Alliance Financial Group; Buy; RM3.75
Price Target: RM4.50 (Prev: RM4.30); AFG MK
Boost from non-interest income
 
3Q12/9M12 results beat our and consensus expectations, led by robust non-interest income and loan
recoveries. Raised FY12-14F EPS by 6-10% on stronger loan and deposit growth, and non-interest income. Maintain Buy; raised TP to RM4.50.


Malaysia Marine & Heavy Engineering; Fully Valued; RM5.51Price Target: RM4.75 (Prev: RM5.00); MMHE MK
Persistent poor earnings

4Q11 earnings were below expectations. Cut FY12/13F earnings by 6%/12%. Maintain Fully Valued with revised RM4.75 TP.




Notion VTec; Buy; RM2.10Price Target: RM2.80 (Prev: RM2.10); NVB MK
A rosy outlook
2012-13 likely to see upside; FY12-14F earnings raised by 14-31%. HDD may benefit from gloomy SSD news. Maintain Buy; TP lifted to RM2.80 (8x CY12 EPS).


 
Jobstreet Corp; Hold; RM2.20Price Target: RM2.40; JOBS MK
Decent sales but tight margins
4Q11 net profit of RM7.5m was below expectations; declared DPS of 2.25 sen. Steady recruitment activities but tighter margins from higher operating costs. Maintain Hold with DCF-based TP of RM2.40.





Malaysia Airports; Hold; RM5.78Price Target: RM6.70; MAHB MK
Result in line

4Q11 core earnings grew 6% q-o-q to RM123m, within expectations; driven by 11% passenger growth.
EBITDA margin fell 3.2 ppts to 28.4%. Maintain Hold and SOP-based RM6.70 TP.