Highlights of the day
§
Hong
Leong Bank (Results Review): 4QFY12:
Sell into high expectations (Downgrade from HOLD to SELL, TP: RM12.30) [download
report]
FY12 results were in line with market expectations,
but its proposed final dividend was higher than we expected. We maintain our FY13 EPS forecast, introduce
our FY14 EPS forecast and raise our dividend forecasts. We are also raising our target price from
RM11.50 to RM12.30 as we roll forward our valuation from 2012 to 2013. Downgrade from HOLD to SELL as its share
price has outperformed on bullish expectations, and is above our revised target
price which has discounted 2013 earnings.
Other reports
§
Petronas
Chemicals Group (Results Review): 1HFY12:
Within expectation (Maintain BUY, TP: RM 7.69) [download
report]
§ Sunway Bhd (Results Review):
2QFY12:
Maintained stability (Maintain BUY, TP: RM2.65) [download
report]
§ IJM Corporation (Results
Review): 1QFY13: Within expectations (Maintain BUY, TP: RM6.36) [download
report]
§ Lafarge Malayan Cement
(Results Review): 2QFY12: Met expectations, better 2H in sight (Maintain BUY, TP: RM9.36) [download
report]
§ Felda Global Ventures
(Results Review): 1HFY12: Below expectations (Maintain HOLD, TP: RM4.85) [download
report]
§ Genting Plantations
(Results Review): 1HFY12: Below expectations (Maintain HOLD, TP: RM8.79) [download
report]
§ IHH Healthcare (Results
Review): 1HFY12 above ours, in-line with consensus (Maintain HOLD, TP: RM2.94) [download
report]
Other Malaysian news
§ Guinness:
Mainstream market key
§
Wah Seong: Completes buy
§
Bonia: A feeble MGO
§ Economy: Commodity exports up 24%
§
Economy: Malaysia-China trade set to surpass US$100bn
§
IPO: Confidence in IGB REIT
§
Property: Revise household income criteria for PPR
Global news
§ US: Home values rise for first time since 2010
§ US
§ Europe: ECB to urge weaker Basel
§ Europe : ECB says euro-area lending rose
first time in three months
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