RHBInvest Research

Monday, May 23, 2011

Top Story: Faber

Visit Note
Timing remains the issue
Fair value is raised to RM2.77 from RM2.59. We reiterate our Outperform call on the stock.

Sector Call


Sector Update
Federal government yet to buy out water bonds
Puncak would be a potential beneficiary, given our view that the company has been holding out for the federal government (with deeper pockets) to make a better offer.
Unless the federal government subsequently makes a good offer, the water sector restructuring may drag on with no clear outcome in sight.

Corporate Highlights

1QFY11 Results
Although KPJ’s 1Q11 net profit of RM27.5m (flat yoy; +13.1% qoq) accounted for 20% of our and consensus full-year forecasts respectivel.y
We maintain our fair value of RM4.94/share. We reiterate our Outperform call on the stock.


1QFY11 Results
Weak 1QFY12/11, but stronger 2H ahead
Fair value is RM1.55. Maintain Outperform.


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