03rd February 2012
| Top Story |
| KPJ Healthcare – An Exciting Year Ahead Outperform Visit Note - The anticipated listing of Integrated Healthcare Holdings (IHH) in mid-2012 is expected to stir up investor interest and drive a rerating of the healthcare sector. - We expect KPJ's valuations to move closer to the new benchmark set by IHH over the longer term. - Furthermore, KPJ's aggressive local expansion plans should help the company maintain its dominance in Malaysia over the longer term. |
| Sector Update |
| Rubber Gloves – Improving Outlook Ahead Neutral Sector Update - Following our Top Glove upgrade last month, latex prices have rebounded to around RM7.50/kg due to price supporting measures by rubber producing countries. - Nevertheless, latex prices should continue to weaken further towards the RM7.00/kg mark over the next few months as worldwide demand for rubber remains weak. |
| Corporate Highlights |
| CIMB – CIMB to end up as shareholder in APH? Underperform News update - According to the Financial Daily, Muhibbah Engineering and CIMB could end up as shareholders in Asia Petroleum Hub (APH) through a debt-to-equity swap and take charge of the Johor hub. The daily reported that APH owes CIMB RM840m, which was part of a RM1.4bn bridging loan facility provided back in 2006. |
| MBSB – Earnings momentum losing steam? Market Perform Results note - MBSB's 4Q11 results were in line with our and consensus expectations. - Pre-tax profit was down 22% qoq due to weaker net interest income (-5.5% qoq) and non-interest income (-25% qoq) and higher loan impairment allowances (+26% qoq). 4Q11 net profit (-12% qoq), however, was cushioned by a lower effective tax rate of 17% (3Q11: 27%). |
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