Stronger Boost

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

Research House: TA

Price Call: SELL

Target Price: 66.91

Potential contract in Brunei?

Stock Name: DELEUM
Company Name: DELEUM BHD

Research House: ALLIANCE

Price Call: BUY

Target Price: 2.39