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Monday, May 24, 2010

PLUS, Airport, WCT, Sime Darby, Dayang

DJ MARKET TALK:PLUS May Rise On Better 1Q;Outlook Positive-Trader
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0000 GMT [Dow Jones] PLUS Expressways (5052.KU) may rise, with trader tipping stock may test MYR3.39 (30-day moving average) vs Friday's close at MYR3.34 (down 0.9%), after company says 1Q net profit +7.4% on-year at MYR299.1 million; revenue +10.2% on-year at MYR813.2 million. Toll highway concessionaire says traffic volume growth in 1Q in line with economic recovery projected for 2010; "we are confident that the group will be able to sustain the performance as achieved last year," says Managing Director Noorizah Hamid. Trader says annualized earnings largely inline with expectations; "the Malaysian economy is expected to grow at least 6% this year, and this will be translated into stronger traffic volume for PlUS' highways... the outlook remains positive," trader says.

DJ MARKET TALK: HwangDBS Keeps Buy On PLUS; MYR4.00 Target
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0147 GMT [Dow Jones] STOCK CALL: HwangDBS Vickers Research maintains Buy on PLUS (5052.KU), with unchanged target price of MYR4.00; this after toll highway operator reported in-line 1Q earnings. House says company on track to beat its 2010 key performance indicators of 5% revenue growth, ROE of 18%; management expects 2010 traffic volume to grow 3%-4%, analyst Chong Tjen-San says. "In more volatile times, PLUS is a safe haven with its strong free cash flows (5% dividend yield) and government backing," Chong says. Stock flat at MYR3.34

DJ MARKET TALK: OSK Downgrades Malaysia Airports To Neutral
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0131 GMT [Dow Jones] STOCK CALL: OSK Research downgrades Malaysia Airports (5014.KU) to Neutral from Trading Buy, cuts target price to MYR4.80 from MYR5.50; says speculation airport operator may raise funds for new low cost carrier terminal project through bond sale instead of equity sale may be considered a disappointment as investors had earlier bought shares in Malaysia Airports in hopes that the company would be offering new shares at attractive prices. OSK says broader market weakness may also weigh on Malaysia Airports shares; "Therefore, we are applying a less aggressive valuation of 14X vs 16X FY10 EPS previously." Malaysia Airports untraded; stock ended 2.8% lower at MYR4.81 Friday.

DJ MARKET TALK: WCT Down 0.8%; Opportunity To Buy - Maybank
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0240 GMT [Dow Jones] WCT (9679.KU) down 0.8% at MYR2.55 after builder reports 11% on-year decline in 1Q net profit; results within expectations, analysts say. Maybank Investment Bank says recent share price weakness is opportunity for investors to accumulate as company's earnings prospects for year remain bright, underpinned by company's MYR2.8 billion orderbook; "We expect earnings uptrend in the subsequent quarters and retain our forecast for a 15% net profit growth in 2010," Maybank says, citing pick-up of activity in key jobs such as new Doha airport, Malaysia's low cost carrier terminal; Maybank maintains Buy call, with unchanged target price of MYR3.40.

DJ MARKET TALK: Dayang May Rise On MYR150.9M Petronas Orders
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2339 GMT [Dow Jones] Dayang (5141.KU) may rise after company says wholly-owned unit Dayang Enterprise Sdn. Bhd. awarded MYR150.9 million worth of work orders by upstream player Petronas Carigali; dealer tips stock may rise to MYR1.84 (10-day moving average) vs Friday's close at MYR1.80 (+2.3%). Works for provision of hook-up, commissioning of Petronas Carigali's facilities, to be completed within 6-12 months. Company says contract will contribute positively to 2010 earnings. Dealer says although stock rose Friday before the deal was announced, it may post further gains; "this is a good-sized contract that will be a nice boost to the bottom line... it will spur more buying interest," dealer says. Dayang posted 2009 full-year net profit of MYR43.5 million on revenue of MYR197.0 million.

DJ MARKET TALK: Sime Down 5.2% On Energy Losses; MYR7.50 Eyed
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0206 GMT [Dow Jones] Sime Darby (4197.KU) down 5.2% at MYR7.66, lowest in 10 months; conglomerate has said its fiscal 3Q results, due May 27, will include MYR964 million in losses from its energy projects; dealers say stock extending declines on concerns Sime may need to make further provisions as an internal probe still ongoing. "Until the investigations are completed, we cannot rule out the possibility of further provisions in the coming quarters," dealer says; tips stock to stay in downtrend near-term, targeting MYR7.50 psychological support.


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Monday, May 17, 2010

F&N. AMMB, Sealink, IOIcorp, CIMB

DJ MARKET TALK: F&N +1.7%; Dividend Hopes After Planned Sale
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0320 GMT [Dow Jones] Fraser & Neave (3689.KU) +1.7% at MYR11.88, may retest intraday high of MYR12.18 later, on hopes beverage firm may return $221.7 million proceeds from planned sale of entire stake in glass maker unit Malaya Glass to Thailand's Berli Jucker (BJC.TH), Australia's ACI International (ACI.XX), says dealer with local brokerage. Maybank Research analyst Khair Mirza says disposal will relieve F&N from running an upstream business that passes cost increases only with 6-9 month time lag; sale will allow F&N to focus on core, downstream beverage businesses. "It is possible that F&N could return net proceeds of about MYR2.17/share from the disposal to shareholders, although we are conservatively forecasting only 60% of net proceeds or MYR1.30/share to be paid out in FY11," says Khair; keeps Buy on stock, raises target to MYR14.60 from MYR13.25.

DJ MARKET TALK: Hwang-DBS Keeps AMMB As Buy, MYR5.50 Target
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0106 GMT [Dow Jones] STOCK CALL: Hwang-DBS Vickers Research keeps AMMB (1015.KU) as Buy with MYR5.50 target after Malaysia's 5th-largest lender by assets' FY10 net profit surpasses MYR1 billion mark, mainly driven by non-interest income, strong loan growth. "AMMB has repositioned its balance sheet by managing interest-sensitive assets and liabilities gapping, and net mismatch is narrowing," says analyst Lim Sue-Lin; estimates AMMB's net profit to rise 2% with each 25bp increase in policy rates (impact is less compared to other banks with higher variable rate loans). Projects AMMB to post FY11 net profit of MYR1.23 billion, FY12 profit of MYR1.5 billion. Stock flat at MYR4.99.

DJ MARKET TALK:Sealink Down 0.7% Though Units Land MYR88M In Jobs
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0334 GMT [Dow Jones] Sealink (5145.KU) down 0.7% at MYR0.67, although company says its units have secured 3-year long-term contract for offshore vessel in Australia, also sold another offshore support vessel for delivery end 2010, total value of contracts at MYR88.0 million. "The stock is down in line with softer market conditions," says dealer (KLCI down 0.7%); tips strong support at 100-day moving average of MYR0.66. "With these new contracts, Sealink within the first five months (this year) has so far secured contracts worth MYR146 million," says AmResearch; adds 1-2 more vessels expected to be sold over next few months. Keeps Buy on Sealink with unchanged MYR0.76 target as its earnings has bottomed last year, macro industry outlook recovered. "At current price, Sealink is trading at a very cheap P/E of six times -- a discount of 50% versus its peers at 12 times," says AmResearch

DJ MARKET TALK: IOI Corp Down 1.5%; Fruit Yields Concern -CIMB
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0410 GMT [Dow Jones] IOI Corp (1961.KU) down 1.5% at MYR5.31 on concerns over declining fresh fruit bunches (FFB) yields, says dealer with local brokerage; tips immediate support at 200-day moving average of MYR5.28. This, after plantation firm reported weak 9-month earnings Friday. "3Q plantation earnings missed our forecast because of weaker-than-expected FFB output resulting from a slow pick-up in yields," says CIMB Research analyst Ivy Ng; adds 9-month FFB production fell 7%, worse than 4.5% decline in output house had factored in for full year; cuts FY10-12 core net profit forecasts by 8%-11% for lower FFB yields, higher corporate expenses. Keeps Neutral call, lowers target by 8% to MYR5.60, based on unchanged forward 18X P/E.


DJ MARKET TALK: CIMB May Rise On Plans To Buy More Of Bank Niaga
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0032 GMT [Dow Jones] CIMB Group Holdings (1023.KU) may rise to test MYR14.60 (April 8 high) vs last done at MYR14.40, down 0.6% Friday says dealer; this after Malaysia's second largest lender by assets says planning to buy a further 19.67% stake in its Indonesian unit PT Bank CIMB Niaga for MYR1.943 billion from government investment arm Khazanah Nasional in an all-share deal. CIMB Group plans to issue to Khazanah 134 million shares in CIMB Group (equivalent to 3.79% of its paid up capital at April 30). CIMB Niaga is currently 78.26% unit of CIMB Group; deal expected to be completed by 4Q. Dealer says deal will be liked by investors as it will boost contribution from one of the fastest growing parts of the CIMB network; "the longer term prospects for the Indonesian franchise are excellent... this looks like a win-win solution for both CIMB and Khazanah," dealer says.


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Wednesday, May 12, 2010

KKB Engineering, Petrnonas Gas, Kurnia Asia, Kepong

DJ MARKET TALK: TA Cuts KL Kepong Target To MYR19.15; Keeps Buy
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0527 GMT [Dow Jones] STOCK CALL: TA Research lowers KL Kepong (2445.KU) target price to MYR19.15 from MYR19.42 to reflect 8% cut in FY10 earnings forecast following slight downward adjustment in crude palm oil price assumption, lower manufacturing margin. Keeps at Buy, says KL Kepong's earnings growth still likely to be ahead of peers on strong volume growth, strong selling prices for palm oil and rubber; oil palm fresh fruit bunch production forecast to grow by 6% in FY11 vs 3%-4% for IOI Corp. (1961.KU), Sime (4197.KU). Adds, stock trading at 16X-17X forward P/E vs historical average of 15X, but "the premium is reasonable given the growth strength in the upstream plantation segment and potential upside in the manufacturing, retailing, property segments," says analyst James Ratnam. KL Kepong unchanged at MYR16.50.

DJ MARKET TALK: OSK Keeps Kurnia Asia At Buy, MYR0.92 Target
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0503 GMT [Dow Jones] STOCK CALL: OSK Research keeps Kurnia Asia (5097.KU) at Buy, target unchanged at MYR0.92 (based on industry average P/E of 13X over FY10 earnings). Analyst Ngo Siew Teng says general, motor insurer's 1Q net profit at MYR23.8 million in line with consensus, 10.5% below house estimates due to higher tax charges. Notes gross, net premiums rose 5.0% and 3.9% on-quarter respectively after firm increases share of more profitable non-motor portfolio (non-motor business rises to 22% of total portfolio vs 17% previous quarter). "Being the major motor insurer in Malaysia, Kurnia is poised to benefit from a revision in motor tariffs, which is expected to be implemented by 3Q 2010," says Ngo. Stock last +1.0% at MYR0.53.


DJ MARKET TALK:Maybank Keeps Petronas Gas At Hold,MYR10.40 Target
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0305 GMT [Dow Jones] STOCK CALL: Maybank Investment keeps Petronas Gas (6033.KU) at Hold, target unchanged at MYR10.40. Analyst Andrew Lee says firm's full fiscal year to March 31 results met expectations, despite weaker 4Q (net profit down 23% on-year). Lee says PGas set to operate on "improved business model" for FY11 under new terms of 4th Gas Processing Transmission Agreement. "(Agreement) is earnings enhancing and comes with lower operating risks. It also shields PGas from fluctuations in gas prices and allows importation of a 3rd party gas supply (i.e. LNG) into its PGU lines, thus removing shortage of gas supply risks from Peninsular Malaysia gas fields from 2019-21," Lee says. Expects net profit to grow by 40% in FY11 to MYR1.3 billion from MYR940.9 million in FY10. Stock +0.4% at MYR9.92 vs KLCI down 0.1%.


DJ MARKET TALK: OSK Raises KKB Target To MYR11.88 From MYR7.01

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0240 GMT [Dow Jones] STOCK CALL: OSK Research raises KKB Engineering (9466.KU) target to MYR11.88 from MYR7.01 on higher expected earnings, keeps at Trading Buy after 1Q results "sparkled." Analyst Law Mei Chi notes 1Q net profit more than tripled to MYR19.1 million, surpassing house forecast, accounting for 40% of FY10 projection. "The significantly better numbers were mainly due to heightened activities, particularly for steel water pipes as its manufacturing segment registered strong on quarter and on year revenue growth of 64% and 86% respectively," says Law, adding more contracts in the pipeline could further boost earnings. Upgrades earnings forecast; net profit of MYR82.5 million expected in FY10, MYR95.7 million in FY11. Stock last +2.0% at MYR6.17.


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Petronas Gas, USD/MYR, Hartalega, Kencana, Berjaya


DJ MARKET TALK: Petronas Gas May Fall; 4Q Profit Down 23%

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0040 GMT [Dow Jones] Petronas Gas (6033.KU) may fall to MYR9.84 vs yesterday's unchanged close at MYR9.88, says dealer; this after company says fiscal 4Q net profit falls 23% on year due to lower throughput revenue, weaker utilities sales. Unit of national oil company Petroliam Nasional says net profit at MYR201.4 million vs MYR261.8 million a year earlier after revenue drops to MYR802.2 million from MYR935.9 million. Expects "satisfactory" fiscal 2011 with cost reduction efforts in place, while prospects for utilities business will depend on pace of Malaysia's economic recovery. Net profit for full year at MYR940.9 million vs MYR928.7 million previously. Dealer says stock may face some selling pressure due to weaker 4Q results, but losses likely contained; "the full year numbers are roughly within expectations, while a recovering economy will boost throughput, revenue and profits going forward."

DJ MARKET TALK: USD/MYR Tad Lower; 3.1900-3.2300 Range Eyed
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0051 GMT [Dow Jones] USD/MYR tad lower at 3.2000 vs 3.2035 late yesterday, local dealer says volume thin, some MYR buying on hopes of policy rate hike by Bank Negara tomorrow, expectations of strong 1Q GDP growth numbers. Dow Jones poll of 18 economists expect 1Q GDP up 9.6% vs 4.5% growth in 4Q. Trading also "appears to be less volatile than the past few days." Tips 3.1900-3.2300 band rest of day. (


DJ MARKET TALK: Hartalega May Rise On Bonus Issue, 4Q Net Pft
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0003 GMT [Dow Jones] Hartalega Holdings (5168.KU) may rise to test MYR8.00 (yesterday's intraday high) vs yesterday's close at MYR7.85 (+0.8%), says trader; this after latex glovemaker says planning a 1-for-2 bonus share issue. Company also announces higher fiscal 4Q net profit of MYR46.4 milion vs MYR31.0 million year earlier; revenue rises to MYR163.4 million vs MYR124.8 million previously. For full year, company posts net profit of MYR143.1 million vs MYR84.5 million. Hartalega says demand remains strong for its key products of synthetic, natural latex gloves, optimistic of continued growth, better financial results in FY11. "Investors will be thrilled...they had been hoping for bonus shares after other glovemakers like Supermax and Top Glove made bonus issues earlier this year. The results are also very encouraging," trader says


DJ MARKET TALK: Kencana May Rise; Unit Wins MYR91.9M Contract

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2338 GMT [Dow Jones] Kencana Petroleum (5122.KU) may rise to MYR1.60, then MYR1.68 (Apr. 6 high) vs yesterday's close at MYR1.57 (+0.6%) says dealer; this after company says unit Kencana HL secured MYR91.9 million contract from the Energy, Green Technology and Water Ministry to install subsea pipeline in Malaysia's Labuan island. Says project includes pipeline installation works between water treatment plant in Beaufort and Labuan, other related external works; expected to be delivered in 4Q 2010, will contribute positively to group earnings for financial years ending July 31, 2010, 2011. Dealer says margins on specialist job likely to be generous; "there seems to have been a flow of jobs won by Kencana recently... this latest good-sized project will boost the shares today."

DJ Berjaya Corp May Acquire Sports Gaming Outfit - Report
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KUALA LUMPUR (Dow Jones)--Berjaya Corp. (3395.KU), controlled by Malaysian tycooon Vincent Tan, may be acquiring sports-gaming-license holder Ascot Sports Sdn. Bhd., The Star reported Wednesday, quoting unnamed sources.

Ascot Sports, which is also owned by Tan, will be allowed to operate in 200 of the 680 number-forecasting outlets run by unit Berjaya Sports Toto Bhd. (1562.KU), a source said.

The country's first sports-betting operation will likely start operations in August or September, the source added.

Berjaya Corp. Tuesday had requested that trading in its shares be suspended Wednesday pending "an announcement of an acquisition from a related party of the company and a capital raising exercise."

The company wasn't immediately available for comment.

Berjaya Corp shares ended flat Tuesday at MYR1.54.

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