RHBInvest Research

Wednesday, April 13, 2011



Top Story: Talking Points – Government in action?

  • Market Update
  • At the opening of the 7th InvestMalaysia conference yesterday, the PM’s message was clear execution is key to the transformation plans.
  • Investors’ focus will remain fixed on the outcome of the Sarawak state election on 16 Apr.
  • In the current volatility, investors may gravitate towards more defensive or alpha+ stocks and at the same time, take profit on stocks that have significantly outperformed YTD.
  • Nevertheless, our long-term positive view on the equity market is unchanged given decent EPS growth estimates and valuations. Our year-end FBM KLCI target of 1,700

Corporate Highlights

Public Bank :
  • Results Preview
  • Banking on steady growth
  • Public Bank is expected to announce its 1QFY11 results later this week. Apart from being a seasonally slower quarter, we do not expect any major surprises
  • No change to forecasts. Fair value of RM15.40 and Outperform call maintained.

Mah Sing :
  • News Update
  • Strategic exposure for industrial development
  • Mah Sing announced a proposed acquisition of freehold land in Tanjung Kupang JB, measuring 205.72 acres, for a purchase consideration of RM54.7m. This translates to RM6.10 psf.
  • We are positive on the purchase. Our fair value is raised to RM3.15 (from RM3.03),
  • Mah Sing continues to be our top pick for the property sector. Maintain Outperform.

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