May 9, 2014
PCHEM - 1Q14 Plagued by Lower Spreads & Volumes
Company Name: PETRONAS CHEMICALS GROUP BHD
| Research House: TA | Price Call: SELL | Target Price: 6.278 |
May 8, 2014
Maybank’s ‘hold’ stays pending capital changes
Company Name: MALAYAN BANKING BHD
| Research House: AMMB | Price Call: HOLD | Target Price: 9.80 |
AMResearch has kept its "hold" rating on Malayan Banking Bhd (Maybank), with a fair value of RM9.80 per share, pending changes to the bank's capital structure.
"We have earlier highlighted in our recent report that there may be changes to the banking level common equity tier 1 (CET1) ratio if Maybank is required tolocally-incorporate its operations in Singapore.
If the Singapore operations have to be incorporated, the company affirmed that it will consider it as an investment in subsidiary. This may lead to someimpact on the banking entity's CET1 ratio," AmResearch said in a report yesterday.
The firm said its sensitivity analysis shows that the banking level CET1 ratio will be at 7.92 per cent by 2018, assuming it incorporates its operations inSingapore.
"Assuming a comfortable banking CET1 ratio of 10 per cent, Maybank may possibly need to raise RM7.6 billion in fresh capital. If the need arises, we believethat Maybank is likely to consider another new share placement rather than a rights issue. This is because the company believes that its last rights issuein 2009 had led to a big decline in market capitalisation then," the research house added.
"Notwithstanding the more dilutive impact of a rights issue - which is normally priced at a larger discount versus an issuance of new shares - we prefer therights issue as it would allow all shareholders to have a fair participation in the
exercise," said AmResearch.
GDEX - 3QFY14 Results Report
Company Name: GD EXPRESS CARRIER BHD
| Research House: NETRESEARCH | Price Call: HOLD | Target Price: 1.65 |
MAXIS - 1Q14 in line, look forward to better 2H14
Company Name: MAXIS BERHAD
| Research House: JF APEX | Price Call: HOLD | Target Price: 6.70 |
Malaysia Marine & Heavy Engineering - Challenging times ahead as margin thins
Company Name: MALAYSIA MARINE AND HEAVY ENG
| Research House: MIDF | Price Call: SELL | Target Price: 3.02 |
KKB Engineering Bhd - Earnings lagged expectations due to low billings
Company Name: KKB ENGINEERING BHD
| Research House: MIDF | Price Call: BUY | Target Price: 2.93 |
Fraser & Neave Holdings Berhad - Delivers amid intense competition in soft drink
Company Name: FRASER & NEAVE HOLDINGS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 19.60 |
May 7, 2014
PETGAS - Earnings propped by regasification segment
Company Name: PETRONAS GAS BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 21.38 |
Hartalega Holdings Berhad - Highest ever volume but margin squeeze haunts
Company Name: HARTALEGA HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 7.10 |
HARTA - Unexciting FY15 Ahead Mainta
Company Name: HARTALEGA HOLDINGS BHD
| Research House: JF APEX | Price Call: HOLD | Target Price: 5.33 |
May 6, 2014
IRIS - Mining and Exploration Permit
Company Name: IRIS CORPORATION BHD
| Research House: TA | Price Call: BUY | Target Price: 0.675 |
Padini Holdings Berhad-Growing dividends through Brands Outlets
Company Name: PADINI HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 2.26 |
May 5, 2014
BPURI - Proposed Par Value Reduction, Private Placement
Company Name: BINA PURI HOLDINGS BHD
| Research House: TA | Price Call: SELL | Target Price: 0.715 |