HARTA (FV RM9.39 –
BUY) 9MFY12 Results Review: In Good Form, as Usual Hartalega’s 9MFY12
results were within expectations. Overall, there was a slight improvement in
revenue and net profit, bolstered by a
higher sales volume and better selling prices of gloves, besides more
efficient production and better cost control.
Separately, the group announced a 1-for-1 bonus issue and
1-for-5 free warrants to enhance liquidity in its stock and attract new
investors. Maintain Buy, with a higher fair value of RM9.39 as we roll forward
our valuation to FY13 as well as peg a higher PE of 15x in tandem with the
improving liquidity in its stock.
AIRASIA (FV RM4.57 –
BUY) FY11 Results Review: Flying High Despite Headwinds
CIMB (FV RM8.05 –
BUY) Company Update: NIM Stabilizes at Niaga
FREIGHT (FV RM1.07 –
BUY) 1HFY12 Results Review: All is Intact
IJM (FV RM6.55 – TRADING BUY) 9MFY12 Results Review:
Slight Blip in Construction Margins
IJMPLNT (FV RM3.80 –
BUY) 9MFY12 Results Review: Fair Value Upgraded
KENCANA (FV RM3.60 – BUY) Corporate News Flash: Another Job From Murphy
Sarawak
MISC (FV RM7.45 –
BUY) FY11 Results Review: A Dreadful Year Passes
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