Bursa Malaysia Stock Watch
RHBInvest Research Highlights 05th January 2012
kltrader
Publish date: Thu, 05 Jan 2012, 10:06 AM
kltrader
0 20,638
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05th January 2012
| Top Story |
| Property ' Bad news priced in but outlook remains challenging Neutral (Upgraded) Sector Update - Fundamentals are still wobbly as property sales are largely driven by GDP growth. Given our GDP growth forecast of 3.6% for 2012, we expect property sales to slow to 5% after a 20% growth in 2011 (annualised). - We prefer larger caps with sufficient liquidity such as UEM Land , Sunway and Mah Sing for trading opportunities if their share price weakens. MREIT ' A defensive pick for property exposure Neutral Sector Update - We remain positive on retail REITs. A strategic combination of asset acquisitions, AEIs and creative events to drive shopper footfalls is crucial to deliver DPU growth. Despite lower average yields compared to other sub-segments, these efforts are more evident in the retail segment. - We prefer Hektar. Due to liquidity concern, investors may consider CMMT and Sunway REIT. |
| |
| Corporate Highlights |
| Proton ' Ball in Khazanah's court Trading Buy Company Update - Given national interest considerations, Khazanah will be obliged to conduct a thorough evaluation exercise to determine the suitor best positioned to add value to Proton. For sustainable long-term value to emerge, we believe a suitor will need to eventually involve a global OEM that can offer access to technologies, new platforms, engines and transmissions. - In our opinion, DRB is the front runner although Naza could also put up a strong case, with both parties well positioned to involve a large global OEM, VW (DRB) and Kia or Peugeot (Naza). - Our Trading Buy call on the stock imputes speculative premium by valuing the stock at 0.5x P/B (30% premium to 0.39x) suggesting a potential value of RM5.00 KFC ' Due diligence expected to be completed by February Trading Buy Company Update - We understand that Massive Equity, the SPV involved in the exercise, is now in the process of due diligence for both KFCH and QSR. The process is expected to take a few more weeks and is slated to be completed by early Feb, barring any unforeseen circumstances. - Our fair value remains unchanged at RM4/share, based on JCorp's offer for the assets and liabilities of KFCH, and we reiterate our Trading Buy call on the stock. |
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luckyman
Larger capital based companies may pose higher donside risk for their share prices especially when the major shareholders may find it more difficult to support the share prices during volatile market conditions.
2012-01-05 14:37