RHBInvest Research
Sunday, June 17, 2012
Malaysia Equities
Top Story
Top Glove – Expect Recovery In Margins Ahead Market Perform
Results / Briefing Note
- 3Q12 net profit of RM53.8m came in within our but above consensus expectations.
- We expect Top Glove to benefit from the recent softening in latex prices and strengthening in US$/RM rate. We thus maintain our fair value of RM4.95 and Market Perform call on the stock.
Corporate Highlights
Axis REIT – Continuing On The Acquisition Track Market Perform
News Update
- Axis REIT has proposed to acquire two properties in Petaling Jaya (the Wisma Academy Parcel and the Annex) for RM85m, and a placement of up to 90.8m new units, or about 20% of its existing 453.8m units.
- Our fair value is raised to RM2.82 (from RM2.76). Maintain Market Perform.
