RHBInvest Research Highlights 28th October 2011

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Bursa Malaysia Stock Watch

RHBInvest Research Highlights 28th October 2011

kltrader

Publish date: Fri, 28 Oct 2011, 01:58 PM

28th October 2011

Top Story: Hektar REIT ' Assets Worth PARADE-ing Outperform (New Coverage)

Visit Note

'' Hektar REIT was established on 5th Oct 2006 and listed on 4th Dec 2006. It was the first pure-play retail REIT listed on Bursa Malaysia . Its current market cap stands at around RM400m, which is smaller compared to CapitaMalls Malaysia Trust (CMMT) with market cap of about RM1.9bn. Hektar REIT owns three assets, which are: i) Subang Parade in Selangor; ii) Mahkota Parade in Melaka; and iii) Wetex Parade in Johor.

Corporate Highlights

MAHB: Green light to raise aeronautical charges Outperform

News Update

'' MAHB announced yesterday that post a further review, the Ministry of Transportation has approved the increase in aeronautical charges (passenger service charge, aircraft landing and parking charges).

'' MAHB will increase international passenger service charge (airport tax) in full-service carrier terminals to RM65 (from RM51) and in LCCT to RM32 (from RM25), effective 15 Nov. In addition,

IOI Corp: Problems with termination of acquisition of Duta Plantations Market Perform

News Update

'' Following IOIC's announcement that it had issued a notice of termination to Pertama Land & Development (subsidiary of Dutaland) for the SPA to acquire Dutaland's 11,978ha of plantation land in Sabah, Dutaland announced that it does not accept IOIC's reasons for the termination and that it has notified the stakeholder,

TNB: Lukewarm on cooling the new LCCT Underperform

News Update & nbsp;

'' TNB yesterday secured a 20-year concession with Malaysia Airports for the privatisation of the development of a 132kV sub-station and a district cooling plant for the supply of chilled water and electricity and associated works at the new low cost carrier terminal at KLIA.

'' TNB and MAHB will set up a concessionaire via a JV to undertake the RM388m project, to be funded by 80% debt (RM310.4m) and 20% equity (RM77.6m).

Faber: Extension letter obtained Underperform (down from MP)

News Update

'' Faber Medi-Serve announced that it had received an extension letter which would allow the company to operate for another 6 months from the 28 Oct expiry of its concession or upon signing of a new concession agreement with the Ministry of Health.

'' We understand that the three concessionaires, including Faber Medi-Serve, Pantai Medivest and Radicare, would be conducting negotiations with the Government on new concession terms during this period.

MBM Resources: GO For Hirotako Underperform

News Update

'' MBM has proposed to undertake a conditional voluntary takeover offer for all the outstanding shares and warrants of Hirotako Holdings (HHB) for RM0.97 per share and RM0.05 per warrant respectively. The purchase consideration will be settled in cash.

'' The offer is conditional upon MBM receiving acceptances for at least 65% of the voting shares of HHB by the closing date. MBM has already secured an irrevocable undertaking for 23.8% of HHB shares.

HEKTAR (5121)AIRPORT (5014)IOICORP (1961)TENAGA (5347)EDGENTA (1368)MBMR (5983)

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