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