Bursa Malaysia Stock Watch
RHBInvest Research Highlights 11th November 2011
kltrader
Publish date: Fri, 11 Nov 2011, 11:19 AM
kltrader
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11th November 2011
Top Story: Plantation ' Rising risks of higher CPO prices Overweight
Sector Update
'' Malaysia's CPO production rose by a slight 2.1% mom in Oct, while exports rose by a larger 19% mom. As a result of the smaller mom increase in production vis-''-vis exports, closing CPO stock levels fell by 1.6% mom to 2.1m tonnes in Oct (from 2.13m tonnes in Sep). We believe the continued strength in production numbers in Oct may indicate that monthly production in Malaysia may not necessarily grow from hereon for the rest of the year.
Corporate Highlights
CI Holdings: RM4.60 special dividend and RM0.50 capital repayment proposed Trading Buy
News Update
'' CIH announced that they intend to increase the total amount of cash dividend to RM724.2m (RM5.10/share), from RM568m (RM4/share) previously. This cash dividend will be implemented through a special dividend of RM4.60/share, and a capital repayment of RM0.50/share. The special dividend would be paid out by end-2011, while the capital reduction is expected to be completed in the 1H2012.
Eversendai: 3QFY12/11 net profit declines 22% qoq on high base in preceding quarter Outperform
3QFY11 Results
'' 9MFY12/11 net profit came in within our expectations at 76% of our full-year forecast but trailed market expectations at only 70% of the full-year market consensus.
'' Eversendai's earnings visibility is strong underpinned by RM1.8bn outstanding orderbook at present (including RM823m worth of new jobs secured YTD) and a strong likelihood of it securing another RM500-600m worth of new jobs by the end of the year.
Century Logistics: Challenging outlook in the 4Q Market Perform
3QFY11 Results / Briefing Note
'' 9MFY12 net profit of RM24.1m accounted for 75% of our and consensus full-year estimate.
'' However, we understand that the Johor Port Authority had ordered several floating storage units (FSUs) operating in Pasir Gudang to depart. This is mainly to improve the access routes in the area which has been earmarked for two major projects including the new Petronas RAPID oil & gas project in Pengerang.
MBM Resources: Unfavourable forex trends hit associate contributions Underperform
3QFY11 Results
'' MBM's 3Q11 results disappointed, coming in below our and consensus estimates. 3Q net profit rose 67.3% qoq and 3.3% yoy, taking 9M11 earnings to RM94.8m (-16.1% yoy) or 71% of FY11 estimate.
'' The main reason for the deviation was weaker-than-expected associate contributions arising from unfavourable JPY exchange rates that squeezed profit margins.
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