Affin Hwang Capital Research Highlights

HwangDBS Research Highlights - 28 March 2013

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Publish date: Thu, 28 Mar 2013, 09:22 AM
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This blog publishes research highlights from Affin Hwang Capital Research.

Malaysian Bulk Carriers; Trading Buy
Fair Value: RM2.00; MBC MK
Value emerging

Earnings turnaround on the horizon with timely vessel acquisitions to leverage on strong recovery. POSH listing by end-2013 an impending re-rating catalyst. Strong vote of confidence from director with share repurchase. Compelling valuation at record low P/BV multiple; 28% upside to RM2.00 fair value (mean valuation).


TA Enterprise; Buy
Fair Value: RM0.85 (Prev RM0.90); TAE MK
Rising property sales

4Q/FY13 earnings in line, lifted by property and hotels. A decent-sized broker with exposure to property business via TAGB (TA Global). Maintain BUY rating with SOP-derived TP of RM0.85.

Source: HwangDBS Research - 28 Mar 2013

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