Highlights of the day
WCT announced to Bursa Malaysia
yesterday that the construction outfit finally won its bid with Oman Roads
Engineering Company LLC for the construction and completion of a 45km stretch
of the Batinah Expressway in Oman
§
Bumi
Armada (Results Review): 1HFY12:
Below expectations, but improved margins (Maintain Buy, TP: RM5.00) [download
report]
Bumi Armada’s 1HFY12 net profit
of RM182m (+28% y-o-y) came in below expectations at 34% of our and consensus
full-year forecasts. The variance from our results is due to
slower-than-expected award of two FPSOs jobs.
We downgrade our FY12F and FY13F net profit by 11% and 13%,
respectively, taking into account the slower-than-expected award of two FPSOs
jobs. Correspondingly, our target price is reduced marginally from RM5.10 to
RM5.00. We rollover our target price
from FY12 to FY13, based on Bumi’s average PER of 23x from 27x previously. (refer to report for details)
Other reports
§
Malayan
Banking (Results Review): 2QFY12:
beating market expectations (Maintain Hold, TP: RM9.25) [download
report]
§ MISC (Results Review): 2QFY12: Liner losses narrowed
substantially (Maintain Hold, TP: RM5.01) [download
report]
§ UMW Holdings Berhad
(Results Review): 2QFY12: Improvement in all divisions (Maintain Hold, TP: RM9.70) [download
report]
§ KPJ Healthcare (Results
Review): 1HFY12: Within expectations, rich valuations (Maintain Hold, TP: RM5.63) [download
report]
§ Star Publications (Results
Review): 2QFY12: Expecting a better 2H (Maintain Hold, TP: RM3.45) [download
report]
§
Other reports
Other Malaysian news
§ Felda
Global: Set sights on Sarawak Plantation
§ DRB-Hicom:
On divestment trail
§
Alam
Maritim: Unit wins pipeline job
§
Perdana
Petroleum: Buying more vessels; Gets nod for Petra Energy stake sale
§
IPO: 1MDB
plans RM6.3bn power IPO
Global news
§
US: Fed's
Plosser, George signal opposition to more easing
§ US: Building
permits increase to four-year high
§ US: Jobless
claims in little changed as labor market stable
§ China : Investment
in China
