Bursa Malaysia Stock Watch

RHBInvest Research Highlights 25th August 2011

kltrader
Publish date: Thu, 25 Aug 2011, 10:14 AM
kltrader
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25th August 2011
 
Top Story: TM ' UniFi gains traction                                                       Trading Buy
2QFY11 Results/Briefing Note
''       2QFY11 core net profit of RM135m (+29.8% yoy; +10.5% qoq) was within our expectations but below consensus. Management guided for EBITDA margin pressure in 2H due to maintenance works and higher A&P costs. Qoq, revenue rose 4% due to stronger data, internet and a surprise improvement in voice.
 
Corporate Results
 
Media Prima: Riding on TV3 and Malay adex growth                             Market Perform
2QFY11 Results / Briefing Note
''       Media Prima's 2QFY11 core net profit of RM44.4m (+42.2% yoy; +27.2% qoq) was broadly within our and consensus expectations. Qoq, revenue grew 19.1%, partly due to seasonality factor (1Q is typically the slowest quarter). All segments reported growth with Newsprint reporting the strongest (+21.4% qoq) thanks to strong adex growth in the Malay papers.
 
Genting Plantation: Production growth targets raised, but risk of wet weather impact?           Market Perform
2QFY11 Results / Briefing Note
''       Genting Plantation's (GP) 1HFY11 net profit was in line with our and consensus expectations, coming in at 52-53% of our and consensus FY11 forecasts. Although the 2H of the year is traditionally the peak production period, we believe the current lower CPO prices would offset the impact of the higher production in 2HFY11. In 1HFY11, GP's core net profit rose 72% on the back of a 44% increase in turnover. The increase was due to higher CPO (+37% yoy to RM3,492/tonne) and PK (+88% yoy to RM2,766/tonne) prices achieved, as well as higher FFB production (+13% yoy).
 
Regional Coverage
 
Bank Danamon: Shareholders approve IDR5trn rights issue               Market Perform
News Update ( Indonesia )
''       Danamon's shareholders yesterday approved the proposed IDR5trn rights issue.
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