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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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My investment with RM5,000 initial capital have been growing since 2005.I found the stock market appears confusing and complicated, but it is most definitely based on logic "supply and demand". However, the laws of supply and demand as observed in the markets do not behave as one would expect. To be an effective trader, there is a great need to understand how supply and demand can be interpreted under different market conditions and how to take advantage of this Off Market Transactions in KLSE.

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