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BToto’s 1QFY01 revenue went flat yoy as revenue per draw unexpectedly declined 6.6% due to weak ticket sales. No dividend was declared for the current quarter. The annualised net earning is 9.2% below our expectation.Berjaya Sports Toto (BToto) reported a net profit of RM100.5m in 1QFY10 (+8.7% yoy, -6.3%...
Astro's 1H FY10 net profits were 47% of our FY10E forecast and 31% of street. 1H FY10 Pay TV revenues for Malaysia were up by 6% YoY, driven by higher subscription revenues (growing subscriber base but lower ARPU). Net adds were tracking in line with full-year guidance. ARPU was lower YoY due to lower...
Stronger upcoming quarterly results but recent sales trend has softened. SP Setia’s 3QFY09 net profit could have increased 10-13% qoq and yoy due to an across-the-board higher sales in Klang Valley, Johor and Penang (please refer to table overleaf). The strong sales were mainly attributable to deferred...
A potential sale of 10% stake could temporarily re-rate Sime Darby, perhaps to RM10 assuming the 26x PE peak valuation fetched during Synergy Drive initiative. However, actual synergy and share-based dilution are our concerns. Maintain SELL.The Malaysian Insider reported that Sime Darby (Sime) was mulling a...
The seasonally weak first quarter results are likely to be lifted by the utilisation of three special draws during 1QFY10. We expect revenue and net earnings to rise 8-9% and 12-14% yoy respectively. Maintain BUY. Target price: RM4.90.Berjaya Sports Toto (BToto) will report its 1QFY10 results in the second...
We lift our target price to RM3.00 after raising 2009-11 net profit forecasts by 24-33%. Yesterday’s results briefing revealed significant variation order claims and better- than-expected orderbook replenishment prospects.Raise job win target to RM1.5b ... Contract wins should touch the RM1.5b mark in...
We expect 2Q09 net profit to improve qoq, mainly contributed by improved residential property sales. We expect lower 2009 earnings mainly due to lower land sales. Accumulate on weakness as share price softens. HOLD.Earnings mainly contributed by improved residential property sales. 2Q09 net profit could...
1QFY10 net profit of RM46m, down 63% yoy on lower net interest margin and additional provisions for CLO, as well as impairment for investment securities. Maintain SELL and fair price of RM2.00, based on 1.05x P/B.Alliance Financial Group Bhd (AFG) reported 1QFY10 net profit of RM46.2m, down 63% yoy but much...
Timely expansion in China combined with global demand recovery ensure an impressive CAGR of 90% for 2009-11. Catalysts are above-consensus earnings, IPO-worthy Unisem Chengdu and cheap valuations. Initiate with BUY Initiating coverage with a BUY call and a target price of RM2.26, based on a three-year...
We upgrade our call on the construction sector to OVERWEIGHT due to: a) more mega projects awarded, b) sustained margin recovery, and c) regional property prospects have improved. Top picks are Gamuda and WCT.Contract awards to pick up. The government’s fiscal spending (for the Ninth Malaysia Plan (9MP)...
AirAsia has provided the perfect catalyst for an upgrade. With the delay in delivery and additional RM500m in proceeds from a share placement, AirAsia will be able to position itself to grow without risking deterioration in its balance sheet. Given the lowered balance sheet risk and enhanced profitability...
Overwhelming response for Southgate project since its launch in 1Q08. To date, three of the blocks within Southgate, namely Vox, Vivo and Vertex have achieved 90% sales. Adding the en-bloc sale to Felda, the Southgate project has contributed about RM389m of sales (RM163m sales achieved from three blocks)...
We expect Genting’s 2Q09 results, due by end-Aug 09, to be flat qoq but substantially lower yoy, mainly dragged down by its leisure and plantation divisions. We expect the leisure division’s core earnings to decline 10-15% yoy but to remain flat qoq, mainly due to lower visitor arrivals amid the H1N1...
The 14-fold rise in 2Q09 net profit is impressive considering this was achieved by cutting ticket prices by 19% to RM160 per pax and with no fuel hedging yield. This has paid off as EBIT margin rose to 33.6% vs 13.8% in 2Q09. This stands in stark contrast to SIA’s –2.5% in 1QFY10 and Cathay Pacific’s...
ROE to hit 18% by 2011. Bumiputra-Commerce Holdings’ (BCHB) 2009 upgrade is very much within ours and market expectation, but the surprise is the 18% ROE target for 2011, which is well over the target for 2009. We think this is achievable given the combination of strong earnings growth and capital...
We expect Sime Darby’s (Sime) 4QFY09 and FY09 results to meet our expectations. Any surprise would be on the downside, coming from potential provisioning/losses at its projects in Qatar.Lower contribution from plantation division. Sime’s plantation division is its largest division, contributing about...
KLCC Property’s net profit for 1QFY10 came in at RM60.4m, slightly up 4.3% yoy, mainly contributed by higher rental income from offices, a retail mall and car park management. Results are in line with our and consensus estimates. Rental rates at Menara ExxonMobil were revised from RM5.20psf currently to...
Loans growth to pick up in 2H09. Loans growth in Jun 09 slowed down to 8.3% yoy from 8.9% in May due to a contraction in business loans. Business loans make up about 45% of total banking loans. A shrink in credit extended to the manufacturing and commercial sectors will continue to put pressure on loans...
Greater opportunities in non-interest income, driven by: a) improvement in equity trading volume – a boost to brokerage income, b) removal of 30% bumiputera requirement in initial public offerings (IPO), which will boost IPO demand, and c) higher advisory fees following the easing in regulations for debt...
2Q09: Net profit of RM201.2m (1H09: RM407.2m) was in line with consensus and 51% of our full-year forecast. Gross profit fell 7.5% yoy and 6.8% qoq to RM377.0m, but net profit improved 3.1% yoy due to sharply lower operating costs (-22% yoy and -19.4% qoq), which we attribute partly to lower AP...