Stronger 4QFY09
- 4QFY09 earnings were better than expected due to lower taxation, slightly stronger property margins, and lower borrowing cost
- CPO price could range between RM2,000 and RM2,200 in FY10F
- Maintain Fully Valued call and RM7.45 TP.
2Q09 core profit in line
- Annualized core 2Q09 net profit is in line with our FY09F profit, but below consensus
- We raised FY10F-11F earnings in anticipation of a turn around in its overseas operations
- Sum-of-parts price target is raised to RM2.70. But downgrade to Fully Valued on rich valuation.
Limited upside
- 1QFY10 result was in line, with traffic volume growing 4% q-o-q
- Declared 10 sen interim DPS, double that for preceding year
- Downgrade to Hold, TP maintained at RM2.70.
Expect stronger 2H09 earnings
- Weak 2Q09 result was within expectation
- Expect stronger 2H09 following recent contract wins
- Poised for new contract wins given stronger oil price.
Stronger earnings ahead
- Strong 2Q09 result driven by higher construction contribution
- Expect earnings to improve following lower building material cost and improving property demand
- Maintain Buy and SOP-derived RM1.50 TP.
TRC Synergy (RM1.45; Buy; Price Target: RM2.05; TRC MK)
Still awaiting key catalyst
- 2Q09 result in line, margins improved
- Still missing key re-rating catalyst, Petro-Bru led Brunei refinery project
- Maintain Buy rating and RM2.05 TP.
Malaysia Airports (RM3.34; Buy; Price Target: RM4.50; MAHB MK)
2Q09 result within expectation
- 2Q09 core net profit was flat y-o-y at RM60.6m, in line with our expectation but below consensus’
- Positive impact from restructuring, strong passenger growth in LCCT, and improved rental contribution supported earnings
- Maintain Buy and SOP-based RM4.50 TP.
Eastern & Oriental (RM1.33; Buy; Price Target: RM2.10 (Prev RM 1.50); EAST MK)
In line, stronger sales ahead
- 1QFY10 result was in line, profit is expected to pick up with RM330m unbilled sales and RM2b upcoming launches
- Completion of rights issue by Oct09 will strengthen balance sheet and cashflows
- Maintain Buy, raised TP to RM2.10 based on 20% discount to RNAV of RM2.66 (fully diluted RM1.99)
Lafarge (RM6.30; Fully Valued; Price Target: RM5.10; LMC MK)
2Q09 in line, supported by higher ASP
- 2Q09 result was within our and consensus expectations
- Demand continues to fall 7% y-o-y, but should pick up in 2H09 along with a recovering economy
- As expected, LMC declared a single tier 15 sen DPS
- We retain our Fully Valued call as valuation remains expensive; RM5.10 TP is based on mid-cycle 9.8x PE.
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