RHBInvest Research

Friday, October 21, 2011

Top Story: TNB – May have hit rock bottom in 4Q Underperform

Results Preview

¨ Due to gas shortage from maintenance at Petronas’ LNG plants and delays in the Bekok C bypass, TNB will likely record a 4Q loss, possibly close to that seen in 3Q (-RM460m). This is a result of TNB receiving only an average of 950 mmscfd of gas in 4Q, marginally higher than the average 940 mmscfd in 3Q.

Corporate Highlights

BAT: 3QFY11 TIV grew 1.6% yoy Underperform

3QFY11 Results / Briefing Note

¨ BAT’s 9MFY11 net profit of RM539m (-1.7% yoy) was above ours but within consensus estimates, accounting for 79% and 75% of full-year forecasts respectively. The main variance to our forecasts were the stronger-than-expected 3QFY11 TIV 3% yoy.

TH Plantations: Bumper profit year continues Outperform

3QFY11 Results

¨ 9MFY11 net profit was in line with both our and consensus expectations, coming in at 73-77% of our and consensus FY11 forecasts.

WCT: Acquiring 432-acre land in Serendah for RM38.4m Market Perform

News Update

¨ WCT is acquiring 431.7 acres of freehold agricultural land in Serendah, Selangor, for RM38.4m cash.

DRB-Hicom: Three CBU Volkswagen models launched Market Perform

News Update

¨ Volkswagen Malaysia (VWM) yesterday launched three new completely built-up (CBU) fully-imported models into the local market, the culmination of an intensive two-week newspaper advertising campaign. The three models are the Passat 1.8, Jetta 1.4 TSI and Cross Touran 1.4 TSI. The introduction of these new CBU models is a prelude to the launch of DRB-assembled CKD VWs by end-2011.


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