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UEMLAND - Price Target
Date Open Price Target Price Upside/Downside Price Call Source
08/09/2011 2.07 2.70 +0.63 (30.43%) BUY MAYBANK
05/08/2011 2.57 3.80 +1.23 (47.85%) BUY CREDIT SUISSE
11/07/2011 2.75 3.44 +0.69 (25.09%) BUY UOB
28/06/2011 2.82 3.35 +0.53 (18.79%) TRADING BUY RHB
19/04/2011 2.72 3.52 +0.80 (29.41%) BUY OSK
14/04/2011 2.78 2.80 +0.02 (0.71%) HOLD RHB
29/03/2011 2.67 3.80 +1.13 (42.32%) BUY CREDIT SUISSE
UEM Land: Earnings continued to miss expectations Underperform (down from MP)
2QFY11 Results / Briefing note
'' 2Q11 net profit missed expectations by 20-30%. The strong sequential growth of 171% in turnover was due to higher revenue from property development projects (+125%) and developed land sales (to RM122.1m from RM7.3m in 1Q11). This 2Q11 results also reflected the full quarter contribution from Sunrise .
Derived from RHBInvest Research 26/08/2011
UMLAND - Price Target
Date Open Price Target Price Upside/Downside Price Call Source
25/08/2011 1.35 2.30 +0.95 (70.37%) BUY HLG
25/08/2011 1.35 2.02 +0.67 (49.62%) BUY CIMB
23/08/2011 1.39 2.87 +1.48 (106.47%) BUY HLG
01/06/2011 1.91 2.53 +0.62 (32.46%) BUY CIMB
31/05/2011 1.88 2.53 +0.65 (34.57%) BUY CIMB
UMLand (BUY)
Earnings in-line
'''' Net profit rose 18% yoy, while 1H net profit rose 89% yoy to RM24m, or 46% of our estimate.''
'''' We regard this as in-line with our expectation, due to seasonality.''
'''' The RM189m Puteri Harbour condo was slated for 3Q launch, but has been pushed back to 4Q as building approval is still pending.''
'''' We continue to like UMLand for their undemanding valuations and earnings growth story.'' UMLand continues to trade at 70% discount to RNAV and single-digit P/E, providing investors with an opportunity to accumulate before earnings re-rating takes place in 2012, which we estimate to be circa 30%.
'''' The bonus issue shares from the 1 for 4 bonus issue will be listed today, and we adjust our price target from RM2.87 to RM2.30 accordingly. Maintain BUY. - Derived from HLIB Research - 25/08/2011
pharoah88 ( Date: 07-Oct-2011 13:28) Posted:
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| Top Glove RM4.26: Sell |
| Short term rally, but fundamentals weak Shariah-compliant |
Maintain Sell. Upcoming 4QFY11 results is likely to disappoint by 33%. Though share price has rebounded on the weaker Ringgit vis-à-vis US dollar (still down 30% from its low in Aug '11), we would continue to avoid Top Glove as the negative impact of lower demand for its latex glove (70% of capacity) outweighs the positive impact of a stronger US dollar, and do not foresee latex cost to come off significantly. Additionally, its CY12 PER valuation is expensive at 19x. We cut FY11-13 EPS forecasts by 9-19% and lower DCF-derived TP to RM3.40 (-23%), indicating 15x CY12 PER.
Click here for full report »
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| *DJ Top Glove Target Cut To MYR3.40 From MYR4.40 By Maybank |
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(END) Dow Jones Newswires
October 04, 2011 21:35 ET (01:35 GMT) |
Fundamental reason has been widely spell out so I shall leave it alone.
No mention its technicallities
Supermx's RSI & Stochastic has shoot up above it oversold point but there is still room to go as MACD has yet to cross zero point and historically Supermx has tendency to overshoot.
To be safe and enjoy the 'mini super-run', better to enter Latexx, Kossan, TopGlove and Adventa or Mesdaq listed Careplus. All these counter technical indicator are still attractive and much more room to 'bull' than Supermx. However, please do take note of RHB Research note stating there perferred Kossan & Latexx which I concur technically.
Nevertheless, IF YOU HAVE MISS THIS RALLY, please please please wait for it to retrace before jumping it. If you are in, enjoy it!!
Elcane Leong
Hello everybody,
As highlighted during my session of Bursa Malaysia-RHBInvest MarketChat @Johor Bahru last Saturday, latex prices are falling off with the weakening of the global economy affecting the demand for automobiles (and hence demand for natural rubber for tyres).
In addition, the current volatility and uncertainty in global stock markets have prompted investors to repatriate their funds from emerging markets into safe-haven currencies, leading to the US$ appreciating in strength against the ringgit.
Besides, demand for gloves are typically not affected during a downturn (as consumption remains a small portion of the healthcare budget). As a result, you would see company’s which are more skewed towards natural rubber gloves gaining. Hence, my highlighted stock picks last weekend comprised the major natural rubber glove players, Latexx and Supermax, excluding Top Glove given pricier valuations.
Lester Chin
Analyst, RHB Research Institute
944
| Last Updated: 1363.51 (-4.01) |
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MAA |
0.395 |
-0.090 |
30,920,300 |
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IRCB |
0.160 |
0.030 |
16,098,500 |
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IRCB-WA |
0.075 |
0.015 |
15,571,500 |
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DIALOG |
2.310 |
0.130 |
14,854,700 |
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SPSETIA |
3.880 |
-0.010 |
13,608,600 |
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SUPERMX |
3.190 |
+0.420 |
3,573,500 |
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QUALITY |
1.170 |
+0.300 |
500 |
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TOPGLOV |
4.190 |
+0.270 |
2,197,600 |
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LATEXX-WA |
1.160 |
+0.240 |
223,200 |
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ADVENTA |
1.700 |
+0.200 |
282,700 |
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KLK |
20.160 |
-0.340 |
321,100 |
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CMSB |
1.740 |
-0.210 |
19,500 |
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FIMACOR |
5.030 |
-0.190 |
3,400 |
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PARKSON |
5.120 |
-0.180 |
499,300 |
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SPB |
3.120 |
-0.150 |
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Hang Seng Index (HSI) – 5 Day Chart
Hot Stock Watchlist
AlphaIndication of whether stock is undervalued or overvalued in relation to other stocks with similar systematic risks. The higher the value, the higher the return per unit risk.Source: Bloomberg
The Relative Strength Index (RSI)is a technical indicator used in the technical analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period. The indicator should not be confused with relative strength.
Source: Wikipedia
Hong Kong Stock Market UpdatesAirlines: Airline profits forecast to total $28 billion in the three years through 2012 may be unsustainable as over-capacity and looming regulatory costs weigh on margins, the head of the IATA industry association said.Cathay Pacific Airways Ltd. (293 HK):Asia’s largest international carrier, slid 3.9 percent to HK$12.30.Developers: Hong Kong’s housing prices may be in a bubble, and could repeat the collapse that occurred during the Asian financial crisis, Fitch Ratings said.Fitch affirmed its ratings on Hong Kong’s debt, citing a prudent fiscal policy held by the city government and “resilience” in the economy supported by competitiveness of the services sector, according to a statement yesterday.Sun Hung Kai Properties Ltd. (16 HK):Malls operated by the world’s No. 1 developer by market value drew 1.8 million shoppers amounting to HK$64 million ($8.22 million) in sales on the first two days of the Golden Week, the Standard reported, citing Senior Promotions Manager Eric Lau. The stock fell 1.7 percent to HK$88.90.Hong Kong IPOsCitic Securities Co Ltd (6030 HK)Citic Securities provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.Offer Price HK$13.30Expected 06 Oct 2011 Factsheet: Chanceton Financial Group Ltd (8020 HK)N.A.Offer Price HK$0.30Expected 12 Oct 2011Factsheet: Top 20 Stocks with Most Buy recommendations
Source: Bloomberg
04th October 2011
Top Story: Oil & Gas – Taking a step back in view of global headwinds Neutral (down from OW)
Sector Update
Petronas Gas: Fair value at RM14.50 Outperform
Dialog: Fair value downgraded to RM3.26 from RM3.90 Outperform
Kencana: Fair value downgraded RM2.21 from RM2.99 Market Perform
SapuraCrest: Fair value downgraded to RM3.36 from RM4.56 Market Perform
Petronas Chemicals: Fair value downgraded to RM5.62 from RM6.37 Market Perform
Dayang: Fair value downgraded to RM1.55 Market Perform (down from OP)
Wah Seong: Fair value downgraded to RM1.87 Market Perform (down from OP)
Perdana Petroleum: Fair value downgraded to RM0.60 Market Perform (down from OP)
KNM: Fair value downgraded to RM0.70 from RM0.93 Underperform
MMHE: Fair value downgraded to RM3.93 from RM5.62 Underperform
RH Petrogas: Fair value downgraded to S$0.75 from S$1.36 Outperform
Sector Call
Semiconductor: Aug global chip sales falls 2.2% yoy Underweight
Sector Update
Unisem: Fair value at RM0.73 Underperform
MPI: Fair value at RM2.07 Underperform
Notion Vtec: Fair value at RM1.30 Underperform
Corporate Highlights
Amway: Resilient fundamentals Outperform
Visit Note
¨ We recently had a meeting with management of Amway. Based on our discussions, we came out of the meeting fairly confident of the resilience of Amway’s topline outlook, underpinned by a stable Core Distributor Force (CDF) recruitment drive and membership productivity.
SapuraCrest: Platform Supply Vessel contract win Market Perform
News Update
¨ Yesterday, the company announced that its 50%-owned Labuan Shipyard & Engineering (LSE) had been awarded a contract by Tanjung Offshore worth RM99.5m to engineer, construct, test and deliver a 77-metres platform supply vessel. The vessel is expected to be completed within 21 months, which will contribute to Sapuracrest’s FY13 earnings.
SP Setia: A bigger development in Beranang Market Perform
News Update
¨ SP Setia proposed to acquire 673.27 acres of freehold land in Semenyih for RM381.3m or RM13 psf.
For more details, please login to your RHBInvest Account now…..
| TOP STOCK PICKS |
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| Buy rated large caps |
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Price |
Target |
| Petronas Chemicals |
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5.48 |
8.15 |
| Telekom |
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4.09 |
4.60 |
| Gamuda |
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2.85 |
4.10 |
| Sports Toto |
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4.24 |
4.85 |
| Dialog |
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2.18 |
3.35 |
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| Buy rated mid-caps |
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Price |
Target |
| MPHB |
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2.35 |
3.64 |
| BIMB |
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1.70 |
2.40 |
| Hartalega |
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5.38 |
6.80 |
| Sarawak Oil Palms |
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3.90 |
6.48 |
| TSH Resources |
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2.88 |
3.70 |
| HSL |
|
1.29 |
2.30 |
PRC GEMS have pOOr gOvernAnce.
may be dIsgUised GEMS and nOt REAL GEMS ?
Hulumas ( Date: 13-Jul-2011 11:00) Posted:
Thank you. By the way, any PRC GEM to offer?
pharoah88 ( Date: 12-Jul-2011 14:47) Posted:
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SP Setia: To be taken private?
Market is abuzz with talk that SP Setia Bhd will be the next privatization target of government-linked funds.
SP Setia may be taken private near the current price of RM3.50 per share.
(Source: The Edge Financial Daily)
Thank you. By the way, any PRC GEM to offer?
pharoah88 ( Date: 12-Jul-2011 14:47) Posted:
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Oil & Gas: A merger of two giants
Overweight
Sector Update
¨ Sapuracrest and Kencana announced yesterday that Integral Key Sdn Bhd (IKSB), a special purpose company, has made an offer to merge the two companies via an acquisition of their entire businesses and undertakings for RM5.9bn and RM6.0bn respectively.
The proposal involves:
1) share swap of Sapuracrest and Kencana shares into new IKSB shares and
2) cash payments.
The offer is open until 15 Aug.
* MALAYSIA * GEMS *
