RHBInvest Research

Banks:

• Nov ‘10 System Data – YoY Loan Growth Surges
• Overweight stance on the sector maintained.
• CIMB is our top pick for large-cap banks while Affin is our pick for the mid-small sized banks.

Corporate Highlights

IJM Land:

• Still good on its own.
• Revise our fair value to RM3.50 (from RM3.65)
• Maintain Outperform.

MRCB:

• Merger With IJM Land Aborted
• We remain positive on MRCB
• Fair value is reverted to RM2.48 from RM2.30 previously
• Maintain Trading Buy.

Dialog:

• Won a new contract worth RM64.6m for the EPCC works of a new cooling tower at Bintulu
• Fair value for the stock is RM2.11/share (versus RM1.94/share previously)
• Outperform call on the stock.

Axis REIT:

• Acquiring a piece of freehold land in Cyberjaya from FSBM Holdings Bhd.
• Total purchase consideration is RM51.25m.
• Our fair value is revised up to RM2.78 from RM2.67.
• Maintain Outperform.