STOCK FOCUS OF THE DAY
Sime Darby: Slow and steady HOLD
We maintain a HOLD call on Sime Darby with an increased FV of RM2.38/share (from RM2.10) after raising our projected earnings for the group’s industrial segment and including the value of the Malaysian Vision Valley (MVV) land in our SOP valuation.
We believe the group is approaching the expansion of its core segments and divestment of non-core assets in a thoughtful and measured way. We project the group’s net profit to grow by 2-10% annually in the next few years premised on the strength of its BMW dealerships in the key markets of China and Malaysia, and the return of its industrial segment to solid ground.
Others :
Sasbadi Holdings: Wins two textbook contracts BUY
UMW Holdings: Daihatsu says no to UMW’s consolidation of Perodua HOLD
QUICK TAKE
Plantation Sector: Inventory down 6.2% MoM in March NEUTRAL
RETAIL RESEARCH
Stocks On Radar: Serba Dinamik, Yinson, Kerjaya Prospek, GFM Services
FOREIGN EXCHANGE
GBP/USD: Strengthening mode envisaged
NEWS HIGHLIGHTS
Building Material Sector: Steel stocks regain strength
Vertice: Vertice unit bags RM339.86m SUKE job
Yong Tai: Sets up RM1b sukuk programme
TSR: Pays RM58.9m for Kwasa Land project
DISCLAIMER:
The information and opinions in this report were prepared by AmInvestment Bank Bhd. The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of AmInvestment Bank Bhd. Bhd may from time to time have a position in or with the securities mentioned herein. Members of the AmBank Group Bhd and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice.
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