On The Platter
WILMAR (FV
SGD4.90 – BUY) 1QFY12 Results Review:
Now a Buy on Excessive Selldown
We are upgrading Wilmar International from Neutral to Buy,
but at a lower FV of SGD4.90 versus SGD5.22 earlier, as we trim our FY12 profit
forecast to USD1,393.5m from USD1,485.8m previously. Although Wilmar’s 1QFY12
results disappointed, we view yesterday’s selldown as excessive. Moreover, the
poor results mainly arose from its crushing business while other segments
actually did well and exceeded our estimates. That said, the lack of earnings
visibility was also mainly confined to the crushing business. We have yet to
factor in the coming on-stream of 3.5m of refining capacity in Indonesia in 3Q.
CENTURY (FV RM1.79 –
NEUTRAL) 1QFY12 Results Review: More Pain From O&G Logistics
DIALOG (FV RM2.99 –
BUY) 9MFY12 Results Review: Surprisingly Slower
GENTING S’PORE (FV
SGD1.71 – NEUTRAL) 1QFY12 Results
Review: Still in Cautious Mode
SINGTEL (FV SGD3.12 –
NEUTRAL) FY12 Results Conference Call: A Muted Tone
Market Review
Defying global
sentiment. The FBM KLCI edged up 3.16
pts to 1,588.06 yesterday despite the negative sentiment engulfing global
markets. Today’s news headlines include:Malaysia’s economy is expected to grow
by a slower 4.5% in 2012 due to weaker external demand, according to the United
Nations Economic and Social Commission for Asia and Pacific, Malaysian Airline
System is close to securing up to RM1.5bn in a bridging loan from CIMB Group
Holdings, Dialog Group’s net profit increased almost 8% y-o-y to RM41.39m for
3QFY12 and IGB Corp will acquire 1.57m sq ft of land in Johor Bahru for
RM259.14m or RM165 per sq ft. On the
global front, the US markets closed mixed.
MEDIA HIGHLIGHTS
Infineon to inject
RM4bn into Kulim plant operations
Infineon Technologies (Kulim) SB will invest RM4bn in its
operations at the Kulim Hi-Tech Park over a 10-year period. The German company
is expanding its wafer fabrication facility, Kulim 2, to include a
manufacturing centre for the production of megatrend technologies for energy
efficiency and automotive industries.
(Malaysian Reserve)
MAS to get up to
RM1.5bn bridging loan from CIMB
Malaysian Airline System (MAS) is close to securing up to
RM1.5bn in a bridging loan from CIMB Group Holdings, giving it ample time to
structure a RM3bn bond for its long-term needs. According to three separate sources,
the one-year bridging loan is intended to finance the national carrier’s daily
operational needs and this would give MAS some time to structure the bonds.
(Financial Daily)
IGB JVs to acquire
Johor land for RM259m
IGB Corp’s two 70%-owned subsidiaries will acquire 1.57m sq
ft of land in Johor Bahru for a consideration of RM259.14m or at RM165 per sq
ft. The land, to be acquired from Selia Pantai SB, is for the development of a shopping
mall plus other commercial components. Selia Pantai also owns a 30% stake in
the two IGB subsidiaries that will develop the land. (Financial Daily)
Contracts from TNB a
boost to Pestech
Pestech International, which plans to list on the Main
Market of Bursa Malaysia on 30 May, expects an increase in contribution from
its local operations with the addition
of two new contracts worth RM105.7m from TNB recently. The contracts are JV with TNB to build
electric sub-stations in the Sarawak Corridor of Renewable Energy (SCORE) and
Teluk Ramunia, Johor. (Financial Daily)
Harvest Court MD
pares stake
Harvest Court Industries managing director Ng Swee Kiat
substantially pared his shareholding in the company, selling more than 10%
equity interest over two days, filings showed. In a statement yesterday,
Harvest Court said Ng sold shares amounting to about 6% of its share base
during the closed period on Wednesday, disposing of 9.26m shares or a 5.1%
stake at an average of 71.2 sen apiece. (Financial Daily)
Source: OSK188
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