Bursa Malaysia Stock Watch
RHBInvest Research Highlights 19th October 2011
kltrader
Publish date: Wed, 19 Oct 2011, 10:28 AM
kltrader
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19th October 2011
Top Story: Fitters ' "Green" ambition not derailed by "red" market Not Rated
Visit Note
'' Fitters remains committed to its green energy ventures but funding will now have to come predominantly from debt instead of equity on the back of a depressed stock market.
Sector Call
Motor: Seasonal hangover Underweight
Sector Update
MBM Resources: Fair value maintained at RM2.65 Underperform
Tan Chong: Fair value maintained at RM4.50 Market Perform
DRB-HICOM: Fair value maintained at RM1.90 Market Perform
UMW: Fair value maintained at RM5.70 Underperform
APM: Fair value maintained at RM4.20 Underperform
Proton: Fair value maintained at RM2.90 Market Perform
Corporate Highlights
Top Glove: Plans to diversify upstream Market Perform
Briefing Note
'' Management believes that the current oversupply situation is set to continue as glove manufacturers expanded too aggressively during the short-lived H1N1 epidemic in 2009. Management estimates it may take the industry may take about 1-3 years to absorb the excess capacity.
CI Holdings: Minimum dividend of RM4/share post-disposal of Permanis Trading Buy
Company Update
'' According to CIH's circular to shareholders pertaining to its disposal of Permanis to Asahi, we understand that CIH intends to distribute at least RM568m or RM4/share or 71% of its net proceeds in cash dividends to shareholders. The dividends would be paid out immediately upon the completion of the disposal.
Mah Sing: A road trip to Rawang Underperform
Company Update
'' We went on a road trip to Mah Sing's site in Rawang yesterday. It took about 40 minutes to arrive from Southgate @ Sg Besi by bus. Our visit reinforces our positive view on the acquisition, given the decent distance and the amenities nearby, which include the under-construction Jusco mall, government primary school, as well as the established neighbourhood and commercial shops. Over the longer term, M Residence @ Rawang will also be able to tap on the rising population flow in RRI Sungai Buloh land once the MRT line is completed.
Fajarbaru: Lands RM166.4m building job for Ampang 210 Medical Suite Outperform
News Update
'' Fajarbaru has secured a RM166.4m contract for the construction of Ampang 210 Medical Suite in KL.
Genting Malaysia : Resorts World New York to open on 28 Oct Outperform
News Update
'' Resorts World Casino New York City (RWNY) will open its doors at 1:00 p.m. ( New York time) on 28 October 2011. As the first phase, RWNY will open Times Square Casino on the first floor with 2,485 electronic slot machines (Video Lottery Terminals or VLTs) and Electronic Table Games (ETGs). In the next two months and as part of the second phase, RWNY will open the 5th Avenue Casino and Crockfords Casino on the second floor, as well as Central Park Events Center , which will have an additional 2,515 VLTs and ETGs.
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