Bursa Malaysia Stock Watch
RHBInvest Research Highlights 18th August 2011
kltrader
Publish date: Thu, 18 Aug 2011, 11:56 AM
kltrader
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18th August 2011
Top Story: Proton ' Rocky road ahead Underperform
Results Preview
'' We are expecting Proton to report lower 1QFY12 earnings on a yoy basis (1QFY11: RM84.7m).
'' Proton's domestic sales volume for the quarter to Jun (1QFY12) was up 0.9% yoy to 40,353 units.
Macro View
GDP: Real GDP slowed down to 4.0% yoy in the 2Q but will likely gradually improve in the 3Q
Economic Highlights (published 18 Aug 2011)
'' Malaysia's economy might have hit its weakest point in the 2Q with real GDP growth slowing down to 4.0% yoy in 2Q 2011, from a revised +4.9% in 1Q and compared with +9.0% in 2Q 2010, due to a moderation in consumer and business spending during the quarter. The disruption in the supply of component parts to the auto industry caused by Japan 's earthquake and a production problem faced by a major oil field in Malaysia worsened the situation. These were, however, mitigated by a pick-up in exports in 2Q.
CPI: Inflation eased to 3.4% in July, giving the Central Bank room to pause raising interest rates
Economic Highlights (published 17 Aug 2011)
'' Headline inflation eased to 3.4% yoy in Jul, marking the first month of easing after seven straight months of increase, and off a 26-month high of +3.5% in Jun. This was primarily due to a moderation in the core inflation rate, which was offset partially by a rise in food & non-alcoholic beverage prices during the month.
Corporate Highlights
AFG: Targets may be achieved earlier Market Perform
Briefing Note
'' While the group's medium term (3-5 years) targets were unchanged, management appeared optimistic that the ROE (of 14-16%) and non-interest income contribution (of 30%) targets could be achieved earlier.
MPI: Subdued outlook Underperform
Briefing Note
'' Management expects 1QFY12 revenue growth to be modest as it is not seeing a strong pick-up in sales volume despite the seasonally strong quarter. MPI expects earnings to be driven albeit moderately by volume loading of new projects with new micro-leadframe packages (MLP) and micro-electro-mechanical-systems (MEMS).
Petronas Gas: A good start Outperform
1QFY12/11 Results
'' 1QFY12/11 (Apr-Jun 2011) net profit of RM386.7m was within expectations, accounting for 26% and 26.5% of our (RM1.48bn) and consensus (RM1.46bn) full-year estimates respectively.
Mah Sing: Earnings growth fully priced in Market Perform
2QFY11 Results
'' 2Q11 net profit of RM43.1m was in line with our and consensus estimates. EBIT margin was slightly lower in 2Q11 at 15% vs. 19% in the previous quarter, due mainly to higher operating as well as selling and marketing expenses compared to the previous quarter.
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