RHBInvest Research

Tuesday, July 26, 2011

Corporate Highlights

KFC: India on track Market Perform

Visit Note

¨ KFCH currently has nine outlets in India , with 3-4 more outlets currently in the advanced stages of construction. It targets to have 17 outlets by the end of the year, which is broadly in line with our assumptions of 16 stores by end-FY11.

¨ KFCH College currently has two campuses, with the first campus in Puchong, while a new campus in Bandar Dato’ Onn, Johor, was launched in April. The Johor campus is only at its first phase, which has a total capacity of 2,000 students and currently has ~400 students enrolled. There will be two more phases of construction for its Johor campus, which are expected to be completed by 2015, which will bring total intake capacity to 12,000 students p.a..

Hiap Teck: Placement shares to Shougang fixed at RM1.00 Underperform

News Update

¨ Hiap Teck has proposed to place out 32.2m shares to Shougang International ( Singapore ) Pte Ltd at an issue price of RM1.00.

¨ Hiap Teck also announced that Shougang International will acquire a 40%-stake in Eastern Steel Sdn Bhd currently held by Dato’ Law Tien Seng, with an option to increase by another 30% to 70% once the blast furnace project reaches an annual capacity of 1.5m tonnes of slab and 0.7m tonnes of coke.

Quill Capita Trust: DPU on track to meet forecast Market Perform

2QFY11 Results

¨ Quill Capita’s (QC) 2Q11 realised net income of RM9.2m came in within our expectation but was 7.1% below consensus estimates. Sequential gross revenue growth was rather flattish at only +0.6%, but bottom-line improved significantly largely due to lower operating expenses incurred during the quarter. An interim DPU of 4 sen was declared, as compared to 3.85 sen last year. This is on track to meet our FY11 DPU forecast of 8.4 sen.


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