§
Public
Bank (Results Review) 1QFY12:
In line with consensus (Maintain
HOLD, TP: RM13.00) [download
report]
1QFY12 results were within market expectations, with EPS growth of 6% on
the back of a 3% growth in operating profit and a drop in provisions. Annualised loan and deposit growth of 10% and
13% respectively, were offset by lower net interest margins which succumbed to
competitive pressure after stabilizing the previous three quarters. We are
maintaining our EPS forecasts which translate into moderate EPS growth of 9% in
FY12 and 11% in FY13. Hence, we are also
retaining our target price of RM13.00 per share and HOLD recommendation. (refer to report for details)
The Malaysian Automotive Association (MAA) released
its vehicle sales data for March 2012, which saw a 15% y-o-y drop in total
industry volume (TIV) to 53,583 units. However, m-o-m TIV improved by 22%
backed by better consumer sentiments, introduction of new models and a longer
working month. For 1Q2012 (Jan-Mar 2012), TIV declined by 13% y-o-y (-7% q-o-q)
to 138,544 units. We have a Neutral stance on the auto sector. (refer to report for details)
Other reports
Other Malaysian news
§ Sapura Kencana: Eyes O&G
business in Kazakhstan
§ DRB-Hicom: Partners TATA Motors in defence technologies
§ KLCC
Property: New development at KLCC soon
§ Tradewinds: Unit buys office space for
RM510m
§ Mudajaya: Could still
face coal supply uncertainty
§ Eversendai: Bags RM135m
contract
§ LBS
Bina Group: Could reap RM650m from disposal of Dragon Hill
§
Daya
Materials: Hopes to venture into O&G upstream
§
MAA: Considering selling fund management
business
§ Construction: Proposal with minimal government funding
favoured
§ Construction:
Study on new Johor-Singapore rail, road links
§ Construction:
SMEs to benefit from RM1bn offset projects in Phase 1 of MRT
§ Building materials: Ministry hires consultant to check out
problems in steel sector
§
Property: Indonesians still buying properties here
§ Property: RM1m floor price
for foreigners will dent market
§ Economy: China
Global news
§ Europe: Spain joins France
§
Europe: Italy
§
UK
§
South Korea