RHBInvest Research
Thursday, March 24, 2011
Sime Darby:
Writeback of RM100m for Maersk Oil Qatar project.
We maintain our Outperform recommendation with RM10.60 fair value.
Macro View
BNM 2010 Annual Report:
Higher risk of inflation, degree of policy accommodation needs to be adjusted.
We expect the OPR to be raised by 50 basis points in 2H 2011 to bring it to a more neutral level of 3.25%.
Corporate Highlights
Kossan:
Expanding into clean room gloves.
Fair value maintained at RM5.12. Reiterate Outperform.
TNB:
Acquires stake in Integrax.
Maintain Market Perform.
TM:
Alcatel blacklisted.
Earnings growth is lacking until HSBB contributions pick up in FY12. Hence, maintain Underperform.
Hai-O:
Within expectations
Fair value of RM1.35. Underperform.
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