Stock Name: PBBANK
Company Name: PUBLIC BANK BHD
Stock Name: MAYBANK
Company Name: MALAYAN BANKING BHD
Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD
Stock Name: AFFIN
Company Name: AFFIN HOLDINGS BHD
Stock Name: AFG
Company Name: ALLIANCE FINANCIAL GROUP BHD
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
Stock Name: RCECAP
Company Name: RCE CAPITAL BHD
Company Name: PUBLIC BANK BHD
| Research House: RHB | Price Call: BUY | Target Price: 15.00 |
Stock Name: MAYBANK
Company Name: MALAYAN BANKING BHD
| Research House: RHB | Price Call: BUY | Target Price: 9.47 |
Stock Name: CIMB
Company Name: CIMB GROUP HOLDINGS BERHAD
| Research House: RHB | Price Call: HOLD | Target Price: 7.41 |
Stock Name: AMMB
Company Name: AMMB HOLDINGS BHD
| Research House: RHB | Price Call: HOLD | Target Price: 6.23 |
Stock Name: HLBANK
Company Name: HONG LEONG BANK BHD
| Research House: RHB | Price Call: SELL | Target Price: 11.01 |
Stock Name: AFFIN
Company Name: AFFIN HOLDINGS BHD
| Research House: RHB | Price Call: SELL | Target Price: 3.10 |
Stock Name: AFG
Company Name: ALLIANCE FINANCIAL GROUP BHD
| Research House: RHB | Price Call: SELL | Target Price: 3.56 |
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
| Research House: RHB | Price Call: HOLD | Target Price: 2.32 |
Stock Name: RCECAP
Company Name: RCE CAPITAL BHD
| Research House: RHB | Price Call: HOLD | Target Price: 0.57 |
13th February 2012
| Malaysia Equities |
| Top Story |
| Banks ' Easing Headwinds + YTD Underperformance = Sector Upgrade Neutral (Upgraded) Sector Update Public Bank ' Fair value at RM15.00 (from RM14.10) Outperform Maybank ' Fair value at RM9.47 (from RM7.33) Outperform (upgraded) CIMB ' Fair value at RM7.41 (from RM6.20) Market Perform (upgraded) AMMB ' Fair value at RM6.23 (from RM4.99) Market Perform (upgraded) HL Bank ' Fair value at RM11.01 (from RM9.90) Underperform Affin ' Fair value at RM3.10 (from RM2.37) Underperform AFG ' Fair value at RM3.56 (from RM3.25) Underperform MBSB ' Fair value at RM2.32 (from RM1.95) Market Perform RCE ' Fair value at RM0.57 (from RM0.50) Market Perform |
| |
| Sector Update |
| Plantation ' Only Time Can Resolve The Indonesian Tax Structure Problem Overweight Sector Update - The seasonal decline in production continued in Jan as CPO production fell 13.8% mom. Exports fell by a slightly smaller 13.2% mom also due to seasonal factors, post-festive season. Despite the lower CPO stock levels, annualised stock/usage ratio rose to 11.1% (up from 10.5% in Dec), mainly due to the smaller export volume in Jan. |
| |
| Corporate Highlights |
| SEG International ' No Signs of Slowing Down Outperform Visit Note - The management expects total student population of 35k (vs. our previous assumptions of 37k) by end-2012, implying yoy growth of almost 30% from the current 27k. Gamuda ' PDP Terms For Klang Valley MRT Announced Market Perform Company Update - The agreement between MRT Co and project delivery partner (PDP) for the Klang Valley MRT project MMC-Gamuda JV has been signed with key terms being: 1) The PDP will be paid a fee equivalent to 6% of total contract value; 2) If the actual project cost exceeds the target cost by up to 15%, the PDP fee will be reduced in accordance with an agreed formula; 3) The PDP will have to shoulder the balance if the actual project cost exceeds the target cost by 15%; and 4) The PDP is liable to a liquidated and ascertained damage (LAD) for late delivery of RM500,000/day. MPHB ' Sells down stake in Associate, Philippine Racing Club Outperform News Update - MPHB has sold a 13.1% stake in Philippine Racing Club Inc. (PRCI) at an average price of Peso 9.50/share, for Peso 722.4m (RM51.64m). Post-disposal, MPHB will own 19.9% of PRCI, and will no longer equity account it as an associate. MPHB will record a dispoal gain of RM17.34m. CSC Steel ' 4QFY12/11 in the red on inventory writedown Trading Buy Results Note - FY11 net profit exceeded our full-year forecast by 42%, but missed the full-year market consensus by 22%. The variance against our forecast largely came from a lower-than-expected writedown of inventories. CSC Steel also declared a 7sen single tier dividend (net yield of 4.9%). |
| |
| Regional Equities |
| Indonesia Banks : Opportunity To Accumulate Overweight Sector Update Bank Rakyat ' Fair value IDR8,200 Outperform Bank Mandiri ' Fair value IDR7,900 Outperform BCA ' Fair value IDR7,500 Market Perform Bank Danamon Fair value IDR5,500 Outperform |
| |
| Macro |
| GDP ' Resilient GDP Growth In 4Q 2011, Odds Of An Upgrade Improving Economic Update (published 10 Feb 2012) - The country's real GDP growth is estimated to have softened to 5.4% yoy in the 4Q, after bouncing back to +5.8% in the 3Q. The moderation in real GDP growth is expected to persist into 2012, due to global economic slowdown amidst a lingering sovereign debt crisis in the Eurozone. |
