RHBInvest Research

Thursday, March 31, 2011


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


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.


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