RHBInvest Research

Top Story: Century Logistics

• New Coverage
• Riding on improving trade activity
• Fair value is RM2.70. Initiate coverage with Outperform call.

Sector Call


Motor:

Sector Update

• Expected seasonal weakness
• MAA expects sales in March to recover given the normal working month and ongoing marketing promotions by auto distributors.
• No change to our TIV forecasts and Neutral sector stance.

Corporate Highlights

SEGI International:

Visit Note

• Leading education provider
• Our fair value for the stock is RM4.44.
• The premium is fair given SEGI’s superior net profit margin, the wider array of courses offered and its larger market cap.

SP Setia:

News Update

• Placement issue price fixed
• Maintain Outperform. As the proceeds raised from placement are lower than our expectations.
• Our fair value is reduced to RM7.17.
• For the property sector, we prefer Mah Sing, due to its cheaper valuations as well as 25% earnings growth over the next two years.