RHBInvest Research

Friday, August 26, 2011

Top Story: Media – Riding on TV3 and Malay adex growth Underweight

Sector Update

¨ According to Nielsen Media Research (NMR), Jul’s gross advertising expenditure (adex) for TV and print media combined rose 11.8% yoy (+8.3% mom), led by the print media (+17.8% yoy), while the TV segment saw improvement (+5% yoy) after experiencing a 3% yoy contraction in Jun.

Corporate Highlights

Fajarbaru: Slow LRT billings to weigh down on FY06/12 performance Outperform

Company Update (published 25 Aug)

¨ The weak FY06/11 result announced yesterday was partly due to the recognition of additional costs from existing projects, pending the approval of variation orders. If the variation orders are granted, there will be substantial writebacks in FY06/12.

Affin: Growing amid a challenging environment Market Perform

Briefing Note

¨ Given concerns over macro economic conditions and stiff competition the group remains selective with respect to loan growth. Loan growth thus far has not been at the expense of quality with management pointing to the improving gross impaired loan ratio trend. As for deposits, the growth has been helped by deposit campaigns but with a LD ratio of 78.9%, the group’s balance sheet remains liquid.

MMHE: Going ahead with Pasir Gudang yard acquisition Underperform

News Update

¨ MMHE announced yesterday that it had entered into a definite sale and purchase agreement with Sime Darby Engineering (SDE) for the Pasir Gudang yard but at a slightly lower purchase consideration of RM393.5m (vs. RM399m previously).

Corporate Results

Maxis: Steady performance Market Perform

2QFY11 Results / Briefing Note

¨ 1HFY11 net profit was within expectations as we expect a seasonally stronger 2H as well as potential earnings boost from the 6% service tax that we believe will be passed on to prepaid subscribers in 4Q.

Sime Darby: Ending the year with a bang Outperform

4QFY11 Results / Briefing Note

¨ FY06/11 core net profit was above our and consensus expectations, at 112-114% of FY06/11 forecasts. Main variances were the higher than expected revenue and EBIT for the heavy equipment and motor divisions. Sime declared a final single tier dividend of 22 sen, bringing FY11 DPS to 30 sen, which is higher than our projected 27 sen. This translates to net payout of 49%, and net yield of 3.4%.

UEM Land: Earnings continued to miss expectations Underperform (down from MP)

2QFY11 Results / Briefing note

¨ 2Q11 net profit missed expectations by 20-30%. The strong sequential growth of 171% in turnover was due to higher revenue from property development projects (+125%) and developed land sales (to RM122.1m from RM7.3m in 1Q11). This 2Q11 results also reflected the full quarter contribution from Sunrise.


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