RHBInvest Research

Wednesday, July 20, 2011

Top Story: Perwaja – Cost savings from its concentration and pelletisation plant Underperform

Visit Note

¨ Business condition for Perwaja remains weak and it will likely to record losses again in 2Q11 due to high feedstock costs amid stagnating steel prices.

Kinsteel: Dragged down by Perwaja Underperform

Visit Note

¨ Margins for Kinsteel have not been materially affected by the recent hike in electricity and natural gas tariffs as electricity only constitutes 3% of its cost of production, while natural gas used in the reheating process of steel billets is very minimal.

Corporate Highlights

UMW: Introduction to the CEO Market Perform

Briefing Note

¨ UMW hosted a “Meet the President and CEO” session recently. It was Group CEO Datuk Syed Hisham’s first engagement with the investor community since his appointment nine months ago.

¨ Management confirmed that component supply constraints arising from the Japan earthquake have begun to abate. Local assembly has normalised at both UMW-Toyota and Perodua with production to be ramped higher in 2H11.

Star Publications: Gains exposure to TV media Market Perform

News Update

¨ Star yesterday announced it will invest RM35m to acquire a 51% equity stake in Hong Kong-based LI TV Holdings, while Juita Viden International will hold the remaining 49% interest.

¨ LI TV owns and operates Li (Life Inspired), a High Definition (HD) pan-regional lifestyle TV channel.


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