Bursa Malaysia Stock Watch
RHBInvest Research Highlights 27th October 2011
kltrader
Publish date: Thu, 27 Oct 2011, 09:54 AM
kltrader
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27th October 2011
Top Story: Dialog ' Marginal fields and tank terminals Outperform
Visit Note
'' Management appears very confident that the Balai Cluster RSC will be a success. In any case, the RSC is structured such that capex is fully reimbursed from Petronas regardless of success rate, and Dialog only bears the financing risk. Once commercial production begins, payment from Petronas will be based on the rate of actual production, and include the agreed return over the project costs. Management has guided average project IRR rates of 15-16%.
Corporate Highlights
IOI Corp: Terminates acquisition of land in Sabah Market Perform
News Update
'' IOIC has issued a notice to Pertama Land & Development (subsidiary of Dutaland) to terminate the SPA to acquire Dutaland's 11,978ha of plantation land in Sabah due to non-compliance of certain terms and conditions which had been communicated to Pertama Land. Under the provision of the SPA the rights and obligations of the parties shall lapse and be of no further effect from the date of termination notice. IOIC expects, within a period of 7 days from the notice of termination, to receive a refund of the deposit of RM83m, or 10% of the purchase consideration of RM830m. Recall IOIC entered into the SPA end-Jul.
UEM Land: Ascott in Iskandar Underperform
News Update
'' UEM Land announced that its 50:50 JV company with UM Land ' Nusajaya Consolidated S/B has entered into two agreements with The Ascott Limited (under Capitaland) for the latter to provide technical advisory services as well as manage and operate 204 units of service residences to be known as "Somerset Puteri Harbour" in Nusajaya upon its expected completion. We believe the strategic tie-up is via UM Land as Capitaland has a 21% stake in the company. This new Somerset will be Ascott first presence in Johor.
Axis REIT: New acquisition in Penang Market Perform
News Update
'' Announced a proposed acquisition and leaseback of a 3-storey office block and a logistic warehouse complex in Bayan Lepas, Penang from DHL Properties (M) S/B. The property is located within the Bayan Lepas Industrial Park and has a gross floor area (GFA) of approximately 231,940 sqft. Total purchase consideration for the property is RM48.5m. With the inclusion of the property, total assets of Axis REIT will increase to around RM1.4bn.
MAHB: 9MFY12/11 net profit grows 44% yoy Outperform
3QFY11 Results / Briefing Note
'' 9MFY11 net profit came within our expectations at 75.4% of our full-year forecast. Under normal circumstances, the results should have been considered above expectations due to the bumper quarter in 4Q on the back of the peak period for air travelling during the end of the year. However, for the coming 4QFY12/11, we expect bumper earnings from MAHB's core operation to be offset by widened share of losses from its overseas venture Sabiha-Gocken International Airport in Turkey due to weak passenger traffic on the back of the lingering EU debt crisis.
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