Highlights of the day
§
Lion
Industries (Results Review): 4QFY12:
Within expectations (Maintain STRONG BUY; TP: RM1.90) [download
report]
Excluding exceptional items, Lion Industries turned in an adjusted FY12
net profit of RM51.7m which was broadly within expectations. A single-tier
dividend of 1 sen per share was declared for 4QFY12. Maintain STRONG BUY with
sum-of-parts target price trimmed to RM1.90 (previous: RM2.00) after imputing
our revised TP of RM4.35 for Parkson Holdings Bhd (previous: RM4.85).
§ Parkson Holdings (Results Review): 4QFY12: Within expectations but risks
loom ahead (Downgrade to SELL from HOLD, TP: RM4.35) [download
report]
FY12 results came in within expectations. However, we
believe that positives have been priced into the stock at this juncture, with
growing downside risk from slower-than-expected sales at Parkson Holdings’ China retail stores as domestic consumer
spending may remain subdued with China
Other reports
§ DRB-Hicom Bhd (Results
Review): 1QFY13: Earnings dragged down by Lotus (Maintain BUY, TP: RM3.45) [download
report]
§ IOI Corporation (Results
Review): 4QFY12: Within expectations (Maintain HOLD, TP: RM4.83) [download
report]
Other Malaysian news
§
HLI: 4Q net profit falls 43%
§
IHH: Targets to
capture 30% market share
§
Felda Global Ventures: In talks to buy land in Myanmar
§
RHBCap: Earnings
up on all fronts
§ Parkson Holdings: Plans to sell some assets to unit
§
IJM Land
§
Bonia: Chief likely to buy shares of 'friendly
parties'
§
Ho Hup: Wins Iraqi water sewage deals
§
Property: EPF setting a stage for iconic township
§
IPO: IGB
REIT sees 5-8% revenue, profit growth
§
IPO: IGB
Eyes foreign forays
Global news
§ Europe : German business confidence
falls for a fourth month
§ China
§ Vietnam
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