Bursa Malaysia Stock Watch

RHBInvest Research Highlights 27th July 2011

kltrader
Publish date: Wed, 27 Jul 2011, 05:31 PM
kltrader
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Top Story: Masterskill ' Affected by changes in Government policies                       Outperform
Visit Note
''       Masterskill's management informed us that it has recently incorporated a company in Labuan to capture the income from its international operations, signalling Masterskill's commitment in taking its brand of education into the international market. Management updated us on the progress of its various campuses, as well as giving us an insight into its future diversification plans such as the introduction of new non-health science courses (i.e. business and hospitality) and the possibility of building a private school on the grounds of its Bandar Baru Bangi campus.
 
Corporate Highlights
 
Axis REIT: Asset acquisitions in 4Q                                                                                 Market Perform
Briefing Note
''       The additional 20% placement of new units was approved by unitholders yesterday. As usual, upcoming asset acquisitions will be funded via placement as well as borrowings so that overall gearing will be reduced to below 35%.
''       In the pipeline, there is one potential asset from the promoter ' Axis Techpoint 1 PJ (office warehouse), as well as five logistic warehouses from third parties that can be injected. These assets are worth about RM260m in total, of which RM170m can be satisfied from the upcoming placement proceeds. The REIT will also take on borrowings that will be sufficient to make up the shortfall.
 
DKSH Holdings: Globally recognized                                                                              Not Rated
Visit Note
''       Diethlem Keller SiberHegner (DKSH) Holdings is a Market Expansion Services company providing integrated services to support companies looking to expand in new and existing markets.
''       We believe the positive outlook for Malaysia 's trade activity bodes well for DKSH, underpinned by: 1) resilient growth in imports; 2) stronger real growth of imports vs. export growth which suggests stronger purchasing power as the country focuses on the domestic economy; and 3) rising private consumption.
 



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