RHBInvest Research Highlights 09th February 2012

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RHBInvest Research Highlights 09th February 2012

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Publish date: Thu, 09 Feb 2012, 10:09 AM

09th February 2012

Malaysia Equities

Top Story

Gamuda ' A Tale Of Two Rail Projects Market Perform

Visit Note

- Apr 2012 remains the most critical for Gamuda as it is when the RM7-8bn tunnelling package of the Sg Buloh ' Kajang (SBK) Line of the Klang Valley MRT project is expected to be awarded.

- We believe there is more than half a chance that MMC-Gamuda JV will emerge the winner given its tremendous edge over its rivals by virtue of its right to match the lowest bid under a "Swiss challenge", sweetened by a 7.5% "price preference".

Corporate Highlights

MBSB ' 1Q12 Headline Income Indicators In For A Rebound? Market Perform

Company visit

- Management attributed the 22% qoq drop in 4Q11 pre-tax profit to: 1) higher funding cost from loan securitisation; 2) lower processing fee from slower PF-i disbursements; and 3) higher loan impairment allowances due to higher collective allowances for PF-i. Management said that 4Q11 gross loans were flattish qoq mainly due to slower PF-i disbursements during the quarter as MBSB had already met the full-year disbursement target in early-4Q11.

Dialog ' Tie-Up With Atlas Global Oil And Gas Services Outperform

News Update

- Yesterday, Dialog entered into a shareholders agreement with Atlas Global Oil and Gas Services (ATG) to establish a 55:45 JV to market, promote and supply seismic technology and services.

WCT ' Lands RM301m MITI Building Job Market Perform

News Update

- WCT has secured construction contract for the new 31-storey headquarters of the Ministry of International Trade & Industry in KL for RM300.5m.

- This is the first key contract WCT has secured so far in FY12/12, boosting its outstanding construction orderbook by 10% to RM3.3bn. Assuming an EBIT margin of 7-8%, the contract will fetch RM21-24m EBIT over the construction period ending Feb 2015.

- Forecasts are maintained as we have already assumed WCT to secure RM1.5bn worth of new contracts in FY12/12. Maintain Market Perform. Fair value is RM1.97.

- Related story: WCT Company Update ' FY12/11 New Contract Wins Fall Short Of RM2bn Target (9 Jan 2012)

Pavilion REIT ' Off To A Good Start Outperform

Results / Briefing Note

- 4Q11 net profit was in line with expectations. A DPU of 0.44 sen was declared for FY11.

MRCB ' FY12/11 Core Net Profit Grows 7% Trading Buy

Results Note

- FY12/11 core net profit of RM72.2m (excluding RM5.3m writeback of impairment in 2Q) came in within our forecast but missed the market consensus by 14%.

Regional Equities

Genting Singapore : Potential To Gain Market Share In 4Q11, But ' Market Perform

Company Update

- In 4Q, Marina Bay Sands (MBS) recorded weaker casino volumes, as rolling chip (VIP) volumes fell 35.6% qoq, while mass volumes fell 4.5% qoq and slot volumes fell 1.7% qoq. Bottomline growth was stronger vis-''-vis topline growth, as VIP win rate rose significantly to 3.34% (from 2.69% in 3Q11), above theoretical levels of 2.7-3%.

GAMUDA (5398)MBSB (1171)DIALOG (7277)WCT (9679)PAVREIT (5212)MRCB (1651)

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