Unisem is also our top pick
Unisem remains a Trading Buy and our top pick within the semiconductor space. We expect the company to report net profits over the next few quarters. We prefer Unisem to MPI given its higher trading liquidity, beta and free float. The recent pull-back in share price should present an opportunity for investors to accumulate the shares. Our target price of RM1.87 is based on 1.25x FY13 P/BV, a 25% premium over its 5-year historical average.

Top pick is JCY
Notwithstanding its continued share price outperformance, we believe there is further upside from positive earnings announcements in the next two quarters. JCY remains our top pick in the non-semiconductor segment with a Trading Buy call and target price of RM2.22. Our target price is based on 6x CY13 P/E, the sector average.

Review of semiconductor
stocks
As previously highlighted, both MPI
and Unisem, reported poor sets of
results during the seasonally-weak 1Q.
Demand during the quarter remained
weak but we understand that orders
started to pick up towards the tail end.
Utilisation rates also improved
slightly during 1Q12 (Unisem’s was
60% while MPI’s was in the the low
60s) and are expected to rise back to
70-80% levels in 2Q12. Unisem’s
results were in line but MPI slightly
disappointed. We expect earnings to
gradually strengthen in the next 2-3
quarters.

分析員認為，巴生谷捷運計劃的雙溪毛糯-加影線（KVMRT SBK）工程，為建築領域帶來的熱潮已過，建議轉看因需求高漲而前景看俏的建材股項。
巴生谷捷運計劃中的雙溪毛糯-加影線為經濟轉型執行方案（ETP）下，最大型的單項基建發展計劃，工程合約總值200億令吉。
截至目前，政府已發出了上述工程68%的工程合約，或相等於31份總值136億令吉的合約。
不過，馬銀行投資銀行研究分析員表示，料尚未發出的合約不會為研究的建築公司帶來更多好處，因為大部分的公司早前都已獲得合約。
資料顯示，當中22項合約即將公佈奪標者，而剩餘的33份合約將在未來數月內公開投標。
“反之，我們建議投資者轉看建材股。建材公司盈利料會隨著需求大增而上揚。”
分析員表示，建材公司因為上述基建工程而受惠，包括有鋼鐵業者為此工程供應50萬噸的鋼鐵。
他也因此看好鋼鐵領域的前景，並挑選安裕資源（AnnJoo，6556，主板工業產品股）和錦記鋼鐵（Kinsteel，5060，主板工業產品股）為領域首選。
環線捷運年杪前料獲批
另外，分析員根據顧問公司調查進度，估計政府將在今年杪前，核准環線捷運（Circle）和捷運3號線的工程，以配合在2013年啟動工程的目標。
分析員指出：“我們預料兩項新工程會在2013年末季公開投標，並最早在2013年杪或2014年初動工。”
據述，環線捷運長達39公里，而捷運3號線則50公里。

Low-cost planting
stocks are low but there is the potential of planting stocks, such as (CEPAT,)and (SHCHAN).

Cheap bank and financial
stocks than other large banks, companies, such as MBSB and Affin Bank.

growth stocks
in each of the past few years the results have good growth stocks, such as the the PADINI, MBSB, HARTA and CANONE.

growth stocks
in each of the past few years the results have good growth stocks, such as the the PADINI, MBSB, HARTA and CANONE.

High performance of dividends stocks

First and Final Tax Exempted Dividend of 3.8 sen per share for the financial year ended 31 December 2011.

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted [ "Ex - Dividend" ]
as from : [ 29 August 2012 ]

2) The last date of lodgement : [ 3 September 2012 ]

3) Date Payable : [ 28 September 2012 ]

Cheaper compared with the peer valuation
PE ratios compared with their peers, Kimlun enterprise is trading at a discount of 47%. It also gained 3.4% dividend yield, and 2011-13 fiscal years, a strong 20 percent compound average annual growth of the long support.
The contribution of the manufacturing sector. The Kingland enterprise manufacturing business contributions, mainly from the ready-mix cement concrete product.
It is already the major supplier of light rail projects in Singapore. Ready-mix cement concrete product demand will be from Singapore to expand light rail network engineering.
Singapore plans in 2020, the MTR network, extending from the existing 138.2 km to 278 km. This project, together with other infrastructure projects, expected to be up to about 122 billion ringgit in the next 10 years.
With a proven track record, so it is a great opportunity to benefit from the works of ready-mix cement concrete accessories from the Sungai Buloh - Kajang MRT scheme's tunnel, the tunnel project value is expected to reach 8 billion ringgit.

Nextnation (NEXTNAT, 0096, the GEM Science and Technology Division) Looking after the successful completion of the outsourcing contract in Indonesia, by the hands of the Indonesian customers to get more projects.
The, Nextnation Managing Director and Chief Executive Officer Zhengbo Yi expressed the belief that Indonesia PTInovisi Infracom awarded to the outsourcing of Internet and broadband connection works from the receipt of more projects.
"PTInovisi Infracom is a large telecommunications company, holds about $ 120 million (about 300 million $ 1.09 million ringgit), Internet and broadband connectivity projects, involving large-scale telecommunications stations and power plants business in Indonesia, I believe in do this project, we can continue to get the contract from the customer's hands. "
He said that Malaysia's data server market is already saturated in 2,3 years ago, about 30 percent of the domestic market only accounts for corporate income and slow growth in the future will see Asia and other foreign markets as the propagation direction.
In addition, Zheng Boyi issued in PTInovisi Infracom total price of $ 2,000,000 (6,000 to 9.86 million ringgit) outsourcing project is expected to earn 30% profit, and contribution to earnings in the third quarter of this year for the company.

(UNISEM, 5005, Science and Technology Division), the reasonable price of one ringgit 84 cents, to outperform the market optimistic about the Chinese demand for chips is stronger than expected, Chengdu business materials to support future earnings growth in the long run, Industrial optimistic about the company is expected through cooperation with a customer, advanced packaging technology knowledge.

MISC’s downtrend is likely to continue after closing below its May
low yesterday. A position can be liquidated below the broken
support at RM3.94, with support expected at the round figure of
RM3.50. However, the weak bias will be erased should the stock
close above the recent high of RM4.35, which may lead to a
rebound. Resistance is expected at the psychological RM5.00.

Puncak Niaga may trade lower after closing weaker in the past 2
days. This should be confirmed by a close below the 200-day MAV
line of RM1.26. Traders may liquidate if this happens, with support
lying at the prior lows of RM1.10 and RM0.95. This weak bias will be
nullified should the stock close above RM1.40, which may also lead
to a rebound. Resistance levels lie at RM1.60 and RM1.75.

Alam may rebound after holding above the RM0.50 support level . However, its upside bias can only be confirmed if the
stock closes above the 3-day high of RM0.53, and a purchase can be
made if this happens. The stop-loss is a close back below RM0.50
while the price target is the gap of 15 May at RM0.64, provided that
it violates the recent high of RM0.56. A close back below RM0.50
should see the downtrend continue, with supports at RM0.43 and
RM0.37.

maintaining our BUY call as we expect MBSB's sequential performance to be well supported by both its corporate and retail businesses, especially personal financing. Our FV is unchanged at RM2.70, pegged to 2.6x PBV, assuming a 4% growth rate, COE of 11% and ROE of 23.7%.

Dai Yue Group (of DIALOG, 7277, Main Board of Trade and service group) side of Jia Lan deep-water pier oil terminal has made good progress and is expected to 500 acres reclamation of 150 acres, in order to facilitate the first phase of plans to start to Bali marginal oil field program in full swing in the development of a stable business model to provide a good cash flow, OSK Research favorite defensive oil and gas stocks.
Bali to marginal oil field program was in full swing
OSK recently met with the leadership layer was informed that the 150 acres reclamation sufficient development capacity of 1.3 million cubic meters of the first phase of the terminal, the oil storage terminal a total capacity of 5 million cubic meters.
The line was also informed that, if necessary, the first phase of the terminal capacity can be expanded to another 100 million cubic meters. The first phase of the original 1.3 million cubic feet of terminal expected 2013 year-end was completed and put into service in 2014.
Dai Lok Group and the Malaysian ROC Petroleum (Holdings) Pte Ltd and Petronas mining with hand marginal oilfield development in Sarawak to Bali (Balai) oil and gas resources, the risk-sharing contract for the wearing of music 32%, 48% of the ROC oil National oil exploration 20%.
The works up to 15 years, the three parties is expected to sharing oil rig and other oil and gas service providers to create new jobs. "
OSK pre-caution and slow forward, wear Coral Holdings over the years steady progress is a strong management team.
"Compared with other smaller peers, we Dai Yue Group Practice edge Jia Lan central storage terminals and Bali to plan with confidence."
The management even before the planned detailed and extensive research based on both a balanced cycle of income and high-risk plan, the future, Dai Yue Group will rise for the risk-reward attractive stocks only.
Maintain a "buy" rating unchanged target price of RM3 7 cents. June 2012 expected cut-off the financial year net profit growth of 24.5 percent to 100 000 000 8,000 9.3 million ringgit is expected dividend per share of 3.5 cents, Zhou interest rate of 1.6%, return on equity of 29.4% (28.7%) fiscal year.

commercial peak (PUNCAK, 6 807, the motherboard infrastructure projects group) performance turnaround, performance exceeded expectations, analysts expected the company to enter the new oil and gas fields, will be the re-valuation of the stock catalyst.
CIMB Research said the good news business peak performance, first quarter net profit rose 38 percent to $ 8.4 million ringgit, the whole year of 200 000 000 7,000 4,000,000 ringgit, which was significantly higher than expected turnover also jumped 36.1%, This is mainly due to the water 25% increase in 2012, while the compensation of a sum of 200 million to 50 million ringgit, increased the contribution of oil and gas investment (accounting for 6% of turnover).
The bank has also underestimated the profit of the commercial peak amplitude, reached a total of 35.3% compared to 13%) (oil and gas business, beyond the bank estimated that the annual 29 percent earn rate forecast, and therefore increase its earnings per share forecast.
The peak of high industry has not yet been announced to take over the progress of the Selangor water assets, this is not surprising, is expected this Xu election results.
On the other hand, due to snow states do not allow it to increase since 2009, water charges, arrears under the company's 1.7 billion ringgit of total receivables.
Oil and gas revenue is
expected to increase to 1 billion
As for the commercial peak began to diversify the business into the oil and gas industry, the marginal oil fields of the Petronas tender contracts expected to accelerate and potential winners will be clarified in the second half of peak oil and gas companies to win contracts, oil and gas revenue from May each year 100000000-700000000 Seen Through rose to about 9 billion to 10 billion ringgit.
The Kenna Ge said that the providers in all sectors of the peak-peak make significant improvements, as well as new business (oil business) started to provide new contributions to make it quarterly results beat Wall Street forecasts.
The bank pointed out that the commercial peak of the oil sector in the stock was re-valuation of the main catalyst, is expected to achieve more than 500 million of 500 million ringgit project, at any time will bring surprises.
The CIMB keep buying the stock recommendations and target price of one ringgit 45 cents. Ken Nage also maintain stock performance rating to outperform, target price increased from 2 ringgit 70 cents to 3 ringgit and 1 cents.

Johor, pharmaceutical and healthcare (KPJ, 5 878, the Main Board of Trade and service groups) in the first quarter results in line with market forecasts, analysts believe the company's continued expansion of the existing size of the private hospitals, to establish at least one new private hospitals and expansion of overseas The market will be to promote its future business growth of the main catalytic factors.
Built each year at least one hospital
Industrial studies have indicated that the company is expected to the Klang satellite city specialist hospitals (200 beds) opened in June (90 beds) facilities, as well as in the second half of the new Sabah Medical Centre (to replace existing facilities) 100 beds.
Industrial research that is expected to Brazilian Gudang hospital will be built this year tip of Jun. Its beginning in the second half of the new hospital will push earnings. Meanwhile, the company is actively expanding the two new hospitals to meet market demand.
Pacific Securities, the company intends to strengthen its overseas markets, including Cambodia, Vietnam and Thailand, is expected to be the next wave of business growth momentum.
ECM Libra pointed out that the company's 2012 fiscal year 201 capital cost of 100 million to RM50 million and 200 million ringgit. (120 beds) in Muar Johor Bahru, Datuk Ong Tee Town (400 beds) is expected to be put into operation in 2013 and 2014.
Industrial Research 2012 to 2014 diluted earnings per share forecast to be reduced by 4.3% a year, they were 24.2 cents, 29.4 cents and 34.4 cents.
Forecast a net profit of RM 100 million to $ 9.7 million, 100 million $ 2.3 million ringgit and 200 million $ 3 million ringgit.
Volkswagen pointed out that the poor global economic outlook, provided that the company's business prospects remain attractive, especially its defensive nature, and the sound long-term growth of private medical care, to enable the bank to maintain its earnings forecast, 2012-2014 The net profit forecast of 100 000 000 6,000 10 300 000 RM 100 million $ 3.4 million ringgit and 200 million a $ 2.7 million ringgit.

HSL (BUY)
A constant performer

1QFY12 earnings grew by 11% YoY to RM19.6m (3.58 sen/share) making up 20% of ours and consensus’ estimates respectively.
Consistent delivery… YoY, revenue grew by 13%, buoyed by a pick-up in construction activities which grew by 14%.
Property growth…The projects are expected to come on stream in 2013 and will see greater contribution going forward.
RM1bn order book…Overall, HSL has an outstanding order book of ~RM1bn, translating to ~1.8x FY11’s construction revenue and ~1.2x order book-to-market cap ratio.
Maintain TP of RM2.21 based on 12x average FY12 and FY13 earnings.

Malaysia bulk cargo (MAYBULK, 5077, the motherboard Trade and service groups) in the first quarter net profit fell 41.25 percent, analysts fear the global economic slowdown and weak demand caused by the shipping the oversupply material more severe challenges.
Slowdown in shipping trade
Pacific Securities, said the international dry bulk cargo transport market barometer of the Baltic Dry Freight Index (BDI), freight excess supply, shipping trade slowdown continue to weigh on the market, May 31 fell 13.6 percent to 950 points, low the psychological level of 1,000 points, more May 23, 1100.
"Based on weak demand and excess supply, we believe that the Malaysia bulk freight operations face challenges this year."
Shipping cost trend soft
Dry bulk ship put into operation on the market pose a huge threat, huge supply growth lead to increasingly soft freight rates. As of April this year, shipbuilding orders reached 100 million to $ 9 million cargo weight of the total tonnage (DWT), the majority of the next two years and put into operation. Existing ships put into operation up to 600 million 15 million DWT, in other words, every four ships put into operation, there is a new boat.
"Supply side, China's iron ore stockpiles rise, greatly reducing the demand for iron ore, so that the shipping industry struggling to survive worse; steel prices, the manufacturers prefer to buy second-hand nearest to the port warehouse, also led to China's iron ore April imports fell to a six month low of 5,000 to 7.7 million tons.
Shipping freight to lower
the impact of the first quarter net profit
The first quarter results in line up the securities, but below market expectations; core net profit of $ 7.4 million ringgit equivalent to about 24% of the bank expected. Special items, net of $ 3.6 million ringgit in the first quarter core net profit year-on-year real tumbled 61.7 percent, lower freight rates is the main reason.
Turnover falling 31.17% 7,000 199 000 1,000 ringgit, of which the amount of dry cargo operations decline 48 percent to $ 7.7 million ringgit annually, falling freight rates more than half to 10 000 and $ 793 a day. The tanker Turnover fell 36 percent to 6.7 million ringgit its freight rates fell 20 percent year-on-year to a daily 1 million to $ 77.
Associated companies PACC offshore services net profit increased 3.4 times to 8.1 million ringgit and foreign exchange gains, sale of the vessel proceeds to improve the offshore vessel rental fees for profit the main reason. "
Maintain a "sell" rating and target price of RM1 each 10 cents the same. Accounts audit relationship between the 2012 and 2013 financial year net profit to increase by about 1% to 7 $ 1.1 million ringgit and 1 $ 201 9.5 million ringgit.

with the RM 100 million to $ 5.6 million contract awarded by ExxonMobil, the environment, maritime resources (ALAM, 5115, Main Board of Trade and service group) holding 51 percent of the company of $ 3 to $ 1.55 million ( about 9,000 to 4.65 million euros) to acquire a work boat.
Analysis
Ship acquisition plan to the environment, maritime resources to extend the offshore business plan, access to analysts optimistic.
The Kenna Ge said that the loan financing for 80%, 20% of the stock, a stake, the company should set aside RM10 million, mainly internal funds.
Ken Nage optimistic about the company's prospects, expected in the next few months will receive a new contract of 190 million ringgit, to drive the business performance of the second half of 2012 fiscal year.
Full year, orders for the company is expected to reach 440 million ringgit.
As has long been incorporated into the ExxonMobil contract, Kenna Ge maintain 2012 to 2014 financial year 6,000 2100000-9 $ 4.9 million ringgit profit forecast.
The rating and target price "outperform" and one ringgit 14 cents

世紀教育集團（SEG，9792，主板貿服股）董事經理許志國，因購買SYF資源（SYF，7082，主板消費產品股）10%股權，宣告晉身為大股東。
根據文告，許志國透過其私人投資公司——HCK Equities私人有限公司，昨天在場外以每股50仙，購買SYF資源2710萬股，或相等於10.01%股權。
另外，原持有1970萬股的SYF資源大股東拿督王國良（譯名），也在同一天脫售集團1100萬股。
股價揚2%
消息傳出後，SYF資源股價今日閉市報51仙，上揚1仙或2%，全日成交量為402萬3200股。
《星報》引述許志國表示：“SYF資源計劃整頓業務，包括投資上游業務，同時也有意增加收入來源。”
他補充，入股SYF資源，因為對其未來發展十分有信心。
SFY資源最近完成重組計劃，根據其財報，目前所有計劃如期進行，同時也不斷尋找業務增長計劃，包括或與以聯營方式投資產業發展領域。
截至2012年1月31日財年次季，SYF集團營業額和淨利，分別為4220萬令吉320萬令吉。

Malaysia Building Society Bhd (MBSB) signed a debt settlement agreement for RM120m with Twin Pavilion Development Sdn Bhd to revive and complete the partially completed Pantai Plaza project in Bangsar.

MAINTAIN OUTPERFORM

We expect a stronger 2H12 on the back of improving contracts replenishment flows and a sustainable healthy vessels utilisation rate of 80%. Also, ALAM is aggressively bidding for more long-term contracts.

Valuation Maintaining our TP of RM1.14 based on 10x Fwd PER (-0.5SD) on our FY13E EPS estimate of 11.4 sen.

maintain BUY on Alam Maritim Resources (Alam), with an unchanged fair value of RM0.85/share, pegged to an unchanged FY12F PE of 12x ' at a 25% discount to the oil & gas sector's 16x.

Totally agree with you.

The second half of the large-scale plan to support Kum Kee Steel earnings call
Financial News Finance 2012-05-16 19:36
(KUALA LUMPUR) Kam Kee steel (Kinsteel, 5060, the board of industrial products shares) in the first quarter successful turnaround, analysts pointed out that the second half of the large-scale plan to stabilize the company needs, but the international steel market volatility risk .
Kum Kee Steel yesterday announced a performance from the current downturn, success in the first quarter and turn a profit, recorded a net profit of 10 million ringgit, the performance beyond the expectations of many brokers.
Maybank Investment Bank, for example, the bank would have thought that Kum Kee steel into the second half only to loss.
Results to restore the good rose orbit, successfully motivate the company's share price, the horse stocks today trapped in the doldrums, but Kum Kee steel sound rose, all-day share price Jan 1 cents, or 2.35 percent, reported that 43.5 cents.
Associated companies Baihua Jia Holdings (Perwaja, 5146, industrial products, shares) shares also rose, of Bi Shibao 57 cents, flat plate hanging income.
Maybank Kum Kee Steel's net profit rise, mainly because promote the Baihua Jia Holdings (Perwaja, 5 146 industrial products shares) (Kum Kee Steel holds 37% of the shares in this company); Kum Kee Iron and Steel in the first quarter of positive operating cash flow.
Europe's debt problems and construction activities to go slow, leading to fluctuations in the steel market, but the recent steel market has shown signs of recovery, the local large-scale construction activities can also be steady demand.
Cost slide promote earn pieces
Maybank Investment Bank said: "European debt issues and the slowdown in construction activity, leading to fluctuations in the steel market, the main risk of the Kum Kee steel."
The good news is that the operating power of the Kum Kee steel strong second half of the more large-scale projects, the company's profit performance escort.
RHB Investment Research analyst also said that a slowdown in China, weaker demand in developed countries reduced construction activity, may lead to a drop in demand, but raw material costs fall, but help to promote the steel industry profit increase.
At the same time, the MIDF signings data indicate that the field of International Iron and Steel has been exposed to signs of recovery, local construction activity will be steady demand.
"Many of the large-scale building projects to be promulgated, will promote the demand for steel, steel bars order in the next 5-10 years will be at least maintained."

Maintain Outperform
We maintain our forecasts and Outperform recommendation but raise our
DCF-based target price from RM5.76 to RM6.20 for a lower WACC of 9.2%
instead of 9.5%. Our target debt/equity assumption is now raised from 0.7x to
0.85x due to its active capital management.
Likely catalysts are stronger-than-expected growth in fibre broadband users and
earnings surprises. TM continues to be our top Malaysian telco pick and one of
our favourites in the region given the strong growth in broadband. However, it
is no longer a high conviction pick given its strong share performance.

Share Price: RM1.59
Target Price: RM1.98

Investment Highlight

We initiate coverage on Padini with a BUY call and target price of RM1.98. We value Padini at 13.5x FY13PER which is at its upcycle PE (slightly higher than its +1 standard deviation above mean) in view of its resilient earnings, potential higher dividend payout and continued rising attention of investors in quality mid-cap consumer counters.
Quality mid-cap consumer stock as the favourite among investors. Padini as one of the quality mid-cap stock with strong track record of earnings growth and proven business model becomes the favourite among investors under the current market uncertainty. Although Padini’s share price has gone up 45.9% ytd, we believe current closing still render 24.5% potential upside against our target price as investors would re-rate the stock higher.
Commendable earnings growth. Revenue and net earnings of Padini have grown at 4-year CAGR of 15.7% and 24.3% respectively thanks to its defensive business model. Padini’s topline is resilient to economic crisis in 2008/09 when the Group still managed to record uninterrupted growth rate.
Aggressive expansion in FY12 to boost sales further. The Group targets to open additional 9 stores in FY12 which are three concept stores and six Brands Outlets. Moving forward to FY13, the Group plans to open Brands Outlet in Fahrenheit, KL. Besides, Padini is currently in negotiation with Genting Group to open a Brands Outlet at the Genting Hotel Complex. Upon successful of negotiation, there will be at least two new stores opening in FY13.
Improving earnings margin despite external headwinds. Earnings margins of Padini have improved in the past 4 years. Gross margin has increased from 49.8% in FY08 to 51.2% in FY11. Notably, gross margin in FY11 improved despite the sharp rally of cotton price. Furthermore, rising margin is unfazed by the minimum wage introduced in China’s coastal provinces. We think it is attributable to the Group’s procuring goods from cheaper source such as western part of China. Similarly, profit before tax margin has increased from 15.0% in FY08 to 18.5% in FY11. We render the improving margins to the better cost savings by opening Brands Outlet and running its own stores (i.e. single brand stores and Concept Stores) instead of consignment. We believe high efficiency of Padini could be sustained with gross margin and profit before tax margin of above 50.7% and 18.0% respectively in the future.
Rising contribution from Brands Outlet. The first Brands Outlet was opened in year 2006. Revenue contribution of Brands Outlet has since increased from 4.1% in FY07 to 16.0% in FY11. Although the selling price of Brands Outlet is relatively lower as compared to Concept Stores, Brands Outlet still commands comparable margin against Concept stores. The Group is focusing on expanding its number of Brands Outlet. Moving forward, we expect the earnings contribution of Brands Outlet to increase without sacrificing its overall margin.
Resilient domestic consumption. We reckon that Padini could benefit from the strong domestic consumption pursuant to the government’s cash handout and pay rise of civil servant. Malaysia’s retail sales in 2011 was RM83b and Retail Group Malaysia (RGM) estimates that retail sales in 2012 continue to grow at 6% translating into RM88.2b.
Potential higher dividend payout. Padini has consistently paid out over 35% of its net profits as dividends to reward shareholders over the past 4 years. Going forward, we think that the Group may increase its dividend payout ratio as it is now with net cash of RM133m or RM0.21/share and we expect the Capex for FY13-14 to trend lower with lesser outlets being opened. Assuming 50% dividend payout in FY13, the Group would reward shareholder of 7 sen/share or equivalent to yield of 4.4%.
Improved liquidity. Trading volume of Padini share has been gradually picked up since the share split and change of share ownership of one of its major shareholder in 2011. Puncak Bestari, one of the Group’s major shareholder, disposed its 179.3million shares or 27.25% of stakes in Padini in April 2011. It is believed that the shares ownership were then transferred to institutional investors which include PNB. As at May 2012, Padini is having more than 50% of free-floating shares. We view the improved liquidity could ignite institutional investors’ interest in the stock.

Maintaining forecasts for now. We have yet to impute the potential
one-off MYR9m compensation cost and our expectation of a stronger
2H12. We see a key risk in the volatility of the steel market, especially
in view of the European debt crisis and a slowdown in Chinese
construction activity. Nevertheless, the potential award of a mining
concession from the Terengganu state government to associate
Perwaja could serve as a re-rating catalyst.

Kinsteel Bhd returned to the black for its first quarter ended March 31, 2012 with a pre-tax profit of RM18.225 million
from a pre-tax loss of RM20.103 million last year.

Revenue for the three-month period, however, declined to RM506.074 million from RM555.597 million previously.

In a filing to Bursa Malaysia, the company attributed its return to profit mainly to the lower cost of raw materials and higher steel price.

The slight decrease in revenue, meanwhile, was driven by a slight drop in sales volume, it added.



Moving forward, Kinsteel said the demand for steel domestically will be supported by various government mega projects to be rolled out under the Economic Transformation Programme, while the outlook for the global steel industry is still promising.

"The company has embarked on the construction of a concentration and pelletising plant which, when completed, will reduce the group's reliance on imported pellets and exposure to raw material price fluctuations when it is fully operational.

"The group believes that the concentration and pelletising plant will significantly reduce the company's production costs, and hence enable it to position itself more competitively going forward," Kinsteel said. -- Bernama

Read more: Kinsteel returns to black in Q1 http://www.btimes.com.my/Current_News/BTIMES/articles/20120515204455/Article/index_html#ixzz1uwZAQHoX

馬屋業（MBSB，1171，主板金融組）首季淨利按季挫5.3%至7千940萬令吉，分析員認為其貸款或資產素質健全，非利息收入下挫是暫時的，未來幾季與現財政年淨利展望更佳，多維持淨利預測不變。
貸款或資產素質健全
分析員說，首季業績堪稱強勁成長，非利息收入挫跌屬暫時，主要是受促銷配套衝擊，預測未來幾季貸款成長改善與淨利息賺益增長，有助淨利獲改善。
大馬研究、MIDF研究、興業研究對其淨利預測不變，只有肯納格研究認為淨賺益受壓縮和低於預期利息收入對財測呈風險，因而調低今、明兩財政年淨利預測13%至17%，分別為3億7千600萬令吉與4億5千700萬令吉；該行也預測其收費收入削減3%至11%。
馬屋業首季淨利按年增長16.3%，整體貸款按季揚13.9%，比去年第四季的按季揚0.3%顯著改善；個人貸款為主要驅動力，按季成長27.6%（上季按季揚10.4%），預測2012財政年常年化貸款成長111%，高於預期的20.0%。個人貸款首季也佔總貸款的54.8%，第四季為49.0%。
淨利息賺益按季揚30%至4.26%，高於現財政年預測的4%，前季為3.95%,主要是個人貸款貢獻甚著。非利息收入則按季挫6.7%至2千800萬令吉。超過75%個人貸款業務，來自同儕銀行貸款的再融資計劃。其抵押貸款只按季揚0.2%，企業貸款按季增長1.8%是發放作為產業發展融資，也開始在巴生河流域涉汽車貸款。
總貸款註銷按季稍微改善0.3%至31億2千900萬令吉，註銷率由上季17.6%改善至15.4%。首季新註銷貸款達1億5千零400萬令吉，舊抵押組合的註銷貸款拖欠比率改善，貸款虧損覆蓋也強化至85.1%，上季83.5%。
存款對貸款比按季改善12.1%，貸款對存款比稍微高至133.9%。

MBSB Group recorded a pre-tax profit of RM110 million for the first quarter of 2012, an increase of 21 per cent compared
to RM91 million in the corresponding period in 2011 and nine per cent over the pre-tax profit of RM101 million for the third quarter of 2011.

This higher pre-tax profit, which contributed to net earnings per share of 6.53 sen and an annualised return on equity of 27 per cent, is mainly due to higher net income from Islamic banking operations via personal financing, and these were partially set off by higher operating expenses returning from higher business volume and higher loan loss impairment due to larger loan base, it said in a statement today.

"Amidst the challenging business environment, MBSB's first quarter results have shown a modest growth rate brought about principally by continued support from our retail customers besides a better net interest margin contribution from
the corporate business," chief executive officer Datuk Ahmad Zaini Othman said in the statement.

He added that the personal financing portfolio continued to grow by 27 per cent in the first quarter. However, asset growth was largely contributed by the retail business especially Personal Financing-i, he said, adding the first quarter saw a slight decrease in margins as a result of lowering of the Group's financing rates.

He said as at March 31 this year, net loan advances and financing stood at RM17.6 billion, a 16 per cent increase compared to RM15.2 billion as at Dec 31 last year.

He also said that the Group continues to receive support from its key retail market, government servants who have been attracted to new packages launched early this year which offer lower financing rates and higher disbursement payouts.

"Income from corporate business has also shown a slight improvement due to an increase in loan disbursements for property development financing," he said.

The Group has also embarked on a new product, Auto Finance, which is currently being offered only in the Klang Valley.

Ahmad Zaini said deposits from customers stood at RM15.2 billion as at March 31 this year, up 12 per cent from RM13.5 billion on Dec 31 last year. -- Bernama

Prestaring Bhd ('PRESBHD') is one of OSK's top five Smallcap picks. It was featured in the Star's Analyst Report a few days ago (here). OSK valued this stock at RM1.48 based on a PE of 8 times.

From the chart below, we can see that PRESBHD has been pressing against its horizontal resistance at RM1.05 for the past few days. If it can break above this resistance, the stock may go to a technical target of RM1.30 (arrived at by adding the distance between the recent reaction low & the breakout level [of RM0.25] to the breakout level [of RM1.05]). Based on this, PRESBHD could be a stock worth close tracking.

Time will prove that high quality oil palm plantation in East Kalimantan, Indonesia's nearly 40,000 acres (about 16,000 hectares), will become the Mayfair Group (MKH, before the Metro Kajang) crown jewel.
Beauty rely on the development of the industry started in the industrial sector struggled for more than 20 years success, but the net profit per share, and always in the level of 20 cents, floundered, unable to make a breakthrough.
The company founder is the beauty of the Chairman of the executive director Datuk once your autumn to know more and more difficult to find land, but also more expensive, rely on the industry to new heights in performance, easier said than done.
Optimistic about the potential of the oil palm industry
After careful consideration, he believes the unlimited potential of the oil palm industry, so five years ago to lock the oil palm for the development of object, go all out, looking for land to plant oil palm, franchisees make a profit, his efforts, a breakthrough in 2008, January 18 in the year to buy in East Kalimantan, a period of nearly 16,000 hectares (40,000 acres) is very suitable for oil palm grown and on land, the lease for 35 years, may be extended for 25 years, making him a round of to enter the dreams of the palm oil industry.
After four years of hard work to overcome countless difficulties, a vibrant and beautiful palm oil plantation, now finally take in the wilderness of East Kalimantan.
Act low-key, secret march, progress in its annual report in the briefing, so this program to know not many people, the investment community is no insight into its profitability potential, the beauty of the stock, just follow the stock market trend no outstanding performance.
In fact, the 23,475 acres planted in 2008 and 2009, two years have been the fruit of their first hour extracted 60 tonnes of fresh fruit bunches of oil extraction plant, has recently been completed, we are preparing to welcome a large number of palm fruit preparation.
Comparable to Kuala Lumpur Kepong oil palm plantation
Completed four years (2008-11), 15,000 hectares (37,000 acres, the remaining infrastructure and a small amount is not suitable for the cultivation of waste land) planted with a total investment of about 300 million ringgit is expected to also invest in RM50 million to further improve the facilities, the plan's final investment will reach 300 million to 50 million ringgit. The future work is the oil palm plantation management is good, as the oil palm and gradually mature, the earnings will be growing.
22 years to be translated
Oil palm planted after the third year results, but the fruit small, is still unprofitable, production increased year by year, to five years earnings began to appear, the busiest time of 6-18, the sixth year in 18 years maintain peak condition between the yield of about 12 years, after which production will go downhill, turned kinds was to 22 years.
The beauty of the 15,000 hectares of oil palm plantations (counting only acreage), to the rich period each year how much money?
Determine the profitability of oil palm plantations are many factors, mainly for crude palm oil prices, the yield per hectare, palm fruit oil refining rate, cost, and so on.
The beauty of the oil palm plantation, the geology is excellent, Geelong A hole is comparable to oil palm plantations. We might as well based on the profitability of oil palm plantation of Kuala Kepong performance, spy on the beauty of oil palm plantation on the beauty of the future earnings contribution potential.
Earnings potential need to consider the costs
Kuala Kepong recently released 2011 annual report, the company last year for every hectare of mature oil palm fresh fruit yield of 22.17 tonnes of crude palm oil extraction rate of 21.44% per metric ton of crude palm oil production costs 1066 ringgit per tonne 2958 ringgit price per metric ton net profit for 9783 ringgit (this application to count, if the price per metric tonne to RM3, 000 per hectare net profit for 9922 ringgit).
Beauty is a superior oil palm plantation, production and refining rate comparable to Kuala Kepong, but in terms of cost, because it is in Indonesia, will be higher than Kuala Kepong, production costs per tonne of crude palm oil (CPO) is about 1300 ringgit , the beauty of the cost should be close to the national average, 1300 ringgit per metric ton.
Let us now to calculate the profit potential of the beauty of oil palm plantations abound of the following criteria:
Fresh fruit yield per hectare: 22 tonnes.
Refining rate: 21%.
Per hectare of crude palm oil production: 4.62 tonnes
per tonne of production cost: 1300 RM

The beauty of diluted earnings per share increase in the calculation of paid-in capital based on the beauty of 10 get a bonus issue, the real 200 000 000 9000 shares.
These alone, oil palm plantation on the company's profit contribution. Must be pointed out, which is rich of the earnings potential of oil palm plantation.

Valuation inexpensive ‧ "world city" and the gradual implementation of the the ‧ Wei force value is expected to push up

MSC (FV RM5.60 ' BUY) Corporate News Flash: No Impact from New Mining Regulations
The Star reported on Saturday that the Indonesian government has imposed a 20% tax on some raw metal ore exports, and will prohibit shipments of raw materials unless miners submit plans to build smelters. The export ban will definitely affect mining companies, especially for those having long-term agreements with external parties. The rules are a precursor to a total ban on raw material exports by 2014. According to the report, tin ore is among the metals in the export ban list and Malaysia Smelting Corporation (MSC) operates its tin mining activities in Indonesia via its subsidiary, PT Koba Tin.

KPJ Healthcare Bhd (KPJ MK, Hold, TP: RM4.96) hopes to reach beyond RM2bn in revenue this year based on its encouraging performance in 4Q2011. Besides looking at acquisition opportunities, the Group is keen to grow its medical tourism which currently commands about 5% of its revenue. KPJ Healthcare hopes medical tourism contribution will grow between 15% and 25% in another 3 to 4 years. "While there are many hospitals here keen to tap into this sector, we are optimistic that there is plenty of room to grow. Our total market share in this segment right now is about 10%," said MD Datin Paduka Siti Sa'diah Sheikh Bakir. (Business Times)

Valuation and Recommendation
Pantech’s well-laid out strategy should enable it to achieve strong doubledigit
annual growth over the next few years – based on the anticipated
demand growth that is supported by the company’s expansion plans.
Net profit in FY12 – of RM34.5 million – was a little short of our earlier
estimates due to losses at the stainless steel plant, which started operations
in 4QFY11. However, we are sanguine that the plant will start to contribute
positively in the coming months. Earnings in the current financial year will
also include contributions from newly acquired Nautic Steels.
We estimate net profit of RM46.3 million in FY13, up 34% on the year.
Earnings are expected to expand to RM57.2 million in FY14.
Based on our forecast, the stock is trading at very modest P/E valuations of
only 5.4 and 4.4 times, respectively, for the two financial years – or just about
7.9 and 6.4 times fully diluted annualised earnings for 2012-2013.
Pantech’s valuations compare very favourably against most oil & gas stocks
listed on the local bourse, as well as the broader market’s average
valuations.
Plus, the stock is trading below its net asset of 75 sen per share as at end-
Feb 2012. Thus, we believe there is significant upside potential for Pantech,
particularly for those with a slightly longer investment horizon. We maintain
our BUY recommendation on the stock.
On top of potential capital gains, shareholders can also look forward to
attractive yields.
Net dividends totaled 3.5 sen per share in FY12, up from 3.3 sen per share in
the previous financial year, including a final dividend of 1.3 sen per share.
We estimate dividends will rise to 4 sen per share in FY13, in line with the
company’s stronger earnings. This will earn shareholders an attractive net
yield of 7.2% at the current share price.

Pantech Group Holdings Berhad

Sales continue to strengthen in 4QFY12, up 76% y-y

Net profit up 19% y-y to RM34.5 million for FY12

Expect strong double-digit growth in FY13-FY15

FY13E P/E of only 5.4x with 7.2% net yield

時間將證明，在印尼東加里曼丹的近4萬英畝(約1萬6000公頃)優質油棕園，將成為美景集團(MKH，前Metro Kajang)皇冠上的寶石。
美景靠產業發展起家，在產業領域奮鬥了二十多年，成績斐然，但每股淨利，始終在20仙水平，徘徊不前，無法取得突破。
該公司創辦人也就是美景執行董事主席拿督曾貴秋知道，地皮越來越難找，也越來越貴，單靠產業要在業績上更上一層樓，談何容易。
看好油棕業潛能
經過深思熟慮，他認為油棕業潛能無限，於是5年前就鎖定油棕為發展對象，全力以赴，尋找土地種油棕，皇天不負苦心人，他的努力，在2008年取得突破，成功的在該年1月18日，買到了東加里曼丹一段近1萬6000公頃(近4萬英畝)極適合油棕生長的土地，地契為35年，可再延長25年，使他圓了進軍棕油業的夢。
經過4年的拼搏，克服無數困難，一個生機蓬勃的美麗油棕園，終於在東加里曼丹的荒原上冒現。
由於行事低調，行軍秘密，只在每年的年報中簡報進展，所以，這項計劃了解的人不多，投資界也不洞悉其盈利潛能，使美景的股價，只是跟隨股市大勢，未有特出表現。
實際上，在2008及2009年這兩年中所種植的2萬3475英畝，已果實累累，首間每小時提煉60公噸鮮果串的榨油廠，已於最近落成，作好迎接大量棕果的準備。
媲美吉隆坡甲洞油棕園
以4年的時間(2008-11)完成1萬5000公頃(3萬7000英畝，其餘為基本設施及少量不適合種植的廢地)的種植工作，總投資額約3億令吉，預料還要投資5000萬令吉，以進一步完善設施，這項計劃的最終投資額將達到3億5000萬令吉。今後的工作是把油棕園管理好，隨著油棕逐步成熟，盈利將與日俱增。
22年需翻種
油棕種下後，第三年開始結果，但果實不多，仍無利可圖，產量逐年增加，到第五年盈利開始出現，盛產期為6-18，即第六年到第18年之間產量保持顛峰狀態約12年，過後產量將走下坡，通常到22年就需要翻種。
美景的1萬5000公頃油棕園(只算種植面積)，到盛產時期，每年能賺多少錢？
決定油棕園盈利的因素很多，主要的為原棕油價格，每公頃產量，棕果煉油率，成本等。
美景的油棕園，地質屬上乘，足以媲美吉隆甲洞的油棕園。我們不妨根據吉隆甲洞的油棕園盈利表現，窺探美景油棕園將來對美景的盈利貢獻潛能。
盈利潛能需考量成本
根據吉隆甲洞最近出爐的2011年報，該公司去年每公頃成熟油棕的鮮果產量為22.17公噸，原棕油提煉率為21.44%，每公噸原棕油的生產成本為1066令吉，以每公噸2958令吉的售價，每公噸淨利為9783令吉(以此申算，如果每公噸售價為3000令吉的話，每公頃的淨利為9922令吉)。
美景的油棕園屬上乘，在產量和煉油率方面可媲美吉隆甲洞，但在成本方面，由於是在印尼，將高過吉隆甲洞，每公噸原棕油的全國生產成本約為1300令吉，美景的成本應該與全國的平均數接近，即每公噸1300令吉。
現在讓我們根據以下標準來計算美景油棕園盛產期的盈利潛能：
每公頃鮮果產量：22公噸。
煉油率：21%。
每公頃原棕油產量：4.62公噸
每公噸生產成本：1300令吉

美景每股淨利增加額是根據美景以10送1發紅股後的實收資本2億9000萬股計算。
以上是單單油棕園對公司的盈利貢獻。必須指出的，這是油棕園盛產期的盈利潛能。
由於原棕油價波動激烈，受氣候及其他因素影響，鮮果產量可能超過或低過22公噸，成本也可能與1300令吉有出入，所以，實際的盈利可能與上述預測有相當大的差別。
上述數字，只是作為參考而已。
美景集團業務分三類
⑴油棕：如上述。
⑵產業。
⑶建築承包。
地庫足供​​10年​​發展
在產業方面，該公司目前的地庫足供10年​​的發展，一路來，產業為該公司帶來每股約20仙的盈利，預料未來數年，仍能保持此紀錄。
必須指出的是，該公司所擁有的地皮，是在產業暴漲前買進，目前價格最少已上漲了一倍。
輕易保持過去盈利
尤其是Kajang 2的地皮，現在肯定已增值超過一倍以上。
由於地皮買價低廉，而產業價格已暴漲數十巴仙，故可以取得比數年前更高的賺率。
該公司產業部要保持過去的盈利，應是輕而易舉的事。
在建築承包方面，該公司最近取得一項6億7500萬令吉的合約，將依約(IJOK)的一段550英畝屬於電訊局的土地，發展為一個新的住宅區，550英畝可建排屋5500間。
這項合約每年價值為​​1億3500萬令吉，以10%的賺率計算，每年將可以為該公司賺進1350萬令吉，每股淨利將增加4.65仙。
讀者可以根據該公司每年從油棕業、產業和建築業的盈利貢獻，計算出該公司中長期的每股淨利，從而預測股價趨向。
必須指出的是，在短、中期，產業和建築業仍為主要的盈利來源，在中、長期，油棕業將扮演更重要的角色。
油棕業將使美景集團，由一隻中規中矩的產業公司，蛻變成具有巨大潛能的成長股。

(The recent growth of Kuala Lumpur, on the 5th) Islamic bank (BIMB, 5258, financial stocks) are still domestic driven business materials in Indonesia after 2015 will be a significant contribution.

Held by the Islamic Bank's Malaysian Islamic Insurance Company (STMB) Indonesia PT Takaful company's equity or changes in Maybank investment bank analysts do not think this will affect the Islamic Bank net profit forecast or valuation.

Islamic banking growth expected in the next few years will be subject to the domestic business driven. However, the longer term, the the Indonesian PTTakaful business will bring the contribution of the icing on the cake.

At present, there is no indication the STMB required reduction of the equity in Indonesia. Bank Indonesia limits foreign holdings extended to the field of insurance is not yet clear.

STMB only Indonesia PT Takaful59% of the shares held indirectly held by PT Asuransi Takaful Keluarga and PT Asuransi Takaful Umum, respectively 57.24% and 52.67% of the shares. Therefore, any equity reduction will not bring the company a significant impact.

Development of insurance business in Iraq by BM

In addition, the STMB management in the shareholders' meeting touched on a different subject, that is, the company will use the network of Islamic banks in Indonesia (BMI), Development Bank, Islamic insurance business (Bancatakaful).

BMI, the majority of shareholders are foreign, including the Islamic Development Bank (32.7%), Kuwait's Boubyan Bank (25%) and Ireland Atwell of the Holdings (17.9%).

It is noteworthy that the BMI ownership structure changes will affect their future business relationships. However, analysts believe that BMI also holds the PT Takaful, Indonesia, 6% of the shares, other shareholders are to choose to cut the stake, can take the opportunity to BMI of overweight.

At present, Indonesia PT Takaful only the STMB bring 3% net profit contribution, equivalent to the contribution of the Islamic Bank to about 15% of pretax profit. Therefore, analysts believe that Indonesia's business will not be the main contributors of the company.

Indonesia's Islamic business have to wait until 2015 before the business opportunities will only pure Islamic insurance company to the sale of Islamic insurance. Pure Islamic insurance company in Indonesia, only about 3 to 4, against the traditional insurance companies, selling products through Islamic insurance arm.

Indonesia's PT Takaful desire to expand its market share, which will be a good opportunity.

These factors, analysts maintain that given the company a "buy" investment rating and target price of 2.95 ringgit remained unchanged.

（吉隆坡5日讯）伊斯兰银行（BIMB，5258，主板金融股）近期的成长仍由国内带动，印尼的业务料要在2015年后才会有显著贡献。

尽管伊斯兰银行旗下马来西亚伊斯兰保险公司（STMB）所持有印尼PT Takaful公司的股权或将出现变动，但马银行投行分析员并不认为这会影响对伊斯兰银行的净利预测或估值。

因为伊斯兰银行未来几年的成长料将受国内业务所带动。然而就长期来说，印尼PTTakaful的业务则会带来锦上添花的贡献。

目前，并没有迹象显示STMB需减持在印尼的股权。印尼央行限制国外持股是否会延伸至保险领域尚未明朗。

STMB仅持有印尼PT Takaful59%的股权，间接持有PT Asuransi Takaful Keluarga及PT Asuransi Takaful Umum，分别57.24%及52.67%的股权。因此，任何的股权削减亦不会为该公司带来显著的影响。

借BM发展伊险业务

另外，STMB管理层在股东大会中触及的另一项课题，即是该公司将借助印尼伊斯兰银行（BMI）的网络，发展银行伊斯兰保险业务（Bancatakaful）。

BMI的大部分股东皆是外资，其中包括伊斯兰发展银行（32.7%）、科威特的Boubyan银行（25%）及爱尔兰的Atwell Holdings（17.9%）。

值得注意的是，BMI股权结构的改变将影响双方未来的商业关系。然而分析员认为，BMI亦持有印尼PT Takaful共6%的股权，若其他大股东皆选择削减股权，BMI则可趁机增持。

目前，印尼PT Takaful仅为STMB带来3%的净利贡献，相等于贡献伊斯兰银行约15%的税前净利。因此，分析员认为印尼业务将不会是该公司主要的贡献者。

印尼的伊斯兰业务必须等至2015年后才将出现商机，因届时只有纯伊斯兰保险公司才能售卖伊斯兰保险。纯伊斯兰保险公司在印尼仅有约3到4家，反对传统的保险公司，通过伊斯兰保险臂膀售卖产品。

因此，这对印尼PT Takaful欲拓展其市占率来说，将会是个良机。

虽然合成统一（HAPSENG，3034，主板贸服股）没有计划大肆扩展，但分析员仍持续看好该股，因其估值仍低，以及周息率高。

合成统一管理层重申，公司目前并没有计划在印尼购买种植地，反而会继续专注在沙巴原有园丘的邻近地带购买地库，即兰瑙拿笃（Lahat Datu)、哥打马鲁都（Kota Maruda）和拉当卡旺（Ladang Kawa）。无论如何，合成统一目前每英亩3万令吉以上的献购价仍过高。

截至2011年12月31日，该公司总地库为3万9804公顷，当中3万5471公顷为已种植，而3万1068公顷的种植地已成熟。无论如何，该公司在过去两年积极翻种，将超过25年树龄以上的棕油树份额减少至10%。

2012至2013财政年翻种资本开销，预期会与2011财年的1050万令吉相同。目前，该公司保留的可种植土地只有1601公顷。

无产量疲弱现象

该公司2012年设下鲜果串（FFB）产量成长4%的目标，除了因为去年产量大增外，该公司已经把过去两年积极翻种因素和预计鲜果串产量增加至每公顷24公吨的因素考虑在内。管理层也强调，没有出现产量疲弱的现象。

艾芬投行分析员表示，在该公司2012财政年首季业绩出炉前仍维持财测。

分析员认为产量疲弱料拖累表现，但每公吨3200令吉的平均销售价格，将会部分抵销产量下跌。

分析员表示，尽管该公司没有进行大型的土地收购扩展，但他仍持续看好这家零债务和高效率的股项。

他指出，合成统一目前10.2倍的本益比估值仍被低估，并且是他们追踪种植股项中，派出最高的6.7%周息率。分析员维持对该股「买进」投资评级以及3.53令吉目标价格。

YTL (YTL, 4677 E-Trade and service sector) will be YTL Cement privatization, improve valuation, analysts will rating to "buy".

Affin investment bank analyst according to YTL (YTL, 4677 E-Trade and service sector) average PE ratio of 14.4 times the stock investment rating from "overweight" upgraded to "buy" a reasonable price to 2 ringgit. The analyst said that the reasonable valuation price will reflect the acquisition of YTL Cement upgrade.

The analysts believe that the recent meeting, there are indications that the largest shareholder intends to swap, privatization YTL Power (YTLPOWR, 6742, motherboard infrastructure shares), the the YTL Landmark (YTLLAND, 2577, the motherboard industry shares), Yang allegiance ceremony electric providers (YTLE, 0009, GEM). Suppose YTL able to successfully strengthen the operation of publicly-listed subsidiary, will have the ability to dividends.

Earnings per share increased 13-fold

With the acquisition of YTL Cement, analysts re-adjust the rating of YTL, which is based on the acquisition or procure the largest shareholder of YTL will continue to acquire other assets of the listed. After the privatization of YTL Cement, YTL in the 2013 fiscal year earnings per share doubled from 12 to 13 times the price performance also exceeds the 6.9% of the big city and I believe there is further room to rise.

Affin investment bank analysts believe that privatization is a win-win situation both in terms of YTL YTL Cement. Since the announced privatization of YTL Cement shares rose 16.6 percent; acquisition of YTL Cement, YTL receive a 6% earnings growth, improve liquidity, and YTL Cement's high cash flow and dividend increases capacity.

受惠于领域整体前景转明朗，友尼森（UNISEM，5005，主要板科技）下半年将在市场修补库存及智能手机和平板电脑需求带动下看俏，故给予买进评级。

　尽管首季业绩表现欠佳，但根据公司提供的前景报告，最坏的应该已过去。

　该公司指出，顾客已开始填补库存，在智能手机及平板电脑带动下，晶片、覆晶技术、QFN封装服务等，需求皆看涨，次季营业额可按季增8%至10%。

　由于美国客户将转至成都厂房生产，该厂房第3季开始，生产线将更忙碌；至于本地的怡保厂房，使用率则已高达90%至95%。

　该公司指出，就连客户也要求该公司扩充怡保厂产能；不过我们相信，2013财年开始，成都厂房将成为营业额最高贡献者，届时需求所致，位于印尼峇淡岛的厂房亦转亏为盈。

　上述因素推动成长，我们预计下半年的成长会非常强劲，因此分别上调2012财年及2013财年成长预估4.2%及3.3%，目标价亦从1.60令吉调高至1.70令吉。

周期效应冲击‧毕达良首季净利料降低
热股评析 2012-05-04 19:03
（吉隆坡4日讯）毕达良（PRESBHD，5204，主板贸服组）将在本月28日公布2012年首季业绩，侨丰研究预期在周期效应影响下，首季净利或按年呈跌，介于800万至900万令吉，惟估计将在下半年起飞。
下半年才显现成长
侨丰指出，由于国立大学文凭供应工作将在下半年落实，预见毕达良强势净利成长届时才显现，此外，该公司管理层亦寻求降低盈利波幅，同时探讨用每季派息形式更好地回馈小股东。
侨丰说，毕达良在2011年有75%收入来自软件执照分销业务，培训文凭业务仅占25%，惟今年贡献比例料上扬至60对40，而且培训文凭业务核心盈利贡献可能首次超越软件分销，崛起成最大盈利来源。
“这是因为毕达良所提供的培训文凭乃自身创建，一般来说，自行发展文凭需耗200万令吉研发开销，但若成功创造知识产权，相关服务净赚幅最高能上探70%。”
未来，侨丰认为该公司将尝试借重自家发展文凭及可能进军海外市场，同时在今年下半年推介职业英语和Green IT等培训项目，估计能进一步带动2013财政年盈利成长。
侨丰也说，毕达良旗下仅有50名永久雇员，运作资本需求偏低，直接增加派息能力；按50%派息率计算，侨丰估计该公司在2012财政年派发每股9.2仙股息，依目前股价计算，周息率逼近10%，非常诱人。
值得一提的是，泰莱教育私人有限公司在今年2月杪，透过公开市场买进毕达良50万股股票，侨丰认为尽管目前尚未有相关消息传出，但不排除双方未来展开更深入合作的可能。
股价遭低估
侨丰补充，虽然毕达良股价自去年9月至今翻涨一倍高，但就估值而言，该股依然遭到低估，目前仅以2012年5.4倍和2013年4.8倍本益比交易，若未来再传出具体发展或攫获新合约，股价上扬空间可能加宽。
有鉴于此，侨丰维持该股目标价在1令吉48仙，重申“买进”评级。（星洲日报／财经）

随着大马伊斯兰保险（TAKAFUL，6139，主板金融股）过去一年的股价大幅增长接近200%，加上该公司拥有庞大的累积盈余与现金流，有小股东在其股东常年大会上建议董事局派发红股，以回馈股东。

一名出席大马伊斯兰保险股东大会的小股东向《东方财经》透露，在小股东要求董事局派发红股后，董事局随后回应，会将该事项列入其企业活动的考量范围。

根据该公司的2011财政年年报，截至去年12月31日，其储备高达2亿8720万令吉，显著高于1亿6281万令吉的缴足资本。因此，该小股东相信，该公司绝对有能力进行1对1比例的红股派发活动。

针对派发红股的建议，大马伊斯兰保险董事经理拿督莫哈末哈山表示，董事局会将该建议纳入考量，并尝试在明年大会前作出相关的决定。

此外，随着该公司股价过去一年大幅度增长，不少股东都表示满意公司的表现。「公司股价从去年股东大会时的1.44令吉，截至今日早盘已走高至4.30令吉的水平，涨幅高达198%，股东们自然对公司与管理层努力深表赞赏与满意。」

该股周四延续过去5个交易日的升势，以4.20令吉开盘后，持续走高至4.30令吉的全天最高水平，这也是该股1996年上市以来的历史新高。

无论如何，该股随后稍微收窄涨幅，最终以4.25令吉结束交易，上扬8仙或1.918%，为全场第3大上升股。