20th September 2011
Top Story: Gamuda – FY07/11 results to meet expectations Outperform
Results Preview
¨ We expect Gamuda's 4QFY07/11 results to come in within expectations at RM105-110m at the core net level, marginally weaker vis-à-vis RM116.6m recorded in 3QFY07/11 on slightly reduced construction margins sequentially as a result of the cycle of writebacks of cost over-provisions having already peaked 1-2 quarters ago.
Sector Call
Media: Aug adex rose 9.7% yoy Underweight
Sector Update
¨ According to Nielsen Media Research, Aug's gross adex for TV and print media combined rose 9.7% yoy (+2.9% mom), led by the print media (+14.1% yoy).
¨ Aug's adex growth was quite strong mainly due to: 1) Hari Raya and Merdeka adex; 2) ad rate hike; and 3) resilient consumer spending.
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