RHBInvest Research

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.