Sime Darby (Buy)
FY06/11 result: above our expectation
§ FY06/11 core net profit of RM3,808.5m beat our expectation, accounted for 110.5% of our full-year forecast.
§ Main deviations are higher-than-expected contribution from the plantation, industrial, and motor divisions.
§ FY06/12-13 net profit forecasts raised by 0.1-3.1%, largely to reflect higher margin assumptions at both the industrial ad motor divisions, and slightly higher FFB output growth assumption in Malaysia.
§ SOP-derived TP cut by 3.7% from RM10.99 to RM10.60 to reflect higher holding company discount that more than offset an upward revision in our forecasts.
DRB-HICOM (BUY çè)
Forward with Strong Earnings Recovery
§ 1QFY3/12 core profit of RM90.8m in line with our expectation (18.6%), but below consensus (16.8%).
§ Impact of Japanese crisis on DRB automotive division was substantial in 1QFY3/12.
§ Supply constraint has gradually eased off since July, in line to meet its FY3/12 target
§ Expect strong earnings from 2QFY3/12 onwards due to recovery of automotive division, maiden contribution from POS, and effective implementation of Hire Purchase Act amendment and Waste Management Act amendment.
§ Maintain BUY with unchanged TP of RM2.97.
YTL Power (BUY çè)
4Q11 Results in Line
§ Reported 4QFY6/11 core earnings of RM379m bringing FY11 to RM1,216m, inline with our expectation (96.1%) and consensus (102.1%).
§ Strong contribution from Power Seraya in Singapore on the back of strong GDP growth, which offsets the lower contribution from Wessex (due to depreciation of UK£) and losses from YTLC (due to high initial capex outlay).
§ YTLP will recognize RM210m gain on disposal in 1QFY6/12 from the sale of 15% Java Power. However, the contribution from Java Power will be reduced to RM150m in FY6/12 and RM130m in FY6/13 onwards, from original RM225m pa.
§ Proposed 1.875 sen net dividend, taking FY6/12 dividend to 9.375 sen, below our expectation.
§ Reduced FY6/12-13 earnings by 6-7%.
§ Maintain BUY with lower TP of RM2.33 after accounting for lower earnings and imputing 10% holding discount.
Maxis (Hold)
1H11 results: In line wirh our expectation
§ 1H11 reported core net profit of RM1,090m (-3.7%) came in within our expectation, at 48.2% of our full-year forecast. Against consensus, the results came in below, accounted for only 45.4% of the full-year estimates.
§ 2011-13 net profit forecasts and our DDM-derived TP of RM5.51 maintained.
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