Você está na página 1de 10

PP13693/04/2012(029019)

2 September 2011

Newz Bits
Highlights of the day
Market Strategy: 2QCY11 results round-up
2QCY11 earnings season was the second in succession which we deem to have disappointed as negative earnings surprises exceeded positive earnings surprises. Earning growth momentum is also waning as we cut CY11 and CY12 aggregate earnings of stocks within coverage by 2.3% and 2.1% respectively. As such, we are downgrading our end-2011 FBMKLCI target from 1,650 to 1,450 by pegging a lower 13x P/E to reflect higher risk aversion and risk of further earnings downgrades.
FBM KLCI FBM Emas FBM Syariah FBM Small Cap FBM ACE Sector Construction Consumer Finance Ind product Plantation Properties Technology Trading / services Market Turnover Vol (m shrs) Value (RM m)

Malaysia market snapshot


Last 1,447.3 9,908.8 10,152.8 11,332.7 3742.2 241.0 449.7 13,669.6 108.3 7,218.9 946.0 13.3 184.0 Daily chg % 0.2 0.4 0.1 0.8 1.0 0.8 0.4 0.6 1.1 (0.3) 1.2 1.6 0.2 YTD chg % (4.7) (4.5) (2.9) (10.2) (13.9) (15.4) (0.2) (1.3) (2.4) (10.2) (7.3) (28.1) (3.7)

(refer to report for details)

Other Malaysian news


Bandar Raya Development: Eyes RM4bn new projects Esso Malaysia: Govt wont stop Esso deal Lion Forest Industries: RM78.3m Cambodian investment JAKS Resources: Sets up power company in Vietnam Tambun Indah: Plans RM180m project in Jelutong, Penang Harrisons: To return RM34.25m to investors Technology: Taiwan PC makers cautious as tablets, weak economy bite Telecommunication: Six shortlisted for RM1.5bn school Internet contract Semiconductor: PCB manufacturers going through slower 2H Glove: Glovemakers set to raise prices

447.1 893.6

(53.7) (60.6)

(60.1) (51.7)

Regional market snapshot


Dow Jones S&P 500 Nasdaq FTSE Nikkei Hang Seng Strait Times Last 11,493.6 1,204.4 2,546.0 5,418.7 9,060.8 20,585.3 2,867.2 Daily chg % (1.0) (1.2) (1.3) 0.4 1.2 0.2 (0.6) YTD chg % (0.7) (4.2) (4.0) (8.2) (11.4) (10.6) (10.1)

Global news
US: Jobless claims fell by 12,000 last week US: Announced job cuts rose 47% in August from year ago, Challenger says US: Second quarter productivity and cost report US: Companies add fewer-than-estimated 91,000 workers in August, ADP says US: Consumer spending climbs more than forecast on purchases of autos US: Consumer confidence plunges to lowest since 2009 on jobs outlook US: Manufacturing index shows expansion is continuing, defying forecasts US: Orders to factories increase by most in four months on autos, planes US: Business activity falls less than estimated, ISM-Chicago index shows UK: Company confidence in economy plunges to lowest since 2009 recession UK: Consumer confidence falls as economic outlook drops to six-month low UK: Manufacturing shrinks most in more than two years as orders decline Europe: Manufacturing shrinks more than estimated Europe: Economic confidence falls most since December 2008 Japan: Jobless rate rises, retail sales drop as Noda picked for premier Japan: Output less than forecast as global slowdown hits post-quake rebound China: Manufacturing index near 29-month low signals limits on tightening India: Faster-than-forecast expansion keeps pressure on RBI to raise rates

Currencies
RM/USD RM/100 Yen RM/ RM/SGD Last 2.9803 3.8834 4.3171 2.4684 Daily chg % 0.34 (0.40) (0.19) 0.36 YTD chg % 3.46 (2.48) (5.48) (3.34)

Commodities and futures


KLCI (1st month) CPO (3rd month) WTI (1st month) Gold (spot) Last 1,445.0 3,009.0 88.9 1,829.1 Daily chg % 0.9 1.1 (0.2) (0.0) YTD chg % (5.0) (17.6) (2.9) 27.7

OTHER MALAYSIAN NEWS


Bandar Raya Development: Eyes RM4bn new projects Bandar Raya Development Bhd (BRDB), which is upbeat on the property market, plans to introduce five new projects worth more than RM4bn in the Klang Valley and Johor. BRDB is looking to increase its work in hand and will venture for the first time into areas such as Seri Kembangan and Taman Duta, its chief marketing officer KC Chong said in an interview with Business Times. The company has been developing land in Bangsar for 45 years. It currently has a project in Johor called Permas Jaya, and one in Kuala Lumpur known as CapSquare. In Seri Kembangan, BRDB plans to launch by the end of this year, the first phase of its RM400m project at the Bluwater Estate development. The project comprises 300 units of bungalows, semidetached and courtyard homes worth more than RM1.5m each. (Business Times) Esso Malaysia: Govt wont stop Esso deal The Government's effort to get a Malaysian company to acquire the ExxonMobil Corp's 65% stake in Esso Malaysia Sdn Bhd has reached a dead end, said Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob. Ismail Sabri said that ExxonMobil Corp had reached an agreement with Philippine conglomerate San Miguel Corp for the deal, and there was no more room for the Government to intervene. Now that the agreement is signed, there's nothing much that the Government can do, he told reporters. I have spoken to ExxonMobil Corp's vice-president Stafford Kelly and told him to consider the sentiments of the Malaysians, who want a local company to run Esso Malaysia. (StarBiz) Lion Forest Industries: RM78.3m Cambodian investment Lion Forest Industries (LFIB) is acquiring 58,000 hectares under an economic land concession (ELC) in Cambodia for US$26.1m (RM78.3m) to cultivate oil palm and rubber trees. LFIB said on Monday, Aug 29 the concession would not be less than 70 years under the master service agreement. It said its unit Harta Impiana Sdn Bhd had on Aug 29 issued an instruction notice to Seng Enterprise Co. Ltd, identifying six parcels of economic land concession. Seng Enterprise will assist six wholly-owned subsidiaries of Harta Impiana which are incorporated in Cambodia to procure from the Royal Government of Cambodia the concession rights to the ELC of the identified land for a concession period of not less than 70 years, it said. (Financial Daily) JAKS Resources: Sets up power company in Vietnam Jaks Resources Bhd, which has signed several agreements with various parties for the proposed development of a 1,200 MW coal-fired power project worth US$2bn (RM6bn) in Hai Duong province, Vietnam, is expected to start construction in the second quarter of 2013. In a filing with Bursa Malaysia, Jaks said the commercial operation for the first unit of 600 MW is scheduled for the fourth quarter of 2016 and the second unit of 600 MW in the second quarter of 2017. The project cost is estimated at US$2bn, which will be financed through a mix of debt and equity. The board is still in the midst of reviewing various investments and funding options, it said. (StarBiz) Tambun Indah: Plans RM180m project in Jelutong, Penang Tambun Indah Bhd is acquiring property development company Premcourt Development Sdn Bhd for RM5.5m which is slated to undertake a project with gross development value (GDV) of RM180m in Bandar Jelutong on Penang island. Tambun Indah said on Monday, Aug 29 it had signed a share purchase agreement with Messrs. Siram Permai Sdn Bhd and Tah-Wah Sdn Bhd to acquire Premcourts entire equity of 250,000 shares of RM1 each. Premcourts main business is property development. The directors of Premcourt are Teh Kiak Seng, Datuk Hong Yeam Wah and Teh Theng Theng (alternate to Teh Kiak Seng). Tambun Indah said the RM5.50m price tag was a premium of about RM1.76m or 47.06% to the audited net tangible asset of Premcourt. It said it was also adjusted for the assignment of debts by the vendors to Tambun Indah of about RM3.74m. (Financial Daily)

Newz Bits | 2 September 2011

Harrisons: To return RM34.25m to investors Harrisons Holdings (M) Bhd, a consumer goods distributor, plans to return RM34.25m to its shareholders as a special interim gross dividend, equivalent to 50 sen a share. The dividend will go ex on September 20 and the entitlement date is October 13. Harrisons, which also has shipping and warehousing business, had some RM114m in cash at the end of last year and debts of about RM35m. For the financial year ended December 31 2010, Harrisons' revenue expanded 12% to RM1.18bn from the year before. During the period, it made a net profit of RM37m, almost a quarter more than 2009. (Business Times) Technology: Taiwan PC makers cautious as tablets, weak economy bite The world's top two contract laptop makers gave subdued outlooks on Wednesday, Aug 31 in the face of stiff competition from tablet PCs and a deep malaise in major western economies that is sapping consumer buying power. While Taiwan's Quanta Computer Inc and Compal Electronics Ltd beat forecasts for second quarter profits, their forecasts underscore the challenge facing the traditional PC industry and the need for contract makers to look for new ways to grow. "Profit margins have been a problem for Taiwan's contract manufacturers," said Helen Chiang, senior research manager at research firm IDC. "Over the past few years, we've seen their revenues growing strongly even though margins have been low. But from this year onwards, their revenue growth has been disappointing, partly due to economic problems." (Financial Daily) Telecommunication: Six shortlisted for RM1.5bn school Internet contract Six companies are in the running for the RM1.5bn five-year contract to provide Internet access and a virtual learning module (VLM) platform for the 9,924 schools in the country under the 1Bestarinet project, sources said. The six are said to be Celcom Axiata Bhd, a unit of Axiata Group Bhd (AXIATA MK, Buy, TP: RM5.87), Jaring Communications, Maxis Bhd (MAXIS MK, Hold, TP: RM5.47), YTL Communications, Multimedia Synergy Corp and both Telekom Malaysia Bhd (T MK, Hold, TP: RM3.70) / Time dotCom Bhd, which submitted a joint bid. The access job comes with an option to extend the contract period for another five plus five years, totalling 15 years, and this would include installation, maintenance and provision of a VLM. Though the Government is looking at RM4.5bn as the absolute sum for the 15-year contract, those in the know claims the bids received thus far ranged from RM2bn to RM6bn. At RM4.5bn, it works out to RM1.5bn for every 5 years or RM300m for each year. A decision on the winner is expected sometime in the middle of next month, sources said, adding that the Government should insist on proof of concept before deployment to avoid issues and problems arising later. The plan is to roll out access to at least 7,000 schools by Jan 1, 2012. (StarBiz) Semiconductor: PCB manufacturers going through slower 2H Local printed circuit board (PCB) manufacturers supplying to branded smart phones and mobile computing devices are experiencing a slower 2H due to the economic crisis in the US, Europe and Japan, as well as the softening global sales of liquid crystal display (LCD) TVs. Qdos Sdn Bhd business development manager Jeffrey Hwang said in an inverview that the group was expecting monthly sales of RM7m to RM8m in the 2H, but so far it had only been able to generate monthly sales of between RM6m and RM7m. The 3Q is normally a strong quarter as we usually get between RM7m and RM8m due to the forthcoming festive holidays. But due to the economic crisis in Europe and the US, orders from international manufacturers of branded mobile telecommunications and computing devices are not surging, he said. (StarBiz) Glove: Glovemakers set to raise prices Rubber glovemakers are set to raise prices of their products in view of costlier labour, fuel, packaging and weakening US dollar. Fuel and labour costs have gone up considerably. The US dollar, too, has weakened further against the ringgit by around 10% from a year ago, said Malaysian Rubber Glove Manufacturers Association (Margma) president Lim Kwee Shyan. From June 2011, the government raised electricity rates by 7%. There is also a 20% average price hike for natural gas across all industries. Rubber glove manufacturers using less than 2mmscfd of natural gas are now paying RM16.07 per mmBtu versus RM13.00 per mmBtu rate previously.

(Business Times)
Newz Bits | 2 September 2011 3

GLOBAL NEWS
US: Jobless claims fell by 12,000 last week Applications for U.S. unemployment benefits fell last week as the influence of the strike at Verizon Communications Inc. waned. Jobless claims fell by 12,000 to 409,000 in the week ended Aug. 27, Labor Department figures showed in Washington. The figure remains higher than it was three weeks earlier, before the labor dispute at Verizon pushed the numbers up. (Bloomberg) US: Announced job cuts rose 47% in August from year ago, Challenger says Employers in the U.S. announced more job cuts in August than a year ago, signaling little progress in the labor market more than two years after the recession ended. Planned firings climbed 47% from August 2010 to 51,114, according to figures released by Chicago-based Challenger, Gray & Christmas Inc. The announcements were led by reductions at government agencies and in the financial industry. Job cuts in federal, state and local governments are another restraint on consumer spending that accounts for about 70% of the economy.

(Bloomberg)
US: Second quarter productivity and cost report Nonfarm business sector labor productivity decreased at a 0.7% annual rate during the second quarter of 2011, the U.S. Bureau of Labor Statistics reported, with output and hours worked rising 1.3% and 2.0%, respectively. From the second quarter of 2010 to the second quarter of 2011, output increased 2.4% while hours rose 1.6%, yielding an increase in productivity of 0.7%. Unit labor costs in nonfarm businesses rose 3.3% in the second quarter of 2011, because hourly compensation increased 2.7% while productivity decreased 0.7%. Over the last four quarters, hourly compensation increased more than output per hour, and unit labor costs rose 1.9%.

(Bloomberg)
US: Companies add fewer-than-estimated 91,000 workers in August, ADP says Companies in the U.S. added 91,000 workers to payrolls in August, according to a private survey. The increase followed a revised 109,000 gain the prior month, according to data from ADP Employer Services. The median forecast of economists surveyed by Bloomberg News called for an advance of 100,000. The economy needs to generate more jobs on a sustained basis in order to bring down unemployment, which has been at 9% or higher in 25 of the past 27 months. A Labor Department report in two days is projected to show businesses added 100,000 jobs in August, down from a 154,000 increase in July, according to the median forecast of economists surveyed by Bloomberg. (Bloomberg) US: Consumer spending climbs more than forecast on purchases of autos Consumer spending climbed more than forecast in July as Americans dipped into savings to buy cars and cool their homes, showing the biggest part of the economy is holding up. Purchases rose 0.8%, the biggest gain since February, after a 0.1% decline the prior month, Commerce Department figures showed in Washington. Incomes grew 0.3% and the savings rate dropped to a four-month low. (Bloomberg) US: Consumer confidence plunges to lowest since 2009 on jobs outlook Confidence among U.S. consumers plunged to the lowest level in more than two years as Americans outlooks for employment and incomes soured. The Conference Boards index slumped to 44.5, the weakest since April 2009, from a revised 59.2 reading in July, figures from the New York-based research group showed. It was the biggest point drop since October 2008.

(Bloomberg)

Newz Bits | 2 September 2011

US: Manufacturing index shows expansion is continuing, defying forecasts U.S. manufacturing unexpectedly expanded in August, showing the two-year economic recovery may be sustained. The Institute for Supply Managements factory index fell to 50.6 last month, the lowest level since July 2009, from 50.9 in August, the Tempe, Arizona-based group said. Economists projected the gauge would drop to 48.5, according to the median forecast in a Bloomberg News survey. Figures greater than 50 signal expansion. (Bloomberg) US: Orders to factories increase by most in four months on autos, planes Orders placed with U.S. factories rose in July by the most in four months, boosted by demand for motor vehicles and aircraft that more than made up for a decrease in business equipment. The 2.4% increase in bookings was more than the median forecast of economists in a Bloomberg News survey and followed a revised 0.4% drop in the prior month, Commerce Department figures showed in Washington. Vehicle orders climbed last month by the most since January 2003, the report showed, rebounding from a slump caused by supply disruptions linked to the earthquake in Japan. (Bloomberg) US: Business activity falls less than estimated, ISM-Chicago index shows Business activity in the U.S. expanded in August at a faster pace than forecast, allaying concern that manufacturing was slumping. The Institute for Supply Management-Chicago Inc. said its business barometer fell to 56.5 this month, exceeding the highest estimate of 51 economists surveyed by Bloomberg News, from 58.8 in July. A level of 50 is the dividing line between expansion and contraction. (Bloomberg) UK: Company confidence in economy plunges to lowest since 2009 recession U.K. business confidence in the economic outlook plunged this month to its lowest level since the depths of the recession in 2009, Lloyds Bank Corporate Markets said. An index of British companies optimism about the economy compared with three months earlier dropped to -3 from 19 in July, when the gauge declined 17 points, the unit of Lloyds Banking Group Plc said in an e-mailed report released in London. Augusts reading is the lowest since March 2009.

(Bloomberg)
UK: Consumer confidence falls as economic outlook drops to six-month low U.K. consumer sentiment fell for a third month in August as households grew more pessimistic about the outlook for Europes second-largest economy, a report by GfK NOP Ltd. showed. An index of sentiment slipped 1 point to -31 from July, the London-based research group said in an e-mailed report. A gauge measuring households expectations for the economy over the coming 12 months fell 4 points to -31, the lowest level in six months. Confidence has also weakened in the 17-member euro area and the U.S. as Europes worsening debt crisis, turmoil on equity markets and signs of a faltering global economy shook consumers. (Bloomberg) UK: Manufacturing shrinks most in more than two years as orders decline U.K. manufacturing shrank the most in more than two years in August as demand from domestic and overseas customers weakened. A gauge by Markit Economics and the Chartered Institute of Purchasing and Supply fell to 49, the lowest in 26 months, from 49.4 in July, according to an emailed report in London. A level below 50 indicates contraction. New orders fell the most in almost 2 1/2 years and employment declined for the first time in 17 months. Manufacturers said the drop in demand was due to weaker domestic and export sales and rising global economic uncertainty. Factory activity also shrank in the euro area, Russia and Taiwan last month, according to separate reports, while manufacturing growth slowed in Switzerland. (Bloomberg)

Newz Bits | 2 September 2011

Europe: Manufacturing shrinks more than estimated Europes manufacturing industry contracted more than initially estimated in August, adding to signs that the euro regions recovery is faltering. A manufacturing gauge based on a survey of purchasing managers in the 17-nation euro region fell to 49 from 50.4 in July, London-based Markit Economics said. Thats the weakest in two years and below an initial estimate of 49.7 published on Aug. 23. A reading below 50 indicates contraction. Europes economy is cooling as governments toughen spending cuts to narrow their budget deficits, sapping consumers willingness to spend. European economic confidence slumped the most in almost three years in August. (Bloomberg) Europe: Economic confidence falls most since December 2008 European confidence in the economic outlook in August plunged the most since December 2008 as a persistent debt crisis roiled markets and clouded growth prospects across the 17-nation euro region. An index of executive and consumer sentiment in the single- currency region fell to 98.3 from a revised 103 in July, the European Commission in Brussels said. Thats the lowest since May 2010. The euro areas economic prospects are deteriorating as national governments cut spending in a bid to narrow deficits and tackle the debt crisis. Economic and Monetary Affairs Commissioner Olli Rehn signaled that the EU may reduce its 2011 growth forecast from 1.6% on concerns that financial turbulence could spill into the broader economy. (Bloomberg) Japan: Jobless rate rises, retail sales drop as Noda picked for premier Japans jobless rate rose for a second month and retail sales dropped, underscoring the challenge for incoming Prime Minister Yoshihiko Noda in securing Japans recovery from the March 11 earthquake. The unemployment rate rose to 4.7% in July as payrolls fell by 40,000 from a month earlier, the statistics bureau said in Tokyo. Retail sales slid a seasonally adjusted 0.3% from June, a Trade Ministry report showed. (Bloomberg) Japan: Output less than forecast as global slowdown hits post-quake rebound The rebound in Japans industrial production after the March 11 earthquake may be coming to an end, making the nations economic recovery even more dependent on overseas demand. Factory output increased a less-than-expected 0.6% in July from June, the slowest gain since March, the Trade Ministry said in Tokyo. Production has recovered to 95% of its level before the March temblor and tsunami, the ministry said. (Bloomberg) China: Manufacturing index near 29-month low signals limits on tightening A Chinese manufacturing index stayed near the borderline between expansion and contraction in August, signaling limits for more monetary tightening. The Purchasing Managers Index was at 50.9, from the 29- month low of 50.7 in July, the China Federation of Logistics and Purchasing said in a statement. A separate measure released by HSBC Holdings Plc contracted for the second month. (Bloomberg) India: Faster-than-forecast expansion keeps pressure on RBI to raise rates Indias economy grew faster than estimated last quarter, maintaining pressure on the central bank to extend its record interest-rate increases even as the global recovery weakens. Gross domestic product rose 7.7% in the three months ended June 30 from a year earlier, the Central Statistical Office said in New Delhi. That compares with a 7.8% climb in the previous three months. The median of 26 predictions in a Bloomberg News survey was for a 7.6% gain. Indias consumption has remained strong because of higher salaries and inflation may remain stubborn in the near term, the Reserve Bank of India said last week. (Bloomberg)

Newz Bits | 2 September 2011

ECONOMICS WATCH
Economic data to be announced over next 7 days Date Economic release Fri, 2 Sep Sat, 3 Sep Mon, 5 Sep Tue, 6 Sep Wed, 7 Sep US Change in Non-farm Payrolls China Non-manufacturing PMI China HSBC Services PMI US USM Non-Manuf Composite Malaysia Foreign Reserve US Feds Beige Book US JOLTs Jobs Opening Malaysia Exports (% y-o-y) Malaysia Imports (% y-o-y) Malaysia Trade Balance Malaysia Overnight Rate US Trade Balance US Initial Claims Aug Aug Aug Aug Aug Jul Jul Jul Jul Sep Jul Sep Consensus 68,000 51.2 7.7 6.2 7.8 bn 3.0% -50.0 bn Previous Comments 117,000 59.6 53.5 52.7 136.1 bn 3,109 8.6 6.3 7.6 bn 3.0% -53.1 bn 409,000

Thu, 8 Sep

Economic data announced in last 7 days Date Economic release Fri, 26 Aug Malaysia M3 (% y-o-y) US GDP QoQ (Annualised) US GDP Price Index US Consumer Sentiment (U Mich) China Industial Profits YTD (% y-o-y) Jul 2Q 2Q Aug Jul Jul Jul Jul Aug

Actual 11.6 1.0% 2.4% 55.7 28.3 0.3 0.8 -1.30 -11.4 -0.06 44.5 102.3 3.10 91,000 56.5 2.40 -0.70 3.30 409,000 -1.30 50.6 50.9 49.9 12.10 m

Previous Comments 12.4 1.3% 2.3% 54.9 28.7 0.2 -0.1 2.40 -2 -0.07 59.2 102.0 3.00 109,000 58.8 -0.40 -0.30 2.20 421,000 1.60 50.9 50.7 49.3 12.20 m

Sat, 27 Aug

Mon, 29 Aug US Personal Income US Personal Spending US Pending Home Sales (% m-o-m) US Dallas Fed Mfg Activity Tue, 30 Aug

US Case-Shiller 20-city HPI (% m-o-m) Jun US Consumer Confidence Aug US Minutes of FOMC Meeting China Leading Index Jul 2Q Aug Aug Jul 2Q 2Q Aug Jul Aug Aug Aug Aug

Wed, 31 Aug Malaysian Unemployment Rate US ADP Employment Change US Chicago PMI US Factory Orders (% m-o-m) Thu, 1 Sept US Non-farm Productivity (% q-o-q) US Unit Labour Cost (% q-o-q) US Initial Claims US Construction Spending (% m-o-m) US ISM Manufacturing PMI China Manufacturing PMI China HSBC Manufacturing PMI US Vehicle Sales

Fri, 2 Sep

Newz Bits | 2 September 2011

CALENDAR OF CORPORATE EVENTS


Company visits / briefing Company DiGi.com (Company visit) Date 8 Sept Time 12.30pm

Newz Bits | 2 September 2011

RECENT REPORTS PUBLISHED


Company
Property YTL Power Market Strategy Tenaga Nasional SapuraCrest Oil & Gas Plantation CapitaMalls Malaysia Trust Tenaga Nasional Banking Oil & Gas Plantation Technology Star Publication Bumi Armada DiGi.com Tenaga Nasional AirAsia Oil & Gas Plantation Public Bank Axis REIT KNM Group Telekom Malaysia Alam Maritim IOI Corporation Banking SapuraCrest Malaysia Marine & Heavy Engineering Aviation Oil & Gas SapuraCrest Petroleum AirAsia Malaysian Airline System Plantation Notion VTec Alam Maritim Resources Bumi Armada Notion VTec SP Setia AMMB Holdings Sunway Holdings Parkson Holdings Kuala Lumpur Kepong Malaysia Marine & Heavy Engineering Petronas Gas Boustead Holdings Perdana Petroleum Star Publications UMW Holdings Star Publication Malayan Banking KNM Group Alam Maritim Resources Dayang Enterprises Malaysian Airline System CIMB Group Holdings Axiata AirAsia Media Prima Telekom Malaysia Genting Plantations IJM Corporation IJM Plantations IOI Corporation Media Prima Media Chinese International Limited Lafarge Malayan Cement Pelikan International Corporation Sime Darby Wah Seong Corporation YTL Cement Genting Genting Malaysia Bumi Armada Maxis YTL Power Banking YNH Property Hong Leong Bank Lingkaran Trans Kota Holdings

Report title
Sunway merger play is far from over Sale of stake in Jawa Power to strategic partner Taking a balanced view Sabah and Labuan's turn to get tariff hike Merger with Kencana Petroleum Merger of SapuraCrest and Kencana June MPOB Statistics 2QFY11 Results 3QFY11 profit warning means buying opportunity Bank Indonesia may limit foreign ownership Sector weekly review Sector weekly review More M&A in the HDD space? Proposing maiden TV investment Floating success 2QFY11 Results 3QFY11 Results ANA joint venture Sector weekly review Sector weekly review 2QFY11 Results 2QFY11 Results Participating in a US$5.7bn project in Johor Disposal of 92m Axiata shares Secures short term charter Expands plantation hectarage June 2011 statistics Sapura3000 secures work for FY14 TLP job uncertainty AirAsia and MAS to tie up? Amidst global uncertainties Growing their fleet Synergistic collaboration Synergistic collaboration July MPOB statistics 3QFY11 Results Recovering, but slowly Confirms new FPSO Key takeaways from 3QFY11 analyst briefing Semenyih land acquisition 1QFY12 Results Clinched LRT Job Singapore listing of Parkson Asia imminent 3QFY11 Results 1QFY11 Results 1QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results Outright land disposal 4QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results Adex growth momentum intact 2QFY11 Results 2QFY11 Results 1QFY12 Results 1QFY12 Results 4QFY11 Results 2QFY11 Results 1QFY11 Results 2QFY11 Results 2QFY11 Results 4QFY11 Results 2QFY11 Results 4QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 4QFY11 Results July 2011 statistics 2QFY11 Results 4QFY11 Results 2QFY11 Results

Call
Neutral Hold Buy Hold Overweight Neutral Buy Buy Neutral Overweight Neutral Neutral Buy Buy Hold Buy Hold Overweight Neutral Hold Buy Trading Buy Hold Buy Trading Buy Neutral Hold Hold Neutral Overweight Hold Trading Buy Hold Neutral Buy Buy Hold Buy Hold Hold Buy Buy Hold Hold Hold Trading Buy Buy Buy Buy Buy Buy Trading Buy Buy Buy Sell Hold Buy Trading Buy Buy Hold Trading Buy Buy Trading Buy Trading Buy Buy Buy Hold Trading Buy Trading Bur Buy Buy Hold Hold Hold Hold Hold Neutral Hold Hold Hold

Target price
RM2.32 RM7.84 RM4.60 RM1.50 RM7.84 RM3.93 RM3.91 RM30.58 RM7.61 RM3.56 RM14.20 RM2.90 RM2.25 RM3.70 RM1.31 RM6.11 RM4.60 RM7.53 RM4.60 RM4.78 RM1.72 RM2.50 RM1.11 RM3.91 RM2.43 RM4.00 RM6.06 RM3.41 RM6.40 RM21.75 RM7.53 RM14.14 RM6.41 RM1.12 RM3.93 RM8.16 RM3.93 RM10.00 RM2.25 RM1.11 RM2.16 RM1.30 RM7.88 RM5.87 RM4.78 RM3.31 RM3.70 RM8.64 RM7.02 RM3.61 RM6.11 RM3.31 RM1.34 RM7.28 RM1.00 RM10.95 RM3.06 RM5.66 RM9.88 RM3.42 RM3.91 RM5.47 RM1.97 RM1.60 RM13.62 RM4.42

Date
8 July 8 July 11 July 11 July 12 July 12 July 12 July 13 July 14 July 18 July 18 July 18 July 19 July 20 July 21 July 21 July 22 July 22 July 25 July 25 July 26 July 26 July 26 July 27 July 27 July 29 July 1 Aug 4 Aug 8 Aug 8 Aug 8 Aug 9 Aug 10 Aug 10 Aug 11 Aug 12 Aug 12 Aug 12 Aug 15 Aug 15 Aug 16 Aug 17 Aug 17 Aug 17 Aug 17 Aug 18 Aug 19 Aug 19 Aug 19 Aug 22 Aug 22 Aug 23 Aug 23 Aug 23 Aug 24 Aug 24 Aug 24 Aug 24 Aug 24 Aug 24 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 29 Aug 29 Aug 29 Aug 29 Aug

Newz Bits | 2 September 2011

DISCLOSURE & DISCLAIMER


Stock rating definitions
Strong buy Buy Hold Sell Trading buy High conviction buy with expected 12-month total return (including dividends) of 30% or more Expected 12-month total return of 15% or more Expected 12-month total return between -15% and 15% Expected 12-month total return of -15% or less Expected 6-month total return of 15% or more arising from positive newsflow. However, upside may not be sustainable.

Sector rating definitions


Overweight Neutral Underweight - Industry expected to outperform the market over the next 12 months - Industry expected to perform in-line with the market over the next 12 months - Industry expected to underperform the market over the next 12 months

Disclaimer
This report is for information purposes only and general in nature. The information contained in this report is based on data and obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made with respect to the accuracy, completeness or reliability of the information or opinions in this report. Accordingly, neither we nor any of our related companies and associates nor persons related to us accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use of or reliance on the information or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. It is not possible to have regard to the specific investment objectives, the financial situation and the particular needs of each person who may receive or read this report. As such, investors should seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. Under no circumstances should this report be considered as an offer to sell or a solicitation of an offer to buy any securities referred to herein. This company and its related companies, their associates, directors, connected parties and/or employees may, from time to time, own, have positions or be materially interested in any securities mentioned herein or any securities related thereto, and may further deal with such securities and provide advisory, investment or other services for any company or entity mentioned in this report. In reviewing this report, investors should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflict of interests.

Published & printed by: ECM Libra Capital Sdn Bhd (579116-A) 2nd Floor, West Wing, Bangunan ECM Libra No. 8 Jalan Damansara Endah Damansara Heights 50490 Kuala Lumpur Tel: (603) 2089 1888 Fax: (603) 2096 1868

Newz Bits | 2 September 2011

10

Você também pode gostar