Bursa Malaysia Stock Watch
RHBInvest Research Highlights 2nd November 2011
kltrader
Publish date: Wed, 02 Nov 2011, 12:19 PM
kltrader
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2nd November 2011
Top Story: WTK ' Stable demand but cautious outlook Market Perform
Visit Note
'' Log production volume in 3Q11 was 146k m3, which was rather flat at only +0.9% qoq. For 4Q11, log production volume is expected to be lower due to the arrival of the rainy monsoon season in Sarawak . This should support log prices, which has remained firm and is currently hovering at US$200-220/m3.
Corporate Highlights
SapuraCrest: Taking home a Brazilian win Market Perform
News Update
'' The company announced that it had been awarded a US$1.4bn (RM4.2bn) contract from Brazil 's Petrobras to charter and operate three pipe laying support vessels (PLSVs). Only one of the PLSVs will be constructed in Brazil . We suspect the other two are pipelay cum heavylift offshore construction vessels worth US$227m (RM681m) that Sapuracrest contracted to Cosco Nantong Shipyard in Sep.
UMW: New semi-submersible rig contract Underperform
News Update
'' UMW announced 85%-owned subsidiary UMW JDC Drilling Sdn Bhd (UJD) has entered into a contract to provide a semi-submersible drilling rig, the HAKURYU-5 to Petronas Carigali.
APM: New joint venture with IAC Underperform
News Update
'' APM announced that it has entered into two separate JV agreements with the International Automotive Components Group (IAC) to manufacture automotive interior plastic components and systems to domestic and multinational original equipment manufacturers (OEMs) in Malaysia and Thailand .
Sunway REIT: Positive start to FY12 Market Perform
3QFY11 Results
'' Realised net profit of RM44.2m (+15.1% yoy; +7.7% qoq) was in line with our and consensus expectations. The strong yoy and qoq growth in topline was mostly driven by the flow through of rental reversion from Sunway Pyramid and this has offset the higher yoy finance cost arising from the drawdown of a RM514m term loan to finance the Sunway Putra Place acquisition. A 1.62 sen DPU was declared, up 16% yoy.
Unisem: Earnings falls 84.1% yoy, no improvement in sight Underperform
3QFY11 Results
'' 9MFY11 net profit of RM22.4m was below expectations, accounting for only 51.7% and 45.4% of our and consensus forecasts respectively, mainly due to lower-than-expected revenue and EBITDA margin as a result of lower contribution from higher-margin chip packages. Unisem would have to report stronger revenue growth in 4Q to achieve our full-year forecasts ' we believe this is unlikely to happen.
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