RHBInvest Research

Property:

Sector Update
Fundamentals intact despite weak market sentiment
We lower our fair value on Glomac and YNH. As for KSL, the stock is still largely undervalued.
We maintain our Overweight rating on the sector. Our top pick is Mah Sing.



Corporate Highlights



UMW Holdings:

Company Update
UMW Secures NAGA-3 Contract
We reiterate our Market Perform recommendation and fair value of RM7.85



SP Setia:

Results Note
As good as expected
Maintain our Outperform call with an unchanged fair value of RM7.30



Kencana Petroleum:

Results Note
Earnings Mainly Bumped Up By KM-1
We maintain our fair value at RM2.85/share and our Market Perform call on the stock.

Read more...

Maybank Invest Flyer

1. BP Plastic Berhad (BPPLAS)

BP Plastics Holding Berhad is an investment holding company. The company, through its subsidiaries manufactures and markets plastic bags, packaging film and stretch film.

BPPLAS is chosen to be one of the highlights this week as it is a penny stock with a very low PE. It also has a return on equity of 12.6%. This could be an unsung hero, despite the index is dropping. It is a laggard stock too.


2. YNH Property Berhad (YNHPROP)

YNH Property Berhad is an investment holding company which operates in property development, investment and hotel business as well as general contracting. The company also cultivates palm oil and sells palm oil products.

This company is highlighted this week as it is a good property developer with a good land bank. With PE at 14.7x, it may still look attractive. Perhaps, it does not have much foreign interest in the stock and might be spared the sell down. Its land bank is quite good in KL, with 1 plot of land in the Golden Triangle opposite Concorde Hotel and as well as in the Mont Kiara/Hartamas area which is highly sought after.

Read more...

RHBInvest Research

Top Story: Market Momentum

• Market Update
• Down by not out
• Our stress test suggests that all sectors except banks may be at risk if cost inflation becomes critical. The heavyweight sectors include plantation, telecom, O&G and utilities. This also suggests that recent top outperformers could face a reversal if the macro environment remains uncertain.
• We reiterate our view that a market pull back would present an opportunity to take advantage of the value that will re-emerge. As such our Overweight calls on the banks and telecom sectors are unchanged. We also maintain our Overweight calls on plantation, oil & gas and property sectors although the cautious environment may cause continued selling pressure on these stocks in the near term.

Sector Call

Media:

• Sector Update
• Strong start to the year
• Media Prima (FV=RM3.20) remains our preferred pick given.We maintain our Outperform call on Media Chinese (FV=RM1.32) and Star (FV=RM4.23). Maintain Overweight on the sector.

Corporate Highlights

YNH:

• News Update
• YNH AEON coming to Seri Manjung
• Seri Manjung is expected to raise the property values in the township.
• No change to forecasts. Fair value kept at RM2.31

Petronas Chemicals:

• Briefing NoteBeneficiary of higher utilisation and product prices

• Maintain Outperform with new fair value of RM7.27/share (previously RM7.25).

Unisem:

• Briefing Note
• Softening in 1Q, but to bounce back after
• No change to forecasts. Fair value is RM2.65 based on 11x FY11 FD EPS.

MISC:

• Briefing Note
• Three culprits
  

• MISC cautioned that the petroleum tanker segment is “bracing itself for another difficult year ahead” as “the over-supply situation is finally hitting home”.
• Fair value is RM7.59. Maintain Underperform.

CIMB:

• 4QFY10 Results/Briefing Note
• Raising the bar for 2011
• No change to fair value of RM9.80 and Outperform call.

TM:

• 4QFY10 Results/Briefing Note
• Returns excess cash
• We revised our fair value to RM3.84 (previously RM4.05)
• Downgrade from trading buy to Underperform.

Proton:

• 3QFY11 Results/Briefing Note
• Lotus restructuring costs kick in
• Proton sales recovered to 15,806 units (+36.8% mom) in Jan 2011 helped by higher Inspira deliveries. Nonetheless, earnings going forward will be severely affected by write-offs arising from the ongoing LTP while its net cash position will remain under pressure.
• We reiterate our Underperform call and reduce our fair value to RM4.00 (from RM4.15).

Read more...

YNH Prop - RSI Divergence

YNH Prop - RSI Divergence?

Read more...

YNH Properties Rebound 27 Feb 2009?

YNH Properties Price Chart

Read more...