Malaysian Pacific Industries Berhad : Conservatively Optimistic - 25/08/2010

•Guiding for moderate growth. Management highlighted that it is “conservatively optimistic” and expects a modest sequential growth in 1QFY06/11 given the company is already running at full capacity. Note that currently overall utilisation remains around 95%. Nonetheless, management expects 1QFY06/11 earnings to continue to grow on the back of: 1) stronger contribution from the MLP and QFN chips; and 2) increasing orders for high-density packages as customers migrate from lower-margin density packages.

Market Technical Reading : High Risk Of A Technical Pullback Soon… - 25/08/2010

Malaysian Pacific Industries Berhad : Above Expectations - 24/08/2010

♦ Above expectations. MPI’s FY06/10 results were above our expectations, with core net profit (excluding a one-off deferred tax writeback and an impairment loss) accounting for 108% of our and market consensus estimates. The key variance was mainly due to: 1) negative EBITDA margin in 4QFY10 reflecting lower ASP; 2) an impairment loss recognised amounting to RM47.9m; and 3) higher other expenses.

Malaysian Pacific Industries Berhad : Above Expectations - 24/08/2010

Malaysian Pacific Industries Berhad : Stronger Growth Ahead - 27/05/2010

Stronger growth expected. Management expects 4QFY06/10 revenue to register stronger qoq growth, given 3QFY06/10 qoq growth of +2.0% which bucks the trend of a seasonally weaker quarter. In addition, management expects 4QFY06/10 net profit to grow sequentially on the back of: 1) higher utilisation rate; 2) stronger contribution from MLP and high-density packages; and 3) margin expansion stemming from higher contribution of high-density packages and cost-cutting measures. We understand that overall utilisation rates increased to 95% from 85% in 2QFY06/10. Note that utilisation rates for Ipoh, Suzhou, and Dynacraft plants currently stand
at 95%, 100%, and 90% respectively (vs. 90%, 100%, and 85% in 3QFY06/10).

Malaysian Pacific Industries Berhad : Stronger Growth Ahead-27/05/2010

Malaysian Pacific Industries Berhad : FY11 Earnings Growth To Be Driven By X3-MLP - 26/05/2010

In line. 9M06/10 results were in line with our but above market consensus, accounting for 74.6% and 82.7% of our full-year forecast and market consensus respectively. 3Q06/10 reported turnover of RM353.7m (+2.0% qoq, 75.7% yoy) was mainly due to higher MLP sales stemming from stronger-than-expected demand from the automotive segment and consumer electronics.

Malaysian Pacific Industries Berhad : FY11 Earnings Growth To Be Driven By X3-MLP-26/05/2010

Corporate Highlights...-26/05/2010

♦ Shifting Trends
Market update : Seeking Shelter In Domestic Plays

♦ Consumer Sector - Tobacco
Sector Update : Industry Changes From AFTA-Cept

♦ Building Materials
Sector Update : Steel Sub-sector Running Out of Steam

♦ Perwaja Holdings
Results Note : In Line, Expecting Weaker 2H

♦ Kinsteel
Results Note : In Line; Anticipating Weaker 2H

♦ Malaysian Pacific Industries
Results Note : FY11 Earnings Growth To Be Driven By X3-MLP

Corporate Highlights...-25/05/2010