RHBInvest Research

Friday, May 20, 2011

Top Story: KLK – Strong monthly production recovery… but can it last? Market Perform

Visit Note
Seven key points: 1) Improving productivity, but still down yoy in 7MFY09/11; 2) Some forward CPO sales locked in; 3) Fertiliser purchases no longer done every half-year; 4) Rubber yields reduced slightly to account for replanting activities; 5) Commencement of new manufacturing capacity pushed back; 6) Strong takeup rates at new property launches; and 7) Sale of cocoa associate to yield good gains.

Corporate Highlights

Allianz: Improvement in claims and management expenses to stay Underperform

Briefing Note
Moving forward, Allianz expects the claims ratio to be sustainable at 59-60%, while we are keeping our projection of 60.5% claims ratio for 2011 to be conservative. Its management expense ratio improved due to better operating efficiencies coupled with tighter management control of the costs.

TNB: Talks of tariff hike resurfaces Underperform

Company Update
Nanyang Online quoted undisclosed sources yesterday that the Government may announce a hike in electricity tariffs next week, as an alternative to raising petrol prices.

Parkson: PRG 1QCY12/11 results in line with expectations Market Perform

Company Update
Parkson’s 51.6% subsidiary, Parkson Retail Group (PRG)’s 1QCY12/11 core net profit of RMB328.4m (+21.6% yoy) was within expectations, accounting for 26% and 27% of our and consensus earnings forecasts, respectively. No dividends were declared during the quarter, as is the norm.

Top Glove: Bracing for another weak quarter Underperform (down from MP)

Company Update
We recently spoke with management and understand that customers continue to hold back their orders in view of the high latex prices. Consequently, this suggests that 3Q revenue could remain flat qoq. Bottomline, however, could be adversely impacted given that latex prices remain high and US$ continues to weaken against RM.


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