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2009-08-29

Target Price From HWangDBS 2H2009 Summery

Sime Darby (RM8.24; Fully Valued; Price Target: RM7.45; SIME MK)
Stronger 4QFY09
  • 4QFY09 earnings were better than expected due to lower taxation, slightly stronger property margins, and lower borrowing cost
  • CPO price could range between RM2,000 and RM2,200 in FY10F
  • Maintain Fully Valued call and RM7.45 TP.
Axiata (RM3.11; Fully Valued; Price Target: RM 2.70 (Prev RM 2.35); AXIATA MK)
2Q09 core profit in line
  • Annualized core 2Q09 net profit is in line with our FY09F profit, but below consensus
  • We raised FY10F-11F earnings in anticipation of a turn around in its overseas operations
  • Sum-of-parts price target is raised to RM2.70. But downgrade to Fully Valued on rich valuation.
Litrak (RM2.69; Hold; Price Target: RM2.70; LTK MK)
Limited upside
  • 1QFY10 result was in line, with traffic volume growing 4% q-o-q
  • Declared 10 sen interim DPS, double that for preceding year
  • Downgrade to Hold, TP maintained at RM2.70.
KNM Group (RM0.77; Buy; Price Target: RM1.10; KNMG MK)
Expect stronger 2H09 earnings
  • Weak 2Q09 result was within expectation
  • Expect stronger 2H09 following recent contract wins
  • Poised for new contract wins given stronger oil price.
MRCB (RM1.29; Buy; Price Target: RM1.50; MRC MK)
Stronger earnings ahead
  • Strong 2Q09 result driven by higher construction contribution
  • Expect earnings to improve following lower building material cost and improving property demand
  • Maintain Buy and SOP-derived RM1.50 TP.

TRC Synergy (RM1.45; Buy; Price Target: RM2.05; TRC MK)
Still awaiting key catalyst
  • 2Q09 result in line, margins improved
  • Still missing key re-rating catalyst, Petro-Bru led Brunei refinery project
  • Maintain Buy rating and RM2.05 TP.

Malaysia Airports (RM3.34; Buy; Price Target: RM4.50; MAHB MK)
2Q09 result within expectation
  • 2Q09 core net profit was flat y-o-y at RM60.6m, in line with our expectation but below consensus’
  • Positive impact from restructuring, strong passenger growth in LCCT, and improved rental contribution supported earnings
  • Maintain Buy and SOP-based RM4.50 TP.

Eastern & Oriental (RM1.33; Buy; Price Target: RM2.10 (Prev RM 1.50); EAST MK)
In line, stronger sales ahead
  • 1QFY10 result was in line, profit is expected to pick up with RM330m unbilled sales and RM2b upcoming launches
  • Completion of rights issue by Oct09 will strengthen balance sheet and cashflows
  • Maintain Buy, raised TP to RM2.10 based on 20% discount to RNAV of RM2.66 (fully diluted RM1.99)

Lafarge (RM6.30; Fully Valued; Price Target: RM5.10; LMC MK)
2Q09 in line, supported by higher ASP
  • 2Q09 result was within our and consensus expectations
  • Demand continues to fall 7% y-o-y, but should pick up in 2H09 along with a recovering economy
  • As expected, LMC declared a single tier 15 sen DPS
  • We retain our Fully Valued call as valuation remains expensive; RM5.10 TP is based on mid-cycle 9.8x PE.

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