Bursa Malaysia Stock Watch
RHBInvest Research Highlights 24th August 2011
kltrader
Publish date: Wed, 24 Aug 2011, 10:30 AM
kltrader
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24th August 2011
Top Story: Motor ' Saved by the New Myvi Neutral
Sector Update
MBM Resources: Fair value maintained at RM3.25 Market Perform
DRB-Hicom: Fair value maintained at RM2.95 Outperform
Tan Chong: Fair value maintained at RM5.50 Outperform
UMW: Fair value maintained at RM7.35 Market Perform
APM: Fair value maintained at RM5.10 Market Perform
Proton: Fair value maintained at RM3.00 Underperform
'' According to Malaysian Automotive Association (MAA) data, vehicle sales for Jul bounced back to 50,252 units, a sharp 20.2% mom gain.
Sector Call
Oil & Gas: RM15bn North Malay Basin project Overweight
Sector Update
Dialog: Fair value at RM3.90 Outperform
Petronas Chemicals: Fair value at RM7.26 Outperform
Petronas Gas: Fair value at RM14.47 Outperform
Dayang: Fair value at RM2.33 Outperform
Petra Perdana: Fair value at RM1.15 Outperform
Wah Seong: Fair value at RM2.66 Outperform
RH Petrogas: Fair value at S$1.36 Outperform
Kencana: Fair value at RM2.99 Market Perform
SapuraCrest: Fair value at RM4.56 Market Perform
KNM: Fair value at RM0.93 Underperform
MMHE: Fair value at RM5.62 Underperform
'' Yesterday, Petronas announced that together with its partners it will be re-embarking on a RM15bn project to extract gas from nine discovered gas fields located within Blocks PM301 and PM302 in the Bergading contract area, offshore Terengganu. The project includes a new 200km pipeline to transport gas from the fields to Kerteh. The implementation is on an accelerated basis and first delivery of gas is expected by early 2013.
Corporate Results
Axiata: Toning down expectations Market Perform (down from OP)
2QFY11 Results / Briefing Note
'' Axiata's 2QFY11 core net profit of RM623.1m (-0.5% qoq, +3.5% yoy) was below our and consensus expectations, due to a stronger RM and soft earnings from Celcom.
CIMB: Expecting a better 2H Market Perform
2QFY11 Results / Briefing Note
'' Although 1H net profit accounted for 45-46.5% of our and consensus full-year net profit estimates, we expect a better 2H as management said that the group's loan and IB deal pipeline remains strong.
AirAsia: 1HFY12/11 core PBT only grows 4% on high fuel cost Market Perform
2QFY11 Results / Briefing Note
'' 1HFY12/11 core PBT came in within our forecast but missed market expectations.
MAS: A second consecutive quarter of losses in 2QFY12/11 Market Perform
2QFY11 Results / Briefing Note
'' MAS reported losses that were larger than expectations in 1HFY12/11 due to its inability to grow its yields.
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