RHBInvest Research

Friday, September 2, 2011

Top Story: Earnings Review – Stumbling growth and global risk aversion

Strategy Update

¨ 2Q results continued to surprise on the downside despite our recent downward revision in earnings to take into account a slower-than-expected global economic recovery. Of the 115 companies that we cover, 62 of the results (53.1% of the total) were within our expectations, 38 below projections (33.0% of the total) and 15 above forecasts (13.1% of the total).

Sector Call

Banks: 2QCY11 report card – Another quarter of record profits but growth slowing Neutral

Sector Update

¨ Generally, there were no major earnings surprises in the recent 2QCY11 reporting season.

Telecom: Mega school internet project Overweight

Sector Update

¨ Six companies (Maxis, Celcom, YTL Comms, Jaring, Multimedia Synergy Corp and a joint TM-Time dotCom bid) have been reportedly shortlisted for the RM1.5bn 5-year contract to provide Internet access and a virtual learning module (VLM) platform for the 9,924 schools in the country.


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