Perspective text : Mason Lim
WILL
CHINA REVALUE
ITS CURRENCY?
O
ver the last few weeks, rumour has been rife that the Chinese government is planning to let the Yuan rise in tandem with the fundamentals of its strongly growing economy. Towards this end, Zhu Min, deputy governor of the People’s Bank of China, reaffirmed the central bank’s intention to refine its exchange-rate regime but gave no clue as to when it might drop the Yuan’s 20-month-old peg to the dollar.
China is facing pressure from Washington to let the Yu a n r i s e t o r e d u c e i t s trade surplus with the US. The United States argues that the Yuan is unfairly undervalued, giving Chinese exporters an edge in global markets that destroys US jobs. According to an Associated Press report, Fred Bergsten, the Head of the Peterson Institute for International Economics believes that not only is China keeping its currency undervalued against the dollar, but Hong Kong, Malaysia, Singapore and Taiwan are
keeping their currencies undervalued as well to avoid losing sales in markets where they compete against China. Bergsten said that correcting the Chinese and Asian currency misalignments against the dollar would be the “most costeffective step that can be taken to reduce the unemployment rate in the United States.” Bergsten believes the Chinese Yuan is undervalued by about 40 percent against the dollar and the other currencies are similarly undervalued. He said
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The United States argues that the Yuan is unfairly undervalued, giving Chinese exporters an edge in global markets...
allowing those currencies to rise against the dollar to the proper levels would trim America’s trade deficit by US$100 billion to US$150 billion annually. Last year’s current account deficit totalled US$419.9 billion.
Undervalued, But Revision Likely
If recent statements by Zhu Min were taken into consideration, China might be looking at letting the Yuan rise just enough to prevent its economy from over heating and letting some room for manoeuvring with the US on its own deficit issue with China. “China should and could import more and keep the surplus small. I think this is good for China and this is good for the world,” said Zhu recently. S o f a r t h i s y e a r, t h e People’s Bank Of China (PBOC) has twice raised the proportion of deposits that banks must hold in
reserve instead of lending out. The central bank has also drained large volumes of cash from the banking system through open market operations. But, unlike the central banks of Australia, Malaysia, Vietnam and India, the PBOC has not changed its benchmark interest rates. “When we cope with infl a t i o n e x p e c ta ti o n s , w e are very careful. We want to make sure we maintain stability, liquidity and growth. We are very careful with interest rates. This is a heavy-duty weapon,” Zhu said. This development has irked some politicians in the US, who are not impressed and have labelled China with other “economic crimes”. Niall Ferguson, a professor of business administration at the Harvard Business School, said that the administration should brand China a currency manipulator. But he said the impact of the U.S.-
China trade deficit would not be that significant because China has many other advantages such as low labour costs that contribute to its huge trade surplus with the United States. However, US Treasury Secretary Timothy Geithner recently reinstated his belief that China would soon allow its currency to start rising again against the dollar. China allowed t h e Yu a n t o a p p r e c i a t e by about 20 percent from mid-2005 to mid-2008 but halted the rise after the global economic crisis began to cut deeply into its exports. “We have enormous stakes in a strong China,” he said. “And they have enormous stakes in having access to our markets, being able to sell goods here.” While some analysts believe China is getting ready to allow its currency to rise in part to stem growing inflationary pressures inside the country, various Chinese leaders have taken a tough line on the issue. Only time and the Chinese government can tell on their next plan of action. A rise would favour South East Asian nations that rely on labour intensive businesses, but might hurt those that are planning to invest or already investing in China. Mason Lim is a Consultant Financial Analyst. 5
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Corporate Digest text : Michael Tee
An artist's impression of Camino at Setia Eco Park
SP SETIA –
THE PROPERTY COMPANY TO WATCH
F
or a property c o m p a n y, S P Setia achieved commendable sales in 2009 and followed through its performance into 2010. As at 31 January 2010, total sales value was RM608 million from 9 projects which was 38.5% of total sales value attained in FY09. As comparison, they achieved historical sales value of RM1,650 million in FY09, lifted by its 5/95 promotional campaign during the global financial
crisis period. Their strategic product mix ensured the continuity of sales momentum with Setia Alam, Setia Eco Park, and Setia Sky Residences being the top performers. The 3 projects' combined sales value was RM441 million or 55.4% of total sales achieved in FY09.
Good Performance Expected
Analysts are confident that revenues will pick up in 2010 for this company. In 1Q10, its
revenue increased by 22.5% Y-O-Y to RM363.9 million. Improvement in revenue was mainly derived from its property developments namely Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru and Setia Pearl Island in Penang. Historically, SP Setia registered weaker numbers in the 1st half of financial
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year. Analysts expect revenue to kick in swiftly for the next 3 quarters underpinned by unbilled sales estimated at RM1.5 billion as at end of February. Although SP Setia achieved record sales, various incentives offered to buyers during the 5/95 promotional period had eroded its profit as pre-tax margin dropped by 8.7% in 1Q10. Moving forward, analysts reckon sales chalked up after the launching of their current promotional package i.e. ‘Best of the best’ will not erode its margin as transfer pricing strategy appears to be adopted by SP Setia.
Penang Project Terminated
SP Setia’s unit Setia Promenade SB (Promenade) had terminated a 50:50 JV with PPH Resorts (Penang) Sdn Bhd due to among other reasons, failure of common purpose of the joint venture. To recap, in 2006 Promenade has entered into an agreement to develop a parcel of freehold land located adjacent to SP Setia’s Setia Pearl Island project. The development i.e. ‘Setia View’ comprises of bungalow units with total GDV of RM300 million. SP Setia has since filed a writ of summons and statement of claim against its joint venture partner PPH Resorts (Penang) Sdn Bhd to recover RM12.2 million of advances and RM1.7 million development project expenditure incurred. Nonetheless, PPH has filed
a counter-action for the recovery of the sum of RM5.72 million and damages alleged to have been suffered. We believe impact from the termination is minimal as in the event SP Setia failed in counter suiting against PPH, it will suffer about RM13.9 million write off from its balance sheet. No impact to our earnings forecast as we expect future revenue contribution from Setia View to kick in upon FY2012. We had excluded Setia View from our RNAV estimation thus our estimation had been reduced to RM4.70 from RM4.72 per share.
New Projects In The Offing
On the KL Eco City project, the privatization agreement is expected to be obtained in August 2010 as DBKL is their partner on profit sharing basis. The RM6 billion ‘green’ mixed development project is scheduled for launching in October 2010. Located opposite Mid Valley Megamall, it will be developed over 10 years in 3 phases. The 1st phase launched at the end of this year will possibly consist of office, commercial and retail spaces. The second phase would be condominiums and signature offices in the third phase. The development would be complementing the existing Mid Valley shopping complex and would not include a new retail mall. The infrastructure in the area would be improved with the development of a Sky Bridge
linking KL Eco City to Mid Valley Megamall, creating an indirect linkage from the Abdullah Hukum LRT station and the Mid Valley KTM station, to the project. On the International front, it received the Investment Certificate for its Lai Thieu land (26.8ac) @ Binh Duong Province, Vietnam project. Lai Thieu Land is the second JV development with strategic partner Becamex IDX in Vietnam. SP is having a 90% stake in Lai Thieu. The piece of land is located approximately 16 kilometres north of Hoh Chi Minh City. The project is drafted for a mixed development worth GDV (gross development value) USD250 million which comprises of about 1700 units of properties; Launching is expected in 2H10, pending master plan approvals.
Valuations
SP Setia’s unbilled sales were estimated at RM1.5 billion at end of February 2010, which will underpin their earnings for FY10. Growth prospect hinges on the contribution from new markets i.e. Reflection Condominium, Sky residences phase 2, KL Eco City as well as the RM1 billion ‘Aeropad, Sabah’ in FY10. Most analysts re-iterate the stock as OUTPERFORM with the target price of RM4.60 pegged by EPS of 19.8sen and PER of 23X. The fair value is at 2.2% discount to the RNAV per share of RM4.70, with Setia View excluded from the RNAV estimation. 7
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Headliners
compiled : Sherman Kumar
PLUS Eyes New Concessions In Asia Pacific
PLUS Expressways Bhd, the country’s largest toll highway operator, is eyeing more highway concessions in the Asia Pacific region as part of its expansion plans. Its managing director Noorizah Abd Hamid said the company is in talks with several countries in the region to build new highways or upgrade and maintain existing facilities. Noorizah cited Vietnam as a country with great potential due to its burgeoning population and surging economic growth. As for its newly-revised Key Performance Index (KPI), she said it is a new target to achieve since it has already met its previous KPI target. The consensus target price attained by Business Times is RM4.01.
Mah Sing Plans To Build Homes In Sabah For MM2H Buyers
Mah Sing is currently sitting in a net cash position, after acquisition of 2 pieces of land early this year for total cash consideration of RM67.2mn. Sitting on a cash pile of RM396.62mn as at 31st Dec 2009, they are in a comfortable position to acquire land in Sabah to build residential homes and villas for foreign buyers interested in Malaysia My Second Home program (MM2H). Analysts reckon Mah Sing would focus on niche medium to high end residential development on prime area in
Kota Kinabalu and beaches which would appeal to foreign buyer. The group also plans to acquire at least 405ha in prime areas in Selangor and Johor Baru, which include prime locations in Selangor. Judging from Mah Sing's impressive sales of RM516mn for the first 3 months, analysts believe they are well on track to sales target of RM1bn. Analysts interviewed by Business Times reiterate an OUTPERFORM with target price of RM2.40 pegged by forward EPS of 23.7sen and PER of 10X which is 9% discount to revised RNAV estimation of RM2.56.
Car Sales On The Rise In February
The Malaysian Automotive Association (MAA) announced that 40,600 vehicles were sold in Feb-10 (+8.7% Y-OY) vs. 50,600 units in Jan-10 (+33% Y-O-Y). This is a 20% month-on-month decline due to shorter work days in the festive Chinese New Year period. For Y-T-D Feb-10, auto sales came was at 91,300 units, up 21% Y-O-Y from a low base in 1Q09 (during the global financial crisis). Coinciding with the view by the Malaysian Automotive Association (MAA), HwangDBS Vickers Research (HDBSVR) expects Mar-10 sales to rebound M-O-M from a low-base Feb-10. Also, on an annualized basis, this implies a total sale of 550,000 units. Hence, they retain their view of a 2.4% increase in 2010 auto sales (to 550,000 units). HDBSVR
maintains its BUY call on Proton with a price target of RM4.60, which is based on 0.5x CY10F NTA.
Telekom Malaysia To Provide IPTV Services
Telekom Malaysia (TM) signed agreements with 20 content providers yesterday, to supply IPTV content as part of its plan to offer triple play services on its HSBB (high speed broadband – launched on 24 March 2010) network. These include BBC Knowledge, BBC Lifestyle, CBeebies, Channel News Asia, Star Chinese Movies 2, Star Chinese Channel, Channel [V] Taiwan, and Euronews. TM also partners with Hit Entertainment, CBS, Disney-ABC and Sony Pictures Television to offer IPTV viewers the latest movies and TV series through video-on-demand (VOD). HDBSVR views this development positively as this would help to enhance the value proposition of its HSBB Internet service. Where TM’s content is similar to Astro are in the local FTA (free-to-air) channels, which include RTM 1, RTM 2, Bernama TV, TV3, NTV7, 8TV and TV9. HDBSVR retains its view that TM’s HSBB can be a threat to Astro because some consumers have been unhappy with Astro’s content, and they may welcome a viable alternative. HDBSVR reiterates a BUY call on TM. This latest news could lend support to TM’s share price. The stock offers 6% net dividend yield, which HDBSVR thinks is sustainable.
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Perspective text : David Koay
AN UNEXPECTED HIKE BY THE CENTRAL BANK
I
n a surprise move by Bank Negara Malaysia, the OPR (Overnight Policy Rate) was hiked by 25 basis points to 2.25% in its latest monetary statement on 4 March 2010 which caught many investors by surprise as market consensus only expected rate hikes in the second half of 2010. According to its statement, the central bank’s decision to raise OPR was to ‘normalize the monetary conditions and prevent the risk of financial imbalances that could undermine the economic recovery process’. This will be the central bank’s first rate hike after 4 years, reversing the expansionary monetary policy where OPR was reduced from 3.5% to 2.00% from Nov 2008 to Feb 2009 to avert the recent economic downturn. Following the two days after the OPR hike, KLCI actually outperformed other regional markets. KLCI was up 1.22% versus MSCI AxJ’s (MSCI Asia ex Japan Index) +1.12% on 5th Mar 2010 whereas on 8th Mar 2010, KLCI rose another 2.5% as opposed to MSCI AxJ’s +1.9% (in USD terms).
More rate hikes in the pipeline
It seemed that th e m a r ket interpreted the recent rate hike as an indication of more optimistic economic recovery ahead. This was not surprising given Malaysia’s strong turnaround in its economy in 4Q09.
4Q09 Economic Growth Stronger Than Expected
Malaysia economy moved out of recession in 4Q 2009 by posting a better than expected y-o-y growth of 4.5%, bringing GDP growth of -1.7% y-o-y in 2009. This
was much higher than market consensus of -2.4% y-o-y. Most economic sectors showed positive growth except for mining sector. The better performance was mainly bolstered by manufacturing and services sectors which rose 5.3% y-o-y and 5.1% y-o-y respectively as manufacturing sector benefited from improving external and domestic demand while services sector was alleviated by strong expansion in Finance & Insurance sectors and Wholesale & Retail Trade sectors.
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Meanwhile, construction activities showed significant improvement of +9.2% y-o-y. On the demand side, we saw continuous expansion in public and private expenditure which increased 1.3% and 1.7% respectively while gross fixed capital formation turnaround to a positive 8.2% yo-y backed by fiscal stimulus measures after 4 consecutive quarters of decline. Going forward, we believe the recovery momentum is expected to maintain over the next few months, backed by strong rebound in exports and industrial production followed by anticipated uptick in private expenditure. Based on MIER’s (Malaysia Institute of Economic Research) survey, BCI (Business Conditions Index) and CSI (Consumer Sentiments Index) continued to show improvement which was above the 100-point threshold for the third consecutive quarter, indicating recovery in private expenditure ahead.
A Possible Mild Dent To Loan Growth
There are concerns that interest rate hike will hamper loan growth as higher borrowing costs could render business activities or investments less attractive and drag down consumer credit. To recap, during the previous rate hike by 80 basis points from 2.7% to 3.5% during the period between Nov 05 and May 06, loan growth actually moderated from 9% in Nov 05 to
6% in Oct 06. Nonetheless, we opine that the rate hike impact on loan growth will not be pronounced should there be a total of 50-75 basis point increase in OPR for the entire 2010, as OPR remains considerably low at 2.75% (if OPR rises another 50 basis points) as compared to the height of 3.5% in 2006-08. Furthermore, strong recovery in loans as evidenced by loan approvals which rose by 41.5% y-o-y in Jan 2010 will also help cushion any drag to loan growth. Thus, loan growth for 2010 is expected to remain healthy at historical average of 7-8% y-o-y.
RM To Rise Against US$
With BNM expected to hike rates in the months to come coupled with US Fed possibly retaining interest rates at low levels for an extended period of time, RM is expected to appreciate against USD owing to the increasing interest rate differential between Malaysia and US. This is further backed by Malaysian Government’s efforts to consolidate its fiscal position via cuts in operating expenditures, easing of subsidies and sale of government assets coupled with implementation of reform policies aimed at boosting FDIs (Foreign Direct Investments). The appreciation of RM will also bode well for the local capital markets in anticipation of higher foreign funds inflow.
Exports Might Be Dented Temporarily
Having said that, the appreciation of RM against other Asian currencies might hurt exports as Malaysia is the first country to raise interest rates in Asia. Nonetheless, this would be temporary as Asian economies are expected to catch up with Malaysia in interest rate hikes later this year.
Malaysia Equity Market Outlook Remains Optimistic
The recent rate hike is a sign of firmer economic recovery ahead, which bodes well for the equity market. The central bank’s decision to hike rates also demonstrated its commitment to ensure a sustainable economic recovery by controlling inflation expectations in the midst of firmer commodity prices, easing subsidies on pricecontrolled items and firmer domestic demand. Risks of asset bubble will remain a distant possibility as inflation remains benign. With more rate hikes in the pipeline, we are not too concerned over the negative impacts to the economy and equity market. The reason being the rate hikes are expected to be gradual while OPR which could reach 2.75% by 2010 remains accommodative as it is still considerably lower than the peak of 3.5% in 20062008.
David Koay is an analyst at Fundsupermart.com. 15
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MARKET CAPITALISATION 2 wks
Last
Mkt Cap (‘000)
2 wks
Last
Mkt Cap (‘000)
160 201 74 191 162
Malayan Banking ..........................831,226 Sime Darby....................................443,776 CIMB Group Hldgs ........................694,607 Public Bank....................................341,465 Maxis .............................................449,751
7.49 8.75 14.58 11.80 5.32
RM53,011,696 RM52,582,250 RM51,493,148 RM41,676,727 RM39,900,000
261 130 131 264 118
Oriental Hldgs ...................................8,938 KLCC Ppty Hldgs ............................42,080 KNM Group ................................3,329,435 United Plantations ...........................8,137 IGB Corp ........................................143,969
6.05 3.28 0.73 13.90 1.93
RM3,127,850 RM3,063,763 RM2,923,192 RM2,893,063 RM2,876,271
157 120 213 65 104
MISC ................................................68,086 IOI Corp.......................................1,075,116 Tenaga Nasional ...........................408,544 Axiata Group .................................825,126 Genting ..........................................479,296
8.44 5.48 8.10 3.86 6.62
RM37,674,421 RM36,514,610 RM35,129,700 RM32,598,294 RM24,526,107
119 198 212 191 256
IJM Land .......................................150,917 SapuraCrest Petroleum ................146,469 Tan Chong Motor Hldgs ...............132,116 Proton Hldgs .................................152,944 Bintulu Port Hldgs ............................4,201
2.58 2.37 3.89 4.71 6.30
RM2,846,431 RM2,829,389 RM2,614,080 RM2,586,793 RM2,520,000
181 262 139 86 180
PPB Group .......................................56,821 Petronas Gas ...................................74,533 Kuala Lumpur Kepong..................159,558 Digi.Com ..........................................22,670 PLUS Expressways .......................365,043
18.26 9.90 16.80 22.70 3.39
RM21,647,230 RM19,589,447 RM17,934,084 RM17,649,250 RM16,950,000
203 135 156 172 259
Star Publications ............................42,086 Kencana Petroleum ......................738,970 M’sian Resources Corp .............1,731,453 Multi-Purpose Hldgs ....................900,946 Kulim ...............................................31,625
3.35 1.59 1.69 2.39 7.26
RM2,474,189 RM2,440,698 RM2,300,607 RM2,300,201 RM2,239,362
104 55 226 116 99
Genting M’sia................................390,089 AMMB Hldgs .................................432,564 YTL Corp ..........................................51,780 Hong Leong Bank............................75,008 Fraser & Neave Hldgs.....................17,409
2.85 5.03 7.49 8.70 10.60
RM16,828,652 RM14,676,962 RM14,227,644 RM13,746,931 RM13,707,326
85 208 82 216 222
Dialog Group ................................677,320 TA Global ......................................197,574 DRB-Hicom ....................................592,523 Titan Chemicals Corp ...................148,018 WCT ...............................................114,076
1.13 0.45 1.25 1.22 2.71
RM2,235,694 RM2,166,750 RM2,149,501 RM2,138,294 RM2,107,578
227 257 213 194 117
YTL Power Int’l..............................454,366 British American Tobacco .................9,598 Telekom M’sia...............................500,803 RHB Capital....................................203,521 Hong Leong Financial Group...........37,407
2.19 44.50 3.48 5.68 8.58
RM12,943,513 RM12,706,085 RM12,331,380 RM12,231,738 RM9,032,749
258 264 120 112 258
Guinness Anchor ..............................3,283 YTL Cement ......................................4,942 IJM Plantations ..............................26,095 Hartalega Hldgs ..............................28,366 Hap Seng Plantations Hldgs .........19,681
6.93 4.26 2.57 8.33 2.45
RM2,093,539 RM2,089,760 RM2,059,449 RM2,018,459 RM1,960,000
187 65 261 145 158
Petronas Dagangan ........................32,286 Astro All Asia Networks PLC .......310,522 Nestlé ................................................1,025 Latexx Partners .............................233,247 MMC Corp........................................69,312
9.08 4.27 34.62 4.00 2.45
RM9,020,562 RM8,199,083 RM8,118,390 RM7,904,240 RM7,460,397
206 260 170 223 164
Supermax Corp ............................340,728 LPI Capital .........................................1,281 Mudajaya Group .............................37,748 Wah Seong Corp ..........................278,254 Media Prima ..................................177,410
7.20 13.74 5.04 2.69 2.15
RM1,931,400 RM1,906,054 RM1,884,960 RM1,847,331 RM1,835,694
154 219 143 119 183
M’sian Airline System ...................546,736 UMW Hldgs .....................................88,605 Lafarge Malayan Cement ................78,759 IJM Corp ........................................406,101 Parkson Hldgs ...............................120,250
2.18 6.31 6.44 4.95 5.96
RM7,285,569 RM7,063,225 RM6,872,762 RM6,493,153 RM6,177,004
58 261 111 131 259
Aeon Co ...........................................40,554 NCB Hldgs .......................................15,893 Hap Seng Consolidated ..................20,400 KPJ Healthcare .............................133,152 KFC Hldgs ..........................................1,203
5.10 3.63 2.63 3.06 7.95
RM1,790,100 RM1,707,018 RM1,637,596 RM1,602,375 RM1,576,286
68 103 218 263 152
Berjaya Sports Toto......................237,327 Gamuda .........................................611,200 UEM Land Hldgs ...........................986,814 Tanjong PLC ....................................29,648 M’sia Airports Hldgs.....................131,960
4.46 2.88 1.54 18.82 4.95
RM6,025,594 RM5,786,660 RM5,609,087 RM5,499,467 RM5,445,000
205 188 147 63 220
Sunway City ...................................37,946 Pos M’sia .......................................326,011 Lingkaran Trans Kota Hldgs ...........21,716 Ann Joo Resources ........................82,978 Unisem ..........................................503,734
3.35 2.78 3.00 2.80 2.79
RM1,574,339 RM1,492,932 RM1,491,000 RM1,463,580 RM1,446,855
67 105 89 256 256
Berjaya Corp...............................1,211,074 Genting Plantations......................117,347 EON Capital .....................................75,057 Batu Kawan .....................................11,790 Berjaya Land......................................3,627
1.69 6.91 7.13 10.80 4.02
RM5,375,151 RM5,237,407 RM4,942,580 RM4,708,271 RM4,603,595
257 163 256 134 155
Carlsberg Brewery M’sia .................7,058 Media Chinese Int’l ......................212,510 BIMB Hldgs .....................................15,337 Keck Seng .......................................69,493 M’sian Pacific Industries ................30,370
5.04 0.84 1.32 5.79 6.63
RM1,431,320 RM1,414,476 RM1,408,044 RM1,397,665 RM1,391,531
61 58 217 197 72
Alliance Financial Group................181,611 Affin Hldgs.......................................97,410 Top Glove Corp ...............................85,187 SP Setia..........................................141,648 Bursa M’sia......................................52,065
2.89 2.95 14.00 4.16 7.92
RM4,474,026 RM4,408,394 RM4,252,612 RM4,229,910 RM4,186,956
193 150 138 258 263
QL Resources ..................................41,202 Lion Industries Corp .....................223,864 Kossan Rubber Industries ...............41,041 Hong Leong Industries ........................781 Ta Ann Hldgs ....................................8,721
3.43 1.84 8.20 4.66 6.10
RM1,358,280 RM1,311,859 RM1,310,901 RM1,310,140 RM1,309,249
59 124 263 154 71
AirAsia............................................507,941 JCY Int’l.......................................1,104,266 Shell Refining Co.............................10,376 M’sian Bulk Carriers........................64,777 Boustead Hldgs...............................64,637
1.42 1.75 10.80 3.20 3.51
RM3,915,991 RM3,578,505 RM3,240,000 RM3,200,000 RM3,199,168
215 160 264 262 256
Time Dotcom .............................2,868,098 Mah Sing Group ...........................100,280 UBG ...................................................5,891 Sarawak Oil Palms ...........................5,612 Amway Hldgs ......................................720
0.50 1.97 2.44 2.84 7.40
RM1,265,388 RM1,234,887 RM1,220,966 RM1,217,014 RM1,216,456
Page Company........................... Vol Close
26
Page Company........................... Vol Close
Close in RM, Vol (volume) in ‘00
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INSIDER TRADES MAIN MARKET
No of
Date
Action Shares (m)
Employees Provident Fund Lembaga Tabung Haji Employees Provident Fund Wellington Mgt Co Dato’ Liew Choo
04/11/08–26/03/10 25/02/10–02/03/10 05/11/08–30/03/10 07/12/09–25/03/10 15/03/10
Buy 83.338 Sell 0.540 Buy 19.041 Buy 45.731 Buy 5.901
Axiata Group Axiata Group Berjaya Corp CB Industrial Pdt Hldg CSC Steel Hldgs
Employees Provident Fund Employees Provident Fund Tan Sri Dato’ Seri Vincent Tan Lim Chai Beng Lembaga Tabung Haji
11/03/10–17/03/10 15/03/10–18/03/10 22/02/10–25/02/10 02/03/10 16/03/10–23/03/10
Sell Buy Sell Buy Sell
Compugates Hldgs DBE Gurney Resources Delloyd Ventures Dialog Group Dialog Group
Goh Kheng Peow Fortune Junction Dato’ IR. HJ. Noor Azmi Bin Jaafar Employees Provident Fund Employees Provident Fund
08/03/10–19/03/10 12/03/10–18/03/10 01/03/10–03/03/10 03/03/10–24/03/10 04/03/10–24/03/10
Digi.Com Dufu Tech Corp EON Capital EON Capital Ekovest
Employees Provident Fund Hsu Chin-Shui Employees Provident Fund Employees Provident Fund Dato’ Lim Kang Hoo
Evergreen Fibreboard Fraser & Neave Hldgs Freight Mgt Hldgs Gamuda Genting Plantations
Company
Buyer/Seller
AMMB Hldgs APM Automotive Hldgs AirAsia AirAsia Autoair Hldgs
Before
After
Sh’hldg (%)
Sh’hldg (%)
-
-----------
----6.740 7.260 25.420
-
-----------
--16.530 51.870 29.980 8.652
Buy 10.494 Sell 6.170 Sell 0.250 Sell 29.220 Buy 11.766
0.060 2.98-3.034 -
-----------
30.660 25.520 12.560 14.340 ---
08/03/10–24/03/10 08/03/10–10/03/10 09/02/10–22/03/10 23/02/10–22/03/10 05/03/10–24/03/10
Buy Sell Sell Buy Buy
0.540-0.570 -
-----------
16.760 12.790 12.720 --21.900
Lembaga Tabung Haji Amanahraya Trustees Chew Chong Keat Amanahraya Trustees Employees Provident Fund
03/03/10–19/03/10 11/03/10–23/03/10 18/03/10 17/03/10–26/03/10 30/12/08–26/03/10
Sell 6.052 Sell 2.274 Sell 2.000 Buy 11.030 Buy 12.659
0.830 -
-----------
7.230 --26.210 6.840 14.867
Green Packet Hock Seng Lee Hock Seng Lee Hong Leong Bank Hong Leong Bank
SMALLCAP World Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund
15/03/10–17/03/10 08/02/10–26/03/10 03/03/10–26/03/10 29/09/09–26/03/10 29/10/09–26/03/10
Buy Sell Buy Buy Sell
10.800 59.252 1.024 53.670 16.944
-
-----------
7.930 6.694 6.694 13.210 13.210
IGB Corp IGB Corp IOI Corp IOI Corp IOI Corp
Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund Progressive Hldgs
31/07/09–30/03/10 08/12/09–30/03/10 17/09/09–26/03/10 17/09/09–26/03/10 05/03/10–29/03/10
Buy 49.942 Sell 13.913 Buy 192.403 Sell 164.790 Buy 7.350
-
-----------
10.030 10.030 13.820 13.820 40.917
Integrated Rubber Corp KLCC Ppty Hldgs KNM Group KNM Group Kencana Petroleum
MMC Corp Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund
23/02/10–26/03/10 01/03/10–23/03/10 29/09/09–18/03/10 29/09/09–26/03/10 03/03/10–18/03/10
Sell 13.029 Sell 4.224 Buy 175.631 Sell 155.882 Buy 2.934
-
-----------
6.760 12.725 10.770 10.770 7.230
Kencana Petroleum Kinsteel Kuala Lumpur Kepong Kuala Lumpur Kepong Lafarge Malayan Cement
Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund
03/03/10–25/03/10 02/02/10–26/03/10 29/09/09–25/03/10 05/10/09–25/03/10 03/02/10–18/03/10
Sell Sell Buy Sell Buy
20.570 17.934 49.123 50.753 6.203
1.000
-----------
7.230 10.820 15.010 15.880 ---
M’sia Airports Hldgs M’sia Airports Hldgs M’sian Airline System M’sian Resources Corp MMC Corp
Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund Employees Provident Fund
10/03/10–12/03/10 11/03/10–22/03/10 11/03/10–17/03/10 08/02/10–26/03/10 09/03/10–10/03/10
Sell 0.695 Buy 20.634 Buy 7.341 Buy 54.733 Sell 2.500
1.000 -
-----------
-----------
Mah Sing Group Malayan Banking Malayan Banking
AmanahRaya Trustees 25/02/10–25/03/10 Sell 11.791 AmanahRaya Trustees 08/03/10–26/03/10 Sell 18.801 Employees Provident Fund 10/02/10–26/03/10 Buy 85.529
0.500 -
-------
-------
28
3.440 6.900 2.948 0.034 5.788
2.187 1.330 5.388 4.863 1.161
Shareholding includes direct & deemed interest of shareholder
Price (RM)
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
HIGHEST YIELD CONSUMER Page
HOTEL
Last Company......................... C l o s e
Last
Div
PE
YIELD
Page Company......................... C l o s e
Div
PE
YIELD
259 258 257 263 259
Hup Seng Industries ...................... 1.50 0.22 Eurospan Hldgs .............................. 0.90 0.11 Classic Scenic ................................. 0.62 0.07 Tek Seng Hldgs .............................. 0.37 0.04 JayCorp........................................... 0.88 0.0875
6.7 10.7 9.1 8.5 9.8
14.7 12.2 11.3 10.8 9.9
144 Landmarks ..................................... 1.22 263 Shangri-La Hotels ......................... 1.87 258 Grand Central Enterprises ............. 0.72
0.10 0.08 0.03
59.9 23.3 14.4
8.2 4.3 4.2
257 136 263 261 264
Eng Kah Corp.................................. 2.25 0.2125 Khind Hldgs .................................... 1.08 0.10 Teo Guan Lee Corp ........................ 1.10 0.10 Ni Hsin Resources .......................... 0.23 0.0192 UPA Corp ........................................ 1.42 0.10
20.3 5.4 6.5 10.6 7.1
9.4 9.3 9.1 8.3 7.0
78 256 258 257 257
Cocoaland Hldgs ............................ 1.45 Apollo Food Hldgs.......................... 2.98 Hing Yiap Group............................. 1.14 CCM Duopharma Biotech.............. 2.38 Emivest ........................................... 0.63
0.10 0.20 0.10 0.15 0.04
8.8 11.4 5.0 12.1 4.7
6.9 6.7 6.6 6.3 6.3
261 258 256 261 259
Padiberas Nasional ........................ 1.96 Guinness Anchor............................ 6.93 Acoustech ....................................... 0.80 Natural Bio Resources ................... 0.54 JT Int’l ............................................. 5.41
0.12 0.41 0.045 0.03 0.30
5.4 14.7 16.6 16.1 3.3
6.1 5.9 5.6 5.6 5.5
CONSTRUCTION Last
Page Company......................... C l o s e
Div
PE
YIELD
262 259 257 259 257
Pintaras Jaya .................................. 1.58 0.10 Ireka Corp........................................ 0.79 0.0435 Crest Builder Hldgs ........................ 0.78 0.04 Ken Hldgs........................................ 0.80 0.04 Brem Hldg....................................... 1.20 0.05
11.0 14.9 9.0 7.8 10.8
6.3 5.5 5.1 5.0 4.2
59 262 222 260 68
Ahmad Zaki Resources .................. 0.89 Protasco .......................................... 1.04 WCT ................................................ 2.71 Melati Ehsan Hldgs ........................ 0.70 Bina Puri Hldgs ............................... 1.14
0.035 0.04 0.10 0.025 0.04
11.9 7.3 14.3 6.0 18.6
3.9 3.8 3.7 3.6 3.5
FINANCE Last
Page Company......................... C l o s e
Div
PE
YIELD
208 260 263 176 256
TA Enterprise.................................. 0.71 0.045 LPI Capital..................................... 13.74 0.85 Syarikat Takaful M’sia ................... 1.35 0.0725 OSK Hldgs....................................... 1.39 0.075 Aeon Credit Svcs............................ 3.92 0.201
13.2 18.3 5.6 10.4 9.6
6.3 6.2 5.4 5.4 5.1
191 256 194 260 127
Public Bank ................................... 11.80 0.55 Apex Equity Hldgs.......................... 0.67 0.03 RHB Capital..................................... 5.68 0.2245 MNRB Hldgs ................................... 3.03 0.10 Jerneh Asia..................................... 2.76 0.08
16.6 9.3 10.2 28.5 16.6
4.7 4.5 4.0 3.3 2.9
116 259 152 117 88
Hong Leong Bank........................... 8.70 Hwang-DBS .................................... 1.77 M’sia Building Society ................... 1.07 Hong Leong Financial Group.......... 8.58 ECM Libra Financial Group............. 0.75
0.24 15.2 0.05 15.0 0.03 23.0 0.23 14.3 0.02 122.1
2.8 2.8 2.8 2.7 2.7
40
INDUSTRIAL PRODUCTS Last
Page Company......................... C l o s e
Div
PE
YIELD
224 263 262 257 264
Weida ............................................. 0.77 0.075 Tien Wah Press Hldgs ................... 2.15 0.2005 Scanwolf Corp ............................... 0.37 0.03 CYL Corp ........................................ 0.52 0.04 Yi-Lai .............................................. 0.79 0.06
7.5 9.6 22.2 8.9 10.7
9.7 9.3 8.1 7.7 7.6
264 75 263 264 258
UAC ................................................ 3.46 CSC Steel Hldgs ............................ 1.77 Tecnic Group ................................. 2.28 White Horse ................................... 1.45 Greenyield ..................................... 0.24
0.26 0.20 0.16 0.10 0.015
13.1 7.4 7.2 5.9 9.9
7.5 7.3 7.0 6.9 6.3
261 257 256 143 258
OKA Corp ....................................... 0.64 Century Bond ................................ 0.66 APB Resources .............................. 1.11 Lafarge Malayan Cement ............. 6.44 Hexza Corp .................................... 0.60
0.04 0.04 0.065 0.38 0.035
9.6 6.4 5.3 16.7 17.2
6.3 6.1 5.9 5.9 5.8
192 264 260 264 143
Public Packages Hldgs .................. 0.43 0.025 Wellcall Hldgs ................................ 1.29 0.11 Magni-Tech Industries .................. 0.97 0.05 Ya Horng Electronic ...................... 0.96 0.10 LCTH Corp ..................................... 0.34 0.0175
2.6 12.8 8.3 7.9 6.1
5.8 5.4 5.2 5.2 5.1
263 214 262 262 262
Tekala Corp ................................... 0.78 Thong Guan Industries ................. 0.79 Petronas Gas ................................. 9.90 Perusahaan Sadur Timah M’sia ..... 3.99 SCGM ............................................. 0.51
0.04 0.04 0.50 0.20 0.025
12.9 5.8 21.1 12.3 7.2
5.1 5.1 5.1 5.0 4.9
262 Sapura Industrial .......................... 0.62 256 BP Plastics Hldg ............................ 0.62 72 Box-Pak .......................................... 1.47
0.03 0.03 0.07
8.0 7.1 7.1
4.8 4.8 4.8
Div
PE
YIELD
Lingkaran Trans Kota Hldgs .......... 3.00 0.25 YTL Power Int’l .............................. 2.19 0.13875 Digi.Com ...................................... 22.70 1.78 Puncak Niaga Hldgs ...................... 2.64 0.10
14.6 20.7 17.6 7.6
8.3 6.3 4.5 3.8
INFRASTRUCTURE Last
Page Company......................... C l o s e
147 227 86 192
Dividend yield does not include special dividends
MINING (No Yield)
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UPCOMING
RESULTS ANNOUNCEMENTS
This section is to serve as an indicative guide on the forthcoming financial results announcement dates of companies. Please note that the previous announcement dates as shown are not reminiscent of current year’s announcement dates, and may vary from time to time at the discretion of respective companies. Page
Company....................................................................................................
MTD Capital ................................................................. LB Aluminium.............................................................. TSM Global .................................................................. LPI Capital .................................................................... M’sia Pacific Corp........................................................
31-03-10 30-04-10 31-01-10 31-12-09 30-06-10
Year Ending
Reporting
1H 1H 3Q F 1H
26-11-08 15-12-08 23-12-08 08-01-09 19-01-09
261 260 260 166 260
Milux Corp ................................................................... M’sian AE Models Hldgs............................................. Melati Ehsan Hldgs ..................................................... Merge Housing ............................................................ MNC Wireless ..............................................................
31-08-10 31-05-10 31-08-10 31-05-10 31-12-09
1Q 1H 1Q 1H F
19-01-09 21-01-09 21-01-09 23-01-09 12-02-09
2.02 11.56 3.15 -12.39 -1.93
264 153 94 148 159
YSP South East Asia Hldg .......................................... M’sia Steel Works ....................................................... Equine Capital ............................................................. Lingui Devts................................................................. Magna Prima ...............................................................
31-12-09 31-12-09 31-03-10 30-06-10 31-12-09
F F 3Q 1H F
12-02-09 18-02-09 19-02-09 19-02-09 19-02-09
12.37 79.29 -24.77 -46.66 26.89
161 258 146 162 167
Malton .......................................................................... Golden Land ................................................................ Leader Universal Hldgs............................................... Measat Global ............................................................. Mieco Chipboard .........................................................
30-06-10 30-06-10 31-12-09 31-12-09 31-12-09
1H 1H F F F
19-02-09 20-02-09 20-02-09 20-02-09 20-02-09
3.61 8.22 64.94 -38.14 -22.91
172 264 260 260 147
Multi-Purpose Hldgs ................................................... Vitrox Corp .................................................................. LBI Capital.................................................................... Lii Hen Industries ........................................................ Linear Corp ..................................................................
31-12-09 31-12-09 31-12-09 31-12-09 31-12-09
F F F F F
20-02-09 20-02-09 23-02-09 23-02-09 23-02-09
135.17 8.32 6.49 5.32 4.35
152 260 260 261 261
M’sia Building Society ................................................ M’sia Smelting Corp ................................................... Marco Hldgs................................................................. Mulpha Land................................................................ Mycron Steel ...............................................................
31-12-09 31-12-09 31-12-09 31-12-09 30-06-10
F F F F 1H
23-02-09 23-02-09 23-02-09 23-02-09 23-02-09
32.58 -44.04 4.37 1.44 -15.66
257 259 260 260 155
CCM Duopharma Biotech........................................... Ibraco............................................................................ LNG Resources ............................................................ M’sia Aica..................................................................... M’sian Pacific Industries.............................................
31-12-09 31-12-09 31-12-09 31-03-10 30-06-10
F F F 3Q 1H
24-02-09 24-02-09 24-02-09 24-02-09 24-02-09
27.40 -3.50 5.24 1.16 13.07
156 260 157 79 258
M’sian Resources Corp ............................................... M-Mode........................................................................ MISC ............................................................................. D&O Green Technologies........................................... Hexagon Hldgs ............................................................
31-12-09 31-12-09 31-03-10 31-12-09 31-03-10
F F 3Q F 3Q
24-02-09 24-02-09 24-02-09 25-02-09 25-02-09
-56.64 2.09 1,222.68 13.87 3.19
142 260 147 149 152
LBS Bina Group ........................................................... Lebar Daun................................................................... Lingkaran Trans Kota Hldgs....................................... Lion Forest Industries ................................................. M’sia Airports Hldgs ...................................................
31-12-09 31-12-09 31-03-10 30-06-10 31-12-09
F F 3Q 1H F
25-02-09 25-02-09 25-02-09 25-02-09 25-02-09
15.42 -0.80 82.64 142.36 305.20
158 260 210 260 153
48
1Q denotes 1st quarter of FY; F denotes full-year
Previous Ann’d Date
P&L ($m) of Previous Corresponding Period
8.79 6.60 20.94 104.25 -3.57
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
DISCOUNT TO NAV* (NAV is updated when company announces results.) Last
Page Company..................................Close
NAV
Discount
(%)
Last
Discount
(%)
Page Company..................................Close
NAV
153 259 146 258 260
M’sia Pacific Corp ............................... 0.46 JMR Conglomeration ......................... 0.25 Leweko Resources ............................. 0.25 Eupe Corp ............................................ 0.55 M’sian AE Models Hldgs .................... 0.60
1.53 0.83 0.83 1.82 1.98
69.9 69.9 69.9 69.8 69.7
174 232 262 259 134
Nam Fatt Corp ..................................... 0.11 DIS Tech Hldgs..................................... 0.02 Petaling Tin .......................................... 0.13 JPK Hldgs ............................................. 0.03 Karambunai Corp................................. 0.06
1.26 0.186 1.07 0.20 0.39
91.3 89.2 87.9 85.0 84.6
108 57 261 258 260
Gula Perak............................................ 0.05 Advance Synergy................................. 0.16 Nilai Resources Group ........................ 0.58 Focal Aims Hldgs................................. 0.20 Majuperak Hldgs.................................. 0.23
0.31 0.982 3.53 1.18 1.31
83.9 83.7 83.6 83.1 82.4
167 64 161 182 95
Mieco Chipboard ................................ 0.46 Asian Pac Hldgs .................................. 0.09 Malton ................................................. 0.38 Pan M’sia Corp .................................... 0.14 FACB Industries Incorp ...................... 0.65
1.49 0.29 1.22 0.45 2.09
69.1 69.0 68.9 68.9 68.9
261 263 262 259 262
PW Consolidated ................................. 0.40 Stone Master Corp .............................. 0.15 SBC Corp ............................................ 0.525 Komarkcorp.......................................... 0.28 SHH Resources Hldgs.......................... 0.26
2.12 0.7901 2.74 1.45 1.35
81.1 81.0 80.8 80.7 80.7
256 262 177 263 259
Bina Darulaman .................................. 0.93 Seacera Tiles ....................................... 0.46 Octagon Consolidated ....................... 0.22 The Nomad Group .............................. 0.45 Huat Lai Resources ............................. 0.50
2.97 1.42 0.68 1.38 1.53
68.7 67.6 67.6 67.4 67.3
260 264 258 256 263
MESB .................................................... 0.21 Yong Tai ............................................... 0.24 Golsta Synergy .................................... 0.25 Baneng Hldgs....................................... 0.13 Tanco Hldgs ......................................... 0.11
1.07 1.22 1.263 0.64 0.53
80.4 80.3 80.2 79.7 79.2
258 262 221 121 264
FSBM Hldgs ...................................... 0.385 Rex Industry ........................................ 0.79 Utusan Melayu ................................... 0.87 Ingress Corp ........................................ 0.63 Zecon ................................................... 0.51
1.17 2.34 2.573 1.859 1.50
67.1 66.2 66.2 66.1 66.0
259 132 257 262 262
Kia Lim.................................................. 0.19 KPS Consortium .................................. 0.22 EG Industries........................................ 0.43 Pasdec Hldgs........................................ 0.37 Perak Corp............................................ 0.86
0.914 1.02 1.98 1.68 3.91
79.2 78.4 78.3 78.0 78.0
165 199 264 144 261
Melewar Industrial Group ................. 0.72 Scomi Marine ...................................... 0.41 Triumphal Associates ........................ 0.80 Landmarks .......................................... 1.22 Paragon Union .................................... 0.30
2.12 1.20 2.34 3.55 0.86
66.0 65.8 65.8 65.6 65.1
257 100 258 261 261
Eduspec Hldgs ..................................... 0.17 Furqan Business Organisation................0.14 Grand Hoover..................................... 0.215 Minho.................................................... 0.43 PNE PCB ............................................. 0.205
0.76 0.62 0.92 1.83 0.84
77.6 77.4 76.6 76.5 75.6
176 257 224 259 262
OSK Ppty Hldgs .................................. 0.59 Caely Hldgs ......................................... 0.32 Wijaya Baru Global ............................. 0.42 Kluang Rubber Co .............................. 2.16 Prolexus ............................................... 0.39
1.68 0.91 1.19 6.087 1.10
64.9 64.8 64.7 64.5 64.5
263 178 171 81 258
South M’sia Industries........................ 0.22 Olympia Industries .............................. 0.23 Mulpha Int’l.......................................... 0.46 DPS Resources..................................... 0.17 Hock Sin Leong Group...................... 0.085
0.90 0.93 1.85 0.68 0.337
75.6 75.3 75.1 75.0 74.8
241 142 260 262 259
Mobif ................................................... 0.08 LCL Corp .............................................. 0.20 Mahajaya ............................................. 0.35 Permaju Industries ............................. 0.32 Hytex Integrated ................................. 0.19
0.224 0.56 0.981 0.896 0.53
64.3 64.3 64.3 64.3 64.2
256 259 261 149 260
BCB ...................................................... 0.40 Jerasia Capital ..................................... 0.33 OCB ...................................................... 0.53 Lion Diversified Hldgs ......................... 0.44 Metech Group...................................... 0.35
1.57 1.28 2.05 1.69 1.34
74.5 74.2 74.1 74.0 73.9
149 260 264 262 243
Lion Forest Industries ........................ 1.52 Maxtral Industry ................................. 0.35 YLI Hldgs ............................................. 0.72 Sapura Resources ............................... 0.39 SMR Tech ............................................ 0.07
4.23 0.963 1.98 1.07 0.1922
64.1 63.7 63.6 63.6 63.6
258 257 262 261 260
Gefung Hldgs ....................................... 0.25 Country Heights Hldgs........................ 0.67 SMPC Corp........................................... 0.14 Ornapaper ............................................ 0.37 Major Team Hldgs ............................... 0.13
0.95 2.51 0.51 1.33 0.463
73.7 73.3 72.5 72.2 71.9
82 173 78 217 258
Daiman Devt ....................................... 1.64 Naim Indah Corp ................................ 0.05 Comintel Corp ..................................... 0.29 Tradewinds Corp ................................ 0.59 Farlim Group ....................................... 0.33
4.49 0.137 0.792 1.6059 0.90
63.5 63.5 63.4 63.3 63.3
261 63 264 261 260
PCCS Group ......................................... 0.60 Asia Pacific Land.................................. 0.30 Xian Leng Hldgs................................... 0.49 Mulpha Land ........................................ 0.49 Maxbiz Corp....................................... 0.085
2.126 1.041 1.70 1.69 0.29
71.8 71.2 71.2 71.0 70.7
89 55 258 257 258
EP Mfg ................................................. 0.51 AKN Tech ............................................ 0.16 Gromutual ........................................... 0.22 Chee Wah Corp ................................... 0.44 Farm’s Best ......................................... 0.56
1.37 0.43 0.59 1.18 1.499
62.8 62.8 62.7 62.7 62.6
261 262 189 85 168
Multi-Usage Hldgs............................... 0.15 SMIS Corp ............................................ 0.45 Priceworth Wood Pdts........................ 0.53 Denko Industrial Corp ......................... 0.11 Minply Hldgs........................................ 0.18
0.51 1.51 1.78 0.367 0.60
70.6 70.2 70.2 70.0 70.0
259 71 159 263 256
Kuchai Devt ......................................... 0.81 Borneo Oil ........................................... 0.20 MUI Ppties ........................................... 0.15 Super Enterprise Hldgs ...................... 0.60 Ancom ................................................. 0.57
2.163 0.5348 0.40 1.60 1.52
62.6 62.6 62.5 62.5 62.5
* Refers to the trading of a company’s shares at below its NAV
53
BUSINESS : Co is principally engaged in design & mfr of process + 2 wk 0.81 0.78 0.785 738,295 pre 2 wk 0.80 0.77 0.785 969,775 eqmt for oil & gas industry. [FY09 Geographical] Asia & Oceania 22-03-10 0.785 0.76 0.77 270,715 (27.2%), Europe & US (72.8%). H
23-03-10 24-03-10 tal Grp for RM0.9/shr. Jan-10, wholly owned subsi, KNM Process 25-03-10 26-03-10
0.76 0.755 0.745 0.735
0.74 0.74 0.72 0.70
0.75 0.745 0.725 0.73
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.74 0.735 0.735 0.73 0.73
0.715 0.715 0.72 0.72 0.72
0.725 0.73 0.72 0.72 0.73
H INSIGHT : Feb-10, Co received a takeover offer from BlueFire Capi-
Sys and its affiliated Co, KNM Projects (Thai) secured a RM143m contract for the engrg, procurement, construction and commissioning of a 200k litres/day bioethanol plant in Thai, expected to complete within 18 mths. Jul-09, Co acq the entire stake of dormant Co, Compart Compressor Technology GmbH (CCTG) for approx RM124k. Earlier, CCTG inked agmt to acq the core business in the development, production and distribution of valves, compressor parts and monitoring systems for compressors and the provision of maintenance and repair works of compressors together with all assets of Compart Technology GmbH & Co. KG for RM5.6m. FY09 earnings were nearly halved due to lower revenue reflective of the impact of the global financial crisis and lower utilization of capacity. (29/03/10-YL)
5-Yr CAP ISSUE : ......................................................... bn 1:1 ex 12-07-07 .............................................rt 1:4(RM4.00) ex 27-05-08.....bn 2:1 ex 23-07-08 H
Ann’d date for 1Q09 : 28-MAY-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
53.107 147.545 215.358
343.936 908.987 1,230.116
15.44 16.23 17.51
41.172 132.506 188.133
31-12-08
453.705
2,528.750
17.94
336.383
144.475
1,821.668
1H08 1H09
31-12-09
170.951 190.252
930.616 964.710
KPJ Healthcare
18.37 19.72
7.93
157.419 390.330 555.470
26.15 33.95
11.74 13.05
200.380 610.663 691.380
.05 .05
33.87
350.799 1,015.695 1,247.049
.04
.177 .130 .181
1,813.822
18.55
4,455.354
7.55
2,635.011
.015
.085
1,920.279
8.89
4,050.089
4.22
2,122.840
---
1,735.759
169.872
1,935.373
M’GIN in %
31-12-05 31-12-06 31-12-07
42.301 60.060 85.225
659.643 831.455 1,108.313
6.41 7.22
31-12-08
114.051
1,270.181
141.956
1,446.370
31-12-09
67.474
---
615.068 709.522
3,796.068
---
Period
5-Yr CAP ISSUE : ......................................................... bn 1:4 ex 06-01-10 TURNOVER (RMm)
4,251.355
15.09 ---
2,057.663
---
2,311.188
$2.80
2.61 4,689 2.63 4,284 $2.60 2.74 16,280 2.88 19,675 $2.40 3.00 20,194 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
3.07 3.00 2.97 3.03 3.08
2.94 2.85 2.89 2.93 3.03
2.97 15,787 29200 2.86 7,359 14600 2.92 13,140 22.02.10 to 19.03.10 02.04.10 3.03 21,958 3.06 9,786 H-Low: 2.71 - 2.32 3.08 - 2.59 PE(wk vol): 15.9 (79,480) 14.8 (66,576)
Weekly $3.00 $2.40 $1.80 $1.20 Vol 105400 52700
11.04.08 to 03.10.08 High-Low: 1.48 - 1.22 Av PE(wk vol): 9.5 (4,011)
03.04.09 1.22 - 0.90 7.5 (4,742) ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
7.59 8.97
3.28 3.72
.18 .14
6.23
561.349 614.603 651.270
.10
.163 .203 .361
645.310
---
.375
78.448
569.331
13.78
1,262.895
6.21
622.846
16.36
1,336.642
7.62
cr = cum right
xr = ex-right
628.892
02.04.10 3.08 - 1.70 14.8 (44,632)
TOTAL ASSETS (RMm)
8.98
550.966
02.10.09 1.72 - 1.12 8.6 (12,311)
ROE in %
15.02
101.869
.043
2.59 2.63 2.65 2.72 2.89
7.69
9.81
.043
2.63 2.65 2.75 2.90 3.00
996.268 1,101.885 1,190.957
46.715
.038
22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
430.510 456.552 494.142
9.51
---
NAV : RM2.95 PE : 15.7 PB : 1.0 Yield : 6.5 Traded in RM Mkt Cap : RM1,602.375 m High Low Close Vol’ 00 Daily
32.657 40.962 74.209 41.877
---
+ 2 wk 2.62 2.32 2.57 92,057 $3.00 pre 2 wk 2.71 2.52 2.61 66,904
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
9.80
02.04.10 0.875 - 0.70 9.8 (1,294,857) EPS in RM
Ann’d date for 1Q09 : 20-MAY-09 PRE-TAX P&L (RMm)
02.10.09 1.09 - 0.42 9.0 (3,690,166)
DIV in RM
par RM0.50 Paidup RM261.826 m
FINANCIAL YR CLOSE
03.04.09 1.19 - 0.32 9.6 (2,070,803)
TOTAL LIAB (RMm)
FY09 earnings and revenue rose by 18.9% and 14.1% resp due to higher activities recorded by its hospitals. Co expects FY10 to improve. (30/03/10-YL)
1H09
11.04.08 to 03.10.08 High-Low: 2.33 - 1.05 Av PE(wk vol): 36.4 (450,844)
ROA in %
INSIGHT : Mar-10, wholly owned subsis proposed to dispose of their interest in some ppties to Al-’Aqar for RM138.8m (RM83.3m in cash while RM55.5m will be satisfied via issuance of new units of Al-’Aqar at RM0.98/unit). Jan-10, wholly owned subsi, Kumpulan Perubatan (Johor) inked agmt to acq 51% equity interest in SMC Healthcare for cash RM51m, in a move to expand its hospital network. Dec-09, Co proposed the acquisition of a pc of f/h land with partially completed bldg on it for RM22m. Nov-09, Co inked agmt to subscribe for 50k preference shrs in Intrapreneur Devt for RM5m. Oct-09, Co proposed a) splitting of 1 RM1 shr into 2 RM0.50 shr b) bonus issuance on the basis of 1 shr for every 4 shrs held and d) free wrts on the basis of 1 for every 4 shrs held. Aug-09, Co via subsi, acq’d add’l 16% equity stake in Lablink (M) for RM1m. Co acq 28.3% equity interest in Seremban Specialist Hospital for total cash of RM14.2m.
60.290
Vol 5127000 2563500
TOTAL ASSETS (RMm)
BUSINESS : Ops of hospitals.
1H08
$0.90
ROE in %
H
H
$1.50
150.415
170.747
328,110 217,525 683,772 636,476 Vol 284,317 456000 246,444 228000 346,416 22.02.10 to 19.03.10 02.04.10 131,506 184,154 H-Low: 0.81 - 0.77 0.785 - 0.70 PE(wk vol): 11.7 (854,035)17.2 (1,664,718)
$2.10
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
Chairman: Tan Sri Dato’ Mohd Ali CEO/MD: Datin Paduka Siti Sa’adiah H
Weekly
$0.80 $0.78 $0.76 $0.74 $0.72 $0.70
-----
cw = cum warrant
1,237.023 1,337.328
---
xw = ex-warrant
---
637.492 657.013
668.563
.07 .10
.10
.202 .223
.241
131
K MAIN MARKET
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa KNM Group par RM0.25 Paidup RM1,001.093 m NAV : RM0.48 PE : 17.1 PB : 1.5 Yield : NA Traded in RM Mkt Cap : RM2,923.192 m Chairman: Y. Bhg. Dato’ Mohd Idris CEO/MD: Lee Swee Eng Period High Low Close Vol’ 00 Daily
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa M’sian Resources Corp par RM1.00 Paidup RM1,361.306 m NAV : RM0.727 PE : NA PB : 2.3 Yield : NA Traded in RM Mkt Cap : RM2,300.607 m Chairman: Datuk AzIan Mohd Zainol CEO/MD: Mohamed Razeek Period High Low Close Vol’ 00 Daily BUSINESS : [9M09 Turnover] Engrg & construction (59.6%), ppty + 2 wk 1.50 1.37 1.48 390,933 pre 2 wk 1.58 1.49 1.51 532,849 devt (27.3%), invs, infrastruc and bldg svcs (13.1%). H
$1.65
22-03-10 H INSIGHT : Nov-09, Co is proposing a rts issue, but the basis and 23-03-10 price has not been fixed. Jul-09, Co will award M&E works in Prima 24-03-10 Avenue amounting to RM8.6m to KVC Industrial Supplies as the 25-03-10 26-03-10
1.51 1.51 1.52 1.52 1.51
1.50 1.50 1.50 1.50 1.50
1.51 1.51 1.50 1.51 1.50
54,129 $1.55 71,810 70,974 $1.45 219,135 76,029 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
1.51 1.71 1.70 1.72 1.71
1.50 1.50 1.59 1.62 1.67
1.50 1.59 1.65 1.68 1.69
73,134 339400 508,933 169700 318,734 22.02.10 to 19.03.10 02.04.10 235,148 103,427 H-Low: 1.58 - 1.37 1.72 - 1.50 PE(wk vol): NA (461,891) NA (865,727)
sub-contractor. With lower construction costs, Co is moving into full swing to implement the ongoing construction pjts and ppty devt of more than 4m square feet of commercial space in Kuala Lumpur Sentral. Co will pursue operational excellence and proactive margin improvement via value engrg and cost reduction. Nov-08, Co received a Letter of Award from the Govt of M’sia for the “Merekabentuk dan Membina Kerja-Kerja Membaikpulih Muara Sungai dan Kuala Sungai Pahang”, Pahang Darul Makmur (Fasa 1) pjt for RM258.17m.
9M09, Co returned to the black as revenue surged. Increase in sales was booked in all biz segments except for ppty devt which enjoyed a higher revenue recognition in the corresponding period arising from a land sale in KL Sentral devt. Co is confident of remaining profitable in 2009. (26/11/09-XDL) H
5-Yr CAP ISSUE : .......................................... rt 1:2(RM1.12) ex 28-01-10
Ann’d date for 2H08 : 24-FEB-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
15.169 30.266 69.831
323.825 527.929 903.702
4.68 5.73
31-12-08
– 42.155
788.552
1H08 1H09
9M09
9.333
11.145
23.127
MAA Hldgs
405.618 382.839
639.947
Weekly $1.40 $1.00 $0.60 Vol 946800 473400
11.04.08 to 03.10.08 High-Low: 1.62 - 0.542 Av PE(wk vol): 24.6 (490,346)
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
03.04.09 0.903 - 0.444 9.6 (528,318)
02.10.09 1.40 - 0.84 NA (727,800)
ROE in %
TOTAL ASSETS (RMm)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
0.61 1.70
----.012
.016 .044 .053
---
– .062
---
.024
405.608 440.107 705.531
3.06 7.68
7.73
12.407 33.784 40.745
5.78
2,034.911 1,992.934 2,106.264
1.93
1,562.613 1,486.748 1,331.875
NA
– 56.638
635.167
– 8.92
2,916.011
– 1.94
2,263.630
3.61
22.212
659.433
---
3,075.490
---
2.30 2.91
9.467
12.195
---
715.312
par RM1.00 Paidup RM304.354 m
Chairman: Tunku Dato’ Ya’acob CEO/MD: Muhamad Umar Swift
Period
BUSINESS : [9M09 Turnover] Invs-linked fund (6.6%), non-invslinked fund (57.8%), general insurance fund (4%), unit trust fund mgt (1.2%), shrhldrs’ fund & other ops (8.9%), discontinued ops (22.5%), eliminations (-1%). H
2,784.226
---
649.389
02.04.10 1.72 - 1.17 NA (387,079)
2,916.687
-----
2,051.049
---
2,249.758
---
2,398.204
.010 .013
NAV : RM0.83 PE : NA PB : 0.9 Yield : NA Traded in RM Mkt Cap : RM216.091 m High Low Close Vol’ 00 Daily
+ 2 wk 0.71 0.675 0.70 12,622 pre 2 wk 0.72 0.675 0.68 9,222 $0.73
22-03-10 23-03-10 24-03-10 H INSIGHT : Aug-09, Co entered into sales agmt with KK Point for 25-03-10 26-03-10
0.735 0.725 0.715 0.74 0.745
0.675 0.705 0.695 0.70 0.72
0.72 20,862 $0.71 0.705 6,285 0.705 5,644 $0.69 0.735 21,162 0.72 15,048 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.745 0.735 0.715 0.72 0.72
0.72 0.71 0.705 0.70 0.71
0.735 14,500 14200 0.71 4,645 7100 0.715 4,110 22.02.10 to 19.03.10 02.04.10 0.70 3,030 0.71 4,963 H-Low: 0.72 - 0.675 0.745 - 0.675 PE(wk vol): NA (10,922) NA (50,125)
the disposal of 250k shrs in Valiant ppties for RM182k. Apr-09, the headline disposal price of Co’s biz to AMG Insurance has been revised to RM254.83m. Co is engaged in general & life insurance biz, invs hldg, hire purchase, leasing and other credit svs, unit trust, ppty mgt, fund mgt and invs advisory, security and consultancy svs. As at 31-Mar-09, Co’s ttl assets stood at RM7.6b. Nov-08, Co inked a MOU with AMG Insurance to formalise discussions on the proposed acquisition by AMG its biz at a headline price of RM274.8m. 9M09, Co booked earnings of RM49m as compared to a loss in the corresponding period. Despite the current improvement in the financial mkts, the envt for financial svcs is increasingly competitive but Co will implement plans for re-organising its biz and improve asset quality. (23/11/09-XDL)
H
5-Yr CAP ISSUE : ......................................................... bn 1:1 ex 23-08-06
Ann’d date for 2H08 : 27-FEB-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
41.133 3.110 – 84.537
2,205.420 2,283.885 2,303.343
1.87 0.14
31-12-08
– 53.124
2,209.022
1H08 1H09
9M09
156
– 34.203 41.518
41.627
1,039.785 1,018.745
1,538.420
Weekly $1.30 $1.10 $0.90 $0.70 $0.50 Vol 130800 65400
11.04.08 to 03.10.08 High-Low: 1.34 - 0.56 Av PE(wk vol): NA (14,665)
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
03.04.09 0.77 - 0.38 NA (26,965)
TOTAL ASSETS (RMm)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
10.89 – 0.59
0.65 – 0.03
.10 .02
– 0.95
6,157.362 6,796.517 7,470.175
---
.288 – .007 – .242
7,335.676
---
– .230
---
.162
NA
391.366 368.256 287.967
– 25.62
6,550.503 7,167.226 7,786.095
NA
– 69.998
214.506
– 32.63
7,583.883
– 0.92
252.825
---
7,958.397
---
4.08
2.71
– 29.193 37.586
49.250
254.242 251.356
02.04.10 0.83 - 0.65 NA (33,015)
ROE in %
42.619 – 2.176 – 73.767
NA
02.10.09 0.87 - 0.47 NA (63,804)
-----
7,552.958 7,745.778
1H09 = 1st half of FY09 9M09 =1st 9 months of FY09
-----
7,269.188 7,416.360
7,672.544
-----
– .096 .123
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa SAAG Consolidated par RM0.10 Paidup RM125.058 m NAV : RM0.24 PE : NA PB : 0.5 Yield : NA Traded in RM Mkt Cap : RM150.070 m Chairman: Dato’ Abu Bakar CEO/MD: Loganathan K Ramanujam Period High Low Close Vol’ 00 Daily BUSINESS : [9M09 Turnover] Trdg, maintenance, repair & overhaul (44.8%), discontinued ops (26.0%), marine logistics & support: Ownership, construction & ops (14.8%), construction, infrastruc & pjt mgt (11.1%), rig svcs (1.7%), manpower consultancy, design & engrg svcs (1.5%). H
INSIGHT : Jan-10, Co has announced the 7th tranche of its exchangeable bonds to comprise US$6.5m in nominal value at exchange price of RM0.1805. Dec-09, Co has proposed to undertake a pte placement of up to 10% of its issued and paid-up shr capital in order to raise between a max of RM45m and min of RM21m. The placement will allow Co to raise funds expeditiously for its working capital purposes, and increase its capitalisation and further strenghen its balance sheet. Dec-09, Co has accepted a Letter of Award from Garisan Etika Bangladesh for engrg, procurement and construction work for 2 power plants in Bangladesh for US$120m. H
FY09, revenue dipped by a huge 56% resulted Co to incur a loss. The drop was due to progressive percentage of completion revenue recognition method, not bidding for pjts due to capex commitment, provision of doubtful debts and bad debt write-off. (31/03/10-HX) H
5-Yr CAP ISSUE : ........................................ rt 1:10(RM0.10) ex 08-07-08
Ann’d date for 1Q09 : 29-MAY-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
9.890 24.038 42.937
212.540 270.840 495.959
4.65 8.88
31-12-08
49.798
542.130
1H08 1H09
31-12-09
31.582
– 0.078
– 25.189
0.125 0.115 0.12 0.12 0.12
0.13 0.12 0.125 0.12 0.12
361,152 300600 329,146 150300 50,260 22.02.10 to 19.03.10 02.04.10 50,088 133,401 H-Low: 0.155 - 0.115 0.145 - 0.11 PE(wk vol): NA (510,541) NA (748,311)
Weekly $0.45 $0.35 $0.25 $0.15 Vol 3311800 1655900
11.04.08 to 03.10.08 High-Low: 0.53 - 0.28 Av PE(wk vol): 8.8 (63,074)
03.04.09 0.295 - 0.14 4.6 (245,739)
02.10.09 0.395 - 0.175 5.9 (1,599,529)
TOTAL ASSETS (RMm)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
1.11 2.17
--.03 .05
.071 .275 .486
---
.047
20.44
4.05
17.61
635.247
4.81
433.196
299.964
– 2.93
1,220.007
– 0.72
NA
20.765
5.256
– 8.789
---
155.764
611.454
---
200.794
531.911
Period
High
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-03-06 31-03-07 31-03-08
11.388 19.446 22.492
103.798 170.066 183.515
10.97 11.43
31-03-09
5.348
168.767
13.769
145.471
---
22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
0.175 0.17 0.175 0.17 0.17
0.17 0.17 0.17 0.17 0.17
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.17 0.17 0.175 0.18 0.18
0.17 0.17 0.17 0.17 0.18
0.17 0.17 0.175 0.17 0.18
$0.10 Vol 302600 151300
03.04.09 0.115 - 0.08 3.0 (10,173) ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
7.13 10.10
--.005
11.02
30.130 46.499 37.747
.005
.015 .034 .031
33.693
.005
.005
43.080
---
3.17
3.069
129.789
2.36
163.482
1.88
138.076
---
181.156
---
137.171
02.04.10 0.20 - 0.13 32.5 (75,412)
TOTAL ASSETS (RMm)
14.22
137.395
02.10.09 0.15 - 0.085 17.9 (42,172)
ROE in %
12.26
10.683
.008
– .007
$0.14
127.925 160.504 167.698
9.47
---
$0.18
9.33 14.22
6.785
886.258
.031
2,935 10400 4,900 5200 8,728 22.02.10 to 19.03.10 02.04.10 4,450 5,130 H-Low: 0.175 - 0.165 0.18 - 0.17 PE(wk vol): 32.9 (20,381) 33.5 (30,364)
97.795 114.005 129.951
9.81
---
$0.175
Weekly
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
7.683
---
295.622
0.17 6,100 0.17 1,570 $0.17 0.17 15,417 0.17 2,710 $0.165 0.17 8,787 Vol
9.125 16.210 18.473
10.52
430.966
+ 2 wk 0.17 0.165 0.165 16,278 $0.18 pre 2 wk 0.175 0.165 0.17 24,485
11.04.08 to 03.10.08 High-Low: 0.145 - 0.10 Av PE(wk vol): 3.8 (17,381)
FINANCIAL YR CLOSE
---
NAV : RM0.23 PE : 35.2 PB : 0.8 Yield : 2.8 Traded in RM Mkt Cap : RM108.000 m Low Close Vol’ 00 Daily
par RM0.10 Paidup RM60.000 m
Ann’d date for 2H09 : 29-MAY-09
02.04.10 0.245 - 0.11 NA (678,854)
ROE in %
173.470
NA
89.240
Vol
30.545
162.526
90.249
$0.115
9.19
1H10, both revenue and pretax profit fell yoy mainly due to different pdt mix. Compared to 1Q10, bottom line grew due to higher sales. (04/02/10-SY)
196
0.145 0.13 0.125 0.13 0.13
$0.125
8.66
INSIGHT : Dec-09, Co has inked a contract with Dyson Mfg for the mfg and supplying of Dyson vacuum cleaners and other pdts in M’sia. Co is one of the only 4 cos appointed by the latter in M’sia. The contract is expected to provide Co with opportunities to expand and grow its core biz in mfg of plastic pdts. Co expects to remain profitable and will endeavour to achieve satisfactory results for FY10 despite the current economic slowdown. May-09, Co has not met its internal tgt of achieving 10% growth rate in revenue for FY09 due to the impact of the world economic slowdown. Co has achieved approx 81% of the tgt’d revenue though. Co is principally engaged in mfg of plastic pdts. Co mfrs precision parts in plastic components used in the mfr of TVs, DVD players, car stereo sets and computers.
9M10
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
$0.135
199.218 512.643 535.081
H
8.754
62,003 35,844 28,565 67,711 378,451
279.983 617.534 692.799
ary processes (99.9%), letting of ppty (0.1%).
1H10
0.115 0.115 0.115 0.115 0.14
4.50 15.43
H BUSINESS : [9M10 Turnover] Plastic injection moulding & second-
9.497
0.115 0.11 0.11 0.11 0.115
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
Chairman: Dato’ Gan Kim Huat CEO/MD: Dato’ Gan Kim Huat
1H09
0.12 0.12 0.115 0.12 0.14
69.298 86.842 137.133
14.27
SKP Resources
$0.145
22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
3.118 13.400 28.032
221.245
208.083
+ 2 wk 0.155 0.115 0.125 550,566 $0.155 pre 2 wk 0.13 0.115 0.115 470,517
-----
179.042 175.241
1H09 = 1st half of FY09 9M09 =1st 9 months of FY09
-----
41.647 38.070
-----
.013 .011
.018
BUSINESS : Co is principally involved in the telecom industry in + 2 wk 0.395 0.37 0.385 191,703 pre 2 wk 0.45 0.385 0.415 555,917 M’sia. H
INSIGHT : Jul-08, Co’s subsi TTdC entered into a Memorandum of Collaboration with UEM Land to collaborate and co-operate in setting out the principle basis and framework of the proposed the planning, devt, op and maintenance of telecommunications infrastructure and the provisioning of telecommunications svcs within Nusajaya. Feb-08, Dato’ Baharum Bin Salleh resigned as MD. Nov-07, Co received an offer from DiGi Telecom (Digi) to enter into a Heads of Agmt for a proposed alliance in sharing of towers with Co and Co as a main supplier in one of Digi’s fibre contracts thru the purchase of 27.5m shrs for RM654.5m. H
FY09, Co returned to the black mainly due to an exclusion of impairment losses on goodwill and telecoms network, write off of telecoms network, written down of inventories amounted to RM1218.5m as well as provision for diminution in value of other invs by RM85.3m in 4Q08. (30/03/10-JL)
FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
– 237.926 – 177.076 – 160.903
459.927 335.395 301.061
NA NA
31-12-08
– 950.471
286.525
1H08 1H09
31-12-09
546.086
– 10.228
33.096
Time Engrg
0.43 0.44 0.495 0.475 0.495
43,100 145,692 $0.44 722,608 400,398 $0.40 311,285 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.525 0.52 0.505 0.52 0.51
0.49 0.495 0.485 0.48 0.50
0.51 0.50 0.485 0.51 0.50
440,019 481800 251,783 240900 108,390 22.02.10 to 19.03.10 02.04.10 247,573 197,250 H-Low: 0.45 - 0.37 0.525 - 0.41 PE(wk vol): NA (373,810)18.5 (1,434,049)
Weekly $0.55 $0.45 $0.35 $0.25 Vol 1420200 710100
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
2,491.786 2,285.105 3,228.636
– 9.59 – 7.78
-----
– 4.98
171.055 142.156 1,246.360
---
– .094 – .070 – .064
2,316.598 – 40.99
1,283.952
---
– .375
---
.013
– 949.630
1,032.646
– 91.96
11.54
33.086
1,065.732
3.10
141.903
NA
– 10.238
– 8.12 ---
par RM1.00 Paidup RM155.049 m Period
BUSINESS : Co operates within the ICT industry in M’sia.
INSIGHT : Feb-10, with the completion of debt restructuring and award of the contract of National Single Window by the Govt for 5-yrs on Sep-09, Co is now poised to pursue growth opportunities in its biz areas of e-commerce and ICT svcs Co proposed capital reduction exercise to set off against the accumulated losses of Co. Sep-07, Co announced that it has disposed of a total of 10.923m ordinary shrs in TIME dotCom in the open mkt for RM11.907m. Co solely undertook the disposal transaction as agent for the Devt Bank to facilitate the repayment of the term loan due and owing to the Devt Bank. H
FY09 net earnings returned to the black due to an absence of impairment loss on invs. Co is confident of achieving a better performance in FY10. (24/02/10-JL)
3,812.095
---
1,022.408
02.04.10 0.525 - 0.365 0.5 (438,250)
ROA in %
NA
2,528.167
02.10.09 0.46 - 0.225 NA (804,816)
TOTAL ASSETS (RMm)
NA
545.891
03.04.09 0.335 - 0.20 NA (208,110)
ROE in %
– 10.29 – 8.30
Chairman: Datuk Hj Mohd Khalil CEO/MD: Steven Lim Kee Seng H
0.41 0.425 0.44 0.475 0.465
2,320.731 2,142.949 1,982.276
397.76
286.811
0.435 0.44 0.505 0.505 0.51
– 238.898 – 177.782 – 160.903
137.289
$0.48
22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
11.04.08 to 03.10.08 High-Low: 0.545 - 0.295 Av PE(wk vol): NA (222,941)
Ann’d date for 1Q09 : 28-MAY-09
$0.52
1,746.114
1,219.474
-----
2.71
1,283.928
---
723.706
---
153.742
.216
– .004
NAV : RM0.17 PE : 4.5 PB : 2.5 Yield : NA Traded in RM Mkt Cap : RM66.671 m High Low Close Vol’ 00 Daily
+ 2 wk 0.425 0.385 0.405 150,154 $0.46 pre 2 wk 0.425 0.395 0.405 240,498 $0.44
22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
0.405 0.415 0.46 0.46 0.455
0.40 0.405 0.41 0.435 0.43
0.40 0.41 0.445 0.44 0.445
12,969 38,884 $0.42 346,072 193,989 $0.40 104,818 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.465 0.45 0.445 0.44 0.44
0.44 0.435 0.415 0.42 0.43
0.445 0.44 0.415 0.43 0.43
162,282 230800 78,436 115400 119,291 22.02.10 to 19.03.10 02.04.10 102,540 50,913 H-Low: 0.425 - 0.385 0.465 - 0.40 PE(wk vol): 4.2 (195,326) 4.5 (605,097)
Weekly $0.60 $0.50 $0.40 $0.30 $0.20 $0.10
Vol 2931000 1465500
11.04.08 to 03.10.08 High-Low: 0.445 - 0.115 Av PE(wk vol): 4.8 (172,924)
Ann’d date for 1Q09 : 15-MAY-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
31-12-05 31-12-06 31-12-07
– 253.955 – 29.372 46.085
173.933 422.125 547.864
NA NA
31-12-08
– 15.367
153.479
1H08 1H09
31-12-09
20.515 20.874
30.656
8.41
– 266.040 – 34.676 35.074
NA
– 37.567
24.72
14.835
90.917
22.56
63.731
32.75
123.996
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
cr = cum right
9.808
13.777
xr = ex-right
ROE in %
TOTAL ASSETS (RMm)
153.821 – 172.95 119.145 – 29.10 22.74 154.219 164.028
---
118.376
– 31.74
133.397
11.12
132.339
---
cw = cum warrant
03.04.09 0.16 - 0.075 1.4 (70,527)
02.10.09 0.36 - 0.085 NA (616,467)
02.04.10 0.59 - 0.28 NA (631,426)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
1,000.550 – 26.59 930.132 – 3.73 4.54 772.675
834.324 799.007 602.266
-------
– .345 – .045 .045
420.995
---
– .048
---
.096
670.683
---
558.373
– 6.73
487.969
3.04
551.889
xw = ex-warrant
---
486.978 400.115
333.095
-----
.013 .018
215
T MAIN MARKET
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Time Dotcom par RM1.00 Paidup RM2,530.775 m NAV : RM0.42 PE : 38.2 PB : 1.2 Yield : NA Traded in RM Mkt Cap : RM1,265.388 m Chairman: Abdul Kadir Md Kassim CEO/MD: Afzal Abdul Rahim Period High Low Close Vol’ 00 Daily
H
BUSINESS : Co is involved in gaming and retail bizes.
INSIGHT : Aug-09, Co changed its name from Matrix Int’l to Berjaya Assets. For FY08, Berjaya Times Square registered lower revenue due to lower sales generated from the sale of ppty and the discontinued ops of BTS Department Store and Shasta Supermarket in FY07. New retail brands that opened their outlets during FY08 were Tropicana Life, Misso, Hang Ten, Zone 5, Matsuda, MNA and Friven. Berjaya Times Square has evolved into a favourite shopper’s destination. The gaming biz operated by its Natural Avenue registered higher turnover despite having three less draws during the yr. Continuous promotions, better customer svcs and better public relations activities accounted for the robust revenue growth. The gaming industry is expected to see growth despite being highly regulated. H
1H10, Co booked earnings of RM5.3m. The cessation of Berjaya TS Mgt resulted in lower turnover. Co booked higher property sales form both ppty devt and invs biz. Performance will be satisfactory in for remaining qtrs barring unforeseen circumstances. (15/01/10-XDL) H
5-Yr CAP ISSUE : .......................................... rt 1:4(RM1.00) ex 22-02-08
Ann’d date for 2H09 : 18-JUN-09 FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
30-04-06 30-04-07 30-04-08
– 3.599 – 36.446 36.004
390.132 398.987 310.016
NA NA
30-04-09
40.157
332.450
220.124
15.11
1H09
9M10
12.337
147.065
33.266
Berjaya Corp
+ 2 wk 0.49 0.46 0.485 pre 2 wk 0.52 0.475 0.505 22-03-10 23-03-10 24-03-10 25-03-10 26-03-10
0.525 0.525 0.55 0.56 0.575
0.505 0.515 0.515 0.535 0.545
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
0.565 0.55 0.56 0.54 0.54
0.55 0.55 0.54 0.53 0.53
4,508 $0.56 8,928 $0.54
0.52 4,641 $0.52 0.515 5,162 $0.50 0.545 15,243 $0.48 0.545 5,307 $0.46 0.565 24,139 Vol 0.55 0.55 0.54 0.53 0.53
4,888 16200 --- 8100 5,670 22.02.10 to 19.03.10 02.04.10 3,000 2,387 H-Low: 0.52 - 0.46 0.575 - 0.505 PE(wk vol): 66.2 (6,718) 73.3 (35,219)
Weekly $0.60 $0.50 $0.40 $0.30 Vol 58600 29300
11.04.08 to 03.10.08 High-Low: 0.49 - 0.32 Av PE(wk vol): NA (3,739)
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
03.04.09 0.36 - 0.245 NA (4,929)
02.10.09 0.605 - 0.305 NA (19,118)
ROE in %
TOTAL ASSETS (RMm)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
– 0.81 – 3.10
-------
– .018 – .068 – .002
---
.007
1,194.196 1,154.400 1,233.687
– 1.45 – 5.36
11.61
– 17.321 – 61.847 – 2.050
– 0.17
2,141.977 1,998.007 1,989.191
– 0.10
946.507 843.165 752.426
12.08
8.183
1,241.870
0.66
1,948.539
0.42
703.213
1,266.669
---
1,934.914
---
8.39
6.813
24.785
---
1,240.500
par RM1.00 Paidup RM3,180.563 m
Chairman: Tan Sri Dato’ Seri Vincent Tan Chee Yioun
02.04.10 0.58 - 0.41 64.1 (9,769)
Period
1,979.970
---
737.435
---
665.889
---
.006
.022
NAV : RM1.48 PE : NA PB : 1.1 Yield : 0.6 Traded in RM Mkt Cap : RM5,375.151 m High Low Close Vol’ 00 Daily
BUSINESS : [1H10 Turnover] Toto betting ops (51.6%), financial + 2 wk 1.36 1.27 1.34 145,656 pre 2 wk 1.57 1.33 1.43 537,745 svcs (8.2%), ppty invs & devt (4%), hotel & resort (4.1%), mktg 22-03-10 1.47 1.41 1.46 50,124 (27.1%), others (5%). H
$1.75 $1.65 $1.55
23-03-10 H INSIGHT : Feb-10, Co’s subsi, Berjaya Solar announced the pro- 24-03-10 posed devt of country’s 1st large-scale 10 Megawatt ground-based 25-03-10 26-03-10
1.47 1.51 1.58 1.63
1.43 1.46 1.50 1.56
1.46 1.51 1.56 1.58
93,415 172,279 $1.45 123,549 $1.35 114,574 Vol
29-03-10 30-03-10 31-03-10 01-04-10 02-04-10
1.62 1.77 1.77 1.72 1.71
1.56 1.63 1.69 1.65 1.68
1.59 1.72 1.75 1.69 1.69
38,158 225400 338,049 112700 100,448 22.02.10 to 19.03.10 02.04.10 146,787 33,691 H-Low: 1.57 - 1.27 1.77 - 1.41 PE(wk vol): NA (341,700) NA (605,537)
Solar Photovoltaic power plant at Selangor, costing RM180m. This is the precursor to developing a proposed 50 Megawatt Solar PV power plant in the future. Co and BYD Auto Co (BYD) entered into a MOU to develop the BYD’s Right-Hand Drive F0 1.0 Litre automobile for the M’sian and ASEAN mkts. Jan-10, Co proposed to acq Graphic Press Group for RM5.606m. Co proposed to distribute an interim dividend-in-specie of 25 Berjaya Media shrs for every 1,000 shrs held in Co and the payment of cash dividend for entitlements of odd lots (Entitlements to fractions of a board lot of Berjaya Media shrs will be paid in cash at the dividend value of RM0.94). 1H10, earnings more than doubled due to the higher profit contributions from the consumer mktg, stockbroking and general insurance bizs and higher shr of profits from associated cos. (10/02/10-XL)
FINANCIAL YR CLOSE
PRE-TAX P&L (RMm)
TURNOVER (RMm)
M’GIN in %
30-04-06 30-04-07 30-04-08
– 538.781 222.562 1,177.836
1,891.594 3,019.906 3,463.882
NA 7.37
30-04-09
295.194
6,338.337
1Q10
1H10
215.675 184.260
362.674
3,097.771 1,611.690
3,229.328
$1.60 $1.20 $0.80 $0.40 Vol 472000 236000
11.04.08 to 03.10.08 High-Low: 1.17 - 0.60 Av PE(wk vol): 10.0 (76,655)
Ann’d date for 3Q09 : 30-MAR-09
1H09
Weekly
AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)
03.04.09 0.655 - 0.46 2.7 (50,261)
TOTAL ASSETS (RMm)
ROA in %
TOTAL LIAB (RMm)
DIV in RM
EPS in RM
– 6.05 1.25
-----
3.67
6,611.597 6,287.869 6,262.831
.09
– .423 .090 .198
6,624.259
.01
– .017
7,085.765
---
.029
– 23.88 4.06
34.00
2,650.748 3,336.566 5,645.660
10.55
10,455.341 10,817.138 16,231.180
4.66
– 52.407
5,570.161
– 0.94
16,583.651
– 0.32
11.23
93.684
5,736.355
---
17,356.592
---
11.43
cr = cum right
43.557 40.880
5,650.391 5,629.206
xr = ex-right
02.04.10 1.77 - 0.92 NA (187,115)
ROE in %
– 633.061 135.448 595.897
6.96
02.10.09 1.07 - 0.535 NA (154,570)
-----
cw = cum warrant
16,844.849 16,952.175
xw = ex-warrant
-----
6,695.709 6,866.335
-----
.015 .013
67
B MAIN MARKET
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Berjaya Assets par RM1.00 Paidup RM1,113.042 m NAV : RM1.14 PE : 72.1 PB : 0.5 Yield : NA Traded in RM Mkt Cap : RM589.912 m Chairman: YAM Tunku Dato’ Seri Shahabuddin Period High Low Close Vol’ 00 Daily