Based on our FY12
EPS of 12.5 sen, Globe is trading at an attractive PE of 9x notwithstanding its
highly appealing dividend yields of 9%. We value the stock at a conservative
RM1.50 based on 12x FY12 EPS and maintain our BUY rating.

any news

Padini still strong.

ALSO GOLDIS

if compare to others the valuation still cheap at single digit. The only setback with the company is not investor friendly;does not like to meet investor.

look like another round of selling.

will be at 2.00 level

good stock to buy and keep when the market is down and uncertain. nowdays all the market is so uncertain.

he is the boss for Icapital.biz. website: http://www.icapital.biz

1.93

Anyone look at Bonia

If can hold for another 2 years, than will be different price. Just like Yeo Hiap Seng. If you did hold since 2009, than could earn 100%.

after you sell padini, what do you buy??

I buy when is way below the 1.60 level. So will wait.

The key takeaway was the group is still in expansion mode as it has achieved good progress on its potential collaboration with FJ Benjamin to expand its market presence for one of its flagship brands, Vincci/VNC in Indonesia.Hence, we reiterate our Strong Buy call and TP of RM2.34

today down to RM8.50

at least 60sen cash is there.

either go down or go up. but if the + turn than up... if is - than down.

anyway tan sri will not sell it cheap.

Yeap same view with you.

If not of europe issue and the slowdown, i doubt will be at this price. Since europe issue is a while now, maybe will be sudden reversal. No body know. I will say all the world is printing money if anything bad come. At the end of the day, all the country will have big debt.

at least assure that there will be 60 sen cash payback.

Do you think Tan Sri Azman willing to sell at cheap price.

Shareholders of ECM Libra Financial Group Bhd <ECMA.KL>

could be in for a bumper dividend after the group's

$890 mln (890 million ringgit) disposal of its investment

banking and securities business to K&N Kenanga Holdings Bhd

<KNNK.KL>.

According to financial executive close to the situation,

ECM Libra is expected to distribute the cash proceeds from

the divestment to existing shareholders in the form of a

special dividend of at least 60 sen per share.

If the consumer confidende is still there and the europe issue can walk away than Padini will not be the price as today and also even for Bonia.

The important issue now is how much stck does ECM own ECM Investment the unit for sell.

SO WHAT IS THE PRICE THAT KENANGA WILLING TO PAY FOR ECM. maybe lower than the price traded for cash portion.

Berjaya Sports Toto (BUY/RM4.25/Target: RM5.30)
BToto shares suspended
What’s new: Shares of Berjaya Sports Toto (BToto) will be suspended with effect from 9am today (5 Jun 12) pending an
announcement.
Comments: BToto is suspended pending a briefing later today. We understand that this is related to the plans of the
company to transfer the listing from FBMKLCI to a Singapore Trust listing. We reckon the response would be lukewarm if
this scheme is not accompanied by added capital management. However, this will still require the approval from the
Ministry of Finance/Government and other parties. At this juncture, our BUY call on BToto is under review.

Privatise at RM3.60

Padini Result - Latest
Revenue : 176006
Profit/Loss before Taxation, MI and EI : 31928
Profit/Loss after Taxation and EI : 24287
Profit/Loss after Taxation : 24287
Basic Net EPS (Sen) : 3.69
NTAB per share (RM) : 0.5100
Gross Dividend per share (Sen) : 2.00

Preceding Year Corresponding Quarter
Financial Period from Date : 2011/03/31
Financial Period to Date : 2011/03/31
Revenue : 147960
Profit/Loss before Taxation, MI and EI : 33354
Profit/Loss after Taxation and EI : 24386
Profit/Loss after Taxation : 24386
Basic Net EPS (Sen) : 3.71
NTAB per share (RM) : 0.4300
Gross Dividend per share (Sen) : 2.00

Current Year to Date
Financial Period from Date : 2012/03/31
Financial Period to Date : 2012/03/31
Revenue : 556574
Profit/Loss before Taxation, MI and EI : 107536
Profit/Loss after Taxation and EI : 79784
Profit/Loss after Taxation : 79784
Basic Net EPS (Sen) : 12.13
NTAB per share (RM) : 0.0000
Gross Dividend per share (Sen) : 4.00

Preceding Year Corresponding Period
Financial Period from Date : 2011/03/31
Financial Period to Date : 2011/03/31
Revenue : 426415
Profit/Loss before Taxation, MI and EI : 79269
Profit/Loss after Taxation and EI : 57219
Profit/Loss after Taxation : 57219
Basic Net EPS (Sen) : 8.70
NTAB per share (RM) : 0.0000
Gross Dividend per share (Sen) : 2.00

Maintain BUY, target price tweaked up to RM3.05 on valuation rollover
Given the absence of major festive holidays in 4QFY06/12, and the lower-thanexpected
3QFY06/12 results, we trim our FY06/12-14 net profit forecasts by –5- 7%. After rolling forward our valuation horizon to CY13, our target price is raised to RM3.05, pegged to an unchanged PE multiple of 9x. We continue to like Bonia for its attractive valuations (CY13 PE of 7.1x against ROE of 20.9%)
and regional exposure. The company plans to embark on an aggressive expansion plan in 2012, across Malaysia (10-15 new counters), Vietnam (8 new boutiques) and Indonesia (2 new boutiques and 6-8 new counters).

BONIA, PADINI, YHS, AEON

a price-to-book ratio of approximately 2.08 times and 2.00 times based on the
audited consolidated net assets (“NA”) per share of YHSM of RM1.73 as at 31
December 2011 and the unaudited consolidated NA per share of YHSM of
RM1.80 as at 31 March 2012 respectively;

The Proposed SCR will be funded by way of a loan from YHSS and/or financing facilities
to be obtained by YHSM from financial institution(s). Any loan made by YHSS to YHSM
pursuant to the Proposed SCR will be funded from YHSL and/or its subsidiary’s internal
resources. The consideration for the Proposed SCR will be satisfied entirely by the
Proposed Cash Amount of RM3.60 per YHSM Share.

The Board of Directors of Yeo Hiap Seng (Malaysia) Berhad (“YHSM” or the “Company”) wishes to announce that Bursa Malaysia Securities Berhad has approved its request for suspension of trading in the securities of the Company until 5.00 p.m. on 31 May 2012.

The request for suspension is in view of the pending release of an announcement relating to a material corporate exercise.

This announcement is dated 28 May 2012.

sell in May Buy later. I hope will go down as you wish.

Big hit to stock price
Wilmar International Limited’s (WIL) stock price took a big hit after
posting a dismal set of 1Q12 results on 10 May, when its core net
profit tumbled 51% YoY to US$206m, meeting just 12% of our FY12
forecast. From the previous day close of S$4.70, the stock closed 9%
lower on the day after its 1Q12 results announcement. And since
then, the stock has fallen by another 13% to hit a recent low of
S$3.71. We note that the stock has also fallen 37% from its 52-week
high of S$5.99.
Muted outlook remains a concern
As we had articulated in our 22 Feb report, the market seems to have
priced in a much stronger recovery which did not materialise. Instead,
WIL’s 1Q12 results suggest that the outlook for its prospects in China
continue to be quite muted, especially on the oilseeds crushing
segment. During its results briefing, management said it continues to
see surplus crushing capacity in China, which may take as long as
three years to clear, suggesting that depressed margins may persist
into the foreseeable future.
Maintain HOLD – valuations now decent
Following WIL’s 1Q12 results, we have already slashed our FY12 and
FY13 core net profit estimates, which are now 9% and 4%
respectively below consensus. Hence, there is little need to readjust
our numbers again. At its current price, we note that WIL is trading
around 12.2x consensus FY12 EPS, or around one standard deviation
below its 5-year mean. During the previous subprime financial crisis,
WIL’s PER fell to a low of 9.7x, or about -1.5x SD below its historical
mean. Given that the market is still adopting a more risk adverse
approach, we lower our fair value estimate from S$4.30 to S$3.87
(based on 13.5x PER versus 15x previously). Maintain HOLD as
valuations are not demanding.

Padini’s share price may continue climbing after the strong showing yesterday. Purchases can be made above the prior 2-day high of RM1.63 with a close below the 23 April gap of RM1.55 as the stop loss. The price target is the psychological RM2.00, provided that the recent high of RM1.80 is broken. A correction may take over if the stock closes below RM1.55.

Trading traits. As we have argued earlier, although Wilmar is
positioned as an upstream/ midstream commodity firm, a lot of
profitability hinges on this segment, where profitability behaves very
much like a trading firm with no real visibility. This is especially so in a
period of volatile commodity prices, which should be taken into account.
This is not helped by the situation in China, where we estimate the
soybean crushing industry is only running at a utilization rate of 50%
Other divisions. The revised Indonesian export duty structure which
came into effect in mid-September 2011 benefited its refineries in
Indonesia but penalized its Malaysian refineries. Overall we expect
neutral effects should the latter implement retaliatory tax rules. The
consumer division grew pre-tax profit 37% yoy to US$50m, benefiting
from price increases in China and the declining raw material prices,
though this segment only accounted for 4% of Group profit last year.
Expect de-rating, earnings risk. We expect further de-rating of the
stock as the market recognizes its trading traits as well as its relative
lack of growth prospects in existing businesses given its dominant
market shares. We also see earnings risk, as we had warned earlier.
Our estimates are lowered by 10-15% and our TP lowered to $3.60
based on 14x FY12F (1x PEG). Maintain SELL.

We came back from a meeting with management with a positive view on Yeo Hiap Seng
(Malaysia) (“YHS”). We reckon that the company, whose name is a famous household brand, is now a potential turnaround story that could be worth following. The main catalyst is that YHS is likely to do well under the helm of a new management and CEO, who has lined up
a more aggressive growth direction for the company. The change in its business model is starting to shape up its earnings turnaround story with 2011 being the turning point and the current year likely to ride on the strong momentum going forward. The company has also a history of paying steady dividends with attractive yields of around 5%-7%.

Right model showing the right numbers. The recent changes in
management, which also saw a new CEO taking the helm, has seen the
new leadership embarking on several initiatives to enhance and grow the
company’s profitability. The company is presently undergoing a business
model restructuring by focusing back on its traditionally strong YHS’s
core brands and products such as Asian soft drinks (ASD), Cintan,
Justea, SoyRich and H-Two-O. Focusing on profitability and the right
product, management has successfully cut down its excessive products
range from over 200 stock-keeping units (SKU) to just 100 and is
correctly targeting only 40 SKU which gives it the highest profitability.

Price: RM2.20
Target Price: RM3.38

Given that Bonia’s products are largely considered luxury goods, we see the strong sales growth as in indication that consumers have yet to tighten their belts, and are still willing to spend. The RM69.4m revenue contribution from Singapore based Jeco Group and better performance from its existing business boosted revenue and net profit by 46.9% and 72.9% respectively.

We continue to like Bonia for: 1) its regional exposure via the
Jeco Group, as well as its own boutiques and counters, and; 2) attractive valuations. Maintain BUY, with a revised FV of RM3.38, based on 11x FY12 EPS

Price RM1.70
Fair Value RM2.15

We re-affirm BUY on Padini Holdings and raise our fair value to
RM2.15/share (from RM1.80/share previously), based on a 10% discount to
our revised DCF value of RM2.39/share (implied PE of 14x FY12F).

Following a recent meeting with management, Padini remains on track to
open another five stores in FY12F, the full impact of which would be felt in
FY13F. Its 3QFY12F results will be released at end-May. We expect a strong
set of 3Q results, as earnings are expected to improve in tandem with its
aggressive store opening. Year-to-date, five out of 10 planned new stores
have opened.

Since April, trendy clothing (circa 25% of Padini) – mainly for Padini
Authentic, P&Co, SEED – have been ordered directly from manufacturers in
China, instead of using agents. As a result, marginal savings in cost and
production lead time have shrunk considerably from six to two months,
enabling Padini to stay relevant within the fashion industry and to churn out
new designs at a faster pace.
• To recap, Padini is still in talks with FJ Benjamin Indonesia with regard to
the Vincci franchise licence. Should this potential collaboration
materialises, it is expected to be finalised by year-end and the distribution
to officially commence in 2HFY13. Given that Indonesia is an untapped
market, the short- to medium-term impact would not be significant until the
size of distribution network in Indonesia grows considerably large.
• We believe that the recent National Minimum Wage Policy of RM900 and
RM800 for Peninsular Malaysia and East Malaysia, respectively, would have
inconsequential impact on earnings. Currently, the lowest salary is the front
line sales staff in East Malaysia at RM600, with only seven stores. Padini
has an estimated 3,000 employees, of whom less than 10% would be
beneficiaries of the new policy.

YHS is very under-owned by the institutional funds, given its
defensive attributes, a strong F&B franchise and a well articulated
expansion strategy, valuation re-rating looks imminent.(Am research)

3.90