Bursa Malaysia Stock Watch
RHBInvest Research Highlights 16th November 2011
kltrader
Publish date: Wed, 16 Nov 2011, 10:21 AM
kltrader
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16th November 2011
Top Story: APM ' New opportunities in 2012 Market Perform (up from UP)
Results Preview
'' APM is due to announce 3Q11 results after market close on 17 Nov. We are looking for a quarterly net profit of about RM32m, flat yoy but up about 14% qoq.
Corporate Highlights
Tan Chong: Murky near-term outlook Market Perform
Results Preview
'' We expect Tan Chong to report 3Q11 revenue and net profit of about RM950m and RM58m respectively.
Dialog: Competition in Pengerang? Outperform
Company Update
'' Recently, Benalec announced that its subsidiaries had received approvals from the UPENJ to undertake mega reclamation works in both Tanjung Piai (3,485 acres) and Pengerang (1,760 acres) to facilitate the development of O&G and maritime hubs. We also understand from market sources that the company has started negotiations with Petronas on the possibility of the US$20bn RAPID project being located at its site in the future. This is in contrast to previous news reports that RAPID will be sited behind Dialog's deepwater tank terminal and suggests possible competition for Dialog.
Perdana Petroleum: Private placement finally announced Underperform (down from MP)
News Update
'' The company announced that it is undertaking a 10% private placement exercise to a third party investor which will be identified at a later date. Completion of the exercise is expected by 4QFY11.
CIMB: ROE may fall short of 17% target Underperform
3QFY11 Results / Briefing Note
'' CIMB's 3Q net profit of RM1.01bn (+10.5% yoy; +4.3% qoq) was within our and consensus expectations with 9M net profit of RM2.9bn up 9.7% yoy.
Carlsberg: 9MFY11 earnings grew 25.4% yoy Outperform
3QFY11 Results
'' Carlsberg reported 9MFY12/11 net profit of RM128.8m (+25.4% yoy), which was above expectations, accounting for 83% of our and consensus full-year forecasts. The main variance to our forecasts was the stronger-than-expected 9MFY11 EBIT margin of 14.8% (vs. our full-year FY11 EBIT margin of 12.8%) which expanded by 1.8%-pts yoy.
Wah Seong: Marginally below expectations Market Perform
3QFY11 Results
'' 9MY11 net profit of RM90.8m was slightly below expectations, accounting for 71.6% of our (RM127.0m) and 73.1% of consensus (RM124.3m) estimates.
CI Holdings: Permanis deal completed with no new firm target Market Perform (Cease Coverage)
1QFY12 Results / Briefing Note
'' 1QFY06/12 net profit of RM7.3m (-37.8% yoy) was below expectations, accounting for only 21% and 15% of our and consensus full-year earnings forecasts. This is mainly due to the higher sugar prices as a result of the subsidy removal in Jan 2011, causing gross margins to erode by 2.3%-pts yoy.
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