22nd August 2011
Top Story: TNB – Not turning the corner yet Market Perform
Visit Note
¨ Continued gas supply disruptions in 4QFY11 may lead to elevated generation costs (possibly close to that seen in 3QFY11) as TNB is forced to burn more expensive oil and distillate fuels.
Corporate Highlights
Allianz: On track for a good year Outperform
Briefing Note
¨ For the 1HFY11, Allianz's general insurance gross premiums grew to RM746.7m up 6.2% as compared to 1HFY10. In terms of distribution, Allianz's agency force continues to contribute the most, accounting for 56% of the total gross premiums, followed by its franchise distributors, which account for 17% (1QFY11:15%).
MISC: Battlefield containers – Intra-Asia now Outperform
Briefing Note
¨ Generally, MISC still remains cautious on its non-LNG shipping business.
¨ MISC guided sustained losses from its container liner segment over the two remaining quarters for FY12/11(9M) as the battlefield of container shipping has spread to the intra-Asia trade.
Parkson: PRG 1HCY11 earnings in line, no surprises expected for Parkson's full-year FY06/11 Outperform
Company Update
¨ PRG's 1HCY11 net profit of RMB584.8m (+15.8% yoy) was in line with our estimates, accounting for ~48% of our full-year earnings forecasts for PRG. We consider this to be in line as typically the strongest earnings period for PRG is the 1Q and 4Q of the CY, due to the festive season factor.
HSL: Lands RM45.7m Sibu rural water supply scheme Outperform
News Update
¨ HSL has secured a RM45.7m subcontract for a rural water supply scheme in Sibu, Sarawak , boosting its YTD new job secured to RM154m and its outstanding construction orderbook to RM1.15bn.
Star: Slight twist to PJ land development Underperform
News Update
¨ Star has entered into a sale and purchase agreement (SPA) with Jaks Island Circle Sdn Bhd (51% subsidiary of Jaks Resources Bhd) with regards to its 24,568 sq m land in PJ.
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