RHBInvest Research

Friday, June 10, 2011

Top Story: Insurance – Malaysian Takaful Industry Neutral

Sector Update
Since 2003, general Takaful and family Takaful new contributions have grown at a CAGR of 18.8% and 26.1% respectively. Comparatively, the general insurance and life insurance new business premiums only grew by a CAGR of 6.3% and 8% respectively during the same period but from a larger base.

Corporate Highlights

SP Setia: Expect a stronger 2HFY11 Outperform

Results Note
SP Setia’s 2QFY11 core net profit came in marginally below our expectation and market consensus. Headline net profit of RM92.2m was skewed by a one-off gain from the disposal/transfer of Tenby School complex from Setia Alam to Eco Park amounting to about RM30m.

UEM Land: First foray into retail development Market Perform

News update
A 55:45 JV between ULHB and Iskandar Harta Holdings (IHH) will undertake a mixed development project known as “Lifestyle Retail Mall and Residences @ Medini North” on 2 parcels of land measuring 35 acres in Pulai, Johor. Concurrently, NLSB had also entered into a Lease Agreement with IHH, being the registered owner of the 2 parcels of Medini land, for 99-year lease. Based on a total GFA of 2m sqf and lease consideration of RM100m, this translates into a land cost of RM50 psf.

Parkson – Indonesia Deal Completed Market Perform

Company Update
Parkson announced that it has completed the acquisition of PT Tozy Sentosa (TS) at a total consideration of RM38.7m. As previously highlighted in our report dated 14 Apr, PHB would pay Mitra Samaya (MS), the vendor, RM38.7m for TS, and MS would in turn subscribe to 9.9% of Parkson Asia’s shares for the same consideration of RM38.7m.

RCE: Kowaja issue finally resolved, but with conditions Outperform

News update
RCE announced yesterday that Koperasi Wawasan Pekerja-Pekerja Berhad (Kowaja) has received approval from Suruhanjaya Koperasi Malaysia (SKM) to obtain funding from RCE.


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