The Star Online: Business
The Star Online: Business |
- Alliance Neutral on Axiata, ups target price to RM7
- Deleum top loser, down 11.3% after disappointing results
- Maybank KE Research maintains Hold on AirAsia
| Alliance Neutral on Axiata, ups target price to RM7 Posted: 22 May 2013 07:15 PM PDT |
| Deleum top loser, down 11.3% after disappointing results Posted: 22 May 2013 07:08 PM PDT KUALA LUMPUR: Deleum Bhd fell the most on Thursday morning, sliding 11.3% or 41 sen to RM3.21 after its financial results were below market expectations. At 9.54am, it was down 41 sen to RM3.21. There were 672,100 shares done. The FBM KLCI shed 0.52 of a point to 1,783.36. Turnover was 359.10 million shares valued at RM285.77mil. There were 196 gainers, 267 losers and 240 counters unchanged. On Wednesday, Deleum reported its net profit fell 31% to RM6.8mil in the first quarter ended March 31, 2013 from RM10mil a year ago on lower revenue from its retrofit projects and the deferment of certain oil and gas projects. Its revenue, however, increased by 4.5% to RM86.50mil from RM82.7&mil a year ago. Earnings per share were lower at 4.56 compared to 10.02 a year ago It said revenue from its power and machinery division was RM65.58mil, oilfield services (RM17.58mil) and from maintenance, repair and overhaul (RM3.33mil). |
| Maybank KE Research maintains Hold on AirAsia Posted: 22 May 2013 06:49 PM PDT KUALA LUMPUR: Maybank KE Research is maintaining its Hold recommendation on AirAsia as it awaits value creation from associates' listings and dividends. "The downside for this stock is limited in our view, given its strong balance sheet and value crystallisation from the upcoming listing of its associates - AirAsia Indonesia and AirAsia X," it said. Maybank Research said there was also the prospect of a special dividend after these successful listings. On the first quarter results, the research said they were mixed. The core airline businesses in Malaysia, Thailand and Indonesia performed largely to expectations but all the joint ventures and associates disappointed. Overall, "The Q1, 2013's core net income of RM153.4mil (up 2.9% on-year) makes up 18% of our full year forecast, and 17% of consensus. "We maintain our earnings forecasts and RM3 a share target price based on 9.2 times 2013 adjusted EV/EBITDAR - in line with global peers. The stock is however downgraded to a Hold (from Buy) as it is above our fair value," it said. |
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