RHBInvest Research

RH Petrogas:

New Coverage ( Singapore )
RH Petrogas (RHP) is a new independent oil company, listed on the Singapore Stock Exchange, that is ultimately owned by Malaysia ’s Rimbunan Hijau Group.
We forecast FY10-12 net earnings of S$1.1m, S$3.0m and S$3.6m.
Fair value estimate to RM1.43/share.
We initiate coverage on the stock with an Outperform call.

Corporate Highlights

AMMB:

• Briefing Note (published 21 Feb 2011)
• AMMB Positioned for future rate hikes
• No change to our earnings forecasts. Fair value of RM7.42 and Outperform call maintained.

Ann Joo:

Results Preview

• FY10 results to come in below expectations
• Indicative fair value is reduced to RM3.02 (from RM3.14).

Maybank:
2QFY11 Results/Briefing Note
2QFY06/11 results were within our and consensus expectations. More dividend cheer.
No change to forecasts. Fair value of RM10.20 and Outperform call maintained.

Parkson:

• Company Update
• PRG 4QFY12/10 results below expectations
• Fair value is revised to RM6.55 (from RM7.10 previously) after our PRG earnings adjustment. Maintain Outperform.