Bursa Malaysia Stock Watch
RHBInvest Research Highlights 18th November 2011
kltrader
Publish date: Fri, 18 Nov 2011, 11:21 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
18th November 2011
Top Story: Super Group ' Regional 3-in-1 Instant Beverage Player Outperform (New Coverage)
Initiation Report ( Singapore )
'' Super Group, based in Singapore , is an instant F&B brand owner and manufacturer of more than 200 instant beverages and convenient food products which is distributed worldwide. It derives its revenues from two main sources, i.e. branded consumer segment and ingredient segment which accounts for 83% and 17% of total group revenues respectively.
Regional Sector Call
Indonesia Coal: Resilient in times of uncertainty Overweight (New Coverage)
Sector Initiation ( Indonesia )
Tambang Batubara Bukit Asam (PTBA): A sleeping giant ' Fair value IDR20,750 Outperform
Adaro Energy: Integrated coal player from pit to power ' Fair value IDR2,350 Outperform
Harum Energy: Small but attractive ' Fair value IDR9,050 Outperform
Indo Tambangraya Megah (ITMG): Quality coal but limited reserves ' FV IDR45,600 Market Perform
'' We initiate coverage on Indonesia 's coal sector with an Overweight stance. Despite uncertainty in the global economic outlook, we believe the coal sector will remain resilient, driven by favourable demand-supply dynamics in the global seaborne thermal coal trade. Indonesia will be the prime beneficiary, being the largest exporter of thermal coal in the seaborne market.
Indonesia Banks: A Perfect 10 Neutral
Sector Update
Bank Rakyat Indonesia : Fair value IDR6,700 Market Perform
Bank Mandiri: Fair value IDR6,700 Market Perform
Bank Central Asia : Fair value IDR6,300 Underperform
Bank Danamon: Fair value IDR4,700 Market Perform
Bank Indonesia (BI) released banking industry data for Sep that revealed solid metrics.
'' This was in line with expectations given robust earnings growth seen during the recently concluded 3Q11 reporting season and consistent with the steady 6.5% GDP growth achieved during the quarter.
'' System loan growth accelerated to +25.2% yoy, up from +23.9% in the preceding month.
Sector Call
Rubber Gloves: Falling Latex Prices = Improving Sentiment Towards Glove Manufacturers Neutral
Sector Update:
'' Since hitting a peak of RM10.93/kg back in Apr '11, latex prices have broadly been on a down trend and more recently, saw a significant decline from RM7.55/kg to around RM6.77/kg currently in over two weeks which we believe was due to: 1) concerns over slower global economic growth ahead, which could hamper demand for commodities; 2) the flooding in Thailand could lead to potential disruptions to automotive manufacturers' operations there, leading to lower demand for rubber; and 3) easing concerns on latex supply issues over in Thailand given that the major tract of the country's rubber plantation is located in the south.
Malaysia Corporate Highlights
Tan Chong Motor: A Disaster Hit 2011 Market Perform
3Q11 Results
'' Tan Chong's 3Q11 results were below our and consensus estimates.
'' Net profit for the quarter of RM54.6m (-3.4% qoq and +10.6% yoy) brought cumulative 9M11 earnings to RM185.1m (+4.2% yoy) that reached 70.3% of our previous 2011 forecast.
'' The main reasons for the weaker-than-expected earnings include start-up costs at Nissan Vietnam and othe costs incurred for regional expansion and upgrade of existing facilities.
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