RHBInvest Research

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.