RHBInvest Research

Friday, November 25, 2011

Notion Vtec: Hopes for quick recovery Underperform

Briefing Note

¨ Notion guided that 1Q12 revenue will decline 40-45% qoq and may fall into the red. This is mainly due to: 1) declining sales as the floods have affected two of its major customers and orders have stopped since Oct; and 2) provisioning of around RM5m for finished goods that were damaged and insurance shortfall for equipment in its Thailand plant.

TM: Pleasant uplift surprise in margins Trading Buy

3QFY11 Results / Briefing Note

¨ 3QFY11 core net profit of RM137m (+8.8% yoy; +1.6% qoq) was above our but below consensus expectations. The key variance in 3Q was better-than-expected ETBIDA margin due to lower other operating costs, as well as lower effective tax rates.


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