Bursa Malaysia Stock Watch
RHBInvest Research Highlights 14th November 2011
kltrader
Publish date: Mon, 14 Nov 2011, 09:57 AM
kltrader
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14th November 2011
Top Story: Eversendai ' Substantially insulated from the European debt crisis Outperform
Briefing Note
'' Eversendai reiterated that it is on track to meet its IPO net profit forecasts of RM116.7m and RM130.2m in FY12/11-12 and FY12/11 new orderbook guidance of RM1.4bn.
'' It expects "hectic" times ahead in Malaysia underpinned largely by potential jobs from the Manjung and Tanjung Bin power plant extension projects.
Macro View
Interest Rates: Bank Negara left the OPR unchanged at 3.0%
Economic Highlights (published 14 Nov 2011)
'' BNM Monetary Policy Committee (MPC) kept the OPR unchanged at 3.0% on 11 Nov. This was the third consecutive meeting BNM maintained its OPR unchanged, as economic growth improved in the 3Q, due primarily to stronger domestic demand and an improvement in export performance, on the back of firm regional demand and the normalisation of trade flows from supply chain disruptions.
Corporate Highlights
UEM Land: Benalec's reclamation ' The key kicker for Iskandar Trading Buy (upgrade from UP)
Company Update
'' We believe Benalec's recently announced mega reclamation project in Johor's Tanjung Piai (3,485 acres) and Pengerang (1,760 acres) will be the key kicker for Iskandar. The O&G hub will be the key theme to spur foreign investments especially from the O&G players operating in the region. We are more upbeat this time, as investments or tie-ups in the past were mostly concentrated on property development.
TH Plantation: Acquires two companies with 19,782ha of land Outperform
News Update
'' TH Plant has entered into two separate conditional S&P agreements: 1) With Sawit Green Plantation to acquire a 70% stake in Hydroflow for RM73.5m, which owns 8 parcels of land with provisional leases in the Sedilu-Gedong district of Sarawak, with total land area of 5,602ha. 693ha (12.4%) of the 5,602ha of land is planted, with 85% of planted land more than 4 years in age; and 2) With two Indonesian individuals to acquire a 93% stake of PT Persada Kencana Prima (PKP), for Rp46,211.96m (RM16.82m), which has a Plantation Business Permit (Izin Usaha Perkebunan) to operate 14,180ha of plantation land in Seseyap Hilir, Tana Tidung District, East Kalimantan .
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