Bursa Malaysia Stock Watch
Kinsteel: Downgrade to Hold - Awaiting Catalysts, Downgrade to Hold
kltrader
Publish date: Thu, 30 Aug 2012, 09:49 AM
kltrader
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- Largely inline. 1H12 core net profit of MYR15m made up 44% of our and 33% of consensus full-year forecasts. We maintain our forecasts as we expect stronger sales volumes ahead from the rollout of big-scale infrastructure projects.
- However, with volatility in the global steel market a concern, we downgrade Kinsteel to HOLD (from BUY) with a lower
- TP of MYR0.40 (from MYR0.49) on a 0.5x trough P/BV (0.7x P/BV previously).
- A re-rating catalyst for Kinsteel could be the potential award of a mining concession to its associate, Perwaja.
Source: Maybank Research - 30 August 2012
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