23rd August 2011
Top Story: KLK – Production to peak earlier than expected? Underperform
Visit Note
¨ Six key points: 1) Production to peak by Aug/Sep? Lowering FY11 FFB production growth target; 2) CPO prices expected to trend south, no buyers for forward sales; 3) Production costs to rise by maximum of 8% in FY09/12; 4) New planting targets lowered; 5) New MES plant started commercial operations, but not running at full utilisation yet; and 6) Sold food ester associate Esterol in Jul for RM234.7m.
Corporate Highlights
Tan Chong: New model launches on track Outperform
Company Update
¨ We recently met with Tan Chong's management and below are the key takeaways.
¨ Tan Chong's product planners have a busy year ahead with launches of up to 12 new models and facelifts in the pipeline.
Eversendai: Life goes on despite the stock market rout Outperform
Briefing Note
¨ The company is on track to meet its IPO net profit forecasts of RM116.7m and RM130.2m in FY12/11-12 and FY12/11 new orderbook guidance of RM1.4bn.
Corporate Results
Maybank: A strong finish to the financial year Outperform
2QFY11 Results / Briefing Note
¨ Maybank's 4Q results were within our and consensus expectations.
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