RHBInvest Research

Faber

Company Update

• Risk of losing concession is relatively small
• Fair value has been raised to RM2.79 (from RM2.22).
• Upgrade our recommendation on the stock to Outperform, from market perform previously.

Corporate Highlights

TRC

New Coverage (published 30 Mar 2011)

• Among the cream of the crop of small-cap builders
• Initiate coverage with an Outperform recommendation. Fair value is RM1.80.

VS Industry

1QFY11 Results

• Net profit up 172.1% yoy
• Maintain Outperform. Fair value is RM2.44 .

Hiap Teck

1QFY11 Results

• Slowdown hits 1HFY07/11 performance due lower sales and margins at its manufacturing division.
• Indicative fair value is reduced to RM1.00 (from RM1.18 previously)

Perisai Petroleum

Visit Note

• The proposal appears to be a good deal for Perisai, given the availability of the asset coincides with the long-term charter contract which is expected to be net cashflow positive to Perisai.
• Fair value estimate of RM1.25-1.43/share.