♦ Mini blast furnace to be fully operational by end-Nov/Dec 2010.
AJR’s mini blast furnace is expected to commence its full operation by
end-Nov/Dec 2010 after going through cold commissioning currently. To
recap, its mini blast furnace was originally targeted to be completed by
Dec 2008, but was subsequently delayed due to the downturn in the
global economy. In addition, the initial plan to invest into a slabs rolling
mill to produce high-grade engineering steel products has also been
shelved.
Ann Joo Resources Berhad : Mini Blast Furnace Plant to Start Operation Soon - 08/10/2010
Showing posts with label Ann Joo Resources. Show all posts
Showing posts with label Ann Joo Resources. Show all posts
Friday, October 8, 2010
Wednesday, August 4, 2010
Ann Joo Resources Berhad : 2QFY12/10 Net Profit Rises 71% QoQ - 04/08/2010
Beat expectations. 1HFY12/10 net profit of RM112.4m came in above expectations, accounting for 68.8-70.5% of our and the full-year market estimates. The key variance against our forecast came largely from higherthan- expected selling prices.
Ann Joo Resources Berhad : 2QFY12/10 Net Profit Rises 71% QoQ - 04/08/2010
Ann Joo Resources Berhad : 2QFY12/10 Net Profit Rises 71% QoQ - 04/08/2010
RHB Equity 360° - 4 August 2010 (Fajarbaru, Ann Joo, Gent Msia, IJM Plant; Technical: TNB, L&G)
Top Story : Fajarbaru – FY06/10 results to beat our expectation - Outperform
Results Preview
- We expect Fajarbaru’s FY06/10 full-year results, due out by the end of the month, to come in at RM24-25m at the net level, beating our forecast by 7-12%.
- The stronger-than-expected performance will likely to have been driven by higher-than-expected progress billings and margins from key on-going construction projects, particularly, the Seremban-Gemas doubletracking and Tampin hospital projects, in 4QFY06/10.
RHB Equity 360° - 4 August 2010 (Fajarbaru, Ann Joo, Gent Msia, IJM Plant; Technical: TNB, L&G)
Results Preview
- We expect Fajarbaru’s FY06/10 full-year results, due out by the end of the month, to come in at RM24-25m at the net level, beating our forecast by 7-12%.
- The stronger-than-expected performance will likely to have been driven by higher-than-expected progress billings and margins from key on-going construction projects, particularly, the Seremban-Gemas doubletracking and Tampin hospital projects, in 4QFY06/10.
RHB Equity 360° - 4 August 2010 (Fajarbaru, Ann Joo, Gent Msia, IJM Plant; Technical: TNB, L&G)
Friday, July 23, 2010
RHB Equity 360° - (Steel, BAT; Technical: Faber)
Sector Update
Ann Joo Resources : Target PER raised from 7x to 9x Market - Perform (up from UP)
CSC Steel : Target PER raised from 7x to 9x - Outperform (up from MP)
Hiap Teck Venture : Target PER raised from 7x to 9x - Market Perform
Kinsteel : Target PER raised from 7x to 9x - Underperform
Perwaja : Target PER raised from 7x to 9x - Outperform
Sino Hua-An : Target PER raised from 7x to 9x - Underperform
- We believe prices of steel products will likely stage a rebound in 4Q, as: 1) steel consumption is seasonally stronger in 4Q; 2) concerns on overcapacity in the steel sector are likely to ease in the near term; and 3) spot price of iron ore fines (key steelmaking input for most large steel mills in the world) has bottomed.
RHB Equity 360° - 23 July 2010 (Steel, BAT; Technical: Faber)
Ann Joo Resources : Target PER raised from 7x to 9x Market - Perform (up from UP)
CSC Steel : Target PER raised from 7x to 9x - Outperform (up from MP)
Hiap Teck Venture : Target PER raised from 7x to 9x - Market Perform
Kinsteel : Target PER raised from 7x to 9x - Underperform
Perwaja : Target PER raised from 7x to 9x - Outperform
Sino Hua-An : Target PER raised from 7x to 9x - Underperform
- We believe prices of steel products will likely stage a rebound in 4Q, as: 1) steel consumption is seasonally stronger in 4Q; 2) concerns on overcapacity in the steel sector are likely to ease in the near term; and 3) spot price of iron ore fines (key steelmaking input for most large steel mills in the world) has bottomed.
RHB Equity 360° - 23 July 2010 (Steel, BAT; Technical: Faber)
Thursday, June 3, 2010
RHB Equity 360° - 3 June 2010 (Banks, Gaming; Technical: Ann Joo Resources)
Sector Update
♦ Overall, 1QCY10 reporting season resulted in another quarter of record aggregate profit (+47.7% yoy;+3.8% qoq) being reported for the domestic banking system. Non-interest income was higher while net interest income, overheads and loan loss provisions were generally stable qoq.
♦ Notwithstanding the record profits, this appeared to have been largely factored in. Of the eight bank stocks that we cover, two came in above our expectations while the rest were within our estimates (4QCY09: three above and five in line). As compared to consensus, two results were above consensus estimates while the rest were in line (4QCY09: two above and six in line).
RHB Equity 360° - 3 June 2010 (Banks, Gaming; Technical: Ann Joo Resources)
♦ Overall, 1QCY10 reporting season resulted in another quarter of record aggregate profit (+47.7% yoy;+3.8% qoq) being reported for the domestic banking system. Non-interest income was higher while net interest income, overheads and loan loss provisions were generally stable qoq.
♦ Notwithstanding the record profits, this appeared to have been largely factored in. Of the eight bank stocks that we cover, two came in above our expectations while the rest were within our estimates (4QCY09: three above and five in line). As compared to consensus, two results were above consensus estimates while the rest were in line (4QCY09: two above and six in line).
RHB Equity 360° - 3 June 2010 (Banks, Gaming; Technical: Ann Joo Resources)
Thursday, April 29, 2010
Ann Joo Resources Berhad : Near-Term Outlook Remains Positive
Below our expectation, but above market consensus. 1QFY12/10 net profit came in below our expectation, accounting for only 19.2% of our full-year forecast. We believe the variance against our forecast came largely from higher-than-expected raw material costs (in particular,scraps). As against the market expectations, the results came in above,accounting for 27.7% of the full-year market consensus.
Ann Joo Resources Berhad : Near-Term Outlook Remains Positive
Ann Joo Resources Berhad : Near-Term Outlook Remains Positive
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH; Technical: WCT)
Top Story : Sime Darby – Short-term weakness in FFB production, but LT sustainability intact. Outperform.
Visit Note:
Six key takeaways from our recent visit:
1) Slower FFB production in Indonesia now;
2) Longer-term FFB growth sustainable;
3) CPO price view unchanged;
4) Production costs to decline, but not as significantly as seen in 1HFY10;
5) Property division picking up speed; and
6) Capex higher than expected.
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH;...
Visit Note:
Six key takeaways from our recent visit:
1) Slower FFB production in Indonesia now;
2) Longer-term FFB growth sustainable;
3) CPO price view unchanged;
4) Production costs to decline, but not as significantly as seen in 1HFY10;
5) Property division picking up speed; and
6) Capex higher than expected.
RHB Equity 360° - 29 April 2010 (Sime Darby, Construction, Media, Allianz, Sunway, Ann Joo, Fajarbaru, YNH;...
Monday, March 1, 2010
Ann Joo Resources Berhad : Anticipates Bumper Earnings in 1HFY12/10 - 01/03/2010
Below expectations. FY12/09 net profit of RM31.6m came in below our as well as market expectations, accounting for only 50.8-51.2% of our forecast and the market consensus. The variance against our forecast came largely from lower-than-expected sales volumes.
Ann Joo Resources Berhad: Anticipates Bumper Earnings in 1HFY12/10 - 01/03/2010
Ann Joo Resources Berhad: Anticipates Bumper Earnings in 1HFY12/10 - 01/03/2010
RHB Equity 360° - 01/03/2010 (Carlsberg, Sime, Genting, Genting Msia, Maxis, Ann Joo, AirAsia, Affin, IKML, Suncity, KPJ, Faber, Kossan, MCIL, etc.)
Top Story : Carlsberg – Hello Singapore!
Outperform
Briefing Note
- In FY09, Carlsberg was hit with higher raw material costs, flattish industry volumes and an increase in offtrade consumption due to value pressure, but gained +1% market share.
- Imported premium beer segment grew 56% in FY09 and has received favourable feedback from on-trade consumers, which could translate to gaining more pub contracts in Klang Valley and reduce dominance of Guinness and Heineken. Four new brands in imported premium beer segment to be introduced in FY10.
- Total TIV expected to recover by 2% in FY10 (vs. our assumption of 1%) driven by improving consumer sentiment, later timing of CNY festive season and World Cup celebration. New contracts for raw material prices locked in at lower prices in Jan and margins expected to return to more normal levels. Concerns remain on value pressures from customers as they become more used to lower priced beer.
- No changes to our forecasts. Maintain fair value of RM5.90 based on unchanged WACC of 9.2%.
RHB Equity 360° -01/03/2010 (Carlsberg, Sime, Genting, Genting Msia, Maxis, Ann Joo, AirAsia, Affin, IKML, ...