Maybank IB Views

Thursday, July 7, 2011

WCT RM3.12: Buy
Awaiting the roll-outs Shariah-compliant

Maintain Buy. 2011 job win target remains at RM2b riding on a sizeable RM10b tender book; this will provide the lift to its RM3.4b outstanding order book. We retain our forecast for a 31% growth in 2011 net profit supported by strong property sales, completion of the 1Medini earthworks and good progress at the Qatar government building works. Our target price pegs the stock to sum-of-parts (15x 2012 PER plus 20sen value enhancement for KLIA2 retail concession).

The FBM KLCI gained 9.49 points to close at 1,591.34 yesterday. Its resistance area of 1,591 may cap market gains, whilst the firm support areas are located at 1,577 and 1,590.

Trading idea is Short-term Buy on TCHONG

Other Local News
AirAsia: Order for A320neos to hit 300? Less than a month after AirAsia Bhd made a record-breaking order of 200 A320neo jets at the Paris Air Show, it has now reportedly increased this order by 100 jets. However, founder Tan Sri Tony Fernandes has declined to comment on the report. (Source: Business Times)

SapuraCrest: May buy Aussie business. SapuraCrest Petroleum Bhd may be acquiring Australia-listed Clough Ltd's marine construction business. The deal would allow it to grow its regional presence, expand its activities in the subsea and deepwater segments. (Source: Bursa Malaysia)

Dialog: Ink pact to develop terminal. Dialog Group Bhd's 51% owned subsidiary Pengerang Terminals Sdn Bhd (PTSB) has inked a shareholders' agreement with State Secretary, Johor to undertake the first phase portion of designing and developing of an independent deepwater petroleum terminal in Pengerang, Johor. (Source: Bursa Malaysia)

Tan Chong: To assemble Subaru vehicles here. Tan Chong Group has signed a MoU with Fuji Heavy Industries Ltd (FHI) for a consignment production contract for the assembly of Subaru vehicles in Malaysia. The contract for local assembly will begin in Oct 2012 with production capacity of 5,000 units per year. (Source: The Edge Financial Daily)

Boustead: Unlocks value of its unit. Boustead Holdings Bhd has proposed to distribute part of its stake in Pharmaniaga Bhd to its minority shareholders to help meet the required 25% free-float to stay listed and cut borrowings at the same time. To boost trading liquidity of its own share, Boustead also proposed a one-for-10 bonus issue after paring down its holding in Pharmaniaga. (Source: Bursa Malaysia)


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