RHBInvest Research

Top Story

Media

• FY20 print And TV Ad spend up 16.4% YoY
• Media Prima (FV=RM3.20) remains our preferred pick
• We maintain our Outperform call on Media Chinese (FV=RM1.20) and Star (FV=RM4.01).
• No change to our Overweight call on the sector.

Sector Update


Motor
APM:

• Fair value at RM6.16
• Outperform

MBM:

• Fair value at RM4.96
• Outperform

UMW:

• Fair value at RM7.51 (Upgraded from RM7.47)
• Market Perform

Proton:

• Fair value at RM5.60
• Market Perform

Tan Chong:

• Fair value at RM6.08 (Downgraded from RM6.16)
• Market Perform
• Ending the year high and within expectations.
• We maintain our Market Perform call on both stocks our fair value for Tan Chong is now RM6.08/share (from RM6.16/share previously) and for UMW it is RM7.51/share (from RM7.47/share previously).
• We expect the growth trajectory to be slower moving into FY11-12, as such, we maintain our Neutral call on the sector.

Corporate Highlights


Media Prima:

• Raising Ad rates for TV and Print
• Our fair value has been raised to RM3.20 (from RM2.82).
• We reiterate our Outperform call on stock.

TNB:

• A nice hop in 2011 but caution ahead
• Expect earnings ahead to suffer from higher coal cost.
• We have revised our indicative fair value to RM6.90 (from RM7.50). Market perform.