K&N Kenanga
Enhanced Asset Size and Market Share
A re-rating is warranted. Acquiring ECM Libra Investment Bank (ECM IB) will catapult Kenanga into the number 3 position by equity trading value market share. More significant, however, is that the group has returned to the black with much improved asset quality, while the merged entity could potentially be the largest stand-alone investment bank (IB) in the country. Trading at an adjusted P/BV of just 0.6x, valuations are undemanding. Kenanga is Not Rated but we have tacked on a fair value of MYR0.90 (38% upside), pegged to a peer average P/BV of 0.8x, supported by an estimated ROE of 6.8%.

Unisem (M) Bhd expects to record double-digit growth this year after its poor performance last year, as it focuses on tier-one clients and the China market.

Its chairman John Chia said on Tuesday that while the company did not do well in the first quarter of this year, the "worst is over" and that the Unisem "should see successive growth in the balance of the year".

"I think it would be a significant double digit growth for the full year and the forecast from our customers for the third and second quarters are strong," he said after the AGM.

(Analysis: Price found its support around 200MA and facing a cluster of resistances. Short term, price will not moving fast. Holding power is important for this counter.

The wait is almost over. Share price has fallen 13% (from peak in Mar 2012) and is below its IPO price of MYR1.70 (listed July 2011). This is a stark dichotomy to its rising outstanding orderbook (+33% YTD) and earnings growth (1Q12 net profit: +21% YoY). The construction landscape in Middle East is still vibrant and Eversendai is the frontrunner for the MYR850m Abu Dhabi International Airport structural steel job. Maintain BUY and TP of MYR2.17 (12x 2012 PER).

马来西亚五金机械建材总商会总会长拿督林权兴发布文告指出，政府较早前宣布至本月15日起，进口8项合金钢产品（HS7225）必须持有进口准证，至今该会已接获国际贸易及工业有关部门发出通知函。

　有关进口8项合金钢产品，贸工部给予14天宽限期免申请进口准证，即本月15日至28日期间，商家获准在这项措施未实施前，拥有充裕的时间取货，也避免货物抵港后因新政策的实施令商家措手不及。

　根据通知函，一旦14天宽限期已过，即本月29日起，举凡进口这8项合金钢产品皆需要申请入口准证。

成榮集團（MUDAJYA，5085，主要板建築）認為公司專業團隊及健康財務水平有助攬獲更多合約，有信心今年可在海內外獲總值5億至10億令吉項目。

　該公司董事經理安圖約瑟今日出席股東大會後指出，公司在建築業表現不俗，今年首季已獲總值約36億令吉合約，數項工程已在進行中。

　“我們也有意進軍再生能源業，進行太陽能發電、水力發電和風力發電等可保護環境的永續發展。”

　他說，目前公司已進軍印度能源業，此舉將強化公司成為新進能源業者的地位。

　“印度項目首階段今年底可竣工，明年首季可投產；餘下3個發電單位將在第2階段建造，2013年末季才投入運作。”

膠價下跌、需求提升及效率改善，帶動頂級手套（TOPGLOV，7113，主板工業產品組）截至5月31日的第三季淨利揚升110%至5千381萬令吉，去年同期為2千560萬令吉。
第三季營業額成長13%至6億330萬令吉，創下該集團歷來最高紀錄，去年同期為5億3千340萬令吉。
派息7仙
該公司建議派發每股7仙的單層中期股息，高於去年同期的5%，派息日期為7月19日。
和上財政年首9月相比，頂級手套的首3季累積淨利彈高60%至1億1千415萬令吉，高於去年同期的8千830萬令吉，至於營業額則自去年的15億令吉，上漲13%至17億令吉。
頂級手套集團主席丹斯里林偉才在文告中指出，首9月淨利已比上財政年的全年淨利1億1千510萬令吉高出23%，盈利改善主要由於需求增加、效率提升，加上乳膠平均價格從去年首9月的每公斤8令吉80仙下跌至7令吉56仙。
他表示，所有膠手套市場的需求強勁，因膠手套被視為基本必需品，尤其是在保健行業。此正面成長是追隨數項重要趨勢：政府和雇主更注重工作安全、更遵守安全條例，以及持續的推廣和教育以保護雙手來提升公共衛生及安全。
乳膠價短期低於7令吉
他表示，由於全球最大汽車市場中國的經濟放緩，令​​輪胎業者的需求降低，加上歐債危機增添隱憂，預期乳膠價格在短期內低於每公斤7令吉。
他指出，“我們目前的重點是當最低薪金制於明年初落實時，減緩此條例所帶來的衝擊。我們將繼續密集投資於自動化和研發活動，持續生產流程的創新，以進一步加強產品素質，改善生產力，從而減少依賴工廠勞工和更具成本效率。”（星洲日報／財經）

Based on good financial performance & positive technical breakout, Oldtown could be a good stock for with its future prospect is brightening.I'm looking for long term invest.

SCC Holdings Bhd today entered into a Memorandum of Understanding (MoU) to acquire a 100 per cent equity interest in
Polyware Sdn Bhd and KMB Trading Sdn Bhd from its individual vendors.

Polyware's principle activity is manufacturing and the distribution of pipe fittings for water utilities and irrigation system for the infrastructure and plantation industries.

Meanwhile, KMB Trading's main business is the trading of plumbing material irrigation fittings system for the infrastructure and plantation industries.

In a filing with Bursa Malaysia today, it said the MoU would allow SCC Holdings to venture into the manufacturing of clean water pipe fittings and out-fittings in water infrastructure projects, both locally and overseas.

"At the same time, it allows the group to explore the synergistic
potential in the water irrigation industry for animal farming and agriculture industries to further expand its "Green Solutions" direction," it said.

RSAWIT: Technical rebound amid grossly oversold position
RSAWIT’s recent correction from 52-wk high of RM1.22 (10 Feb) to RM0.99 (16 May) has nearly reached the weekly lower Bollinger band at RM0.98 and we think a temporary base has been formed and a rebound is in the pipeline.
If prices can continue to consolidate upwards after recent breakout from its downtrend channel (FIG3), there is a good chance that RSAWIT may reclaim RM1.07 (50% FR) and RM1.10 (38.2% FR) levels. A breakout above RM1.10 will spur prices to retest RM1.12 (23.6% FR) and 3M high at RM1.16. Significant resistance is RM1.22.
Supports are RM0.97-0.99 and RM0.97 (100-d SMA). Cut loss below RM0.96.

Agree.Insider on focus this counter.

Go high and higher.

Agree.Nubhan.

Good.1st target RM4.00.

輝高(Favco)在大馬、丹麥、美國和澳洲設有龐大的製造廠，並在新加坡、中東、中國設有分公司，是名副其實的跨國公司。
吊機又重又長，乃龐然大物，運送不易，運費高昂，這是促使該公司在接近吊機市場的國家設廠製造的主要原因。
2006年上市的輝高，是連續10年，每年都取得可觀盈利的少數上市公司之一，尤其是過去5年，業績表現不俗，每股淨利由2007年的11.22仙，升至2011年的26.69仙。
本財務年，到今年3月31日的第一季，每股已取得5.74仙的淨利。
在今年5月22日時，手頭訂單高達7015萬令吉，足夠該公司忙碌兩年。
該公司的主要顧客為岸外石油和煤氣勘探及生產公司、造船廠和建築業。
輝高是另一家上市公司睦興旺工程(Muhibah)的子公司，睦興旺擁有輝高55.573%股權，控制睦興旺的Mac Ngan Boon(也是董事經理)直接擁有輝高4.573%。
他兼任輝高的董事經理；副董事經理兼執行長為他的公子Mac Chung Hui，父子倆人均為工程師。36歲的Chung Hui已掌管輝高的吊機業務11年，經驗豐富，駕輕就熟。
具備優質股五條件
輝高具備第二線優質股五條件：
⑴合理的盈利：去年每股淨利26.69仙。
⑵合理的股息：今年派息6仙(除權日：7月13日，派發日：8月10日)，以目前1.40令吉的股價，淨週息率為4.3%。股息不算高，勝在穩定。
⑶現金流量強勁，財務基礎穩固：在今年3月31日時，手頭握有現金1億4300萬令吉，扣除6772萬令吉的債務後，淨現金額為7528萬令吉，每股擁有43仙的現金。
⑷本益比偏低：以去年每股淨利26.69仙及目前1.40令吉的股價，本益比僅為5.25倍。
⑸合理的成長：目前握有逾7億令吉的訂單，預料未來兩年是豐收年。
【總結】
這是一家具有良好業績紀錄，管理良好的上市公司，前景看好，適合長期投資，建議投資者買進後貼身跟踪業務進展，尤其是該公司通過股票交易所發布的有關接獲訂單的文告。年報及每季季報，必須細讀。
【聲明】本文資料取自該公司招股說明書，歷年年報、季報及文告，​​相信可靠。本文僅供參考，並非推薦購買。筆者可能擁有或未擁有此股。
冷眼專欄3天前已刊登於《南洋商報》。敬請訂閱《南洋商報》，以利掌握先機

GEM dividend good
Although the capital of the GEM than the motherboard comes little, but some companies in 2011 can still hand in dazzling transcripts, or even pay a dividend to reward shareholders.
Listed in August 2010, the Long March Holdings (SCC, 0158, GEM), is the champion of the 2011 GEM dividend king announced the payment of a dividend of 6.50 cents. The fiscal year ended December 31, 2011, the company achieved 5.204 million ringgit net profit of RM 35.624 million turnover.
The runner-up position from the semiconductor field of LNG resources (LNGRes, 0025, GEM) in the fourth quarter dividend of 2 cents, accumulated throughout the year up to 3 cents; runner-up Al software (ELSoft, 0 090, GEM) won the single quarter and full year dividend payments were 1 cents and 2 cents.
One, despite the OPCOM holding (OPCOM, 0 035, GEM) most recent quarterly dividend payments, the cumulative first three quarters of the group has distributed a dividend of 24.5 cents per share, the GEM companies to distribute the highest dividend.

GEM dividend good
Although the capital of the GEM than the motherboard comes little, but some companies in 2011 can still hand in dazzling transcripts, or even pay a dividend to reward shareholders.
Listed in August 2010, the Long March Holdings (SCC, 0158, GEM), is the champion of the 2011 GEM dividend king announced the payment of a dividend of 6.50 cents. The fiscal year ended December 31, 2011, the company achieved 5.204 million ringgit net profit of RM 35.624 million turnover.
The runner-up position from the semiconductor field of LNG resources (LNGRes, 0025, GEM) in the fourth quarter dividend of 2 cents, accumulated throughout the year up to 3 cents; runner-up Al software (ELSoft, 0 090, GEM) won the single quarter and full year dividend payments were 1 cents and 2 cents.
One, despite the OPCOM holding (OPCOM, 0 035, GEM) most recent quarterly dividend payments, the cumulative first three quarters of the group has distributed a dividend of 24.5 cents per share, the GEM companies to distribute the highest dividend.

在2010年8月上市的长征控股（SCC，0158，创业板），是2011年创业板股息王的冠军，宣布派发6.50仙的股息。截至2011年12月31日财年，公司取得520万4000令吉净利以及3562万4000令吉营业额。

MAINTAIN OUTPERFORM (Buy)
Given the recent contracts flow and acquisition plan, we believe AMRB is set to deliver a stronger 2H12.

Valuation Maintaining our TP of RM1.14 based on 10x Fwd PER (-0.5SD) on our FY13E EPS estimate of 11.4 sen.

股价下跌
未反映合并价值
询及最近侨丰控股的股价大幅度下跌，黄宗华​​表示，他不能确定的真正原因，惟让投资者以本身智慧对该公司的价值进行评估。
一起接受访问的侨丰投资银行首席执行员余清福表示，合并计划可能在短期内未能确实反映真正价值，可能低估业务前景及股东价值。不过，最近其股价跌至1令吉35仙左右公水平，比其每股资产值2令吉43仙大幅度折价44%。
余清福认为，若该公司脱售投资银行业务后成为PN17公司，他们将会向有关当局申请豁免以保持原有地位。惟他相信这将不会发生，因该公司除了持有兴业资本10%股权的收益外，也将会继续推动其他现有业务，甚至寻求其他商机。
近期侨丰控股股价败退，自5月底公布脱售投资银行业务后，就从当时的1令吉74仙水平，一路跌至目前的1令吉36仙左右，跌幅达22%，造成市场议论纷纷。

侨丰控股（OSK，5053，主板金融组）董事丹斯里黄宗华表示，该公司脱售旗下的侨丰投资银行给兴业资本（RHBCAP，1066，主板金融组），换取后者约10%股权后，该公司将照常发展现有产业及借贷业务，并寻求新商机，不会将资产全部回退给股东。
黄宗华接受《星洲财经》联访时表示，一旦完成并购，该公司将继续照常营业为股东提供价值，即在持有兴业资金10%股权之余，该公司也会寻求良好商机，特别是该公司拥有经验丰富的人力资源，过去良好经营记录即是好证明。
他指出，企业并购活动往往引起市场疑问​​、臆测或什至投机，而侨丰控股脱售“皇冠上的珠宝”－－投资银行业务，换取兴业资本的股权及现金，这项计划免不了引起市场的各种臆测与反应。
他认为，在持有兴业资本的10%股权后，该公司将可在其旗下的3项核心业务董事部委派代表（需要各有关当局批准），并将业务转向更大平台及扩大资产负债表，加上拥有雇员公积金局（EPF）及中东的阿布扎比​​金融集团为共同股东，预料可为投资银行业务提供更大的发挥及发展空间。
他指出，由于交易还在进行，所以目前谈论发展其他商机详情尚是言之过早，而且董事部也将决定未来业务发展事宜，目前主要专注于完成上述交易，过后才谈论未来的业务。

成功食品（BJFOOD，5196，主板贸服组）的大马、印尼扩展步伐稳健，大马研究预测其前景亮丽。
在印尼未开发市场成长潜能佳，而国内城市与城郊地带成长动力大，“星巴克”正式注入成功食品后，有助加强业务。
成功食品本财政年开21间KRR餐厅（大马12间、印尼9间），也计划扩展其他国家。在马每年增15间KRR餐厅，直至200间。目前总共有88间KRR餐厅（77间在马、印尼11间）。
4月截止本财政年仍有3千500万令吉净现金，2013财政年净利2千190万令吉，2015财政年净利预测3千700万令吉。扣除固定资产注销（印尼KRR餐厅关闭与迁入大印尼购物中心），刚公布全年净利按年增长11%至1千100万令吉，按季则挫39%至300万令吉。
周四宣布每股派2.5仙免税股息，每股总派息4.5仙，或派息率56%，高于管理层承诺之40%派息率。目标价由1令吉25仙，调高至1令吉45仙。

Old Town (OLDTOWN, 5201, the Main Board of Trade and service group) business progress at home and abroad highly optimistic about the contribution of the analysts expected regional business better than expected, and is expected to push its rating.
OSK Research said the third and fourth new stores in China in August this year; Indonesia this two year-end to open two Indonesian branches by year-end increased to nine in Indonesia next year will be a central kitchen ; another open 2-3 stores in the Lion City.
Ipoh new plant is expected to be built in the third quarter of the completed, the fast moving consumer goods business Quzhun middle-income group, is expected in the financial year this block of business beyond its food and beverage industry; has appointed three distributors in China, in the first-line marketing of the cities of Beijing, Tianjin, Shanghai and Guangzhou.
The domestic front, in April to promote lunch package contribution to total sales in the second quarter 25%, if this sales momentum to continue and be "halal certification, expected profit for the higher contribution. The package price is between 10 to 12 ringgit.

股价账面比1.27倍
收购案预期将在今年底完成，K&N肯南嘉表示，收购价相对益资利投资银行截至2012年1月31日总值6亿8770万令吉的净资产高出1亿8740万令吉，或相当于1.27倍的股价对账面比率。
谢玮良认为，国内现有的金融业者数目和种类将在未来2至3年完全不同，“我们将积极探掘更多并购机会，但不会是今天。”
但询及是否会在完成合并益资利投资银行后裁员时，谢玮良回答该集团将会花时间来评估合并后所需的工作范围才决定。
“无论如何，集团不会停止拓展脚步，这将创造潜在就业机会。”
营业额料增15%
K&N肯南嘉资深董事李国基也透露，此收购案将提振集团年度营业额10%至15%，归功于更大的客户群和分销网络。
此交易完成后，K&N肯南嘉分行总数将增加至31间。
“此规模将可使集团从个人投资者截取更高赚幅的业务。”
为了配合宣布上述重大消息，两家金融集团皆在今日申请暂停交易一天，将在下周一（18日）恢复交易。
截至昨日闭市，K&N肯南嘉和益资利金融作价分别为65仙和86.5仙，今年迄今也分别录得0.8%和12%的涨幅。

券商：艾芬投银研究
目标价：5令吉

城中城产业（KLCCP，5089，主要板房产）拥有标志性主要资产、防御型盈利及大量流动现金，以资产和本益比等角度评估，现有股价遭大幅低估，投资者应趁现有股价错估买进。

　由于目前市场投资者对高素质的大型房地产投资需求越来越高，城中城产业很有可能会如其他公司般，在2014年进行产托项目，释放目前仍锁住的价值。

　产托已是一个趋势，我们相信2014年会是一个很好的时机，一旦该公司进行产托，加上5%净回酬目标，股价或有可能重估至7.30令吉。

　若以昨日闭市价3.76令吉计算，投资者若趁成交量较低时以现有水平买进，届时回酬水平可超过1倍。

　再者，该公司旗下尚有阳光购物中心翻新项目、租金增长亦保持稳定，故首次评估我们已建议投资者买进。

　闭市时，城中城产业起2仙至3.78令吉，成交量78万4000股。

目標價：1.66令吉
最新進展
舊街場白咖啡（OldTown，5201，主板貿服股）位於怡保新廠房工程進行順利，料可在今年第3季如期完成。
行家建議
舊街場白咖啡消費產品在中國相當受歡迎，相信2013年消費產品的盈收上升空間很大，我們也認為，消費產品營業額貢獻將隨之超越連鎖餐廳。
另外，集團在4月份推出的午餐配套促銷策略成功，以目前趨勢看來，未來季度仍可維持約25%的貢獻率。同時，我們估計2012財年，每家連鎖餐廳的年度營業額為95萬2000令吉，較上財年同期的94萬4000令吉高。
舊街場白咖啡董事局也透露，計劃在9月或10月份推出售賣亭，在商業區如大型購物廣場，推銷簡便食品和飲料。
我們看好售賣亭的概念，因為投資費用低（2至3萬令吉），而且擁有清晰的目標客戶群。

EX-date: 28/06/2012

Entitlement date: 02/07/2012

Entitlement time: 05:00:00 PM

Entitlement subject: Final Dividend

Entitlement description: Single Tier Tax Exempt Final Dividend of 5 sen per share and Special Single Tier Tax Exempt Dividend of 1.5 sen per share

Market launch of the Malaysian postal (POS, 4634, the Main Board of Trade and service sector), the second round of five-year transition plan view of the front, mainly because the company plans to contribute its net income sources diversification in order to facilitate the turnover to achieve double-digit growth and improve profitability. At the same time, analysts are also optimistic about the investment prospects of the company, and some analysts that end raised its net profit forecast. Malaysian Post plans to an annual average of its five-year transition plan to invest 100 million to 50 million ringgit, and to focus on four major business lines in order to reduce dependence on traditional mail services, and enhance the business to digitization. In addition, the company also hope that the turnover in each year are made ​​under the premise of double-digit growth in 2017 exceeded 2 billion ringgit points. For that goal, Kennan Jia research analysts view them as very aggressive goals, turnover due to new sources of revenue contributed 22%, the material of four annual compound growth rate (CAGR) of 40%. At the same time, the analysts believe that new business expected to bring a strong contribution to, and he also predicted that the express delivery, financial services and direct mail business, in fiscal years 2013 and 2014 the contribution of 12-20% of the turnover. Hong Leong's research analysts also agree that the transformation program in the second round of the material for the Malaysian postal positive performance, although this or will not occur in the short term. Meanwhile, analysts believe, and thus will promote its dividend payout ratio is much higher than current or expected. Therefore, Ken Nanjia research analyst to its 2013 financial year profit forecast by 12 percent. However, analysts stressed that the main risk of the plan is still the executive power, and bring an immediate effect due to the rapid execution to the net profit performance. The analysts also maintain that the Malaysian Post's "outperform" rating and target price of 3.70 ringgit. Hong Leong Research Analyst to maintain its "buy" rating and target price of 3.20 ringgit, and continued optimistic about the prospects of the Malaysian postal service, mainly due to the DRB (DRBHCOM, 1619, the motherboard industry shares) or more potential synergy. Compared with Singapore Post, the Malaysian postal stock is still undervalued; and more generous and attractive dividend payout ratio.

Syarikat Takaful Malaysia Berhad (Takaful
Malaysia) is progressing towards setting up a wholly owned subsidiary in Labuan International Offshore Financial Centre (IOFC) as the ‘Special Purpose Vehicle’ (SPV) to invest and hold its overseas property investment.

Read more: Takaful Malaysia exploring Labuan IOFC http://www.btimes.com.my/Current_News/BTIMES/articles/20120615121824/Article/index_html#ixzz1xrtCl2BY

Continue uptrend with Takaful.Cheer..

Appreciate who can share the request from Tansrihew ?

Targeting buy on RM3.50 below !

Target price: 6.10 ringgit
The latest progress
Telekom Malaysia (TM, 4863, shares of the Main Board of Trade clothing) Unifi's service in the first quarter of fiscal year 2012, an increase of 78 000 users, with the last quarter of last fiscal.
Competitors Maxis (Maxis, 6 012, the motherboard shares of Trade and service price cutting, therefore, high-speed broadband networks in the field began to fierce competition.
Fiscal year 2012 capital expenditure of $ 2.3 billion 60 million ringgit, FY 2014 is expected to decline to 1.8 billion 50 million ringgit. Cash flow will increase, coupled with 2.3 billion ringgit in cash held is expected to have greater capital management space.
Expert recommendations
Telekom Malaysia to implement a number of promotional activities, we expect that Unifi will continue to increase by a similar margin.
The company will profit due to increase in the wholesale broadband transmission service demand, which will also HSBB network can accelerate the commercialization process.
Solid growth in turnover to earn substantial increase, we predict that the 2012-2014 fiscal year, three-year compound annual growth rate will reach 25%. Telekom Malaysia to implement a 90 percent dividend policy, the investor will receive a higher dividend.

periphery continued to be filled with negative news lead to a bear market has claws, analysts thus believe that the stock market in the second half, "dead or alive" Investors are advised to investigate the stocks have the defensive ability of high returns.Commented: consumer-related stocks will continue to attract investor interest, this area material with the Government recently introduced the minimum wage system to benefit; analysts also believe that, although the raw material price fluctuations, the resilience of local consumer spending support the food and beverage industry profitability.
Stock selection: ● full benefit resources (QL 7 084)
Rating: BUY
Target price: 3.70 ringgit

MBSB
1st target RM2.40
2nd target RM3.00
Cut loss below RM2.20
Buy on upward continuation above RM2.27

Appreciate if share it out on latest info.Thanks.

嘉德商托（CMMT，5180，主板產業投資信託組）的資產地點、資產效率和大股東實力備受看好，分析員預期吉隆坡以外的購物商場可望成為其股價催化劑。
黃氏唯高達表示，該公司的城市商場人流在2009至2011財政年成長10%，整頓金河廣場和綠水坊後，兩家商場的2008至2011財政年累積成長各報33%和11% ，而郊區的商場也能協助減輕經濟展望欠佳的衝擊。
該行認為，除了看好東海岸商場、合您廣場和綠水坊將成為該公司短期成長引擎，該公司握有優先收購權的檳城皇后灣廣場（Queensbay Mall）也可能成為潛在成長催化劑。
主評：黃氏唯高達評級：買進目標價： 1.85令吉

Semiconductor – Data Still Points To A Recovery Overweight
Sector Update
Unisem – Fair value is RM1.84 Outperform
MPI – Fair value is RM4.08 Outperform
Notion Vtec – Fair value is RM1.38 Outperform
With signs that the eurozone economy will likely fall into a contraction, it is unlikely that chip sales in the EU will see any recovery in the medium term.
However, we believe this will not hamper the sector’s recovery which, in our view, will be driven mainly by the pick up in the US and Asia.

Cheap valuation. Given the fact that steel industry outlook remains challenging in the medium term, Tan Sri Albert's purchase may have been motivated by the group's on-going exercise to dispose of a portion of its interest in its steel unit. Although the process has been long-drawn and discussions are likely to be lengthy, especially with fresh economic concerns in Europe, we still cannot discount the possibility of there being buyers who may be keen to seek exposure in Malaysia or South-East Asia's steel markets. As for its basic valuation, the current share price is certainly undemanding at only at 0.26x of FY12 BV. Furthermore, the market value of the listed units owned by the company at RM1.65 also implies that the market has not ascribed any value to its steel business. (FV: 1.41)

I'm reduce on hold and take some profit.

Buy : Bottom up on Oversold,

Let's wait and see....cheer..

Net profit year by year improved
Raise funds listed China shipped holding has in the prospectus that the money raised from eligible, will also be looking for a suitable acquisition, investment and joint venture opportunities.
According to the 2011 annual report data show that China shipped holding's turnover for the past five years showed strong growth in 2007 from 300 million to 700 million yuan, 300 million to 85 million yuan, 400 million to 74 million yuan, 600 million to 13 million yuan in 2011 of the 800 million to 62 million yuan.
The net profit is also the same increase year by year, from 76 million yuan in 2007 to 92 million yuan, 100 million to 14 million yuan, 100 million to 39 million yuan and 2011, 100 million to 61 million yuan.
From 2007 to 2011, its turnover and net profit compound annual growth rate (CAGR), the respective 29.5% and 20.7%.
In the first quarter of 2012, China shipped holding the turnover year-on-year growth of nearly 32 percent, reaching 100 million to 94.96 million yuan (94.55 million euros), compared to 100 million to 47.98 million yuan (71.77 million euros).
On the net profit, from 24.58 million yuan (11.92 million euros), up 39 percent to 34.29 million yuan (16.63 million euros) earned rate improved from 16.6% to 17.6%.
From past performance, the performance in the first quarter is generally weak than the other quarter, for Looking ahead, the group remain optimistic for the immediately preceding three quarters.

Agree with take profit 1st.

UNISEM (5005/1.32), Buy: Technical rebound, oversold

PERWAJA, (5146/0.615), Buy: Technical rebound, oversold

Buy:bottom up,rebound on oversold.

KINSTEL (5060/0.435) Buy:Double Bottom

he company's slow progress in securing officialmining rights has been a big letdown. While we have been waiting patiently for the award to materialise, after the Terengganu Menteri Besar's second verbal confirmation in December 2011 on awarding the concession providedsome assurance, that official word on the award is just around the corner.Meanwhile, Perwaja is building its pelletizing plant which is hoped will boostthe profitability of its direct reduction plant. This plant will allow it to meet its own iron ore pellet needs, as well as achieve total savings of up to USD50 a tonne from the procurement oflocal iron ore, logistics benefits, in-house value-adding and utilization oftax credits on accumulated losses. As for its existing iron and steelmaking operation, we suspect that the kitchen sinking carried out in 4QFY11 may have reconciled the materialcosting to present levels and thus do not expect another impairment, unlessthere is another drop in material prices. Nonetheless, we are keeping ouroriginal estimates of a marginal profit in FY12 before the new iron processing plant starts to contribute significantly. As we are keeping our hopesalive on Perwaja's upstream makeover, we are only cutting our recommendation toTrading BUY, although our fair value is nudged lower to RM1.21. We are addingonly 10% instead of 20% of iron ore DCF to our base valuation of 0.56x FY12 BV.

OSK Research is maintaining a "neutral" call on steel manufacturer, Kinsteel Bhd, saying that it was not pinning too much hope on its business since the implementation of mega projects under the Economic Transformation Programme may encounter delay.

"However, we expect the better iron-making margin from cheaper iron ore pellets to more than compensate for the negative impact arising from the potential delay in the commissioning of the concentration and pelletization plant at Perwaya, Kinsteel's subsidiary," OSK Research said in its research notes.

OSK is maintaining its "neutral" call on Kinsteel with unchanged fair value of 49 sen.

MIDF Research, however, has upgraded its call to "buy" from a "neutral" recommendation on Kinsteel with a target price of 51 sen.

"Domestically, we expect orders for steel bars to be sustained at least in the next five to 10 years as there are plenty of sizeable construction projects currently ongoing, with more to be awarded," MIDF Research said.

MIDF Research said Kinsteel's stock price has declined by 15.7 per cent year to date.

"We believe that investors may have over-imputed the external risks for this stock. Hence, given the ample upside of 20 per cent, we are upgrading Kinsteel to 'buy'," MIDF Research said.

Kinsteel swung to profit after six quarters of net losses. It delivered a net profit of RM10.3 million for first quarter financial year 2012.

Planting Seeds For Future Growth
Raising TP to MYR2.09. Padini’s 9MFY6/12 net profit of MYR79.8m
was above our expectations (92% of our original estimates). 9M net
profit growth of 39% YoY was impressive, and the group continues to
surprise us with its ability to improve operating margins. We reiterate
our BUY call with a higher TP of MYR2.09 (from MYR1.70; +23%), on
upgrading our FY6/12-14 net profit forecasts by 10-17% and rolling
forward valuations.
Strong sales. 3QFY6/12 revenue of MYR176m (+19% YoY; -13%
QoQ) was strong, especially considering that the earlier Chinese New
Year in 2012 pushed some sales backwards to 2QFY6/12. YoY
revenue growth was due largely to more selling space added over the
past 12 months. EBIT margins fell 4.2ppts YoY as they normalised
following the exceptionally high 22.3% posted in 3QFY6/11, as a result
of better sell-through rates for its merchandise during that quarter.
10 new stores in FY6/12. Following the opening of new stores in
Paradigm Mall and Setia City Mall in May, the group has opened five
Brands Outlets (BO), three Padini Concept Stores (PCS), and one
Outlet Store at Johor Premium Outlet for FY6/12 todate. The last BO
earmarked for FY6/12 is slated to open on 30 Jun in Boulevard,
Kuching. We believe the aggressive store openings in FY6/12 will
generate strong revenue growth for FY6/13. However, the group has
thus far identified only one new BO for FY6/13 in Fahrenheit (KL CBD),
and we understand that the plan to open another store in Genting
Highlands has been put on hold. That said, we retain our assumptions
of two new stores each for FY6/13 and FY6/14.
Look forward to an exciting FY6/13. We raise our TP to MYR2.09
based on 12x FY6/13 PER (previously 12x CY12 PER) on (i) rolling
forward our valuations, and (ii) revising up our forecasts for FY6/12-14.
We continue to like Padini’s strong fundamentals and attractive
earnings momentum. We anticipate revenue and net profit growth of
24% and 19% for FY6/13, following the aggressive store openings in
FY6/12 i.e. 10 new stores with total retail space of c. 130,000 sq ft.