Bursa Malaysia Stock Watch
RHBInvest Research Highlights 22nd November 2011
kltrader
Publish date: Tue, 22 Nov 2011, 02:32 PM
kltrader
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22nd November 2011
Top Story: Allianz ' Provisions impacted 3QFY11 ratios and earnings Market Perform
Briefing Note
'' Allianz made a provision of approximately RM6-8m in the 3Q to settle a lawsuit by Duopharma, with respect to Allianz's current office in KL Sentral. We understand that the lawsuit was inherited when Allianz purchased Commerce Assurance. The parties agreed to settle the matter and Allianz is expected to announce the settlement of the case soon. Taking out the effect of the provision, Allianz's earnings in the 3QFY11 would have been an estimated RM34-36m.
Sector Call
Media Sector: Adex recovers in Oct Underweight
Sector Update
'' Oct's gross advertising expenditure (adex) for TV and print media combined recovered with a sequential monthly expansion of 5.3%, following the depressed Sep adex (since advertisers had spent heavily in Aug due to Hari Raya and Merdeka festivities). On yoy basis, adex growth moderated further for the 3rd consecutive month to 5.1% in Oct (Sep: +4.1% yoy).
Corporate Highlights
Eversendai: Lands RM132m Manjung power plant job Outperform
News Update
'' Eversendai has been awarded by Alstom "mechanical erection for the boiler and auxiliary equipment" worth RM132m of the 1 x 1,000MW Manjung coal-fired power plant extension project.
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