RHBInvest Research

Wednesday, September 7, 2011

Top Story: Motor – Jun 2011 quarter report card Neutral

Sector Update

Tan Chong: Fair value maintained at RM5.50 Outperform

DRB-Hicom: Fair value maintained at RM2.95 Outperform

MBM Resources: Fair value maintained at RM3.25 Market Perform

UMW: Fair value maintained at RM7.35 Market Perform

APM: Fair value maintained at RM5.10 Market Perform

Proton: Fair value lowered to RM2.50 Underperform

¨ Of the six stocks in the sector under our coverage, only three (Tan Chong, APM and DRB) reported Jun quarter earnings that were in line with expectations. Results at MBM, UMW and Proton disappointed.

Sector Call

Education: 1HCY11 results affected by regulatory changes Overweight

Sector Update

¨ SEGi delivered strong numbers in 1HCY11, with results in line with estimates, but HELP and Masterskill’s 1HCY11 results were below our and consensus expectations as their student numbers dropped due to external factors including regulatory changes that affected student intakes during the 1HCY11 peak period.

Corporate Highlights

Hong Leong Bank: Rights shares priced at RM8.65/share Market Perform

News Update

¨ HL Bank announced that the issue price for its RM2.6bn rights issue has been fixed at RM8.65/share, at an entitlement basis of 1 Rights Share for every 5 existing HL Bank shares held. Based on the last closing price of RM12.20, the issue price represents a discount of 25.5% to the theoretical ex-rights price.


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