Friday, December 24, 2010

OSK- Axiata Target Price RM5.50

Company: Axiata
Target Price : RM5.50
Research Company : OSK

KUALA LUMPUR: Axiata Group Bhd may dispose its 49% stake in Iran's Mobile Telecommunications Company of Esfahan (MTCE), a small mobile operator it acquired in 2005.

The management, however, had previously said that it was in no hurry to dispose non-core assets until the right price was secured, said OSK Research.

On Thursday, Axiata announced that it completed the sale of its entire stake of 18.9% in Samart Corporation Public Company Ltd to existing shareholders, Charoenrath Vilailuck and Watchai Vilailuck, for RM108 million.

Axiata still holds its 24.4% stake in Samart i-Mobile, focusing on mobile, multimedia and international business, it said.

OSK Research, in its report, said the sale was in line with Axiata's focus to hive off non core assets and represents its second major disposal after the sale of an 89% stake in Multinet in July for US$15 million (RM46.46 million).

A check at Axiata's website revealed that MTCE commenced operations on June 24, 2002 as the first provider of mobile prepaid SIM cards in Iran.

It is licenced to operate a GSM 900 MHz mobile communication service with a capacity of 35,000 customers in the Esfahan province of the Islamic Republic of Iran.

The licence is valid for a 15-year period from May 19, 2001.

As of Dec 31, 2009, it operated 64 BTSs in 12 cities within the Esfahan Province.

"The divestment (in Samart) reinforced our commitment to focus on our primary business of mobile communication," said Axiata president and group chief executive officer Datuk Seri Jamaludin Ibrahim in a statement released on Thursday, Dec 23.

Hence, OSK is maintaining its "Buy" call on Axiata shares of RM5.80.

"Axiata remains our top pick for exposure to the regional and Malaysian telecommunication sector, trading at a compelling 12 times for financial year 2011 earnings per share," said OSK.

Similarly, MIDF Research said with good performance expected in financial year 2010 and the growth potential in Indonesia and Bangladesh, MIDF maintained a "Buy" recommendation for Axiata with a target price to RM5.50.

Source: Bernama, 24 Decem 2010

Wednesday, December 22, 2010

Stocks to Watch: Boustead, L&G, Adventa, Olympia

KUALA LUMPUR: Asian stock markets could face some pressure on Thursday, Dec 23 based on developments in the Korean peninsula as well as in China but on Bursa Malaysia, several companies with fresh corporate news could see some trading interest, despite the slowdown in the newsflow on Wednesday.

South Korea announced land and sea military exercises on Wednesday — including its largest-ever live-fire drill near North Korea — just as tension on the peninsula was beginning to ease after Pyongyang's attack on a southern island, according to Reuters.

The land drill, involving three dozen mobile artillery guns, six fighter jets, multiple launch rocket systems and 800 troops, the largest number of personnel in a single peace-time exercise, will take place on Thursday and is likely irritate the North, it said.

Reuters also reported that China would harden measures against speculation in its red-hot property market by intensifying scrutiny of foreign investment in the sector, citing a government website posting. The Ministry of Commerce, which oversees foreign investment in China, said it would increase checks on property investment involving foreign currencies and ban foreign investors from betting on capital gains, it said.

On Bursa Malaysia, stocks to watch include BOUSTEAD HOLDINGS BHD , L&G, ADVENTA BHD, OLYMPIA INDUSTRIES BHD.

Boustead could be in focus after it entered into a memorandum of understanding (MoU) to acquire a 51% stake in MHS Aviation Bhd (MHSA) for a proposed cash consideration of RM100 million subject to a comprehensive due diligence. MHS provides air transportation, flight support, flight training, engineering and technical services to oil and gas companies

L&G plans a property project with an estimated gross development value of RM555 million following its latest corporate move to acquire land and PROPERTIES [] within the Tuanku Jaafar Golf and Country Resort in Negeri Sembilan for RM25 million cash. The site would be for an upscale residential development .

Adventa's net profit for the fourth quarter ended Oct 31, 2010 surged 220% to RM11.8 million from RM5.36 million a year ago, on the back of a 22% improvement in revenue to RM91.02 million. The glove maker proposed a first and final tax exempt dividend of 7 sen per share for the financial year ended Oct 31, 2010.

For the full-year, Adventa's net profit more than doubled to RM35.8 million from RM16.96 million, while revenue rose 19% to RM336.17 million from RM282.74 million.

Olympia on Tuesday maintained that it was still pursuing its bid to acquire gaming company Pan Malaysia Pools Sdn Bhd from tycoon T. Ananda Krishnan's Tanjong Plc. The statement was issued to refute an online news report that Olympia had fallen out of the race to acquire Pan Malaysia Pools.

Source: The Edge, 23 Decem 2010

KNM to continue uptrend: AmResearch

KNM Group Bhd's share price is expected to continue to outperform the group's vastly improved earnings prospects, underpinned by a faster pace of new contract awards. 
AmResearch in a note today said, KNM's share price had risen by 59 per cent, since it upgraded the group to a "buy" last week.

"The strong price performance has largely been driven by local investors as foreign holdings have remained around 21-22 per cent over the past few months against the 18 per cent earlier this year," it added.

As news flow in new orders gains traction, AmResearch said it has raised the new order book assumption on KNM Group Bhd to RM3 billion-RM3.2 billion from RM2.6 billion-RM2.8 billion for the financial year ending 2011-2012.

The research house said this is in line with KNM's target based on a success rate of 20 per cent on its tender value.

"Note that our revised order book has not taken into account the UK biomass project.

"But assuming this project commences in early January next year, we estimate that FY11F net profit, could be enhanced by 20 per cent," AmResearch added, in a research note today.

The newly secured RM2.196 billion EnergyPark Peterborough project is expected to boost KNM Group Bhd's outstanding order book by 90 per cent to RM4.6 billion.

While high-end process equipment would be required, AmResearch said that the pre-tax margin could be around 20 per cent given that KNM is the main contractor for the biomass project, which will be involve sub-contracting some of the jobs to other players. -- Bernama

Source: Bernama, 22 Decem 2010

ASNB declares 22% higher income payout

KUALA LUMPUR: Amanah Saham Nasional Bhd (ASNB), a subsidiary ofPermodalan Nasional Bhd (PNB) has declared an income distribution of 7.5 sen per unit and a bonus of 1.25 sen per unit for Amanah Saham Bumiputera (ASB) for the financial year ending Dec 31, 2010.
PNB chairman Tun Ahmad Sarji Abdul Hamid said the income distribution was an increase of 0.2 sen per unit compared with the 7.3 sen per unit paid out last year.
“The income distribution portion will involve a total payout of RM5.93bil by ASNB, an increase of 22% compared with the RM4.86bil paid last year while the bonus portion payment for this year is RM603.34mil,” he said yesterday when announcing the income distribution.
Ahmad Sarji said that up to Dec 17, ASB had recorded a gross income of RM6.58bil with dividend income from investee companies contributed RM3.27bil or 50% of the gross income. Profit from the sale of shares contributed RM2.78bil or 42%.
Tun Ahmad Sarji Abdul Hamid announcing the income distribution at the event.
“The rest of the income at 8% or RM0.53bil was derived from investment in short-term instruments and other investments,” he said, adding that the payment would benefit 7.04 million unit holders, currently holding more than 82.72 billion units of ASB.
He added that the income distribution and bonus would be automatically credited into the respective unit holder's accounts and they would be able to update their accounts beginning Jan 3, 2011.
PNB president and chief executive officer Tan Sri Hamad Kama Piah Che Othman said PNB could have paid up to 11.4 sen this year but the board had decided to pay 7.5 sen as the balance would be brought up for next year's funds management.
“This year's earnings were supported by the increase in dividend contributions from companies particularly Malayan Banking Bhd which amounted to 55 sen compared with 8 sen a year earlier,” Hamad said.
Apart from that, contributions from other companies such as Maxis Bhdand Telekom Malaysia Bhd had also increased this year.
“However, dividend contribution from Sime Darby Bhd dropped to 10 sen this year from 20.3 sen in 2009,” he said.
Hamad also said in terms of income, last year's dividend was less than 50% but it managed to achieve 50% for this year as the result from dividend returns from the investee companies.
Later, when asked on PNB's plan to build the 100-storey Menara Warisan, he said PNB was still doing the study.
Source: The Star, 22 Dec 2010

Tuesday, December 21, 2010

Bursa Malaysia: HAIO TP at RM1.61

Company Name : HAIO
Target Price : Fr RM1.61 to RM2.71
Research Company : AFF/OSK (20 Dec 2010)

Yesterday, bears were still hiding behind the bush as they were told not to sell during panic selling. Today, the bears could no longer take the pressure and show their hands after HAIO was pushed down 22 cents by the Smart Money. The volume was ultra high at 2.93mil, however it's still far behind 7.44mil recorded on the previous shake-out. This shows that the supply is really short now.

Many looking for a quick trade may have made entry today. Both RSI and Stochastic were giving 'buy' signal. But mostly the price will further push down a bit simply because the Smart Money want to shake out these buyers too. This is a trade setup.

Take a step back and look at the trend again. Since the previous shake-out following quarterly financial report release (30/9), the trend has actually begun to go side way. If the Smart Money is bearish as before, the price would drift along the center of the linear regression lines. It's clear that the price was moving within a horizontal trend channel. The Smart Money had made enough accumulation and this is the final one before making a bull call.

With such 'ugly' financial report it's hard to imagine that the stock price would raise. But if you understand the Wyckoff Schematics (accumulation), this definitely make sense.

Source: Kelvin Yam, Bursa Malaysia, 21 Dec 2010

KNM unit gets RM2.19b UK contract

KNM Group Bhd's wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNMPS), has secured a contract worth RM2.196 billion to develop an 80MWe gross capacity biomass and waste recycling centre project known as "EnergyPark Peterborough" in Peterborough, United Kingdom.

In a filing to Bursa Malaysia today, KNM said the contract for the EnergyPark Peterborough was with Peterborough Renewable Energy Ltd, and the duration was for four years. 

The group said the project represented its drive into the renewable and clean energy sector. 

KNMPS is principally involved in the design, engineering, procurement and manufacturing of process equipment, including without limitation pressure vessels, reactors, columns and towers, drums, heat exchangers, air finned coolers, process gas waste heat boilers. 

KNM said the contract is expected to contribute positively to its earnings for the financial years ending Dec 31, 2011, 2012, 2013 and 2014

Source: Bernama, 21 Dec 2010

Monday, December 20, 2010

PLUS raised to 'trading buy' at RM5.20

Company Name : PLUS
Target Price: RM5.20
Research Company: RHB

PLUS Expressways Bhd, Malaysia’s biggest toll road operator, was upgraded to “trading buy” from “underperform” at RHB Research Institute Sdn Bhd after receiving a RM26 billion takeover offer from Jelas Ulung Sdn Bhd, topping a rival bid.

The fair value was raised to RM5.20 from RM4.60 to “match the latest offer,” Lim Tee Yang, an analyst at RHB Research said in a report today. --

Tuesday, December 21, 2010, 10.08 AM

OSK Research ups TP for IJM Corp to RM6.60

Company: IJM
Target Price: RM6.60
Research Company : RM6.60

KUALA LUMPUR: OSK Research has raised its target price (TP) for IJM Corp to RM6.60 (from RM6.31 previously) after the company last Friday announced that it had won a RM461 million contract for Phase 3 of the Platinum Park development by Naza TTDI.

“Its job wins so far into FY11, totaling RM1.84 billion, have beaten our RM1.5 billion target. Potential jobs in the pipeline include high-rise buildings in KL, Kelau Dam, West Coast Expressway and LRT packages.

“We keep our FY11 earnings unchanged but raise the numbers for FY12-13 by 1%-6%. Maintain Neutral call on IJM given the limited 5.2% upside.

Source: The Edge, Monday, 20 December 2010  09:43

Gamuda, MMC best stock performers

MMC Corp rose to its highest level in more than five weeks in Kuala Lumpur trading and Gamuda Bhd. gained after Malaysia’s government awarded the builders a mass rail network project in the capital.

Shares of MMC, based in Kuala Lumpur, advanced 2.1 per cent to RM2.94 at 11:20 a.m. local time, set for its highest close since Nov. 11. Gamuda added 1 per cent to RM3.87, headed for its highest close since Dec. 2. The two stocks are the best performers on the FTSE Bursa Malaysia KLCI Index, which lost 0.1 per cent today.

“The wheels are in motion, the news is hugely positive,” Sharizan Rosely, an analyst at CIMB Investment Bank Bhd, wrote in a report today. “We’re encouraged by the speed of the implementation of the rail project, which speaks volumes of the government’s aim to improve the execution” of such projects, the analyst wrote.

The award of Malaysia’s biggest infrastructure project was announced by Prime Minister Najib Razak on Dec. 18. The rail development is among the $444 billion of private sector-led projects identified by the government to spur investments and accelerate growth in Southeast Asia’s third-largest economy.

The Gamuda-MMC venture was named project manager to oversee the rail development and work will start in July, Najib told reporters in Subang Jaya, near Kuala Lumpur, on Dec. 18.

Tunneling Expertise

Estimated in 2009 to cost about RM36 billion, “it is subject to change when we launch the project,” Najib said. “We have to take into consideration the cost of raw material prices at that time.”

The two companies will also have the responsibility of having to deliver the project within an agreed time and cost, the government said in an e-mailed statement on Dec. 18. They will only be allowed to tender for tunneling works, it said.

Gamuda and MMC “have the edge in the bid for the tunneling portion,” which is worth as much as RM14 billion, CIMB’s Sharizan wrote. They’re the only contractors with experience in major tunneling works, he said.

The rail project will create 130,000 jobs during its construction and the first line will run across central Kuala Lumpur from Sungai Buloh to Kajang, with 35 stations, the government said in its Dec. 18 statement. 

Source: Bloomberg

Saturday, December 18, 2010

2011 Bursa Stock Pick by Fund Managers

FUND managers believe that the stock market is poised for further upside next year as cheap money continues to flood the market supported by real economic growth. Granted, the ride will not be an entirely smooth one.

While liquidity is a good thing, too much of it will lead to inflation and asset bubbles .

The market may also experience bouts of volatility caused by the ongoing financial mess in Europe as markets and economies are closely linked.

Here are the views of some of the experts on what we can expect from the local stock market in 2011.

Danny Wong
Chief executive officer
Areca Capital

Outlook: Barring unforeseen circumstances such as geopolitical risks, contagion effects of sovereign indebtness and a double-dip recession in the Western economies, I would like to think that the economies will continue to improve, particularly in this part of the World, and thus the stocks should reflect the real growth in earnings.

With better earnings, huge global liquidity and improved risk appetite, most stock markets should achieve an impressive upside and it will not be surprising if we are to experience a potential bull run.

Concerns/challenges: The major risks are a possible double dip recession caused by deteriorating consumption spending due to high unemployment rate in the West, worsening global imbalance with widen savings/deficit gaps continuing to affect the currencies, carry trades which might increase financial risk, sovereign bankruptcy and over-reacting by major economies (e.g. US' excessive quantitative easing or China over-tightening of its policies).

Stock/Sector picks: We continue to invest in large caps blue-chips such as CIMB, Genting, Maybank for their strong management team, cashflow and exposure to regional and international business operations. We also like those sectors which can leverage on a global economic recovery within the next 2 years and benefit from domestic economic growth plan such as the Economic Transformation Programme (ETP) and specific stocks for merger and acquisition (M&A) activities.

Gan Eng Peng,
Head of equities
HwangDBS Investment Management

Outlook: For the last 2 years, economic and therefore market outlook fluctuated almost every six months from double dip to European crisis to liquidity rallies to inflation.

We expect 2011 to continue to confound investor expectations. As of now, we are bullish for 2011.

The conditions that drove a strong 2010 is going to continue into early 2011. These include ample money in the system, a continued belief in a genuine global economic recovery, still palatable valuations and heightened M&A activities.

The government-engineered private investment cycle via its ETP is gathering momentum. The amount of positive news that bought us to a new high in 2010 should continue into early 2011.

Challenges/concerns: Thailand is going for a general election in the first half of 2011. Malaysia is also slated for one soon. Investors might look at this as an opportunity to lock in profits as elections inevitably increases uncertainty of business and policy continuity.

There is a lot of foreign hot money in our market due to the cheapness of money. Hence, the currency is strong, our government debt pricing is high and the stock market is elevated. If the cost of borrowing these monies were to rise due to inflation, monetary tightening or better returns' alternative elsewhere there could be a big exodus out of this region. Given the low liquidity of our markets, its impact could be severe.

Stock/sector picks: With economic recovery, corporate spending tends to pick up as companies fret less about economics and worry more about sales and market share.

Hence, advertising expenditure naturally picks up as the economy picks up steam.

One of our top stock picks for 2011 is Media Prima, a media investment group due to its dominant position in free-to-view TV broadcast, Malay medium newspapers and outdoor advertising.

Again, on the back of global economic recovery, spending on information technology (IT) will increase and investors should be exposed to IT stocks like Unisem .

In particular, Unisem has very a strong pipeline of Chinese business with their new plant in China.

Thomas Yong
Chief executive officer
Fortress Capital Asset Management

Outlook: Despite holding the view of slower economic growth in 2011, we think the stock market should continue to do well, on the back of strong liquidity arising from quantitative easing in the developed economies.

In addition, the market's valuations are not demanding, trading at 15 times 2011 earnings.

Apart from external factors, we expect the Government's ETP to progress further, providing some positive news flow to the market and lifting sentiments.

Concerns/challenges: Having said that, we think that market should experience some degree of volatility, directed by swings in foreign flows, in reaction to news flow such as inflation and fear of potential capital controls by some of these emerging Asian economies to curb hot money flows.

Stock/sector picks: As a proxy to the economy, we think that the banking sector should do well. Apart from improving asset quality, loans growth is also expected to be healthy, supported by high savings and resilient consumer sentiment. Furthermore, government infrastructure projects should pick up, providing support to loans growth.

In year 2011, there should be further hikes in the Overnight Policy Rate, which should help to raise net interest margins of banks.

We also like the plantations sector as a proxy to rising commodities prices amid a weak US dollar.

Choo Swee Kee
Chief investment officer
TA Investment Management

Outlook: We are bullish for 2011, especially for the first half of the year. The investment markets have held up well despite the still uncertain economic outlook in the US and Europe. Our view is simply that the US will show sustained growth albeit with lower expectations and the European crisis will be resolved with funding. Also, a slower-growing China is desirable to maintain sustainable growth.

The global economy has just recovered from a recession and we are still at the early stage of the cycle. We believe that ample liquidity will be one of the key drivers in the market. With corporates showing much improved profits, valuations are still not excessive and appear to be keeping pace with the rise in the equity markets.

It is difficult to gauge how high this liquidity can push the market and we caution that volatility would likely increase.

Concerns/challenges: Inflation and asset bubbles are our two main concerns for 2011. Earlier, we mentioned that excess liquidity will continue to be a key driving force in the market. One of the side effects of excess liquidity is inflation and asset bubbles as money becomes cheap and every investor with money seeks some returns on these excess liquidity. However, we are comforted by the fact that the current economic and earnings recovery are providing the base to support a market rally.

Stock/sector pick: Supermax is reputed to be the second largest glove manufacturer in the world with an estimated 13% market share. Through Supermax, investors are buying into global growth and will have access to much more exciting emerging markets in Latin America and Asia.

Global demand and consumption of gloves are non-cyclical and has remained strong. It has been growing consistently at between 8% to 10% per annum for the past ten years and we expect this to be sustained.

Sime Darby will benefit from potential earnings upside from the continuing run-up in CPO prices. As a result of inflation and increased demand, CPO prices should remain high in the short-term. In addition, its motor division is doing well especially in China and Australia.

Sentiment towards the stock should also improved as investors warm up to the new group corporate structure, effective Jan 1, 2011.

Media Prima is the best proxy to ride on the country's steady advertising expenditure growth, given an integrated platform with continued dominance in TV, radio, outdoor, new media and steady performances from print platforms.

Campbell Tupling
Chief executive officer,
CIMB-Principal Asset Management

Outlook: For Bursa Malaysia, conditions seem right for continued market appreciation. The 2011 price earnings ratios (PER) for Bursa Malaysia of 14.8 times, is a premium to Asia Pacific ex-Japan's PER of 12.5 times. However this has always been the case because of the presence of large government institutions like the Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB).

We tend to focus more on the PER relative to its long-term average, which is at 15 times. While the market looks fair, we believe that the momentum of earnings upgrades will bring valuations lower next year. Recently, the momentum in earnings upgrades for Bursa Malaysia has been one of the highest in the Asia Pacific ex-Japan

Concerns/challenges: Our main concerns are inflation and the rising interest rates in Asia ex-Japan, as well as volatility caused by the sovereign debt crisis in Europe.

We believe both Portugal and Spain will be bailed out if needed, and that the Emergency Fund of the European Central Bank totalling 925 billion euros will be sufficient for that purpose.

Stock/sector picks: The implementation of the ETP will lead to the roll out of large projects that will benefit the construction and oil and gas sectors all of which could lead to a revival in corporate loans growth.

Meanwhile, plantation stocks are set to benefit from crude palm oil (CPO) prices, currently trading at above RM2,700 per tonne.

Pankaj Kumar
Chief investment officer
Kurnia Insurans

Outlook: Bullish than bearish. Similar to 2010, we expect the year 2011 to be a year of two halves, with the better half being the first half (1H) as the market rides on momentum carried through from this year as well as driven by the strong liquidity factor. We also have likely further impetus for the market in terms of pre-election rally as well as awards of contracts, especially those related to the ETPs and oil and gas sectors.

With the economy expected to grow at between 5% and 6% next year, much of the year's growth will be front-loaded due to the base effect while earnings momentum of mid-to-high double digits will see investors' attention on the market remaining strong. We are also happy to note the return of foreign funds especially with the expected further sell down in stakes in GLCs. We expect the market to peak at about 1,650-1,700 points during the 1H of 2011. With the 10%-12% gain in 1H, market pundits will be looking for fresh impetus to take the benchmark index higher but we believe this will be tough on two grounds. First, economic momentum into 2H of 2011 is expected to be slower and with inflationary pressures kicking in, we expect the market to suffer. On top of that, we expect worries of economic conditions in the United States, Europe and China to impact investors' confidence while a re-lapse of sovereign crises in Europe to have major effect on market sentiment. Overall, we expect the KLCI to retrace in the 2H of 2011 with the benchmark index seen settling the year at between 1,400-1,450 points.

Concerns/challenges: Concerns for next year are mainly external but this will have impact internally.

After two years of hibernation, we expect inflationary pressure to be major threat to real economic growth as the Government unwinds subsidies for key basic necessities.

We are also concerned on the strength of the global economy in 2011 particularly that of China and the US as slower growth will eat into earnings momentum while sovereign risk will likely be another X factor for the market.

The year 2011 will also see investors paying close attention to earnings delivery as market's current high expectations needs to be met to attain key price target levels.

Locally, the key deliverable will be the ETP as the market will be closely monitoring the execution of key projects.

Another key factor for the market will be the upcoming elections as investors will probably scale down their market exposure should the Parliament dissolve.

Nevertheless if the ruling party is able to return to power with a handsome majority in the House, this will remove one uncertainty for the short to medium term.

Stock/sector picks: We foresee the banking, oil and gas, plantations and construction sectors to be major winners in the 2011 as these sectors ride on the Government's ETP, award of contracts, better consumer confidence (especially in the 1H of 2011) and higher commodity prices. In terms of stock picks, we favour CIMB, RHB Cap, Malaysia Marine & Heavy Engineering, Kulim, WCT and Gamuda. Selectively, we also like the UEM Land-Sunrise merged entity in 2011 as well as Hartalega in the gloves sector.

Andrew Wong
Chief investment officer, Equities, Funds Management Division,
AmInvestment Bank Group.

Outlook: Equity valuations are not cheap but not at levels that would impede performance. Post third quarter earnings, consensus earnings have been upgraded from 24% to 29% and 12% to 16.5% respectively for 2010 and 2011.

All in all, with abundant liquidity, decent GDP growth of above 5%, firm commodity prices, M&A pipeline and hopefully a properly executed ETP, the market should likely provide either a high single or low double digit return for 2011.

2011 will be the third year of this recovery and it is normal to expect some PE multiple expansion as investors become convinced of the new business cycle. We do not have any reason to doubt that it will be any different this time.

Concerns/shallenges: We believe that the key domestic risk would be policy implementation and execution especially with regards the ETP and public private partnership projects that could potentially generate RM125bil construction works. Key external risk includes sovereign debt concerns/credit quality deterioration in the peripheral EU countries which could cause volatility to the market and US dollar strengthening which generally has a negative correlation with stock prices.

Stock/sector picks: AirAsia for its strong earnings growth going forward for Air Asia Malaysia as air travel demand recovers in tandem with economic recovery.

We expect to see 13% to 17% earnings growth in FY2011 to FY2012. Growth will be driven by passenger growth and higher yields (due to maturity of routes and higher air fares and ancillary income).

Among key risks to the stock is a sudden spike in oil prices. Axiata for its earnings growth from diverse earnings stream from the regional countries and its strong fundamentals; We also like Dialog for its business model as an integrated tank farm terminal player. Starting from engineering, procurement, construction and commissioning jobs, down to concession earnings and plant maintenance, the group is able to provide services and create value all the way down the value chain.

Source: Star Business Saturday December 18, 2010

Friday, December 17, 2010

Bursa Malaysia: Latest Stock Price Target 2010 DECEMBER


DateStock NameLast PricePrice TargetUpside/DownsidePrice CallSource
17/12/2010AIRASIA2.663.10+0.44 (16.54%)BUYAMMB
17/12/2010MMCCORP2.883.14+0.26 (9.02%)BUYOSK
17/12/2010TOPGLOV4.994.10-0.89 (17.83%)SELLRHB
16/12/2010MEDIA2.382.82+0.44 (18.48%)BUYRHB
16/12/2010MISC8.257.00-1.25 (15.15%)SELLCIMB
16/12/2010NOTION1.621.45-0.17 (10.49%)SELLOSK
16/12/2010POHKONG0.480.55+0.07 (14.58%)HOLDMERCURY
16/12/2010TA0.7651.25+0.485 (63.39%)BUYHWANGDBS
16/12/2010TOPGLOV4.995.74+0.75 (15.03%)HOLDOSK
16/12/2010TOPGLOV4.996.30+1.31 (26.25%)BUYTA
16/12/2010TOPGLOV4.994.70-0.29 (5.81%)HOLDAMMB
16/12/2010TOPGLOV4.994.70-0.29 (5.81%)SELLMAYBANK
16/12/2010TOPGLOV4.996.92+1.93 (38.67%)BUYCIMB
16/12/2010TOPGLOV4.994.60-0.39 (7.81%)HOLDHWANGDBS
16/12/2010TWSPLNT2.953.80+0.85 (28.81%)BUYHLG
15/12/2010AXIATA4.675.45+0.78 (16.70%)BUYMAYBANK
15/12/2010GPACKET0.790.78-0.01 (1.26%)HOLDOSK
15/12/2010HIAPTEK1.171.06-0.11 (9.40%)HOLDOSK
15/12/2010KENCANA2.422.93+0.51 (21.07%)BUYOSK
15/12/2010KLK20.8824.02+3.14 (15.03%)BUYMIDF
15/12/2010KLK20.8820.50-0.38 (1.81%)HOLDOSK
15/12/2010KNM2.663.10+0.44 (16.54%)BUYMAYBANK
15/12/2010KNM2.663.09+0.43 (16.16%)BUYRHB
15/12/2010KNM2.663.43+0.77 (28.94%)BUYECMLIBRA
15/12/2010KNM2.662.96+0.30 (11.27%)TRADING BUYOSK
15/12/2010POHKONG0.480.55+0.07 (14.58%)HOLDMERCURY
15/12/2010TA0.7651.25+0.485 (63.39%)BUYHWANGDBS
15/12/2010UNISEM2.132.80+0.67 (31.45%)BUYMIDF
15/12/2010WCT3.204.21+1.01 (31.56%)BUYCIMB
15/12/2010YTLPOWR2.422.85+0.43 (17.76%)BUYTA
15/12/2010YTLPOWR2.422.80+0.38 (15.70%)BUYMIDF
15/12/2010YTLPOWR2.422.42+0.00 (0%)SELLCREDIT SUISSE
14/12/2010GAB9.8010.60+0.80 (8.16%)HOLDMAYBANK
14/12/2010GAMUDA3.834.64+0.81 (21.14%)TRADING BUYOSK
14/12/2010HAPSENG6.055.93-0.12 (1.98%)BUYSJ SECURITIES
14/12/2010IJM6.277.52+1.25 (19.93%)BUYAMMB
14/12/2010KFC3.983.85-0.13 (3.26%)HOLDRHB
14/12/2010KFC3.983.56-0.42 (10.55%)HOLDMIDF
14/12/2010MAS1.951.85-0.10 (5.12%)HOLDHWANGDBS
14/12/2010NOTION1.622.30+0.68 (41.97%)BUYHWANGDBS
14/12/2010QL5.547.30+1.76 (31.76%)BUYECMLIBRA
14/12/2010SUPERMX4.217.82+3.61 (85.74%)BUYCIMB
13/12/2010BJTOTO4.244.50+0.26 (6.13%)HOLDAMMB
13/12/2010BJTOTO4.244.67+0.43 (10.14%)HOLDCIMB
13/12/2010BJTOTO4.244.30+0.06 (1.41%)HOLDCREDIT SUISSE
13/12/2010BJTOTO4.244.65+0.41 (9.66%)BUYOSK
13/12/2010CENTURY1.812.24+0.43 (23.75%)BUYOSK
13/12/2010MAS1.952.01+0.06 (3.07%)HOLDHWANGDBS
13/12/2010SAPCRES3.013.12+0.11 (3.65%)HOLDTA
13/12/2010SAPCRES3.013.30+0.29 (9.63%)BUYMAYBANK
13/12/2010SAPCRES3.013.50+0.49 (16.27%)BUYECMLIBRA
13/12/2010SAPCRES3.013.12+0.11 (3.65%)BUYAMMB
13/12/2010TENAGA8.279.98+1.71 (20.67%)BUYMIDF
10/12/2010DRBHCOM1.783.55+1.77 (99.43%)BUYHWANGDBS
10/12/2010GAMUDA3.834.90+1.07 (27.93%)BUYHWANGDBS
10/12/2010MISC8.258.90+0.65 (7.87%)HOLDHWANGDBS
10/12/2010POS3.274.33+1.06 (32.41%)BUYOSK
10/12/2010SPSETIA5.546.58+1.04 (18.77%)BUYOSK
10/12/2010SPSETIA5.545.24-0.30 (5.41%)HOLDMIDF
10/12/2010TENAGA8.279.00+0.73 (8.82%)HOLDAMMB
10/12/2010THPLANT1.772.30+0.53 (29.94%)BUYRHB
09/12/2010AXIATA4.675.90+1.23 (26.33%)BUYJP MORGAN CHASE
09/12/2010DAYANG2.843.36+0.52 (18.30%)BUYRHB
09/12/2010DAYANG2.843.40+0.56 (19.71%)BUYHWANGDBS
09/12/2010DAYANG2.842.55-0.29 (10.21%)HOLDECMLIBRA
09/12/2010EPMB0.5250.68+0.155 (29.52%)BUYOSK
09/12/2010KENCANA2.422.93+0.51 (21.07%)BUYOSK
09/12/2010MISC8.258.90+0.65 (7.87%)HOLDHWANGDBS
09/12/2010NTPM0.570.52-0.05 (8.77%)HOLDOSK
09/12/2010POS3.273.60+0.33 (10.09%)BUYAMMB
09/12/2010TENAGA8.279.98+1.71 (20.67%)BUYMIDF
09/12/2010TOPGLOV4.995.40+0.41 (8.21%)HOLDAMMB
08/12/2010BJTOTO4.244.67+0.43 (10.14%)HOLDCIMB
08/12/2010BJTOTO4.244.86+0.62 (14.62%)BUYOSK
08/12/2010BJTOTO4.244.73+0.49 (11.55%)BUYECMLIBRA
08/12/2010BJTOTO4.244.58+0.34 (8.01%)HOLDTA
08/12/2010BJTOTO4.244.50+0.26 (6.13%)HOLDRHB
08/12/2010GENP8.739.90+1.17 (13.40%)BUYMIDF
08/12/2010JTIASA4.264.83+0.57 (13.38%)BUYRHB
08/12/2010KNM2.662.20-0.46 (17.29%)BUYMAYBANK
08/12/2010KNM2.662.33-0.33 (12.40%)BUYRHB
08/12/2010KNM2.662.22-0.44 (16.54%)TRADING BUYOSK
08/12/2010KNM2.662.35-0.31 (11.65%)BUYHWANGDBS
08/12/2010KNM2.662.40-0.26 (9.77%)BUYTA
08/12/2010KNM2.662.29-0.37 (13.90%)BUYECMLIBRA
08/12/2010PCHEM5.585.51-0.07 (1.25%)HOLDOSK
08/12/2010PMETAL2.393.30+0.91 (38.07%)BUYAMMB
08/12/2010POS3.274.33+1.06 (32.41%)BUYOSK
08/12/2010TM3.383.80+0.42 (12.42%)BUYECMLIBRA
06/12/2010ALAM1.011.00-0.01 (0.99%)HOLDOSK
06/12/2010GAMUDA3.834.45+0.62 (16.18%)BUYMAYBANK
06/12/2010KENCANA2.422.60+0.18 (7.43%)BUYRHB
06/12/2010KENCANA2.422.50+0.08 (3.30%)BUYMIDF
06/12/2010KLK20.8820.50-0.38 (1.81%)HOLDOSK
06/12/2010PETRA0.9050.55-0.355 (39.22%)SELLMIMB
06/12/2010PETRA0.9050.94+0.035 (3.86%)TRADING BUYOSK
06/12/2010SPSETIA5.545.94+0.40 (7.22%)BUYRHB
06/12/2010TM3.383.80+0.42 (12.42%)BUYECMLIBRA
03/12/2010GAMUDA3.834.90+1.07 (27.93%)BUYHWANGDBS
03/12/2010GLOMAC1.661.84+0.18 (10.84%)BUYOSK