Bursa Malaysia Stock Watch

RHBInvest Research Highlights 07 September 2011

kltrader
Publish date: Wed, 07 Sep 2011, 11:09 AM
kltrader
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07th September 2011
 
Top Story: Motor ' Jun 2011 quarter report card                      Neutral
Sector Update
Tan Chong: Fair value maintained at RM5.50                            Outperform
DRB-Hicom: Fair value maintained at RM2.95                           Outperform
MBM Resources: Fair value maintained at RM3.25                  Market Perform
UMW: Fair value maintained at RM7.35                                       Market Perform
APM: Fair value maintained at RM5.10                                         Market Perform
Proton: Fair value lowered to RM2.50                                          Underperform
''       Of the six stocks in the sector under our coverage, only three (Tan Chong, APM and DRB) reported Jun quarter earnings that were in line with expectations. Results at MBM, UMW and Proton disappointed.
 
Sector Call
 
Education: 1HCY11 results affected by regulatory changes                 Overweight
Sector Update
''       SEGi delivered strong numbers in 1HCY11, with results in line with estimates, but HELP and Masterskill's 1HCY11 results were below our and consensus expectations as their student numbers dropped due to external factors including regulatory changes that affected student intakes during the 1HCY11 peak period.
 
Corporate Highlights
 
Hong Leong Bank: Rights shares priced at RM8.65/share                 Market Perform
News Update
''       HL Bank announced that the issue price for its RM2.6bn rights issue has been fixed at RM8.65/share, at an entitlement basis of 1 Rights Share for every 5 existing HL Bank shares held. Based on the last closing price of RM12.20, the issue price represents a discount of 25.5% to the theoretical ex-rights price.
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