Portfolio Results Update 28/2/2013 – Masterskill, Sunzen, Hap Seng, Paramount, HHHCorp, Sunway, Masteel, Tuneins, MNRB, FFHB

Masterskill – Reduced revenue and drastic profit slump. (Sell)

Sunzen – Flat revenue and profit – (Hold)

Hap Seng – Slight improved revenue and profit, consistent growth with PE x8 (Buy on dip)

Paramount – Slight reduced profit and revenue. New projects announced, PE x 10 (Hold)

HHHCorp – Disappointing quarter as we just start monitoring this company. (Monitor)

Sunway – Strong result with PE x 6 (Strong Buy)

Masteel – Flat revenue but back to profit (Hold)

Tuneins – Post IPO first result giving PE x 10, Good potential (Buy)

MNRB – Strong NTAB and strong EPS with PE less than 5 times (Buy)

FFHB – Consistent recovery (Accumulation)

Portfolio Results Update – Ahealth, Cheetah, DKSH, White Horse,

Ahealth – EPS maintained at 30 cents with yield 3-4% (Hold)

Cheetah – Flat revenue and profit growth but maintain PE x5 (Hold)

DKSH – Positive improvement on revenue and profit 49 cents full year EPS (Buy)

White Horse – Improved revenue but lowered profits. Still less than 10 times PE which traded half the book value (Buy)

We start holding Tuneins, U-Li and HHHCorp

As partial process to monitor these three counters. We have bought in some shares to start monitoring in detail before we decide to increase weight or otherwise. But it is a stage we want to go detail about these three counters.

Portfolio Results Update – UMW, PMCap, Khind, Bonia, RHBCap, Tomei, Padini, Alaqar KPJ REIT, IHH, U-Li and MKH

UMW – Improved revenue and profits with 25 cents dividend (Hold)
UMW – Proposed listing of Oil & Gas unit (Positive to extend share holder value)
PMCap – Entering into PN17 (Cautiously hold)
Khind – Revenue increased 40% with 3 fold increased in profits & dividend 6 cents (Buy)
Bonia – Improved revenue with lowered profit (Hold)
RHBCap – Flat revenue and profit (Hold)
Tomei – Improved revenue with highly reduced profit (Hold)
Padini – Improved revenue but drastically reduced profit (Hold)
Innity – Slightly lowered revenue and profit (Hold)
Alaqar KPJ REIT – Improved revenue and profit (Hold)
IHH – PE way too high (Sell above RM 3.40 – 3.50)
U-Li – relooking into it after correction due to not successful takeover
MKH – relooking into it as the EPS has increased substantially.

Portfolio Results Update – Favco, Green Packet, Manulife. Success, Stemlfe, Lay Hong, Inari, UMS

Favco – Lower qtr but solid performance for year. PE 5 times with estimated 4% Yield
Green Packet – Narrowed losses and target to launch LTE in 2013
Manulfe – Improved yoy but still fall short to our expectatin
Success – Flat revenue with improved profit, still traded highly undervalued
Stemlfe – Improved revenue with falt pofit growth, still a hold for its industry
Lay Hong – Flat revenue that registered losses – Closely monitor another quarter in 2013
Inari and UMS – We will start monitor these two companies due to its performance and valuation.

KLCI – GE dominated sentiment

For the last week of February 2013. it is nothing but GE dominated sentiment around. KLCI has a good result week for financial sector. However, rally quickly capped by GE sentiment. As this GE will be a fierce competition ever. Market will be full of uncertainty and looking for lead. We waiting for more bargain to come. Currently, we doing nothing.

Allianz – yoy Q4 result improved 20%

Allianz is continuing its grow path as the final quarter yoy show another 20% est. grow in both revenue and profits. We continue maintain our recommendation to buy below RM 8 and we still maintain our target at RM 10. Buy on any weakness.

Maybank and PBBank delivered good Q1 2013

All financial has done well with average 10-20% growth. Maybank and PBBank leading with consistent growth. AFG, AMMB, CIMB are registered healthy grow. We continue recommend hold or long term buy for all financial especially focus in Affin, Maybank and PBBank.

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