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

  • 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.

  • 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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