RHBInvest Research Highlights 22nd December 2011

22nd December 2011

 

Top Story Media – Nov Sees Weakest Adex Growth So Far                             Underweight Sector Update ¨       Nov's gross adex for TV and print media recorded its weakest growth so far in 2011 with only 2.2% growth yoy. YTD, adex grew 9.5%. With the Christmas boost in Dec, our projected 2011 adex growth of 9% may appear somewhat conservative.     Sector Update Banking – Financial sector blueprint 2011-2020                               Underweight Sector update ¨       BNM yesterday launched its Financial Sector Blueprint 2011-2020. Themed "Strengthening Our Future", the aim of the blueprint is to build a financial sector that will benefit a high value-added, high-income society in 2020. All in, the blueprint sets out a total of 69 recommendations under nine focus areas. Generally, there were no major surprises. We find the blueprint largely to be an extension of the previous Financial Sector Master Plan.   Corporate Highlights MAHB – RM540m KLIA2 public infrastructure poser                           Outperform Company Update ¨       We gather that MAHB has yet to finalise with the Government on the payment mechanism for the RM540m public infrastructure MAHB is putting into KLIA2 (that was supposed to be borne by the Government).   Fajarbaru – Lands RM62m Sewerage Treatment Plant Job In Selangor                    Market Perform News Update ¨       Fajarbaru has secured a RM62m contract for the construction of a sewerage treatment plant in Selangor.      KFCH – JCorp Offer Accepted                                                         Trading Buy News Update ¨       Both KFCH and QSR announced yesterday that they have decided to accept the offer by Massive Equity (MESB) for the acquisition of their total assets and liabilities for RM4/share and RM6.80/share respectively. MESB is a SPV owned by JCorp (51%) and CVC Capital (49%). Both companies board have also decided that they do not intend to seek any alternative bids.