Top Story : AirAsia – 2QFY12/10 results to beat our expectation - Outperform
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- We expect 2QFY10 core PBT to come in at RM125-135m, up 13-22% vis-à-vis RM111m recorded in 1Q.
- Cumulatively, 1H core PBT of RM236-246m will have accounted for 55-57% of our full-year forecast of RM432.1m, exceeding our expectation.
- The qoq growth in 2QFY12/10 core PBT will have been driven largely by 6% more passengers, partially offset by a higher fuel cost.
RHB Equity 360° - 12 August 2010 (AirAsia, CBIP, BAT; Technical: Supermax)
Showing posts with label Supermax. Show all posts
Showing posts with label Supermax. Show all posts
Thursday, August 12, 2010
Tuesday, July 6, 2010
RHB Equity 360° - 6 July 2010 (Kossan, IOIC, Faber, Mah Sing; Technical: Supermax)
- Management is still positive on the demand for gloves and expects it to remain firm moving forward. Currently, Kossan’s average utilisation rate stands at approximately 90% and this has been rather consistent over the past few years despite the increase in production capacity.
- The capacity expansion at its new factory in Jalan Meru is ongoing, and upon completion, this new factory will house a total of 32 double-former lines. This factory currently houses 8 double-former lines, which will start commercial production in Sep’10. All-in, Kossan’s annual production capacity would increase by 20.8% from 12bn pieces currently to 14.5bn pieces by end-2010 and further by 3.5% in 2011 to 15bn pieces.
RHB Equity 360° - 6 July 2010 (Kossan, IOIC, Faber, Mah Sing; Technical: Supermax)
- The capacity expansion at its new factory in Jalan Meru is ongoing, and upon completion, this new factory will house a total of 32 double-former lines. This factory currently houses 8 double-former lines, which will start commercial production in Sep’10. All-in, Kossan’s annual production capacity would increase by 20.8% from 12bn pieces currently to 14.5bn pieces by end-2010 and further by 3.5% in 2011 to 15bn pieces.
RHB Equity 360° - 6 July 2010 (Kossan, IOIC, Faber, Mah Sing; Technical: Supermax)
Monday, May 10, 2010
RHB Equity 360° - 10 May 2010 (Kurnia Asia, Insurance, CSC Steel; Technical: Supermax, MPHB)
Top Story : Kurnia Asia – Business strategy still on track ♦ Regardless of the outcome of the new motor insurance scheme proposed by BNM, Kurnia is on track to improve its profitability through various measures.
♦ For 1HFY09, third party gross premium dropped by 64.9% while third party policies fell to 276k from 848k previously, suggesting Kurnia is on track with its strategy to more selective in underwriting third party liability policies. Similarly, management expense ratio fell to 17.9% from 20.5% in the same period, as the company moves towards its target management expense ratio of 15%.
♦ Management indicated that Kurnia has surpassed the 130% minimum Capital Adequacy Ratio (CAR) set by BNM. Kurnia aims to further strengthen its CAR to a target of 150%. We believe it is achievable by the end of FY10 through the retention of earnings.
♦ We are maintaining our earnings forecasts, pending the announcement of 1Q numbers on 11 May.
♦ Maintain Market Perform with an unchanged fair value of RM0.74. Assuming the company meets our fullyear forecast, there appears to be upside to its share price.
RHB Equity 360° - 10 May 2010 (Kurnia Asia, Insurance, CSC Steel; Technical: Supermax, MPHB)
♦ For 1HFY09, third party gross premium dropped by 64.9% while third party policies fell to 276k from 848k previously, suggesting Kurnia is on track with its strategy to more selective in underwriting third party liability policies. Similarly, management expense ratio fell to 17.9% from 20.5% in the same period, as the company moves towards its target management expense ratio of 15%.
♦ Management indicated that Kurnia has surpassed the 130% minimum Capital Adequacy Ratio (CAR) set by BNM. Kurnia aims to further strengthen its CAR to a target of 150%. We believe it is achievable by the end of FY10 through the retention of earnings.
♦ We are maintaining our earnings forecasts, pending the announcement of 1Q numbers on 11 May.
♦ Maintain Market Perform with an unchanged fair value of RM0.74. Assuming the company meets our fullyear forecast, there appears to be upside to its share price.
RHB Equity 360° - 10 May 2010 (Kurnia Asia, Insurance, CSC Steel; Technical: Supermax, MPHB)