Stock Name: MALTON
Company Name: MALTON BHD
Company Name: MALTON BHD
| Research House: NETRESEARCH | Price Call: BUY | Target Price: 1.60 |
August 29, 2011
2Q11 results review
Stock Name: SINDORA
Company Name: SINDORA BHD
Company Name: SINDORA BHD
| Research House: NETRESEARCH | Price Call: SELL | Target Price: 3.00 |
2Q11 results review
Stock Name: TRC
Company Name: TRC SYNERGY BHD
Company Name: TRC SYNERGY BHD
| Research House: NETRESEARCH | Price Call: BUY | Target Price: 0.80 |
4Q/FY11 results. Within expectations. Maintain Buy Call.
Stock Name: XINQUAN
Company Name: XINGQUAN INT SPORTS HLDG LTD
Company Name: XINGQUAN INT SPORTS HLDG LTD
| Research House: MERCURY | Price Call: BUY | Target Price: 1.61 |
No Immediate Catalyst
Stock Name: KWANTAS
Company Name: KWANTAS CORPORATION BHD
Company Name: KWANTAS CORPORATION BHD
| Research House: TA | Price Call: SELL | Target Price: 1.84 |
2Q11 results review
Stock Name: OSK
Company Name: OSK HOLDINGS BHD
Company Name: OSK HOLDINGS BHD
| Research House: NETRESEARCH | Price Call: BUY | Target Price: 1.60 |
Cahya Mata Sarawak 2QFY11 above expectations: Stronger building blocks
Stock Name: CMSB
Company Name: CAHYA MATA SARAWAK BHD
Company Name: CAHYA MATA SARAWAK BHD
| Research House: CIMB | Price Call: HOLD | Target Price: 2.26 |
RHBInvest Research Highlights 29th August 2011
Stock Name: PETGAS
Company Name: PETRONAS GAS BHD
Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Stock Name: AFFIN
Company Name: AFFIN HOLDINGS BHD
Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
Company Name: PETRONAS GAS BHD
| Research House: RHB | Price Call: BUY | Target Price: 14.47 |
Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
| Research House: RHB | Price Call: HOLD | Target Price: 7.49 |
Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
| Research House: RHB | Price Call: HOLD | Target Price: 11.89 |
Stock Name: AFFIN
Company Name: AFFIN HOLDINGS BHD
| Research House: RHB | Price Call: SELL | Target Price: 2.77 |
Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
| Research House: RHB | Price Call: SELL | Target Price: 6.15 |
29th August 2011
Top Story: Banking ' History suggests potential sector derating ahead Neutral (down from OW)
Sector Update
Maybank: Fair value and call downgraded to RM8.85 Market Perform (down from OP)
CIMB: Fair value at RM7.49 (from RM8.80) Market Perform
Public Bank: Fair value and call downgraded to RM14.10 Market Perform (down from OP)
HL Bank: Fair value at RM11.89 (from RM12.50) Market Perform
AMMB: Fair value and call downgraded to RM6.15 Underperform (down from OP)
AFG: Fair value at RM3.38 (from RM3.60) Market Perform
Affin: Fair value and call downgraded to RM2.77 Underperform (down from MP)
Macro View
Money Supply: Broad monetary aggregate and loan growth eased in July
Economic Highlights (published 26 Aug 2011)
'' The broader money supply, M3, eased to 11.6% yoy in July, off the 30-month high of +12.4% in Jun but higher than +11.5% in May, indicating that economic activities are cooling but remained resilient.
Sector Call
Banking: Jul '11 system data ' Loan growth and leading indicators softened Neutral
Sector update
'' Jul '11 system-wide loan growth eased further to 12.9% yoy, as compared to +13.5% yoy in Jun '11 following lower disbursements during the month (vs. Jun).
Oil & Gas: Petronas 1QFY12/11 results Overweight
Sector Update
Dialog: Fair value at RM3.90 Outperform
P Gas: Fair value at RM14.47 Outperform
RH Petrogas: Fair value at $1.36 Outperform
Dayang: Fair value at RM2.33 Outperform
Petra Perdana: Fair value at RM1.15 Outperform
Wah Seong: Fair value at RM2.66 Outperform
Petronas Chemicals: Fair value and call downgraded to RM6.37 Market Perform (down from OP)
Kencana: Fair value at RM2.99 Market Perform
SapuraCrest: Fair value at RM4.56 Market Perform
KNM: Fair value at RM0.93 Underperform
MMHE: Fair value at RM5.62 Underperform
Corporate Highlights
Carlsberg: Premium segment growing stronger Outperform
Briefing Note
'' Carlsberg's range of premium and super premium beers, which include Hoegaarden, Corona and Asahi, among others, grew by ~44% yoy in the 1HFY11. We understand that the strong growth resulted in Carlsberg's premium brands gaining approximately 4.9%-pts in market in share in the premium beer segment, which accounts for approximately 20% of the total beer market Malaysia .
CI Holdings: Disposal of Permanis by November Trading Buy
Briefing Note
'' During the analysts' briefing on Friday, CI Holdings' (CIH) management highlighted that they are targeting to complete the disposal of Permanis to Asahi in 2QFY06/11. The deal is currently pending the approval from Bursa for CIH's circular to shareholders, MITI, and others. Management expects to hold the EGM concurrently with the AGM in late Oct, would be the final hurdle before Permanis is sold.
Kencana: Expanding its drilling fleet Market Perform
News Update
'' Kencana announced that its subsidiary Kencana Marine Drilling will build two tender assisted drilling rigs (TADRs) at a cost of US$145m (RM435m) each. We are not surprised by this as we mentioned in a previous note that Kencana will resume the expansion of its drilling rig division within the year as it expects many opportunities to emerge for offshore drilling in 2014.
Corporate Results
PetChem: Down on lower production and methane gas supply Market Perform (down from OP)
1QFY11 Results / Briefing Note
'' 3MFY12/11 net profit of RM737m came below expectations accounting for 20.3% of our (RM3.6bn) and 16.8% of consensus estimates (RM4.4bn). Overall, net earnings were down on a qoq basis due lower utilisation and methane gas supply limitation.
Ann Joo: 2QFY12/11 net profit declines by 23% qoq Underperform
2QFY11 Results / Briefing Note
'' 1HFY12/11 net profit came in within our expectations. 2QFY12/11 net profit declined by 23% mainly due to higher raw material cost amid relatively stable steel prices.
Masterskill skids on CIMB downgrade
KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) shares fell on Monday, Aug 29 to a fresh 52-week low after its disappointing financial results saw CIMB Equities Research downgrading the stock from Outperform to Neutral, reducing its target price and also slashing its earnings per share (EPS) forecast.
At 11.45am, Masterskill lost 20 sen to RM1.33 with 5.48 million shares done.
Its second quarter results fell 48% to RM11.57 million from RM22,430 a year ago while its revenue declined 14.7% to RM65.78 million from RM77.11 million. For the first half, its earnings declined by 30.4% to RM34.16 million from RM49.11 million.
CIMB Reseach said Masterskill's annualised 1H11 core net profit was a letdown, coming in at 43% below its forecast and 40% below consensus because of poor student numbers and a 10.8 percentage points shortfall in EBITDA margin due to surprisingly high operating costs.
'The 44% year-on-year plunge in net student intake was a negative surprise and should be equally weak in 2H. In the medium term, student intake prospects are unexciting and margins will be under pressure,' it said.
CIMB Research also slashed its FY11-FY13 EPS forecasts by 43%-45% and dividends per share (DPS) forecasts by 53%-54%.
The research house also said it had cut the target price from RM3.48 to RM1.71 as it raised its discount to the 14.5 times market P/E from 30% to 40%, which lowered its target CY12 price-to-earnings from 10.2 times to 8.7 times.
'Our rating is downgraded from Outperform to NEUTRAL. The stock's sole attraction is its dividend yield of 5%-7%,' it said
Kulim edges up on solid 2Q results
Stock Name: KULIM
Company Name: KULIM (M) BHD
KUALA LUMPUR: KULIM (M) BHD [] shares advanced on Monday, Aug 29 after its net profit for 2Q ended June 30, 2011 surged nine-fold to RM146.29 million from RM14.66 million a year earlier, driven by mainly by higher revenue and profits from its PLANTATION [] division.
At 10.50am, Kulim added two sen to RM3.70 with 356,100 shares traded.
Revenue rose 32.4% to RM1.80 billion from RM1.36 billion, with higher contribution from all segments.
For the six months ended June 30, Kulim's net profit surged to RM273.39 million from RM76.55 million in 2010, on the back of a 33.3% jump in revenue to RM3.46 billion from RM2.59 billion.
MIDF Research in note Aug 29 said it had revised upwards its FY11 earnings forecast for Kulim while maintaining its FY12 numbers.
'We are maintaining our Neutral recommendation for Kulim with our target price maintained at RM3.35 using 10x PER based on FY12 EPS.
Company Name: KULIM (M) BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 3.35 |
KUALA LUMPUR: KULIM (M) BHD [] shares advanced on Monday, Aug 29 after its net profit for 2Q ended June 30, 2011 surged nine-fold to RM146.29 million from RM14.66 million a year earlier, driven by mainly by higher revenue and profits from its PLANTATION [] division.
At 10.50am, Kulim added two sen to RM3.70 with 356,100 shares traded.
Revenue rose 32.4% to RM1.80 billion from RM1.36 billion, with higher contribution from all segments.
For the six months ended June 30, Kulim's net profit surged to RM273.39 million from RM76.55 million in 2010, on the back of a 33.3% jump in revenue to RM3.46 billion from RM2.59 billion.
MIDF Research in note Aug 29 said it had revised upwards its FY11 earnings forecast for Kulim while maintaining its FY12 numbers.
'We are maintaining our Neutral recommendation for Kulim with our target price maintained at RM3.35 using 10x PER based on FY12 EPS.
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