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Wednesday, August 25, 2010

HWangDBS - Highlights

Axiata Group (RM4.42; Buy; Price Target: RM4.95; AXIATA MK)
Broad-based improvement
• Annualized core 1H10 result was within our estimate but ahead of consensus’
• Nudged up FY10F-11F earnings by 2%-3%; raised SOP-TP to RM4.95, maintain Buy
• Applied new dividend policy (30% payout) to FY10F NI, raised FY11F payout to 30% (from 10%)

PPB Group (RM16.90; Hold; Price Target: RM16.80; PEP MK)
Limited catalysts ahead
• 2Q10 below, sweetener was DPS of 70 sen
• Spiraling wheat prices a dampener
• Hold, cut SOP-TP to RM16.80

IJM Corp (RM4.95; Buy; Price Target: RM6.20; IJM MK) Accelerating earnings momentum
• Good quarter, property was star performer
• Construction earnings now at inflection point
• Buy, SOP-derived TP of RM6.20

Parkson Holdings (RM5.48; Buy; Price Target: RM6.80;PKS MK) Building on positive momentum
• Sales momentum spills over to Sep quarter
• Earnings growth driven by SSS growth and new stores
• Reaffirm Buy call with RNAV-derived TP of RM6.80 (from RM7.00)

Alam Maritim (RM1.12; Buy; Price Target: RM1.40; AMRB MK)
Temporary rough patch
• Lower fleet utilisation and delay in vessels delivery will drag down near term earnings
• Cut earnings after revising assumptions; job orders expected to improve in 2H10
• Still cheap; maintain Buy with RM 1.40 TP

Report from
HWANGDBS Vickers Research Sdn Bhd (128540 U)

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