Bursa Malaysia Stock Watch
RHBInvest Research Highlights 23rd September 2011
kltrader
Publish date: Fri, 23 Sep 2011, 12:44 PM
kltrader
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23rd September 2011
Top Story: MAHB ' EU troubles to affect venture in Turkey Outperform
Visit Note
'' The continued weakness in European economies stemming from the debt crisis, we believe, will eventually take a toll on the performance of MAHB's 20%-owned Sabiha Gokcen International Airport (SGIA) in Turkey . Already, we note that SGIA's total passenger traffic in Aug 2011 only grew 1.4% on yoy basis which suggests that demand for air traveling has already begun to slack.
Corporate Highlights
Faber: Good news and bad news Market Perform (down from OP)
Company Update
'' We have heard that the three concessionaires, including Faber Medi-Serve, Pantai Medivest and Radicare, have been asked to submit a Request For Proposal (RFP) for renewal of their concessions. This is good news as there have been concerns that the concessions, which expire on 28 Oct, would not be renewed.
WCT: RM530m BOT concession for "integrated complex" at KLIA2 signed Market Perform (up from UP)
Briefing Note
'' WCT, via a 70:30 JV with Malaysia Airports, has formally signed a 25+10 year BOT concession for "Integrated Complex" at KLIA2 with a shopping mall boasting a net lettable area of 350k sq ft.
Glomac: Valuations supported by yields Underperform
Briefing Note
'' The recent disposal of Glomac's 49% equity stake in a Thai warehouse operation is expected to yield a gross gain of RM9m. The gain will be recognised in 2QFY12 as the transaction will be completed in Sep.
Eversendai: Secures RM371m new jobs in India and the Middle East Outperform
News Update
'' Eversendai has bagged three key jobs in India and Middle East worth a total of RM371m comprising: 1) Shell and core works worth RM272.4m for the Worli Mixed Use development in Mumbai, India; 2) Structural steel works worth RM39.4m for the Qatar Faculty of Islamic Studies in Doha, Qatar; and 3) Structural steel works worth RM58.7m for Salalah Airport expansion in Oman.
SapuraCrest: Buying two new pipelay barges Market Perform
News Update
'' The company has contracted for two pipelay cum heavylift offshore construction vessels worth US$227m (RM681m) from Cosco Nantong Shipyard. The vessels are expected to be delivered within 26-28 months whilst the purchase will be funded via a combination of internal and external funding.
SP Setia: Sales started weakening Underperform (down from MP)
3QFY11 Results
'' 3QFY11 core net profit of RM91.2m (+57.2% yoy; +46.6% qoq) came in above our expectation but in line with market consensus.
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