Bursa Malaysia Stock Watch
RHBInvest Research Highlights 10th August 2011
kltrader
Publish date: Wed, 10 Aug 2011, 02:07 PM
kltrader
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10th August 2011
Top Story: Tan Chong ' Weak 2Q11 in the price Outperform
Results Preview
'' With combined Nissan and Renault vehicle sales in 2Q11 having declined some 16.8% and 10.8% qoq and yoy respectively following the 11 Mar earthquake and tsunami in Japan , weak earnings in the quarter should not come as a surprise to the market.
'' There was also some impact on new vehicle sales from the implementation of the amendments to the Hire Purchase Act on 15 Jun.
Sector Call
Transport: Tune Air swaps 10% AirAsia for 20.5% MAS with Khazanah Neutral
Sector Update
'' Tune Air has swapped a 10% stake in AirAsia for a 20.5% stake in MAS with Khazanah. Also, Khazanah will be acquiring a 10% stake in AirAsia X.
'' As sweeteners, MAS shareholders will be allotted free AirAsia warrants on a 1-for-30 basis and AirAsia shareholders will be allotted free MAS warrants on a 1-for-10 basis.
Plantation: Salaries to rise by 10% Neutral
Sector Update
'' Members of the Malayan Agriculture Producers Association (Mapa), which represents 140 plantation companies, have agreed to raise the wages of 157,270 plantation workers by 10%. Under the new scheme, employees will receive RM650/month in guaranteed earnings with an additional remuneration of RM200/month. Mapa is also in discussions with Human Resource Ministry and Finance Ministry to exclude the RM200 from EPF and Socso payment calculations. This new pay structure will be introduced from Oct onwards. Companies outside of Mapa will most likely also follow suit subsequently.
Corporate Highlights
Axiata: Stable outlook for Dialog Outperform
Company Update
'' 65%-subsidiary, Dialog Axiata (Dialog), held a conference call yesterday to comment on its 2QFY11 results (released on 4 Aug).
'' Dialog had posted 1HFY11 core net profit of SLR2.54bn (+22% yoy), which was somewhat below expectations due to the larger-than-expected impact of the value added tax (VAT).
'' So far, competition has been stable with little sign of irrational pricing, and is likely to remain so for 2H despite the directive by Sri Lanka 's regulator to cut floor tariff from SLR2/min to SLR1.50/min in mid-2011.
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