Bursa Malaysia Stock Watch
RHBInvest Research Highlights 22nd September 2011
kltrader
Publish date: Thu, 22 Sep 2011, 05:54 PM
kltrader
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22nd September 2011
Top Story: TM ' Momentum still with UniFi Trading Buy
Visit Note
'' As at mid-Sep, TM has about 157k UniFi subscribers, implying average monthly net adds of about 20k since Jul. With 1,003k premises passed already, this implies a take-up rate of 15.6%, far exceeding the initial 8-10% take-up target by year-end. Management now expects 30-50% UniFi take-up in 3-5 years.
Corporate Highlights
Berjaya Sports Toto: 40% contribution to lotto sales from 4D jackpot game in 1QFY04/12 Outperform
1QFY12 Results
'' 1QFY04/12 net profit was in line with our and consensus expectations, accounting for 23-24% of FY04/12 forecasts. BToto declared a first interim tax exempt dividend of 8 sen (1QFY11: 8 sen), in line with our expectations. We continue to maintain our dividend payout projections at 80-85%, which translates to attractive net yields of 5.5-6.5% p.a..
Kencana: Closing the year on a favourable note Market Perform
4QFY11 Results
'' Core net profit of RM223.2m came close to both our (RM214.4m) and consensus full-year earnings estimates (RM213m). Yoy, revenue (+43.2%) and net earnings (+63.9%) grew significantly mainly due to: 1) The start-up of the KM-1 rig (operational since Sep-10); and 2) The stronger contract backlog which led to higher EPCC works for the company. To-date order book is RM2.1bn.
SapuraCrest: Within expectations Market Perform
2QFY12 Results
'' 6MFY1/11 net profit of RM150.6m came within expectations accounting for 52.2% of both our (RM288.6m) and consensus full-year estimates (RM288.5m) respectively. The sequential increase in earnings was unsurprising as the company typically performs better during the 2nd and 3rd quarters of the year. In the 4th and 1st quarters, traditionally less work is done during the monsoon season.
Glomac: More downside in valuations Underperform (down from MP)
1QFY12 Results
'' 1QFY12 net profit of RM17.9m came in within our forecast but missed consensus estimates by 12%. Turnover for the quarter fell 19% qoq and was flattish at 1.2% yoy, as 1Q is typically the weakest quarter in a financial year. Sequential earnings were stronger, due to cost savings in Glomac Cyberjaya project, which has led PBT margin to expand to 25% during the quarter from 17% in 4QFY11.
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