Notion VTec; Buy; RM2.02
Price Target: RM2.10; NVB MK
A temporary setback

1QFY12 turn in RM4.8m net loss; announces 3-for-4 bonus issue and 1-for-4 warrants (free). Expect recovery in FY12, driven by HDD segment. Maintain Buy with RM2.10 TP.

 
Evergreen Fibreboard; Hold; RM1.02
Price Target: RM1.05 (Prev: RM0.85); EVF MK
Earnings surprise

4Q11 earnings fell 21% q-o-q to RM20m, above expectations. Earnings were driven by higher MDF prices, but the impact was mitigated by higher raw material costs. Maintain Hold with a revised RM1.05 TP
pegged to 8x FY12F EPS.


MSM Malaysia Holdings; Fully Valued; RM5.00
Price Target: RM4.15 (Prev: RM3.80); MSM MK
Limited growth prospects

4Q11 net profit of RM76m was within our and consensus expectations. Raised FY12F-13F earnings by 5% each after accounting for higher sugar subsidy of 54 sen. Maintain Fully Valued with adjusted RM4.15 TP, pegged to 11x FY12F EPS.