Bursa Malaysia Stock Watch

RHBInvest Research Highlights 23rd December 2011

kltrader
Publish date: Fri, 23 Dec 2011, 03:44 PM
kltrader
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23rd December 2011
 
Top Story
 
Construction ' Due For A Reality Check                                                                                                                                                                 Neutral
Sector Update
''       We are downgrading our recommendation for the construction sector to Neutral from Overweight. 
''       Investors' confidence and comfort level that the Klang Valley MRT project will start work soon are being chipped away by further delays in the roll-out of certain already long-overdue large-scale projects.
 
 
Sector Update
Building Materials ' Continued weakness for steel; cement affected by increased competition                                                                      Underweight
Sector Update
''       We believe global demand and prices for steel will likely remain weak in 2012 due to slower demand growth in China and the still-less-than robust construction activities in the developed countries.
''       Share price of steel companies are likely to remain depressed in the absence of meaningful margin improvement, although most of them are already trading at trough level valuations.
 
Building Materials ' Continued weakness for steel; cement affected by   increased competition                                                                       Underweight
Sector Update
''       We believe global demand and prices for steel will likely remain weak in 2012 due to slower demand growth in China and the still-less-than robust construction activities in the developed countries.
''       Share price of steel companies are likely to remain depressed in the absence of meaningful margin improvement, although most of them are already trading at trough level valuations.

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