RHBInvest Research

Wednesday, April 27, 2011

Top Story : KFC

Visit Note
Toning down Malaysia ’s store openings
Fair value is reduced slightly to RM3.78 (from RM3.85).We downgrade our call on the stock to Underperform.

Corporate Highlights


News Update
Securing Kebabangan’s substructure EPC works. The contract is expected to be delivered to KPOC within the 3QCY12.
Our fair value of RM3.50 is unchanged and implies an upside of 30.6% to the current share price. Maintain Outperform.

Wah Seong:

News Update
The company has entered into JVs with companies controlled by Insituform Technologies for a consideration of US$1k (RM3k).
We are positive on the turn of events as it has been Wah Seong’s long-standing aim to enter the “Deepwater Golden Triangle” (i.e. Gulf of Mexico , Brazil and West Africa ). There was no guidance on capex for this venture, but we note that the previous deepwater facility cost around US$20m (RM61m).
Maintain Underperform and fair value of RM2.02/share until the company starts to secure actual wins.


Company Update
CIMB Niaga’s 1QFY11 net profit rises 39% yoy
No change to forecasts. Fair value of RM9.80and Outperform call maintained.


3QFY11 Results
Hurt by stronger RM and higher costs
Our fair value is reduced to RM4.95/share. We downgrade our call on the stock to Underperform (from market perform).


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