Bursa Malaysia Stock Watch
RHBInvest Research Highlights 25th November 2011
kltrader
Publish date: Fri, 25 Nov 2011, 12:00 PM
kltrader
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25th November 2011
Top Story: Property - MREITs: Health check passed Neutral
Sector Update
'' We revisit our target yields for MREITs under our coverage to account for the declining or even possibly lower KLIBOR going forward. KLIBOR has fallen by 5bps to 3.44% as at end-Oct from 3.49% at end-Jun.
'' We highlight that the MREIT sector's average gearing stands at 0.3x. All MREITs have their gearing below the stipulated level of 0.5x, with minimal cash calls and refinancing risks. REITs with near-term loan maturity such as Quill Capita, Hektar REIT and Sunway REIT have successfully negotiated for refinancing, suggesting that there are still available funding for REITs in the market.
Corporate Highlights
Notion Vtec: Hopes for quick recovery Underperform
Briefing Note
'' Notion guided that 1Q12 revenue will decline 40-45% qoq and may fall into the red. This is mainly due to: 1) declining sales as the floods have affected two of its major customers and orders have stopped since Oct; and 2) provisioning of around RM5m for finished goods that were damaged and insurance shortfall for equipment in its Thailand plant.
TM: Pleasant uplift surprise in margins Trading Buy
3QFY11 Results / Briefing Note
'' 3QFY11 core net profit of RM137m (+8.8% yoy; +1.6% qoq) was above our but below consensus expectations. The key variance in 3Q was better-than-expected ETBIDA margin due to lower other operating costs, as well as lower effective tax rates.
Genting Malaysia : Gaining traction in both Malaysia and UK Outperform
3QFY11 Results / Briefing Note
'' 9MFY11 core net profit was in line with our but below consensus expectations, making up 75.3% of our FY11 projections and 70% of consensus projections.
Genting: Doing well on most fronts Outperform
3QFY11 Results / Briefing Note
'' 9MFY11 normalised net profit was in line with expectations, coming in at 73-77% of FY11 projections.
'' Core PBT rose by 25.8% on the back of a 30.5% yoy rise in turnover in 9MFY11. The increase in turnover and profit was mainly due to the improved revenue and profits from Malaysia , stronger contribution from Genting Singapore 's IR, and better plantations profit on the back of stronger FFB production and CPO prices. Core net profit was down by 12.8% yoy in 9M11, as it was distorted by a positive tax and MI charge recorded in 1Q10 due to huge EI losses.
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