RHBInvest Research

Top Story: Public Bank – Expect a solid finish to FY10
Announcing its 4QFY10 results later this month with full-year net profit estimate of RM3bn.

• With 9M annualised gross loan growth at 13.7%
• Non-interest income to remain at healthy
• Expect a second interim gross DPS of 35 sen
• Maintain Outperform with FV of RM15.40

Construction: BLT to roll out RM3bn jobs this year

• Believed that the RM3bn police quarter/station contracts largely went to privately owned Class-A Bumiputera contractors.
• Expect the winners of the RM3bn jobs to sub-contract out part of their jobs that will translate orderbooks to other players in the industry.
• Downgrading IJM to Underperform from Market Perform as valuations are now ahead of fundamentals.
• Maintain Overweight. Top "tactical" pick is Gamuda (FV=RM4.51) and top "value" pick is Fajarbaru (FV=RM1.37)

SP Setia:

• Swapping of IMR Land in Bangsar for a new integrated complex construction at Setia Alam
• Bangsar IMR Land to be developed into an integrated complex of residential and high-rise office buildings
• Maintain Outperform with an unchanged fair value of RM8.05

VS Industry:
Orders from for Dyson vacuum cleaners have already exceeded internal expectations
Recently secured a contract to produce components for an international leading water management solution company based in Australia
Raised our FY11-13 revenue assumptions by 1.6%, 3.6% and 0.1% respectively
Upgrade to Outperform with fair value of RM2.44