Top Story |
Wah Seong ' A Quiet 2012? Market Perform Visit Note - We met up with Wah Seong's management recently and came away positive on: 1) news that the domestic pipe-coating contracts are picking up; 2) the progress with the Insituform JV; and 3) the ongoing endeavour to segregate the two core business, with the aim for better operational focus. - However, our concerns are: 1) the uncertainty of the domestic pipe-coating contract awards; and 2) the lack of a large international project to anchor earnings for 2012. |
Sector Update |
Motor ' Storm In A Teacup Neutral (Upgraded) Sector Update DRB-HICOM ' Fair value raised to RM3.45 Outperform (Upgraded) UMW ' Fair value at RM6.20 Underperform - Recent media reports suggest that banks are considering measures to tighten HP lending, including restricting buyers to a maximum of two car loans at any one time reducing the margin of financing for the second HP loan (65-70%) and also for loans for "luxury" makes (50%). - We understand that there is no official directive from Bank Negara (BNM). In our opinion, the possible measures are not likely to have a significant impact on auto sales given that the majority of HP borrowers have only one car loan. |
Corporate Highlights |
Public Bank ' Results in line but dividend slightly disappointing Outperform Results / Briefing Note - Public Bank's 4Q11 results were in line with our and consensus estimates but the interim net DPS of 28 sen declared was below our expected 31.5 sen. Full-year net payout was 48.3% was below our 52.5% assumption, which we suspect was partly to conserve capital as BNM has yet to announce its stand on the countercyclical buffer. |
Chart | Stock Name | Last | Change | Volume |
---|
2024-07-24
PBBANK2024-07-24
PBBANK2024-07-23
DRBHCOM2024-07-23
PBBANK2024-07-22
DRBHCOM2024-07-22
PBBANK2024-07-22
PBBANK2024-07-21
PBBANK2024-07-19
DRBHCOM2024-07-18
PBBANK2024-07-18
PBBANK2024-07-18
PBBANK2024-07-18
PBBANK2024-07-18
PBBANK2024-07-17
PBBANK2024-07-17
PBBANK2024-07-16
PBBANK2024-07-16
PBBANKCreated by kltrader | Oct 11, 2012
Created by kltrader | Oct 11, 2012