The Star Online: Business
The Star Online: Business |
- RHB Research maintains market perform on Aeon Co.
- Demand for industrial properties on the rise in Iskandar Malaysia
- RHB Research sees possible rebound in MRCB shares
| RHB Research maintains market perform on Aeon Co. Posted: 26 Aug 2012 05:58 PM PDT KUALA LUMPUR: RHB Research Institute is maintaining a market perform on Aeon Co. (M) Bhd and revised its fair value to RM9.90 from RM10.40, based on 16 times FY13 EPS. It said on Monday it continued to expect stronger earnings growth in H2, FY12, underpinned by: 1) seasonal sales boost due to the festive seasons (Hari Raya, Christmas etc); and 2) sales contribution from its newly opened store, that is Ipoh Station 18 as well as the maiden full-year contribution from its newly-opened Rawang shopping centre. RHB Research said the Q2, FY12 net profit of RM38.2mil (+32.7% on-year, +1.6% on-quarter), brought 1H12 net profit to RM75.9m (+0.6% on-year), slightly below expectations as it only accounts for 33% and 35% of our and consensus full-year forecasts respectively. "AEON's H1 earnings typically account for 35%-45% of its full-year net profit," it said. Last Friday, Aeon chalked up a 32.7% growth in net profit to RM38.24mil from RM28.81mil a year ago boosted by contributions from its new stores and the re-opening of another store. It said on Friday its revenue rose 10.4% to RM758.67mil from RM686.60mil. Earnings per share rose to 10.89 sen from 8.21 sen. In the first half, its earnings rose just 0.6% to RM75.88mil from RM75.42mil a year ago when there was a recognition of net proceeds from an insurance claim of RM10.9mil in the first quarter ended March 31, 2011. Revenue increased 9.3% to RM1.538bil from RM1.407bil. |
| Demand for industrial properties on the rise in Iskandar Malaysia Posted: 26 Aug 2012 05:51 PM PDT JOHOR BARU: Demand for industrial properties in Johor is likely to remain positive based on the state's position as one of the top investment destinations in the country. Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said the current situation would create demand for industrial properties especially in Iskandar Malaysia. "Property developers should venture into industrial park projects to cater for the demand apart from the residential properties," he told StarBiz. Ismail said Johor was still strong in the manufacturing sector and remained one of the top three destinations for foreign direct investments (FDI) in Malaysia. Statistics from the Malaysian Industrial Development Authority showed that it had approved 929 manufacturing-related activities for Johor from 2007 until April this year with RM41.48bil in investment. Of the figure, RM14.99bil (14.4%) came from the domestic investors and RM26.49bil (15.3%) from foreign investors. He said the manufacturing sector was the top recipient of the cumulative committed investments in Iskandar Malaysia from 2006 until June 30. It received RM32.71bil contributing 34% out of Iskandar Malaysia's total cumulative committed investments of RM95.45bil. The property sector came in second with RM29.80bil followed by utilities (RM9.52bil), government (RM7.31bil) and petrochemicals (RM5.10bil). Other sectors are ports and logistics (RM3.74bil), tourism (RM2.30bil), healthcare (RM1.60bil) education (RM1.55bil), creative (RM0.40bil) and others (RM1.69bil). "With Iskandar Malaysia moving on the right direction, local and foreign investors are now turning their gaze on us," added Ismail. Johor's proximity to Singapore was an added advantage as many of the small and medium enterprises (SMEs) and multinational corporations (MNCs) were looking elsewhere to relocate their operations. "Logically, Johor Baru is the best choice for many of them as they could have the best of both worlds in two countries," he said. He said new industrial parks within Iskandar Malaysia such as Senai Hi-Tech Park, Setia Business Park, Tanjung Langsat, IOI Kempas Utama and Southern Industrial Logistics and Clusters@Nusajaya were doing well. Ismail said to-date Singapore was the largest foreign investor in Iskandar Malaysia with total cumulative investments of RM4.56bil as at Dec 2011. Ismail said SMEs from Japan and MNCs from Europe, the United States and those based in China also had shown interest to relocate their operations to Iskandar Malaysia. He said Johor's manufacturing sector received a shot in the arm with the Government planning to transform Johor into a leading electronic manufacturing services hub in the country and the region. |
| RHB Research sees possible rebound in MRCB shares Posted: 26 Aug 2012 05:51 PM PDT KUALA LUMPUR: RHB Research Institute sees a possible rebound in the short term for Malaysian Resources Corp Bhd (MRCB) shares following the steep decline in the stock's price. It said on Monday MRCB's share price had climbed from a low of RM1.27 in February 2010 to a year-high of RM2.60 on Aug 2, 2011 before a gap-down on Aug 5 2011 triggered a correction which saw its share price fall to a year-low of RM1.48 by end-September 2011. RHB Research said as MRCB was grossly oversold, the stock's price staged a five-month recovery to a high of RM2.27 by early-February before it gradually fell back to a low of RM1.54 in mid-May. A bullish wave subsequently lifted the stock to a high of RM1.93 in early-July. Nevertheless, the stock failed to sustain above the 61.8% FR level of RM1.91 and corrected to a low of RM1.71 by end-July. A second corrective wave subsequently pushed the stock's price to a low of RM1.67 over the next three weeks. "Last Friday, the stock continued to slip below the 10-day SMA and ended the day at RM1.61 (from its open of RM1.66), registering a total trading volume of 7.5m shares," it said. "Noticeably, the medium-term outlook is negative with both MACD and signal lines heading deeper into the negative region. This is substantiated by the growing bearish divergence between the 10 (RM1.722) and 40-day (RM1.783) SMAs. RHB Research said similarly, the short-term trend is also negative given the increasing bearish divergence between the MACD and signal lines. "Despite the negative outlooks, the steep decline in the stock's price saw both RSI (27.827 points) and Stochastic indices cross over into the oversold region prompting a possible rebound in the short term," it said. |
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