Bursa Malaysia Stock Watch
Ann Joo Resources: Upgrade to BUY - Buy Ahead of Secular Demand Growth
kltrader
Publish date: Wed, 09 May 2012, 08:58 AM
kltrader
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Upgrade to Buy. We are turning positive on AJR due to: (i) pent-up local steel demand from 2H12 onwards; (ii) a potential long-term high-margin vendor contract from Petronas; (iii) stronger earnings in 2H12 upon the completion of the fine-tuning of its mini-blast furnace (BF) offsetting continued expected losses in the upcoming 1Q12 results. We maintain our forecasts for now but our TP is raised to MYR2.20 (from MYR1.30), as we attach a mid-cycle 1.0x P/BV target (vs. 0.6x trough).
Click here for full report
Source: Maybank Research - 9 May 2012
Click here for full report
Source: Maybank Research - 9 May 2012
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