KL Trader Investment Research Articles
HwangDBS Research Highlights - 31 Jan 2013
Southern Steel; Buy (upgrade from Hold); RM1.38
Price target: RM1.70 (prev RM1.80); SSB MK
Riding on firmer steel prices
Firmer steel prices will lift earnings sequentially. Government intervention to curb cheaper imports will be positive for the sector. Valuation is undemanding; upgrade to BUY with revised RM1.70 TP based on 0.9x FY13 NTA.
Genting Singapore; Hold; S$1.47
Price target: S$1.60 (prev S$1.30); GENS SP
Sunnier days ahead
MBS 4Q12: Strong rebound in rolling chip, mass picking up. RWS: May see similar recovery with RWS running at full steam, potential new ventures in 12-18 months. Raise 2013-14F earnings by 7-11%; Maintain Hold but raise TP to S$1.60 (from S$1.30).
IGB REIT; Hold; RM1.35
Price target: RM1.40; IGBREIT MK
Gardens Mall still in gestation
FY12 earnings ex-revaluation gains within expectations, driven mainly by Mid Valley Megamall rentals.1.83sen DPU declared – 4.8% distribution yield when annualised. Near-term earnings growth organic.
Source: HwangDBS Research - 31 Jan 2013
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Be the first to like this. Showing 2 of 2 comments
what happen to HL try to take southern steel private in 2010 offer 2.05 per share ???
2013-04-13 19:17
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kianlim2004
I believe southern steel is a good buy now selling only
at RM$1.35 per share due to low buying interest which
I am quite surprise. Common Guys, the company's 2012
Annual Report is showing a depreciation charges of RM$68 million,
this implies that the company is making money but for
accounting purposes it has to show a loss. Next, new capital
investment is RM$197 million, if the company doesn't spend
this amount, the balance sheet would show that about half
of the company's equities is in cash. Remember the company
only issues about 400 million shares with RM$1 par value.
This shows that management is series about moving forward,
I am sure this company's future will be bright. It is the
most competitive steel company in Malaysia. My stupid guess is
it should be trading at around RM$1.50 per share right now.
It is not probably because its bosses, the Hong Leong Group
and Dr. Tan Tat-Wei do not care about the suffering of
their poor shareholders or business partners. I am surprised
the company hasn't even think about buying back its own shares
to protect the interests of their shareholders. I am impressed
by their skills in running the company but I am dissapointed
by their heartless behavior of not maintaining the share price
at the reasonable price!
2013-04-13 18:41