Highlights of the day
§
Bumi
Armada (Results Review): 9MFY12:
Below expectations (Maintain BUY, TP: RM4.68) [download
report]
Bumi Armada’s 9MFY12 net profit of RM276m (+18% y-o-y)
came in below expectations at 57-59% of our and consensus full-year forecasts.
The variance from our results is due to slower-than-expected award of two FPSO
jobs. We downgrade our FY12F and FY13F
net profit by 20% and 7%, respectively, taking into account the
slower-than-expected award of the two FPSO jobs. Correspondingly, our target
price is reduced from RM5.00 to RM4.68 based on 23x FY13 EPS. (refer to report for details)
§
WCT
(Results Review): 3QFY12:
Underpinned by property development (Maintain BUY, TP:RM3.20) [download
report]
WCT’s 9MFY12 results came in below expectations. However, this is not a
cause for concern as it is mainly due to higher one-off tax incurred. Revenue
growth was led by the property development segment, which registered a 53% EBIT
growth y-o-y, boosted by revenue recognition from past property sales. However,
WCT’s civil engineering and construction EBIT was down by 17% y-o-y. We trim
our net profit estimates to account for a higher effective tax rate for FY12F.
Reiterate our BUY call on the stock with sum-of-parts target price of
RM3.20. (refer to
report for details)
Other reports
§ Kuala Lumpur Kepong
(Results Review): 4QFY12: Below expectations as plantation suffers (Maintain HOLD, TP:
RM19.54) [download
report]
§ Star Publications (Results
Review): 3QFY12: Below expectations (Maintain HOLD, TP: RM3.11) [download
report]
Other Malaysian news
§
CIMB: CIMB-Principle unveils third private retirement scheme
§ AirAsia: Fernandes, Kamaruddin up stake
§ Malaysia Airports: Khazanah reduces stake
§ Star Publications: Ho resigns as Star MD and
CEO
§ Scomi Group: Shah Hakim holds 12.95% stake
§ Bolton : Signs JV for RM480m Sabah project
§ Digistar: To venture into
property development
§ Oil & Gas: Petronas proposes Progress relisting to win Canada
§ Property: Iskandar Malaysia
Global news
§ US
§ US : Michigan
§ Europe : BOE voted 8-1 to halt bond purchases as QE
impact questioned
§ Europe: UK
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