Bursa Malaysia Stock Watch
RHBInvest Research Highlights 05 September 2011
kltrader
Publish date: Mon, 05 Sep 2011, 11:20 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
05th September 2011
Top Story : Property ' Case study : Impact of mortgage loan calculations based on net pay Neutral
Sector Update
'' The proposal of computation of household debt based on net income rather than gross income is currently on BNM's table for consideration. Despite less encouraging economic outlook, we still do not rule out the possibility of it being implemented. In our view, administrative measure will be the only tool left to curb excessive growth in mortgage loans, as interest rate is not expected to rise further this year as economic growth slows down. Moreover, although we acknowledge that Malaysia 's property market lags the regional property markets in price appreciation, transaction volumes and liberalisation, the measures that the government/BNM has undertaken thus far to cool the property market are less severe vs. policies imposed in regional countries. This could mean BNM still has room for more stringent measures.
Sector Call
Semiconductor:Fall in equipment orders indicates weak outlook Underweight
Sector Update
Unisem: Fair value at RM1.28 Underperform
Notion : Fair value at RM1.74 Underperform
MPI : Fair value at RM2.64 Underperform
'' Jul 11 global chip sales of US$24.9bn declined 0.1% mom, although this was slightly better than the Jun 11 drop of 0.6%. While overall chip sales continued to fall mom, we note that geographically, Japan showed some recovery, gaining 4.9% mom.
Corporate Highlights
Masterskill : Weaker numbers expected to continue Market Perform (down from OP)
Briefing Note
'' The new intake of students in 1H11 was negatively affected by changes in government policies and requirements. As a result, only 1.8k new students enrolled at Masterskill in 1H11 (vs. 3.2k in 1H10), hence the lower revenue reported. Masterskill also incurred higher costs during the year such as higher staff and depreciation costs, which contributed to its significantly lower-than-expected earnings.
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