♦ 1H10 results above both our expectations and consensus. 6MFY10 net profit of RM79.1m achieved 67.2% and 68.8% of both our and streets’ full year estimates, underpinned by the strong growth in all models and the positive contribution from new dealerships with Volkswagen, Mitsubishi and Hino.
MBM Resources Berhad : An even better 2Q - 18/08/2010
Showing posts with label MBM Resources. Show all posts
Showing posts with label MBM Resources. Show all posts
Wednesday, August 18, 2010
Tuesday, May 25, 2010
RHB Equity 360° (Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Top Story :
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
MBM Resources Berhad : Strong Start To The Year - 25/05/2010
1QFY12/10 results within our expectations but above consensus. 1QFY12/10 results came in at 33% and 67.1% of our and market full-year forecasts respectively. However, we consider this to be in line with our expectations as 1Q results were exceptionally high due to the launch of the Alza in Nov 09. 1QFY10 revenue increased by 39.2% yoy mainly due to higher unit sales experienced by subsidiaries Federal Auto (+207.3% yoy in unit sales) and DMMS Perodua (+44.5% yoy in unit sales) as well as higher sales by the autoparts manufacturing subsidiaries WCC (+52.9% yoy in sales value) and OMI (+35.0% yoy in sales value). 1QFY12/10 normalised net profit increased by 291.0% yoy mainly due to:
1) margin expansion on greater economies of scale as well as lower imported costs stemming from more favourable exchange rate; and
2) 400.8% yoy increase in associate Perodua contributions (on unit sales improvement of 24.4% yoy).
MBM Resources Berhad : Strong Start To The Year - 25/05/2010
1) margin expansion on greater economies of scale as well as lower imported costs stemming from more favourable exchange rate; and
2) 400.8% yoy increase in associate Perodua contributions (on unit sales improvement of 24.4% yoy).
MBM Resources Berhad : Strong Start To The Year - 25/05/2010
Monday, March 15, 2010
Corporate Highlights - 15/03/2010
♦ Notion Vitec : Moving Up The Value Chain
♦ MBM Resources : Entered Into Distributorship/Dealership Agreements
♦ Market Technical Reading : Revisiting The 1,300 Stronghold...
♦ Cahya Mata Sarawak : An Opportunity To Bargain Buy Near RM2.10...
♦ Commodities & Currencies : More Weakness On The US$ Imminent This Week…
Corporate Highlights - 15/03/2010
♦ MBM Resources : Entered Into Distributorship/Dealership Agreements
♦ Market Technical Reading : Revisiting The 1,300 Stronghold...
♦ Cahya Mata Sarawak : An Opportunity To Bargain Buy Near RM2.10...
♦ Commodities & Currencies : More Weakness On The US$ Imminent This Week…
Corporate Highlights - 15/03/2010
MBM Resources Berhad : Entered Into Distributorship/Dealership Agreements 15/03/2010
Distribution Agreements with Autovox and Heico. MBM’s subsidiary, FAST has entered into two separate agreements with Autovox for the sole and exclusive sale rights to distribute ABT Sportsline and Heico Sportiv products in Malaysia last Friday. Both agreements stipulate that FAST will also be responsible for the import, logistics and coordination of installation of ABT Sportsline products and Heico Sportiv.
MBM Resources Berhad : Entered Into Distributorship/Dealership Agreements 15/03/2010
MBM Resources Berhad : Entered Into Distributorship/Dealership Agreements 15/03/2010
RHB Equity 360° (Notion, MBM; Technical: Tan Chong, Cahya Mata Sarawak) - 15/03/2010
Top Story : Notion Vtec – Moving Up the Value Chain Outperform
New Coverage
- Notion Vtec (Notion) is an integrated precision engineering specialist and tools maker.
- Notion is expected to extensively produce for Samsung 2.5" baseplates components with initial production of 100K units per/month rising sharply to 1m units per/month (by June) and 2m pieces per/month by end-2010 respectively. We expect this to grow significantly in FY11-12 as Notion steps-up its capability to produce higher-value components.
- Recall that Nikon acquired a 8.98% via a private placement exercise raised about RM33.8m. The proceeds will be used for its plant in Thailand with plans for further expansion. We expect Notion Nikon to further develop its expertise and technical know-how in order to service Nikon which will further improve production efficiently.
- We estimate revenue growth in FY10, FY11, and FY12 to driven mainly by: 1) stronger demand in the 2.5" HDD segment particularly the robust orders from Samsung; and 2) stronger contribution from its camera division given volume loading from Nikon.
- We estimate a fair value of RM 4.59 based on 10x FY11 EPS. Initiate coverage with an Outperform recommendation.
RHB Equity 360° (Notion, MBM; Technical: Tan Chong, Cahya Mata Sarawak) - 15/03/2010
New Coverage
- Notion Vtec (Notion) is an integrated precision engineering specialist and tools maker.
- Notion is expected to extensively produce for Samsung 2.5" baseplates components with initial production of 100K units per/month rising sharply to 1m units per/month (by June) and 2m pieces per/month by end-2010 respectively. We expect this to grow significantly in FY11-12 as Notion steps-up its capability to produce higher-value components.
- Recall that Nikon acquired a 8.98% via a private placement exercise raised about RM33.8m. The proceeds will be used for its plant in Thailand with plans for further expansion. We expect Notion Nikon to further develop its expertise and technical know-how in order to service Nikon which will further improve production efficiently.
- We estimate revenue growth in FY10, FY11, and FY12 to driven mainly by: 1) stronger demand in the 2.5" HDD segment particularly the robust orders from Samsung; and 2) stronger contribution from its camera division given volume loading from Nikon.
- We estimate a fair value of RM 4.59 based on 10x FY11 EPS. Initiate coverage with an Outperform recommendation.
RHB Equity 360° (Notion, MBM; Technical: Tan Chong, Cahya Mata Sarawak) - 15/03/2010