RHBInvest Research Highlights 25th October 2011

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Bursa Malaysia Stock Watch

RHBInvest Research Highlights 25th October 2011

kltrader

Publish date: Tue, 25 Oct 2011, 10:23 AM

25th October 2011

Top Story: Carlsberg ' Positive TIV Outlook For FY12 Although Margins Likely Weaker Outperform

Visit Note

'' Management was pleased that the Government decided to not raise excise duties for beer during the tabling of the 2012 Budget. Although, similar to the tobacco industry, management highlighted that there is nothing to stop the Government from raising the excise duties off budget.

Sector Call

Banking: Roundup of recent bank visits Underweight

Sector update

'' We recently visited Maybank, Public Bank and AMMB, as well as attended a small group meeting held by CIMB. We sense caution with respect to the outlook ahead with words and phrases such as "challenging", "uncertain", "lack of visibility" being used to describe the outlook for 2012.

Corporate Highlights

Genting Malaysia : Buys Genting World Card companies from Genting Singapore Outperform

News Update

'' Genting Malaysia (GM) has entered into two sale and purchase agreements to acquire two companies (E-Genting S/B and Ascend International Holdings Ltd) for a total cash consideration of RM50m (RM48m for E-Genting and RM2m for Ascend) from Genting Singapore's (GS) subsidiaries. E-Genting's principal activities comprise the provision of management services, services related to information technology and investment holding, which includes Genting WorldCard Services Sdn Bhd, the provider of Genting's loyalty programme management service. Ascend is principally engaged in investment holding and the provision of services related to IT and marketing through its sole subsidiary in China , but has minimal operations.

Daibochi: Machinery problems resolved Market Perform

Briefing Note

'' Daibochi explained that the machinery breakdown during the last month of 3QFY11 was due to the quality of resins from a supplier. During the production process, there was evidence of tear and gaps found in the cast films produced. This prompted management to inspect the machinery which involved cleaning the internal parts and this took several days to complete. It was found that the low quality of resins had also caused damage to the pumps. To add to the bad luck, spare parts were unable to be sourced locally and thus had to be imported. All in this caused a temporary halt in production which lasted about a month.

Digi: Data and festivities contribute to bumper quarter Outperform

3QFY11 Results / Briefing Note

'' DiGi's 9MFY11 net profit of RM860.2m (+1.7% yoy) came in above our but in line with consensus expectations, accounting for 84% and 75% of full-year estimates respectively.

CIMB: CIMB Niaga 3Q11 results ' Bracing for slower loan growth ahead Underperform

Company update

'' CIMB Niaga reported 3Q11 net profit of IDR832bn (+25% yoy; +1.7% qoq), bringing 9MFY11 net profit to IDR2,379bn (+32.5% yoy).

Regional

Bank Central Asia : Above Expectations Underperform

3Q11 Results

'' BCA's 3Q11 results beat our and consensus estimates.

CIMB (1023)CARLSBG (2836)GENM (4715)CDB (6947)SCIPACK (8125)

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