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Saturday, April 10, 2010

RHB, Tan Chong, Top Glove, Fund, USD/MYR, LPI

DJ MARKET TALK:RHB Capital +1.9%; M&A Talk Fuels Interest
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0739 GMT [Dow Jones] RHB Capital (1066.KU) +1.9% at MYR6.00 (vs flat finance sub-sector), dealer says, on M&A hopes after banking group's MD Tajuddin Atan says may consider such opportunities if they arise. "The bank will not close the door if the strategic fit comes into the picture," Tajudin says. "From a strategic perspective, it is possible" a deal could happen this year, he says, but doesn't provide details. Dealer says following Hong Leong Bank's (5819.KU) plans to acquire EON Capital's (5266.KU) assets, liabilities to create country's fourth largest lender by assets, "any talk of merger among banks will excite the market...even though there's nothing concrete." Resistance at MYR6.03 (intraday high).

DJ MARKET TALK:Tan Chong +12.2%, 3-Year EPS CAGR Likely +47%-CIMB
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0756 GMT [Dow Jones] Tan Chong Motor (4405.KU) +12.2% at fresh 12-year high of MYR4.50 on strong earnings outlook, says dealer with local brokerage; thinks stock may test psychological MYR5.00 in the next few weeks given expectation of stronger economic recovery. CIMB Research analyst Loke Wei Wern projects Tan Chong to post impressive EPS CAGR of 47% for FY10-12 after raising earnings forecasts; cites model mix expansion, and regional ambitions and Indochina strategy as reasons for earnings upgrade. Also predicts Malaysia's Nissan car distributor to post strong 1Q earnings, supported by stronger margins, higher sales volume. Didn't provide 1Q forecast figures. Keeps Outperform call on Tan Chong, raises target to MYR7.00 from MYR4.55.

DJ MARKET TALK: AmResearch Downgrades Top Glove To Hold From Buy
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0810 GMT [Dow Jones] AmResearch downgrades Top Glove (7113.KU) to Hold from Buy, cuts target to MYR12.50 from MYR15.70, based on lower P/E of 13X FY11F earnings on concerns over margin compression. Broker says demand growth for latex gloves has possibly peaked, "should decelerate going forward," with pricing power likely shifting from glove makers to customers; "there could be increased resistance from consumers in accepting higher average selling price going forward." Notes headwinds in higher latex costs, weaker USD vs MYR, both pose risk to margins; house cuts FY11F, FY12F earnings forecast by 8%-10%. "We believe the stock has run its course since 2009, and the lack of earnings upside surprise renders the stock fully valued," AmResearch says. Stock last +0.9% at MYR13.70.

DJ MARKET TALK: Emerging Market Stock Inflows Hit 6-Mo High -EPFR
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0843 GMT [Dow Jones] Investor interest in emerging markets is red hot with flows into emerging funds hitting six month high, according to fund flow tracker EPFR Global. Emerging market bond funds have been seeing inflows for 22 straight weeks now while emerging market funds took in US$3.27 billion in week ended April 7, bringing total YTD inflows to US$10.8 billion. Flows to Asia equity funds hit 17-week high. Asia ex-Japan stock funds were helped by renewed appetite for China, which has seen slacking interest thanks to increased tensions with the U.S. as well as uncertainty about the impact of tighter domestic monetary policy,

DJ MARKET TALK: USD/MYR Lower Late; 3.1650 Support Eyed
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0843 GMT [Dow Jones] USD/MYR lower late at 3.1885 vs late yesterday 3.2200; local dealer says pair continues to fall, on talk of possible CNY appreciation, in line with USD/Asians. "The pair broke another key support level at 3.1950 based on charts...and the trend is still downwards at the moment," says dealer; notes no central bank intervention seen. Says next support at 3.1650, then 3.1440; still, there's "likelihood of intervention" as pair trends toward April 23, 2008 low of 3.1310. "It's coming to a point where exporters could be hurt by an overly strong ringgit."

DJ MARKET TALK:OSK Raises LPI Capital Target To MYR15.9;Keeps Buy
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0846 GMT [Dow Jones] STOCK CALL: OSK Research keeps LPI Capital (8621.KU) at Buy, ups target to MYR15.90 from MYR15.50 after insurance underwriter's 1Q FY10 net profit +8% on-year, +6.9% above house estimate. Better numbers due to higher underwriting surplus (doubles vs year earlier), but investment income down 49.4% on-year due to lower dividend from Public Bank (1295.KU). Analyst Lim Mei Ching says gross premium will likely grow further in coming quarters as firm continues to expand agency force, bancassurance, branch network; "we are increasing our gross premium forecast by a marginal 4.7% on-year, which bumps up our net profit forecast by a marginal 3.2% for FY10," says Lim. Stock +0.1% at MYR13.82.


DJ MARKET TALK: Malaysia Shares End +0.1%;1330-1340 Range Eyed
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0910 GMT [Dow Jones] Malaysia shares end higher, benchmark KLCI +0.1% at 1333.98, but off intraday high of 1338.63, led by tech (+2.2%), property (+1.7%) plays; market rising in line with generally positive Asian bourses. Dealer with local bank-backed brokerage says index stays in tight 1332-1338 band, some early gains erased by profit taking late; "the market is in a consolidation phase and will likely continue to drift in the near term," says dealer, tips 1330-1340 range Monday in absence of fresh leads. Market breadth ends positive with 430 advancers vs 243 decliners; advancers are Tan Chong (4405.KU) +13% at MYR4.53 on strong earnings outlook, MISC (3816.KU) +3.9% at MYR8.49 on IPO plans for engineering unit, Unisem (5005.KU) +4.9% at MYR3.00, UEM Land (5148.KU) +5.6% at MYR1.50. Decliners are Petronas Dagangan (5681.KU) 0.8% at MYR9.03, AirAsia (5099.KU) down 2.2% at MYR1.32.


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