RHBInvest Research

Saturday, June 25, 2011

Top Glove – Easing latex prices to help drive recovery – Underperform call based on PER of 15x

  • Management expects latex prices to ease from RM9.30/kg to RM7.00/kg, in the next 3-4 months ahead due to seasonal factors
  • Given the current situation where latex prices are higher than nitrile prices, Top Glove intends to increase its nitrile glove production mix from 13% to 16-17% by end-CY11.

AirAsia: Places order for 200 new A320 Neo aircraft - Market Perform (up from UP)
  • AirAsia has placed an order with Airbus SAS for 200 A320 Neo aircraft with a list price of US$18.2bn (RM54.6bn), to be delivered in 2016-2026.
  • The new A320 Neo aircraft will result in 15% fuel savings.
  • We are raising AirAsia’s FY12/12-13 net profit forecasts by 12% each

Gamuda: 9MFY07/11 net profit grows 27% yoy - Market Perform
  • Gamuda expects the Government to officially call for the tender for the tunnelling works for MRT in 4Q2011 while the award of contract is expected in 1Q2012 with physical work only in full swing by mid-2013.
  • FY07/11 net profit forecast is raised by 6% largely to reflect higher property margins. Fair value is raised from RM4.03 to RM4.13.

Glomac: In a sweet spot - Market Perform
  • 4QFY11 net profit of RM15.0m, Full year FY11 revenue and net profit surged commendably by 90% and 54%, respectively. A 5 sen final dividend was declared. Together with the 4.5 sen interim dividend, full year dividend amounted to 9.5 sen, upped from 8.5 sen in FY10.
  • We raise our FY13 earnings forecast by 11% as management guided RM1bn GDV (vs. RM800m previously) for the Puchong project. We also introduce our FY14 estimate with a growth of 9%.

Jaya Tiasa: A strong finish to FY04/11 - Outperform
  • FY04/11 net profit jumped significantly, Key variance was higher FFB production volume for its plantation division.
  • We raised our FY04/12-13 net profit forecasts by 5.1-6.2%, after adjusting for higher FFB production volume on the back of higher yields. We introduce our FY04/14 forecast.


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