Islamic Capital Markets Strategy. Shariah-Compliant Securities Semi-Annual Review. Strategy, 15 May Macro Risks Growth Value
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1 Strategy, 15 May 2014 Islamic Capital Markets Strategy Shariah-Compliant Securities Semi-Annual Review Macro Risks Growth Value Shariah-Compliant Top Picks FV (MYR) Coastal Contracts 5.6 Tenaga Nasional 13.8 Dayang Enterprise 4.60 Cahya Mata Sarawak 12.2 Syarikat Takaful 15.0 Source: RHB estimates The Securities Commission (SC) is slated to release its new shariahcompliant stocks list at end-may. This will be the second review based on the revised shariah screening methodology that was introduced in Nov. Currently, of the 168 stocks in our coverage universe, 52 stocks are non-compliant. We have identified eight stocks that may become non-compliant and six that could be deemed compliant. Stocks at risk of exclusion. Please refer to Figure 1 for the list of the eight stocks that could be excluded from the new list of shariahcompliant stocks. These stocks fall into the oil and gas (O&G), ports, airlines, healthcare, education and consumer sectors. Only Petronas Chemicals (PCHEM MK, NEUTRAL, FV: MYR6.58) is a component of the benchmark FBM KLCI index. Based on its annual report, Petronas Chemicals has a cash-to-total asset ratio of 36.6%, which is well over the allowable 33% threshold. While management continues to guide investors that it expects to remain shariah-compliant, the notes to the accounts do not indicate if any of the cash holdings are in the form of Islamic accounts or instruments. Prestariang (PRES MK, BUY, FV: MYR4.32) is the only stock here with a BUY recommendation and has featured prominently on our Top Picks list. While the stock trips over the cash hurdle, management has clarified that a portion of its cash holdings are parked in Islamic accounts and accordingly, it expects to remain shariah-compliant. Meanwhile, Faber (FAB MK, NEUTRAL, FV: MYR2.43) also has cash exceeding 33% of its total. Management expects for Faber to remain compliant as a portion of its cash is parked in Islamic accounts. We note that Lembaga Tabung Haji is a substantial shareholder in Perdana Petroleum (PETR MK, NEUTRAL, FV: MYR2.10) and Faber. Investors in stocks that were earlier classified as shariah-compliant but which are subsequently reclassified as shariah non-compliant, are given a 6-month grace period from the effective date of the updated list to dispose of such securities. Note that there are exceptions to this rule. Large cap O&G stock SapuraKencana (SAKP MK, BUY, FV: MYR5.61) s un 4QFY14 accounts reveal a debt ratio of 46.4% - the SC will make its assessment based on accounts. Hence, SapuraKencana could remain shariah-compliant in this review. Stocks that could be deemed compliant. Please refer to Figure 2. These six stocks are not currently on the shariah-compliant list but could be deemed compliant in the upcoming review as their debt ratios have fallen below 33%. Alexander Chia alexander.chia@rhbgroup.com Stocks at risk during the next review. There are three shariahcompliant stocks in our coverage universe, namely Berjaya Auto (BAUTO MK, BUY, FV: MYR2.55), Caring Pharmacy (CARING MK, BUY, FV: MYR2.48) and Hua Yang (HYB MK, BUY, FV: MYR2.40) that, based on their latest un quarterly accounts, do not meet either the cash or debt hurdle. If the conditions are not regularised by the time the accounts are finalised, they will be at risk of being excluded during the next review in November. Please refer to Figure 3. Stocks that are shariah-compliant should have a larger addressable investor base that could increase the potential demand for the stocks. See important disclosures at the end of this report Powered by EFA TM Platform 1
2 Strategy - Malaysia 15 May 2014 Semi-Annual Review Of Shariah-Compliant Securities Figure 1: Stocks at risk of exclusion from the shariah-compliant list Company FYE Rec Currently Business activity Financial ratio shariah- 5% 20% compliant (Y/N) Cash/total Debt/total % % Source of data Comment Perdana Petroleum Dec N Y OK OK AR Petronas Chemicals Dec S Y OK OK AR NCB Holdings Dec N Y OK OK AR Malaysian Airlines Dec S Y OK OK AirAsia X Dec S Y OK OK Faber Dec N Y OK OK AR Prestariang Dec B Y OK OK Padini June N Y OK OK AR Source: RHB estimates, Company data Management continues to guide investors that it expects to remain compliant. No breakdown of borrowings in terms of Islamic or conventional but management has guided that it is committed to remaining shariah-compliant. Management has clarified that some of its cash holdings are parked in Islamic accounts. Management expects Faber to remain shariah compliant Management has clarified that some of its cash holdings are parked in Islamic accounts. Management expects Prestariang to remain shariah compliant. Figure 2: Stocks with potential for inclusion into the shariah-compliant list Company FYE Rec Currently Business activity Financial ratio Cash/total shariah- 5% 20% compliant (Y/N) Debt/total % % Source of data Comment Tan Chong Motor Dec N N OK OK AR May be reinstated in the May review Bumi Armada Dec B N OK OK AR May be reinstated in the May review AirAsia Dec B N OK OK AR May be reinstated in the May review Likely to be re-included as its debt/total MRCB Dec B OK OK ratio is now back to below the 33% N limit after the merger with Gapurna SP Setia Oct TB N OK OK AR May be reinstated in the May review 4QFY14 Applying to reinstate. Management is Pantech Group Feb B OK OK N un committed to being shariah-compliant Source: RHB estimates, Company data Figure 3: Stocks at risk of exclusion in the next review Currently Business Activity Financial ratio Cash/total shariah- 5% 20% Company FYE Rec compliant (Y/N) Debt/total % % Berjaya Auto April B Y OK OK Caring May B Y OK OK March B Y OK OK Hua Yang Source: RHB estimates, Company data Source of data 3QFY14 Results 3QFY14 Results 3QFY14 Results Comment See important disclosures at the end of this report 2
3 Strategy - Malaysia 15 May 2014 Fig 4: Perdana Petroleum - substantial shareholders at 12 May 2014 Dayang Enterprise Holdings Lembaga Tabung Haji Employees Provident Fund Poh Eng Kho Pho Wat Koh Figure 5: Petronas Chemicals - substantial shareholders as at 28 Feb 2014 Petroliam Nasional Employees Provident Fund Board Amanah Saham Bumiputera Kumpulan Wang Persaraan (Diperbadankan) State Street Bank & Trust Company Source: Company annual report Figure 6: SapuraKencana Petroleum - substantial shareholders at 12 May 2014 Sapura Technology SB Employees Provident Fund Board Khasera Baru SB Seadrill Ltd Skim Amanah Saham Bumiputera Figure 7: Northport - substantial shareholders as at 31 March 2014 AmanahRaya Trustees MISC Kumpulan Wang Persaraan (Diperbadankan) Kelang Port Authority Tabung Warisan Negeri Selangor Source: Companies annual reports Figure 8: Malaysian Airlines - substantial shareholders at 12 May 2014 Khazanah Nasional Employees Provident Fund Board Dimensional Fund Advisors LP Norges Bank Vanguard Group Inc See important disclosures at the end of this report 3
4 Strategy - Malaysia 15 May 2014 Figure 9: AirAsia X - substantial shareholders at 12 May 2014 Tune Group AirAsia Kamarudin Meranun Orix Airline Hlds Ltd Manara Malaysia I Ltd Figure 10: Faber - substantial shareholders at 12 May 2014 Khazanah Nasional Lembaga Tabung Haji Dimensional Fund Advisors LP Pacific Mutual Fund Norges Bank Figure 11: Prestariang - substantial shareholders at 12 May 2014 Ekohati Sigma Dedikasi Kumpulan Modal Perdana SB Kumpulan Wang Persaraan Employees Provident Fund Board Fig 12: Padini - substantial shareholders at 12 May 2014 Yong Pang Chaun Holdings Skim Amanah Saham Bumputera Capital Dynamics Asset Management Grandeur Peak Global Advisors Wasatch Advisors Inc See important disclosures at the end of this report 4
5 RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB s strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such information and accordingly investors should make their own informed decisions before relying on the same. 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Neutral (Maintained)
3 Sector Update, 1 September July Statistics: Loan Growth Still Struggling Neutral (Maintained) Macro Risks Growth Value System loans growth 1 Source: Bank Negara Malaysia Loan (MYRbn - LHS) Loan Growth
More informationRHB Research PP 7767/09/2012 (030475) 25 March 2013 TABLE OF CONTENTS
MARKET DATELINE MALAYSIA EQUITY Investment Research The Research Team +603 9207 7620 research2@my.oskgroup.com Sector Update Insurance NEUTRAL Key Points In BNM, IMF Reports The insurance and takaful industry
More informationNeutral. Weak Start To The Year. Energy - Oil & Gas Services Target Price: MYR1.95 Market Cap: USD227m Price: MYR2.13. Results Review, 19 May 2013
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Vol m Results Review, Petra Energy (PENB MK) Neutral Energy - Oil & Gas Services Target Price: MYR1.95 Market Cap: USD227m Price: MYR2.13 Weak Start To The Year
More informationHai-O (HAIO MK) Neutral (from Buy) Strategy Shift To Take Time
Dec-2 Feb-3 Apr-3 Jun-3 Aug-3 Oct-3 Vol m Results Review, 9 December 203 Neutral (from Buy) Consumer Non-cyclical - Household & Personal Products Target Price: MYR2.70 Market Cap: USD58m Price: MYR2.62
More informationNeutral (from Buy) Surprisingly Weaker. Transport - Logistics Target Price: MYR5.60 Market Cap: USD862m Price: MYR5.29
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Review, POS Malaysia (POSM MK) Neutral (from Buy) Transport - Logistics Target Price: MYR5.60 Market Cap: USD862m Price: MYR5.29 Surprisingly Weaker
More informationBuy (Maintained) Tasco (TASCO MK) Within Expectations. Transport - Logistics Target Price: MYR3.90 Market Cap: USD91.2m Price: MYR3.
Nov-3 Jan-4 Mar-4 May-4 Jul-4 Sep-4 Vol th Results Review, Buy (Maintained) Transport - Logistics Target Price: MYR3.90 Market Cap: USD9.2m Price: MYR3.06 Within Expectations Macro Risks Growth Value 3.80
More informationMalaysia Steel Works (MSW MK) Neutral (Maintained) FY13 Results Improving Could Be Better
Feb-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Vol m Results Review, Neutral (Maintained) Basic Materials - Metals Target Price: MYR1.10 Market Cap: USD73.6m Price: MYR1.09 FY13 Results Improving Could Be Better
More informationBuy (Maintained) GD Express Courier (GDX MK) Good Start To The Year. Transport - Logistics Target Price: MYR2.42 Market Cap: USD534m Price: MYR2.
Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Vol m Results Review, Buy (Maintained) Transport - Logistics Target Price: MYR2.42 Market Cap: USD534m Price: MYR2.12 Good Start To The Year Macro Risks Growth
More informationHealthcare Products Rubber Gloves
Sector Update, 11 December 2013 Healthcare Products Rubber Gloves Promising Outlook Overweight (Maintained) Macro Risks Growth Value We maintain our OVERWEIGHT call on the sector. The operating environment
More informationSuria Capital Holdings (SURIA MK) Buy (Maintained) Staying In Line. Transport - Logistics Target Price: MYR3.50 Market Cap: USD208m Price: MYR2.
Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Vol m Results Review, Suria Capital Holdings (SURIA MK) Buy (Maintained) Transport - Logistics Target Price: MYR3.50 Market Cap: USD208m Price: MYR2.41 Staying
More informationTrading Buy (Maintained) Malaysia Steel Works (MSW MK) Local Steel Industry In Sweet Spot
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Vol m Results Review, Trading Buy (Maintained) Basic Materials - Iron & Steel Target Price: MYR1.30 Market Cap: USD72.9m Price: MYR1.07 Local Steel Industry In
More informationNeutral (Maintained) Sunway REIT (SREIT MK) Short-Term Outlook Remains Hazy
Jan-13 Mar-13 May-13 Jul-13 Oct-13 Dec-13 Vol m Results Review, Sunway REIT (SREIT MK) Neutral (Maintained) Property - REITS Target Price: MYR1.39 Market Cap: USD1,105m Price: MYR1.26 Short-Term Outlook
More informationNot Rated. Higher Impairment Allowances In 3Q14. Financial Services - Non-Bank Financials Target Price: NA Market Cap: USD2,139m Price: MYR2.
Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Vol m Results Review, Malaysia Building Society (MBS MK) Not Rated Financial Services - Non-Bank Financials Target Price: NA Market Cap: USD2,139m Price: MYR2.61
More informationBuy (Maintained) Above Expectations. Technology - Software & Services Target Price: SGD1.00 Market Cap: USD1,540m Price: SGD0.86
May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 Vol m Results Review, Buy (Maintained) Technology - Software & Services Target Price: SGD1.00 Market Cap: USD1,540m Price: SGD0.86 Above Expectations Macro Risks
More informationCompany Update, 27 September 2013
Sep-12 Nov-12 Jan-13 Apr-13 May-13 Aug-13 Vol m Company Update, Buy (from Neutral) Industrial - Engineering & Construction Target Price: SGD3.49 Market Cap: USD2,797m Price: SGD3.13 Acquires Singapore
More informationInfrastructure Bill Heats Up Thai Politics
THAILAND EQUITY Investment Research Veena Naidu, Head of Research +66 (2) 862 9752 veena.na@th.oskgroup.com Infrastructure Bill Heats Up Thai Politics It s High Anxiety As Govt Debates On Bills Political
More informationSell (from Neutral) TISCO Financial Group PCL (TISCO TB) Profit Passed Peak
Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Vol m Results Review, TISCO Financial Group PCL (TISCO TB) Sell (from Neutral) Financial - Diversified Financial Services Target Price: THB41.0.0 Market Cap: USD1,087m
More informationNam Cheong. Corporate News Flash. Four Bumi PSV L-o-Is Now Firm Contracts SGD. Buy. SINGAPORE EQUITY Investment Research
01-Mar-12 02-May-12 03-Jul-12 03-Sep-12 02-Nov-12 03-Jan-13 OSK Research 01 Mar 2013 SINGAPORE EQUITY Investment Research Lee Yue Jer 65 6232 3898 yuejer.lee@sg.oskgroup.com Jason Saw 65 6232 3871 jason.saw@sg.oskgroup.com
More informationBuy (Maintained) Look Beyond Near-Term Weakness. Basic Materials - Mining Target Price: MYR3.88 Market Cap: USD95.5m Price: MYR3.
Nov-3 Jan-4 Mar-4 May-4 Jul-4 Sep-4 Vol th Results Review, Malaysia Smelting Corp (SMELT MK) Buy (Maintained) Basic Materials - Mining Target Price: MYR3.88 Market Cap: USD95.5m Price: MYR3.8 Look Beyond
More informationCommunications - Telecommunications Target Price: MYR6.00 Market Cap: USD15,787m Price: MYR6.74. Forecasts. Maintained.
Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 Jun-14 Vol m Results Review, Maxis (MAXIS MK) Sell (Maintained) Communications - Telecommunications Target Price: MYR6.00 Market Cap: USD15,787m Price: MYR6.74 Initial
More informationBuy (Maintained) Tune Ins (TIH MK) Beneficiary Of Potential Recovery In Tourism
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Preview, Buy (Maintained) Financial Services - Insurance Target Price: MYR2.40 Market Cap: USD413m Price: MYR1.83 Beneficiary Of Potential Recovery
More informationBank Negara Indonesia
1 Mar 213 INDONESIA EQUITY Investment Research Daily Rocky Indrawan 65 6232 3832 rocky.indrawan@sg.oskgroup.com Buy Target Previous Price Banks IDR IDR4,7 IDR4,7 IDR4,6 Bank Negara Indonesia is Indonesia's
More informationNeutral. Decent Dividend Yield. Industrial - Engineering & Construction Target Price: SGD3.01 Market Cap: USD2,876m Price: SGD3.22
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Vol m Results Review, Neutral Industrial - Engineering & Construction Target Price: SGD3.01 Market Cap: USD2,876m Price: SGD3.22 Decent Dividend Yield Macro Risks
More informationBuy (Maintained) Tune Ins (TIH MK) Catching The Philippines Market. Financial - Insurance Target Price: MYR2.40 Market Cap: USD431m Price: MYR1.
Feb-13 Apr-13 May-13 Jul-13 Aug-13 Oct-13 Vol m Results Preview, Tune Ins (TIH MK) Buy (Maintained) Financial - Insurance Target Price: MYR2.40 Market Cap: USD431m Price: MYR1.84 Catching The Philippines
More informationOverweight (Maintained)
Sector Update, 12 September 2013 Oil & Gas Stock Picking At The Forefront Overweight (Maintained) Macro Risks Growth Value Except for Alam Maritim, most of the companies under our coverage reported earnings
More informationResults Review, 12 February 2014
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Review, Neutral (Maintained) Construction & Engineering - Construction Target Price: SGD3.43 Market Cap: USD2,813m Price: SGD3.18 Staff Costs Drag
More informationBuy (Maintained) Clear Sign Of Confidence. Industrial - Misc. Manufacturer Target Price: SGD0.87 Market Cap: USD453m Price: SGD0.
Aug-3 Oct-3 Dec-3 Feb-4 Apr-4 Jun-4 Vol m Results Review, 5 August 204 Buy (Maintained) Industrial - Misc. Manufacturer Target Price: SGD0.87 Market Cap: USD453m Price: SGD0.69 Clear Sign Of Confidence
More informationBuy (Maintained) Higher Utilisation Boosts Revenue. Basic Materials - Metal-Aluminium Target Price: SGD0.75 Market Cap: USD493m Price: SGD0.
Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Vol m Results Review, Buy (Maintained) Basic Materials - Metal-Aluminium Target Price: SGD0.75 Market Cap: USD493m Price: SGD0.52 Higher Utilisation Boosts Revenue
More informationBuy (from Neutral) Replicating Utropolis At Batu Kawan. Property - Real Estate Target Price: MYR1.88 Market Cap: USD161m Price: MYR1.
Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Vol m Company Update, Paramount Corp (PAR MK) Buy (from Neutral) Property - Real Estate Target Price: MYR1.88 Market Cap: USD161m Price: MYR1.58 Replicating Utropolis
More informationMaxis (MAXIS MK) Sell (Maintained) Cost Discipline Cushions CTS Impact
Results / Briefing Note, 13 November 2013 Maxis (MAXIS MK) Sell (Maintained) Communications - Telecommunications Target Price: MYR5.90 Market Cap: USD16,667m Price: MYR7.12 Cost Discipline Cushions CTS
More informationNeutral (Maintained) WCT (WCTHG MK) Only a Modest Recovery In FY14
Apr-13 Jul-13 Aug-13 Oct-13 Jan-14 Mar-14 Vol m Company Update, WCT (WCTHG MK) Neutral (Maintained) Construction & Engineering - Construction Target Price: MYR2.23 Market Cap: USD751m Price: MYR2.25 Only
More informationBuy (Maintained) Signs Offshore Contracts Worth SGD368m
Jul-13 Aug-13 Oct-13 Jan-14 Mar-14 May-14 Vol m Company Update, Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD12.50 Market Cap: USD15,705m Price: SGD10.80 Signs Offshore
More informationBuy (Maintained) Writebacks Help Lift Results. Financial - Banks Target Price: MYR16.60 Market Cap: USD7,947m Price: MYR14.22
Nov12 Jan13 Mar13 May13 Jul13 Oct13 Vol m Results Review, Hong Leong Bank (HLBK MK) Buy (Maintained) Financial Banks Target Price: MYR16.6 Market Cap: USD7,947m Price: MYR14.22 Writebacks Help Lift Results
More informationNeutral (Maintained) Vard Holdings (VARD SP) Wait And See
Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Mar-14 Vol m Results Review, Vard Holdings (VARD SP) Neutral (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD1.00 Market Cap: USD930m Price:
More informationBuy (from Sell) Digi.com (DIGI MK) Lifted By The Data Wave
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results/Briefing Note, 6 February 2014 Digi.com (DIGI MK) Buy (from Sell) Communications - Telecommunications Target Price: MYR5.60 Market Cap: USD11,359m
More informationRHB Research PP 7767/09/2012 (030475) 12 March News Update. Sunway Berhad
PP 7767/09/2012 (030475) 12 March 2013 Loong Kok Wen, CFA 603 9280 2237 loong.kok.wen@rhb.com.my News Update MARKET DATELINE MALAYSIA EQUITY Investment Research BUY Target Previous Price Property RM3.25
More informationBuy (Maintained) A Lunar New Year Gift. Energy & Petrochemicals - Oil & Gas Services Target Price: SGD0.45 Market Cap: USD527m Price: SGD0.
Jan-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Company Update, Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD0.45 Market Cap: USD527m Price: SGD0.32 A Lunar New Year Gift
More informationBuy. Better World Green (BWG TB) From Trash To Cash. Industrial - Environment Control Target Price: THB3.10 Market Cap: USD49.1m Price: THB2.
Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Vol m Company Update, Better World Green (BWG TB) Buy Industrial - Environment Control Target Price: THB3.10 Market Cap: USD49.1m Price: THB2.12 From Trash To
More informationRates & FX Market Update Fixed Income & Currency Research
US, China to Again Attempt Negotiating Over Trade Rates & FX Market Update Global Markets: The DXY was relatively unchanged overnight while increases in 2y and 10y UST yields were limited to within 1bps,
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THAILAND EQUITY Investment Research Wanida Geisler 66 2862 9748 wanida.ge@th.oskgroup.com Sell Target Previous Price THB18.5 THB16.0 THB21.7 Entertainment Major Cineplex is Thailand's largest cinema operator
More informationNeutral (from Buy) Concerns On New Product Delays?
Oct-12 Nov-12 Jan-13 Apr-13 Jun-13 Aug-13 Vol m Company Update, Malaysia Building Society (MBS MK) Neutral (from Buy) Financial - Diversified Financial Services Target Price: MYR3.10 Market Cap: USD1,544m
More informationCentral Plaza Hotel (CENTEL)
OSK Research 04 Feb 2013 THAILAND EQUITY Investment Research The Research Team +66 (0) 2862 9999 Ext. 2030 Buy Target Previous Price Lodging THB THB42.9 THB23.5 THB32.0 CENTEL operates and manages a chain
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May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Vol m Results Review, Charoen Pokphand Foods (CPF TB) Buy (from Sell) Consumer Non-cyclical - Food Target Price: THB38.0 Market Cap: USD7,900m Price: THB30.3 Earnings
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Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Briefing Note, UEM Sunrise (UEMS MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.73 Market Cap: USD2,866m Price: MYR2.10 Mega Projects
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Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Vol m Company Update, Buy (Maintained) Energy & Petrochemicals - Exploration & Production Target Price: SGD0.65 Market Cap: USD90.9m Price: SGD0.26 Production
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Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Vol m Company Update, Mah Sing (MSGB MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.44 Market Cap: USD947m Price: MYR2.20 Entering New Growth
More informationBUY. NetDragon (777 HK) Partnering with Amazon and Microsoft. Technology - Internet Target Price: HKD14.72 Market Cap: USD796m Price: HKD12.
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Vol m Company Update, NetDragon (777 HK) BUY Technology - Internet Target Price: HKD14.72 Market Cap: USD796m Price: HKD12.22 Partnering with Amazon and Microsoft
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Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.30 Market Cap: USD1,413m Price: MYR2.65 Temporarily Overshadowed By Negative Sentiment Macro Risks Growth Value
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OSK Research PP10551/09/2013 (032829) 15 Feb 2013 THAILAND EQUITY Investment Research Daily Buy Target Previous Price Airport Develop/Maint THB THB137 THB133 THB117 Airports of Thailand is the airport
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Results Review, DBS (DBS SP) Buy (Maintained) Financial - Banks Target Price: SGD18.70 Market Cap: USD33,098m Price: SGD17.20 Down, But Still Solid Macro Risks Growth Value Vol m DBS (DBS SP) Price Close
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14 Feb 2013 THAILAND EQUITY Investment Research Chalie Kueyen 66 2862 9745 chalie.ku@th.oskgroup.com Buy Target Previous Price Banks Consumer banking THB THB79.0 THB62.0 THB55.8 Stock Statistics Bloomberg
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Aug-12 Oct-12 Dec-12 Mar-13 May-13 Jul-13 Vol m Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.52 Market Cap: USD1,421m Price: MYR2.75 Unexpected 5 Sen Interim
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Vol m Jul-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Results Review, Buy (Maintained) Consumer Non-cyclical - Household Product & Wares Target Price: SGD2.38 Market Cap: USD1,175m Price: SGD2.06 Cashes In On
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Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR2.19 Market Cap: USD426m Price: MYR1.30 Strong Growth Ahead
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More informationNot Rated. The Best Of Times. Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17
Jan-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Trading Idea, Marco Holdings (MARC MK) Not Rated Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17 The
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More informationProperty - Real Estate Target Price: MYR3.60 Market Cap: USD1,708m Price: MYR3.21
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Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Results Review, 26 October 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD1.10 Market Cap: USD917m Price: SGD0.85
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More informationBuy. Evergreen Fibreboard (EVF MK) Set To Resume Its Glory Days. Agriculture - Timber Target Price: MYR1.11 Market Cap: USD104m Price: MYR0.
Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Vol m Initiating Coverage, Evergreen Fibreboard (EVF MK) Buy Agriculture - Timber Target Price: MYR1.11 Market Cap: USD104m Price: MYR0.73 Set To Resume Its Glory
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Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Vol m Corporate News Flash, 2 April 2015 Keppel Corp (KEP SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD11.10 Market Cap:
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Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Vol m Trading Idea, Hovid (HOV MK) Not Rated Consumer Non-cyclical - Healthcare Target Price: MYR0.42 Market Cap: USD82.6m Price: MYR0.36 Boost From Drug Patent
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Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, 23 October 2015 Sembcorp Marine (SMM SP) Sell (from Neutral) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD2.00 Market Cap:
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Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Vol m Results Review, KLCC Stapled Group (KLCCSS MK) Neutral (Maintained) Property - REITS Target Price: MYR7.06 Market Cap: USD3,352m Price: MYR7.29 Earnings
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Sep-14 Nov-14 Jan-15 Mar-15 Jun-15 Jul-15 Vol m Company Update, 28 September 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD0.97 Market Cap: USD882m Price: SGD0.84
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