September 7, 2012
OSK keeps 'buy' call on MBSB
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
OSK Investment Banking raised its fair value estimate for Malaysia Building Society Bhd shares to RM3.02 from RM2.70
as the financial services firm renews focus on driving fee-based income.
"The growth drivers are expected to be bancassurance tie-ups with several insurance players, as well as the kick-start of a foreign currency transfer business under Western Union," it said in a research note on Friday.
OSK maintained its "buy" call on the firm and added that the firm is also focused on maintaining the aggressive loans growth it showed in the past two quarters.
"We believe MBSB will repeat the fund-raising exercises carried out in 2011," OSK said.
At 10.14am Malaysia Building Society was up 0.89 per cent at RM2.27 per share while the Malaysia's benchmark composite index was up 0.01 per cent at 1618.18. - Reuters
Company Name: MALAYSIA BUILDING SOCIETY BHD
| Research House: OSK | Price Call: BUY | Target Price: 3.02 |
OSK Investment Banking raised its fair value estimate for Malaysia Building Society Bhd shares to RM3.02 from RM2.70
as the financial services firm renews focus on driving fee-based income.
"The growth drivers are expected to be bancassurance tie-ups with several insurance players, as well as the kick-start of a foreign currency transfer business under Western Union," it said in a research note on Friday.
OSK maintained its "buy" call on the firm and added that the firm is also focused on maintaining the aggressive loans growth it showed in the past two quarters.
"We believe MBSB will repeat the fund-raising exercises carried out in 2011," OSK said.
At 10.14am Malaysia Building Society was up 0.89 per cent at RM2.27 per share while the Malaysia's benchmark composite index was up 0.01 per cent at 1618.18. - Reuters
September 6, 2012
HwangDBS keeps 'hold' call on FGVH
Felda Global Ventures Holdings Bhd (FGVH), which is in net cash position, plans to undertake aggressive expansion, especially to acquire plantation land bank, a research house said.
HwangDBS Vickers Research said FGV's improving operational efficiency should also help to propel growth, given its large fresh fruit bunch base.
"FGV intends to raise its sugar output and storage capacity, as well as to expand downstream via strategic overseas partnerships," it said in a research note said.
The research house has maintained a "hold" call on FGV's shares of RM4.85.
As at 11.55am, the stock slipped 1.24 per cent to RM4.79.
"At the current price FGV offers limited upside to our discounted cash flow-based target price of RM5.05, which implies 18 times financial year 2013 price earnings ratio.
"However, we like the counter for its steady cash flow and 50 per cent dividend payout policy, which implies a decent 3.9 per cent yield," HwangDBS said.
Meanwhile, FGV's 99-year land lease agreement for 355,864 hectares of plantation land from Felda positions the group as the world's third largest oil palm planter, the research house said.
It said 83 per cent of FGV's land area is mature with the remainder expected to progressively come to maturity over the next few years.
"FGV is also replanting about 15,000 hectares per annum to maintain and improve its age profile," the research house said.
FGV's 49 per cent-associate Felda Holdings Bhd (FHB) complements the group's upstream operations with milling and downstream businesses, HwangDBS said.
FGV has access to FHB's 3.3 million metric tonnes of crude palm oil, or seven per cent of global supply.
"We believe this provides FGV large economies of scale cost-wise," it said. -- Bernama
Maxis rated 'market perform' by Kenanga
Maxis Bhd's share price fell 11 sen to RM6.84 as at 11.26am today, despite news that it would enter a 10-year partnership with exclusivity for Astro to be the Internet Protocol television (IPTV) content service provider for three years.
Maxis Chief Executive Officer Sandip Das said both parties are currently in the midst of developing the packages and would co-market the packages.
Both companies are expected to jointly develop as well as co-market the consumer packages targeted to be launched in phases to the market by year-end.
Kenanga Research said the landmark strategic partnership would enable both companies to leverage on the synergies of each party's strengths and experiences.
"The ultimate package prices and contents will likely be the two key factors to determine the joint package take-up rate going forward," it said in a research note today.
The research house maintains a "market perform" call on Maxis with an unchanged target price of RM7.35. -- Bernama
2QFY12 within expectations - growth supported by RM1.8b orderbook
Stock Name: KIMLUN
Company Name: KIMLUN CORPORATION BERHAD
Company Name: KIMLUN CORPORATION BERHAD
| Research House: ZJ | Price Call: BUY | Target Price: 1.87 |
Loan growth to moderate as year’s target has been exceeded
Stock Name: MBSB
Company Name: MALAYSIA BUILDING SOCIETY BHD
Company Name: MALAYSIA BUILDING SOCIETY BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 2.45 |
Affin raises SP Setia to 'add'
Stock Name: SPSETIA
Company Name: SP SETIA BHD
Affin Investment Bank upgraded SP Setia Bhd to 'add' from 'reduce' and raised the stock's target price to RM3.82 from RM3.60.
SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday.
Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development.
"At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016.
At 9.25am, SP Setia was unchanged at RM3.56 while the benchmark composite index was down 0.44 per cent at 1,634.02. - Reuters
Company Name: SP SETIA BHD
| Research House: AFFIN | Price Call: TRADING BUY | Target Price: 3.82 |
Affin Investment Bank upgraded SP Setia Bhd to 'add' from 'reduce' and raised the stock's target price to RM3.82 from RM3.60.
SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday.
Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development.
"At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016.
At 9.25am, SP Setia was unchanged at RM3.56 while the benchmark composite index was down 0.44 per cent at 1,634.02. - Reuters
TA downgrades semiconductor sector
Stock Name: UNISEM
Company Name: UNISEM (M) BHD
TA Securities downgraded Malaysia's semiconductor sector to 'underweight' from 'neutral' as sales are likely to be constrained by global economic concerns.
There is a lack of positive catalysts for the sector and the current production cycle is low, TA said in a research note on Thursday.
TA reduced its rating on shares of Unisem Bhd to 'sell' from 'hold,' while cutting its target price to RM1 from RM1.35.
At 9.59 am, Unisem was down 0.96 per cent at RM1.03 while Malaysia's composite index was down 0.88 per cent at 1626.63 points. - Reuters
Company Name: UNISEM (M) BHD
| Research House: TA | Price Call: SELL | Target Price: 1.00 |
TA Securities downgraded Malaysia's semiconductor sector to 'underweight' from 'neutral' as sales are likely to be constrained by global economic concerns.
There is a lack of positive catalysts for the sector and the current production cycle is low, TA said in a research note on Thursday.
TA reduced its rating on shares of Unisem Bhd to 'sell' from 'hold,' while cutting its target price to RM1 from RM1.35.
At 9.59 am, Unisem was down 0.96 per cent at RM1.03 while Malaysia's composite index was down 0.88 per cent at 1626.63 points. - Reuters
Wind of Change
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Company Name: TENAGA NASIONAL BHD
| Research House: TA | Price Call: BUY | Target Price: 8.32 |
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