RHBInvest Research

Tuesday, April 26, 2011

Sector Call


Sector Update

  • Cheaper broadband on the horizon?
  • We like Axiata (OP, FV = RM5.75) for strong growth prospects albeit moderating this year. Our main concern is the uncertainty of the 2G spectrum renewal fee in Bangladesh.
  • While we favour DiGi (OP, FV = RM29.10) for decent growth prospects and dividend yields, we believe valuations may no longer look very attractive and are reviewing our call pending its results on 29 Apr.

Corporate Highlights

Sime Darby :
News Update
  • Awarded RM1.15bn contract
  • With this award, we uphold our view that there is a greater chance of Sime being able to dispose its O&G division at a more reasonable price, given the vote of confidence from Petronas.
  • Given the minimal impact, we are leaving our forecasts unchanged for now, pending further details on the contract. We maintain our Outperform call with RM10.70 fair value.


News Update
  • Awarded RM38.35m contract from Ministry of Health
  • Our target price is maintained at RM4.65.Maintain Market Perform.


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