RHBInvest Research
Saturday, April 9, 2011
Top Story: Sime Darby
- Visit Note
- FFB yields improving by the month, but unit production costs higher yoy.
- Forward sales policy unchanged; 3) Liberia landbank planting starting this month.
- Downstream plantation margins still razor thin due to structural problems, which Sime has begun to address.
- O&G fabrication yards still running below breakeven utilisation rates, reinforcing our view that the O&G division is a likely candidate for disposal.
- Our target price is relatively unchanged at RM10.70 and we maintain our Outperform call on the stock.
Corporate Highlights
KPJ:
- Company Update
- More M&A in healthcare sector
- Our fair value has been raised to RM4.94/share (from RM4.42), reiterate our Outperform call on the stock.
LPI Capital:
- 1QFY11 Results Note
- Within Expectations, Expecting Stronger Quarters Ahead
- Our fair value is revised downwards to RM12.05 (from RM12.37)
- We maintain our Underperform call on the stock.
MRCB:
- Company Update
- Buying 27.4 Acres Of Development In Setapak For RM170.8m
- Forecasts are maintained. The new landbank will only help to sustain MRCB’s property profits beyond 2012.
- Maintain Trading Buy. Fair value is RM2.65.
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