tag:blogger.com,1999:blog-16264003691028288592024-03-05T19:07:47.379+08:00Bursa Malaysia (KLSE) Daily Info Edge ZoneMalaysia Forex | KLSE Index | FTSE KLCI | Bursa Malaysia | MayBank Forex | Malaysia Stock Trading | Malaysia ShareUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1626400369102828859.post-4631197943973819282009-08-29T10:28:00.000+08:002009-08-29T10:28:00.374+08:00Target Price From HWangDBS 2H2009 Summery<span style="font-weight: bold;">Sime Darby (RM8.24; Fully Valued; Price Target: RM7.45; SIME MK) </span><br /><span style="font-weight: bold;">Stronger 4QFY09</span><br /><ul><li>4QFY09 earnings were better than expected due to lower taxation, slightly stronger property margins, and lower borrowing cost</li><li>CPO price could range between RM2,000 and RM2,200 in FY10F</li><li>Maintain Fully Valued call and RM7.45 TP.</li></ul><span style="font-weight: bold;">Axiata (RM3.11; Fully Valued; Price Target: RM 2.70 (Prev RM 2.35); AXIATA MK)</span><br /><span style="font-weight: bold;">2Q09 core profit in line</span><br /><ul><li>Annualized core 2Q09 net profit is in line with our FY09F profit, but below consensus</li><li> We raised FY10F-11F earnings in anticipation of a turn around in its overseas operations</li><li>Sum-of-parts price target is raised to RM2.70. But downgrade to Fully Valued on rich valuation.</li></ul><span style="font-weight: bold;">Litrak (RM2.69; Hold; Price Target: RM2.70; LTK MK)</span><br />Limited upside<br /><ul><li>1QFY10 result was in line, with traffic volume growing 4% q-o-q</li><li>Declared 10 sen interim DPS, double that for preceding year</li><li>Downgrade to Hold, TP maintained at RM2.70.</li></ul><span style="font-weight: bold;">KNM Group (RM0.77; Buy; Price Target: RM1.10; KNMG MK)</span><br />Expect stronger 2H09 earnings<br /><ul><li>Weak 2Q09 result was within expectation</li><li>Expect stronger 2H09 following recent contract wins</li><li>Poised for new contract wins given stronger oil price.</li></ul><span style="font-weight: bold;">MRCB (RM1.29; Buy; Price Target: RM1.50; MRC MK)</span><br />Stronger earnings ahead<br /><ul><li>Strong 2Q09 result driven by higher construction contribution</li><li>Expect earnings to improve following lower building material cost and improving property demand</li><li>Maintain Buy and SOP-derived RM1.50 TP.</li></ul><br /><span style="font-weight: bold;">TRC Synergy (RM1.45; Buy; Price Target: RM2.05; TRC MK)</span><br />Still awaiting key catalyst<br /><ul><li>2Q09 result in line, margins improved</li><li>Still missing key re-rating catalyst, Petro-Bru led Brunei refinery project</li><li>Maintain Buy rating and RM2.05 TP.</li></ul><br /><span style="font-weight: bold;">Malaysia Airports (RM3.34; Buy; Price Target: RM4.50; MAHB MK)</span><br />2Q09 result within expectation<br /><ul><li>2Q09 core net profit was flat y-o-y at RM60.6m, in line with our expectation but below consensus’</li><li>Positive impact from restructuring, strong passenger growth in LCCT, and improved rental contribution supported earnings</li><li>Maintain Buy and SOP-based RM4.50 TP.</li></ul><br /><span style="font-weight: bold;">Eastern & Oriental (RM1.33; Buy; Price Target: RM2.10 (Prev RM 1.50); EAST MK)</span><br />In line, stronger sales ahead<br /><ul><li>1QFY10 result was in line, profit is expected to pick up with RM330m unbilled sales and RM2b upcoming launches</li><li> Completion of rights issue by Oct09 will strengthen balance sheet and cashflows</li><li>Maintain Buy, raised TP to RM2.10 based on 20% discount to RNAV of RM2.66 (fully diluted RM1.99)</li></ul><br /><span style="font-weight: bold;">Lafarge (RM6.30; Fully Valued; Price Target: RM5.10; LMC MK)</span><br />2Q09 in line, supported by higher ASP<br /><ul><li>2Q09 result was within our and consensus expectations</li><li>Demand continues to fall 7% y-o-y, but should pick up in 2H09 along with a recovering economy</li><li>As expected, LMC declared a single tier 15 sen DPS</li><li>We retain our Fully Valued call as valuation remains expensive; RM5.10 TP is based on mid-cycle 9.8x PE.</li></ul>Unknownnoreply@blogger.com0