Barefoot Investor: Malaysia Market : Shares track from OSK Investment Banking

TIME (FV RM0.70- BUY) 9MFY11 Results Review: Almost on The Dot
Time dotCom’s (TDC) operating revenue was below expectations at 67% and 66% of
our and consensus full-year estimates, owing to the absence of global bandwidth sales.
However, higher private leased line and domestic bandwidth sales drove core EBITDA
margins to a record 34% in 3QFY11. With its minority shareholders recently approving
management’s corporate proposals, TDC is poised to become a regional wholesale
service provider in 1QFY12, which is a future catalyst for the stock. We are maintaining our BUY, at a revised FV of RM0.70 (excluding contributions from the entities to be acquired), which effectively provides an 8.5% upside from the current price level.

KFC (FV RM4.08-BUY) 9MFY11 Results Review: Not Much to Crow About
MEDIAC (FV RM1.47– BUY) 1HFY12 Results Review: Staying on Course
KIMLUN (FV RM2.15-BUY) 9MFY11 Results Review: Intact on All Fronts
PERWAJA (FV RM1.54-BUY) 9MFY11 Results Review: Awaiting Upstream Makeover
MRCB (FV RM2.50- TRADING BUY) 9MFY11 Results Review: Progressing a Tad
IJMPLNT (FV RM3.42-BUY) 6MFY12 Results Review: Stage Set For Double-Digit
SIME (FV RM9.64-NEUTRAL) 1QFY12 Results Review: Upping Fair Value to RM9.64
IJM (FV RM5.74-NEUTRAL) 1HFY12 Results Review: A Rather Surprising Letdown
SOP (FV RM6.51-BUY) 9MFY11 Results Review: More Blowout Results
KULIM (FV RM4.80-BUY) 9MFY11 Results Review: Maintains Winning Streak

Market Review

Still skittish. The FBM KLCI closed over 16 points lower ahead of the long weekend asinvestors took profit on blue chips after the recent gains. The headlines over the weekend are: (i) Khazanah highlighted that non-Bumiputra firms can acquire non-core assets divested by GLCs and (ii) ROC Oil is keen on more oil projects in Malaysia with its local partner, Dialog Group. On the results front, Sime Darby reported a 64% y-o-y jump in net profit, Kulim posted a 40% fall in 3Q earnings, MRCB's 3Q numbers surged 191% while KFCH's earnings fell 12%. We expect sentiment to remain skittish albeit the stronger close across Asian markets yesterday coupled with gains overnight in the US and Europe over better Thanksgiving weekend sales and hopes of a recovery in the Eurozone respectively should pare down the earlier losses today.(OSK Wealth Management Trading)


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