RHBInvest Research Highlights 12th November 2010

Friday, November 12, 2010

Top Story

3QFY12/10 results to meet our expectations.
Indicative fair value is RM2.10. Maintain Underperform.

Corporate Highlights

Proposing 40 sen special dividend.
Fair value to RM6.20 (from RM5.80). Maintain Outperform.

MBM Resources:
Flying high in 3Q
Maintain our Outperform call on MBM with a revised fair value of RM4.96 (down from RM5.30).

Dampened by weaker contribution from city neon and high tax rate.
Fair value is lowered to RM4.01 (from RM4.43); we upgrade our call on the stock to Outperform.

Within expectations as margins remain under pressure.
Fair value is unchanged at RM3.10. Maintain Market Perform.

Technical Highlights

  • Daily Trading Strategy:
  • Retesting the supportive 10-day SMA.
  • FBM KLCI staged a surprise steep pullback yesterday and chalked up a huge bearish candle that confirmed the previous negatively biased warning sign – the “star” candle.
  • But as long as it can sustain at above 1,500, we will remain optimistic on the FBM KLCI’s bullish uptrend.
  • Nevertheless, we foresee a volatile market condition likely in the near term, before the market shows sign of a clearer trend direction.

Daily Technical Watch: OSK Holdings
  • Further upside if it sustains at above RM1.90.
  • Immediate Support at RM1.90
  • Immediate Resistance at RM2.10


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