Bursa Malaysia Stock Watch
RHBInvest Research Highlights 21st December 2011
kltrader
Publish date: Wed, 21 Dec 2011, 02:50 PM
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.
21st December 2011
| Top Story |
| Indonesia Banks ' Double Happiness Neutral (maintained) Sector Update - Indonesian equities were recently boosted by two pieces of positive news. The Indonesian Parliament passed the long awaited land bill that will be a key element in facilitating infrastructure investments that could help to be a strong source of demand for bank financing. - In addition, Fitch Ratings raised Indonesia 's long-term and local currency rating to BBB- from BB+ that lifts its sovereign credit rating to investment grade. - While the Land Bill and Fitch upgrade are positive developments, they were widely anticipated and are likely to have been fully priced in. - We acknowledge Indonesia 's structural growth prospects but retain our cautious near-term view and Neutral call on the sector. Our wariness stems from high absolute valuations that leave banking stocks susceptible to a de-rating of sector multiples from a market correction in view of the deteriorating global macroeconomic conditions. - Related story: Indonesia Banking Sector Update ' A Perfect 10 (18 Nov 2011) |
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| Malaysia Equities |
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| Corporate Highlights |
| UMW Holdings ' New Iraq Power Contract Underperform News Update - UMW's 60%-owned subsidiary Synergistic Generation Sdn Bhd (SGSB) has entered into a US$29.7m contract with PETRONAS Carigali Iraq (PCI) over 55 months for the procurement of materials and equipment and installation and commissioning of equipment and facilities for the setting up of the Garraf Power Plant Phase I in Iraq . - UMW's 22.3%-associate WSP Holdings also recently announced that its board has formed a special committee after receiving a non-binding proposal letter from H.D.S. Investments to acquire all the shares of the company in a possible going-private transaction. - No change to our Underperform recommendation on valuation grounds. Our sum-of-parts derived fair value estimate is RM5.80. - Related story: UMW Results Briefing ' O&G To Turn-Around In 2012, FX Worries Remain (29 Nov 2011) Freight Management' Warrant exercise priced at RM0.97 Market Perform News Update - FM announced that the exercise price of its free warrants will be priced at RM0.97. - Recall that FM had proposed a bonus issue on the 1:3 basis (shares) and 1:5 (warrants) before the proposed bonus issue. - The exercise is expected to be completed by Jan-12. - Based on our estimate, on a fully diluted basis, FY13 EPS will be diluted by 9.3%. - We will adjust our fair value upon the completion of the exercise. Fair value is RM1.15/share based on 6x CY EPS. Related story: Freight Management Results Note ' 1QFY06/12 net profit grows 12.4% yoy (1 Dec 2011) |
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