Bursa Malaysia Stock Watch
RHBInvest Research Highlights 15th November 2011
kltrader
Publish date: Tue, 15 Nov 2011, 10:39 AM
kltrader
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15th November 2011
Top Story: Axiata ' 3Q unlikely to offer any upside surprise Market Perform
Results Preview
'' Axiata's 3Q11 core net profit (results due on 30 Aug) will likely come in moderately higher on a yoy basis, underpinned by unexciting but steady performances at XL and Dialog.
Macro View
GDP: GDP growth bounced back in the 3Q, but prospects darken
Economic Update
'' Real GDP growth is estimated to have bounced back to 4.6% yoy in the 3Q, from +4.0% in the 2Q, due to normalisation of industrial activities after Japan 's earthquake disruption to supply chain receded and a hiccup in the production of a major oil field was resolved in May.
Corporate Highlights
Hibiscus: Adding some zest Not Rated
Visit Note
'' Hibiscus announced its "qualifying acquisition" (QA) involving a 35% equity stake in an early-stage exploration company called Lime Petroleum with three assets in the UAE and Oman for a total cash consideration of US$55m (or RM172.1m). The proposal ' subject to approvals from Securities Commission and shareholders (excluding management's 20%) ' is expected to be completed by 1HCY12.
Maybank: Low credit cost helps boost profitability Underperform
Results / Briefing Note
'' 1Q12/11 net profit of RM1.29bn (+25.1% yoy; +11.4% qoq) was ahead of our expectations, accounting for 54% of our original net profit estimate for the financial period ended 31 Dec 2011. The main variance was lower-than-expected credit cost of 15bps (annualised) vs. our projection of 42bps, partly offset by weaker-than-expected non-interest income.
Regional
First Resources: Resilient growth company Outperform
3QFY11 Results (published 14 Nov 2011)
'' 9M11 core net profit was broadly in line with our and consensus estimates, making up 70-72% of our and consensus' FY11 projections. 9MFY11 revenue rose 59% due to higher CPO prices achieved (+20% yoy) and higher FFB processed (+22% yoy). Despite the higher CPO prices, 9M11 EBIT margins were lower yoy (-4%-pts), due to higher amount of plasma FFB purchased (+27% yoy) and higher depreciation charged for the refinery and fractionation plant (+51% yoy).
RH Petrogas: Below expectations on account of higher administrative costs Outperform
3QFY11 Results (published 14 Nov 2011)
'' 9MFY11 core net profit of US$2.4m was below expectations, accounting for 61% of our net profit (US$3.9m) and consensus (US$4.1m) estimates. 3QFY11 was flattish on a qoq basis.
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