♦ Market Outlook & Strategy
4Q2010 : Volatility As Economic Worries Persist
♦ Banking
Sector Update : Aug ‘10 System Data – Monthly Applications At Another High And Broad- Based
♦ Fajarbaru Builder Group
News Update : Lands RM62.4m Automotive Industrial Park Infrastructure Job
♦ Hiap Teck Venture
Results Note : FY07/10 Results Boosted By Better Margins
♦ Market Technical Reading
Daily Trading Strategy : Optimism On A Technical Rebound Persists...
Corporate Highlights...-01/10/2010
Showing posts with label Hiap Teck Venture. Show all posts
Showing posts with label Hiap Teck Venture. Show all posts
Friday, October 1, 2010
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, July 1, 2010
Hiap Teck Venture Bhd : 3QFY07/10 Performance Improves on Better Margins; But Likely to Weaken in Coming Quarters - 1/7/2010
Within our expectation, but below market consensus. 9MFY07/10 reported net profit of RM38.0m came in within our expectation, accounting for 75% of our full-year forecast. As against the market expectations, the results came in below, at only 63.7% of the full-year market consensus.
Hiap Teck Venture Bhd : 3QFY07/10 Performance Improves on Better Margins; But Likely to Weaken in Coming Qu...
Hiap Teck Venture Bhd : 3QFY07/10 Performance Improves on Better Margins; But Likely to Weaken in Coming Qu...
RHB Equity 360° - 1 July 2010 (Strategy, Consumer, Banks, MRCB, Tanjong, Hiap Teck; Technical: Genting)
Top Story : Market Outlook & Strategy 2H2010 – Still a bumpy ride
Strategy Update
- Uncertainty persists in the global economy although we believe the risk to the global economy is a sharperthan-expected slowdown in the 2H and not a “double-dip”.
- For Malaysia, economic growth is envisaged to slow down to 4.8% yoy in the 2H, from an estimate of +8.8% in the 1H, as the “V-shape” export recovery normalised and demand from Europe and China softened. Consequently, corporate earnings growth is likely to have peaked. Market valuations, though not cheap, remain at reasonable levels.
RHB Equity 360° - 1 July 2010 (Strategy, Consumer, Banks, MRCB, Tanjong, Hiap Teck; Technical: Genting)
Strategy Update
- Uncertainty persists in the global economy although we believe the risk to the global economy is a sharperthan-expected slowdown in the 2H and not a “double-dip”.
- For Malaysia, economic growth is envisaged to slow down to 4.8% yoy in the 2H, from an estimate of +8.8% in the 1H, as the “V-shape” export recovery normalised and demand from Europe and China softened. Consequently, corporate earnings growth is likely to have peaked. Market valuations, though not cheap, remain at reasonable levels.
RHB Equity 360° - 1 July 2010 (Strategy, Consumer, Banks, MRCB, Tanjong, Hiap Teck; Technical: Genting)
Thursday, May 6, 2010
Corporate Highlights - 6/5/2010
♦ Hiap Teck Venture
Visit Note : Focus Remains On Domestic Demand
♦ Construction
Sector News Update : The Government Rolls Out PFI Projects
Corporate Highlights - 6/5/2010
Visit Note : Focus Remains On Domestic Demand
♦ Construction
Sector News Update : The Government Rolls Out PFI Projects
Corporate Highlights - 6/5/2010
Hiap Teck Venture Berhad : Focus Remains On Domestic Demand - 6/5/2010
Domestic demand improved, but capacity utilisation capped by inconsistent HRC supply. Despite demand and margins for pipes in the domestic market have improved significantly since Feb 10, Hiap Teck’s capacity utilisation is currently constrained by inconsistent HRC supply domestically. To ensure consistent HRC supply (and hence its ability in raising capacity utilisation to match the improving domestic demand), Hiap Teck is now planning to secure local HRC by giving advance payment to the Megasteel, the sole domestic HRC producer.
Hiap Teck Venture Berhad : Focus Remains On Domestic Demand - 6/5/2010
Hiap Teck Venture Berhad : Focus Remains On Domestic Demand - 6/5/2010
RHB Equity 360° - 6 May 2010 (Hiap Teck, Construction, Unisem, Faber; Technical: Evergreen)
Top Story : Hiap Teck – Focus remains on domestic demand
Visit Note
♦ Despite demand and margins for pipes in the domestic market have improved significantly, Hiap Teck’s capacity utilisation is currently constrained by inconsistent HRC supply domestically. To ensure consistent HRC supply, Hiap Teck is now planning to secure local HRC by giving advance payment to the Megasteel.
♦ Management indicates that export demand is likely to remain weak in the near term, as:
1) Demand in the US market has yet to gain traction; and
2) The ongoing investigation by the Australian government into the imports of steel pipes from Malaysia will result in Australian stockists staying away.
♦ Management believes that there will be a few more months (likely to involve a few more rounds of technical audits) before Hiap Teck can become the approved vendor to MITCO for high-grade ERW pipes, given the stringent quality control required as well as the company’s lack of experience for these pipes.
♦ Management indicated construction of the blast furnace would start by end-2010 and complete by 2013.
♦ We are lowering our FY07/10-12 net profit forecasts by 5.5-6.7% p.a., to reflect higher interest expense arising from its RM110m investment into a 55% stake in Eastern Steel.
♦ Fair value is lowered by 6.7% from RM1.80 to RM1.68 based on 9x revised CY10 EPS of 18.7 sen.
RHB Equity 360° - 6 May 2010 (Hiap Teck, Construction, Unisem, Faber; Technical: Evergreen)
Visit Note
♦ Despite demand and margins for pipes in the domestic market have improved significantly, Hiap Teck’s capacity utilisation is currently constrained by inconsistent HRC supply domestically. To ensure consistent HRC supply, Hiap Teck is now planning to secure local HRC by giving advance payment to the Megasteel.
♦ Management indicates that export demand is likely to remain weak in the near term, as:
1) Demand in the US market has yet to gain traction; and
2) The ongoing investigation by the Australian government into the imports of steel pipes from Malaysia will result in Australian stockists staying away.
♦ Management believes that there will be a few more months (likely to involve a few more rounds of technical audits) before Hiap Teck can become the approved vendor to MITCO for high-grade ERW pipes, given the stringent quality control required as well as the company’s lack of experience for these pipes.
♦ Management indicated construction of the blast furnace would start by end-2010 and complete by 2013.
♦ We are lowering our FY07/10-12 net profit forecasts by 5.5-6.7% p.a., to reflect higher interest expense arising from its RM110m investment into a 55% stake in Eastern Steel.
♦ Fair value is lowered by 6.7% from RM1.80 to RM1.68 based on 9x revised CY10 EPS of 18.7 sen.
RHB Equity 360° - 6 May 2010 (Hiap Teck, Construction, Unisem, Faber; Technical: Evergreen)
Wednesday, March 31, 2010
Hiap Teck Venture Berhad : 2QFY07/10 Net Profit Dips QoQ - 31/03/2010
Below expectations. 1HFY07/10 net profit came in below expectations, at 29.1-32.6% of our full-year forecast and the full-year market consensus. We believe the variance against our forecast came largely from the lowerthan- expected sales volumes.
Hiap Teck Venture Berhad :2QFY07/10 Net Profit Dips QoQ - 31/03/2010
Hiap Teck Venture Berhad :2QFY07/10 Net Profit Dips QoQ - 31/03/2010
RHB Equity 360° (Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical: KUB) - 31/03/2010
Top Story : New Economic Model – Broad framework unveiled
Market Update (published 30 Mar 2010)
♦ The PM unveiled the broad framework for the New Economic Model (NEM) yesterday.
♦ While the PM talked about the subsidy system, introduction of the GST and also pledged to carry out economic reforms, we note that the market may be disappointed by the lack of actual policy changes.
♦ The GLCs appear to be in the driving seat, especially with regards to public-private partnerships.
Government land in Sungei Buloh will be developed in a jv with the EPF, while other prime land in Kuala Lumpur will be tendered out and developed by the private sector.
♦ Sustainability of natural resources also appeared to be a key focus including palm oil and oil & gas, with the emphasis on downstream activities.
♦ As for the subsidy system, the PM mentioned Pos Malaysia in relation to improving wages although we believe this can only come from an increase in postal rates. We think TNB will also be in the running for a revision to its electricity tariffs.
RHB Equity 360° ( Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical:KUB)-...
- We believe the NEM is a long-term plan and more importantly consistent implementation will still be crucial.
Market Update (published 30 Mar 2010)
♦ The PM unveiled the broad framework for the New Economic Model (NEM) yesterday.
♦ While the PM talked about the subsidy system, introduction of the GST and also pledged to carry out economic reforms, we note that the market may be disappointed by the lack of actual policy changes.
♦ The GLCs appear to be in the driving seat, especially with regards to public-private partnerships.
Government land in Sungei Buloh will be developed in a jv with the EPF, while other prime land in Kuala Lumpur will be tendered out and developed by the private sector.
♦ Sustainability of natural resources also appeared to be a key focus including palm oil and oil & gas, with the emphasis on downstream activities.
♦ As for the subsidy system, the PM mentioned Pos Malaysia in relation to improving wages although we believe this can only come from an increase in postal rates. We think TNB will also be in the running for a revision to its electricity tariffs.
RHB Equity 360° ( Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical:KUB)-...
- We believe the NEM is a long-term plan and more importantly consistent implementation will still be crucial.