Bursa Malaysia Stock Watch
Kossan Rubber Industries RM3.07: Buy
kltrader
Publish date: Fri, 18 Nov 2011, 09:59 AM
kltrader
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Staging an earnings recovery Shariah-compliant
Marked QoQ improvement. 9M11 net profit of RM68m (-24% YoY)was below expectations, at 67-68% of our and consensus full-yearestimates. Our 2011-13 EPS forecasts is cut by 8-12% on lower salesassumption. Nevertheless, 3Q11 earnings has outperformed the latexfocusedpeers with its net profit rising by 13% QoQ. We think the recentsharp drop in latex cost (-18% MoM) is a fresh catalyst to the stock and2013 PER valuation of 8.4x is undemanding. Maintain Buy, with amarginally lower DCF-derived TP of RM3.50 (from RM3.60).
Maybank research (18 November 2011)
Click here for full report ''
Marked QoQ improvement. 9M11 net profit of RM68m (-24% YoY)was below expectations, at 67-68% of our and consensus full-yearestimates. Our 2011-13 EPS forecasts is cut by 8-12% on lower salesassumption. Nevertheless, 3Q11 earnings has outperformed the latexfocusedpeers with its net profit rising by 13% QoQ. We think the recentsharp drop in latex cost (-18% MoM) is a fresh catalyst to the stock and2013 PER valuation of 8.4x is undemanding. Maintain Buy, with amarginally lower DCF-derived TP of RM3.50 (from RM3.60).
Maybank research (18 November 2011)
Click here for full report ''
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