UOBKH Corporate Guide May 2011

8/6/2019 UOBKH Corporate Guide May 2011

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SECTOR PERFORMANCE May 2011

Net Cash Total

PE EPS Growth Net Yield Price/NTA (Debt) to Market Market2010 2011F 2012F 2010 2011F 2012F Margin ROA ROE 2010 2011F Per Share Equity Cap. Cap.(x) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (x) (%) (%) (RMm)

AUTOMOBILE 15.0 10.5 9.4 8.2 43.5 10.9 3.6 4.5 8.2 5.7 6.6 1.2 0.9 1.5 10,108

AVIATION 7.5 11.6 7.9 110.7 (35.6) 46.8 26.7 8.8 34.2 0.0 0.0 2.2 (203.5) 1.2 7,966

BANKING 16.2 13.7 12.0 28.3 18.2 14.0 n.a. 1.2 16.4 3.5 3.6 3.1 n.a. 36.3 241,572

BUILDING MATERIAL 20.8 16.0 14.7 (28.4) 30.3 8.8 12.7 7.0 9.4 4.7 4.7 3.3 5.0 0.9 6,152

CONSTRUCTION 20.4 17.4 14.5 31.5 17.3 19.6 9.9 4.0 9.8 2.5 2.8 1.9 (29.4) 3.0 19,997

CONSUMER 21.6 21.9 21.2 4.6 (1.6) 3.3 12.1 26.8 59.7 5.0 5.1 15.4 (27.6) 4.7 30,951

EXCHANGE 37.8 31.0 23.2 (36.4) 21.9 33.8 34.9 6.6 13.5 4.4 4.4 5.1 52.5 0.6 4,267

GAMING 16.8 15.4 14.0 40.1 8.7 10.4 16.7 6.6 15.3 1.8 2.1 3.5 9.8 10.6 70,561

PLANTATION 28.4 16.5 16.0 (5.6) 72.1 3.3 7.7 6.3 10.4 2.0 3.0 2.8 (10.2) 17.9 119,129

PROPERTY 34.9 29.0 23.2 19.0 20.1 25.2 22.5 4.8 11.9 1.4 1.6 2.1 (34.0) 4.0 26,473

GLOVE MANUFACTURING 12.5 14.6 11.0 58.9 (14.5) 32.6 13.7 21.1 30.4 3.7 2.4 3.1 13.6 0.9 6,315

SEMICONDUCTOR 6.9 15.0 9.7 194.3 (54.2) 55.3 13.0 10.5 18.1 2.7 5.4 1.3 (38.8) 0.2 1,254

SHIPPING 19.8 13.6 11.2 157.4 46.0 21.4 8.9 3.6 6.3 3.8 3.8 1.6 (38.0) 5.2 34,818

TELECOMMUNICATIONS 17.9 17.6 17.0 8.5 1.8 3.8 24.6 15.3 34.3 7.3 7.6 125.6 (43.6) 9.5 62,885

TOLL ROAD 17.2 18.9 13.5 13.0 (9.2) 40.6 39.0 6.9 21.3 1.7 1.7 3.6 (135.9) 3.4 22,450

OVERALL 18.5 15.5 13.7 23.8 19.6 12.9 20.9 2.4 15.1 3.3 3.6 3.1 (15.0) 100.0 664.9b


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ECONOMICS May 2011

n.a. = Not available

2008 2009 2010 2011F 2012F 2Q10 3Q10 4Q10 1Q11 Dec 10 Jan 11 Feb 11 Mar 11

GDP by Sector (Real) (yoy % chg)GDP 4.7 (1.7) 7.2 5.6 5.4 8.9 5.3 4.8 n.a. n.a. n.a. n.a. n.a.Agriculture 4.3 0.4 1.7 2.2 3.5 2.4 2.7 (4.3) n.a. n.a. n.a. n.a. n.a.Mining & Quarrying (2.5) (3.8) 0.2 0.7 1.3 1.1 (1.1) (1.3) n.a. n.a. n.a. n.a. n.a.Manufacturing 1.3 (9.4) 11.4 5.8 5.6 16.0 7.5 6.2 n.a. n.a. n.a. n.a. n.a.Construction 4.2 5.8 5.2 6.8 6.8 4.2 2.8 5.6 n.a. n.a. n.a. n.a. n.a.Services 7.4 2.6 6.8 6.0 5.7 7.3 5.4 6.2 n.a. n.a. n.a. n.a. n.a.

Utilities 2.1 0.4 8.2 5.2 5.0 9.1 4.0 4.4 n.a. n.a. n.a. n.a. n.a.Transport & Communications 6.7 1.6 7.8 6.8 5.7 8.7 7.4 7.6 n.a. n.a. n.a. n.a. n.a.Commerce 9.4 1.4 7.4 7.1 6.6 8.0 5.6 7.5 n.a. n.a. n.a. n.a. n.a.Finance & Business Services 6.2 4.2 6.7 6.0 5.9 6.5 6.4 5.0 n.a. n.a. n.a. n.a. n.a.Government Services 10.8 2.0 6.5 4.2 4.8 8.5 2.7 6.9 n.a. n.a. n.a. n.a. n.a.Other Services

External TradeExports of Goods (yoy % chg) 9.7 (16.5) 15.6 8.0 7.8 21.7 10.4 3.7 n.a. 4.6 4.6 10.7 n.a.

Imports of Goods (yoy % chg) 3.5 (16.3) 21.7 10.0 8.6 30.3 16.5 10.1 n.a. 11.5 13.5 11.5 n.a.Trade Balance (RMb) 143.2 118.4 110.2 108.6 112.8 23.4 22.3 25.5 n.a. 9.7 10.0 12.6 n.a.Current Account Balance (RMb) 129.5 112.1 90.5 100.0 107.0 16.2 19.9 23.9 n.a. n.a. n.a. n.a. n.a.

Monetary Data (end of period)Loans (yoy % chg) 13.1 8.1 12.6 10.0 9.0 12.3 11.7 12.6 13.1 12.6 13.0 12.1 13.1M1 Growth (yoy % chg) 8.3 9.8 11.7 10.0 9.0 12.6 11.5 11.7 14.0 11.7 17.9 13.2 14.0M2 Growth (yoy % chg) 13.4 9.5 7.2 10.0 9.0 9.2 8.3 7.2 8.6 7.2 9.1 8.3 8.6Overnight Policy Rate (%) 3.25 2.00 2.75 3.00 3.25 2.50 2.75 2.75 2.75 2.75 2.75 2.75 2.75

3-month Interbank Rate (%) 3.37 2.17 2.98 3.20 3.50 2.72 2.93 2.98 3.04 2.98 3.01 3.03 3.04Base Lending Rate (%) 6.50 5.55 6.30 6.50 6.75 6.05 6.30 6.30 6.30 6.30 6.30 6.30 6.30Exchange Rates (RM/US$) 3.45 3.42 3.08 2.95 2.85 3.24 3.09 3.08 3.03 3.08 3.06 3.05 3.03Foreign Reserves (RMb) 317.4 331.3 328.7 355.0 365.0 309.8 310.8 328.7 344.5 328.7 333.5 338.6 344.5

Other Macro Variables (yoy % chg)Industrial Production Index 0.8 (7.6) 7.4 4.8 4.6 10.9 4.3 4.1 n.a. 4.5 0.6 5.0 n.a.Inflation 5.4 0.6 1.7 3.1 2.6 1.6 1.9 2.0 2.8 2.1 2.4 2.9 3.0


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Highest PE (x) Forward

UEM Land 96.8

MRCB 31.6

Bursa Malaysia 31.0

SP Setia 29.5

Nestle (M) 28.5

Top Glove 25.0

Gamuda 20.8

BAT 20.0

IJM Corporation 19.3

Sime Darby 18.9

Lowest PE (x) Forward

Proton 8.7

Kossan Rubber 8.7

Sunway Holdings 9.0

KLCC Property 10.1

Hong Leong Financial 10.1

UMW Holdings 11.0

Hartalega 11.1

Alliance Financial 11.2

AirAsia 11.6

RHB Capital 11.7

RANKING BY MARKET PARAMETERS May 2011

Highest P/NTA(x) Historical

BAT 172.0

DiGi 45.2

Nestle (M) 20.4

Guinness Anchor 6.6

CIMB Group 5.3

Bursa Malaysia 5.1

Hartalega 4.5

Public Bank (F) 4.2

UEM Land 4.1

Kuala Lumpur Kepong 3.7

Lowest P/NTA (x) Historical

Proton 0.4

KLCC Property 0.6

Unisem (M) 1.3

MISC 1.6

Alliance Financial 1.6

IJM Corporation 1.6

Hong Leong Financial 1.7

Sunway Holdings 1.8

IJM Plantations 1.9

WCT 1.9

Highest Dividend Yield (%) Forward

DiGi 7.9

Berjaya Sports Toto 7.6

Maxis 7.5

Guinness Anchor 6.9

UMW Holdings 6.8

BAT 6.7

Proton 5.8

Unisem (M) 5.4

KLCC Property 5.1

Lafarge Malayan Cement 4.7

Lowest Dividend Yield (%) Forward

AirAsia 0.0

UEM Land 0.2

MRCB 0.7

Genting Bhd 1.3

PLUS 1.7

IJM Corporation 1.8

KFC 2.2

Kossan Rubber 2.2

Mah Sing 2.2

Genting Malaysia 2.2

Highest 90 Days Volatility (%)

UEM Land 40.7

Unisem (M) 38.4

MRCB 34.4

Proton 33.1

Mah Sing 32.9

Kossan Rubber 29.9

Genting Bhd 28.3

Hartalega 26.6

SP Setia 25.4

MISC 24.3

Lowest 90 Days Volatility (%)

Maxis 9.5

Public Bank (F) 11.3

Sime Darby 12.8

Nestle (M) 14.3

Berjaya Sports Toto 14.4

PLUS 14.7

Maybank 15.1

UMW Holdings 15.2

CIMB Group 15.4

Hong Leong Bank 15.6

Highest Market Cap (RMm)

Maybank 64,070

CIMB Group 60,874

Sime Darby 54,205

Public Bank (F) 46,268

Genting Bhd 43,081

Maxis 40,275

MISC 34,818

IOI Corporation 33,928

DiGi 22,610

Kuala Lumpur Kepong 22,546

Lowest Market Cap (RMm)

Kossan Rubber 1,033

Unisem (M) 1,254

Sunway Holdings 1,499

Proton 1,895

Hartalega 2,072

Mah Sing 2,154

IJM Plantations 2,380

WCT 2,420

KFC 2,943

MRCB 2,949


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PERFORMANCE AT A GLANCE May 2011

Price (RM) % ChangeCompany 31/3/11 29/4/11 mom yoy ytd

Price (RM) % ChangeCompany 31/3/11 29/4/11 mom yoy ytd

Genting Bhd 11.04 11.60 5.1 66.9 3.8Genting Malaysia 3.68 3.68 0.0 26.9 8.6Sector 3.0 43.6 4.3

PLANTATIONGenting Plantations 8.00 8.00 0.0 18.0 (8.8)IJM Plantations 2.95 2.97 0.7 17.9 (0.3)IOI Corporation 5.76 5.29 (8.2) (2.8) (9.0)Kuala Lumpur Kepong 21.20 21.12 (0.4) 28.0 (4.4)

Sime Darby 9.23 9.02 (2.3) 2.7 2.5Sector (3.5) 5.9 (3.0)

PROPERTYKLCC Property 3.34 3.29 (1.5) 2.2 (1.8)Mah Sing 2.50 2.59 3.6 50.6 40.8MRCB 2.20 2.13 (3.2) 35.7 7.0SP Setia 4.20 4.18 (0.5) 49.3 5.4UEM Land 2.83 2.69 (4.9) 90.8 10.2Sector (3.0) 51.6 8.8

GLOVE MANUFACTURINGHartalega 5.45 5.70 4.6 9.2 6.7Kossan Rubber 3.40 3.23 (5.0) (17.4) 2.2Top Glove 5.38 5.19 (3.5) (18.1) 4.2Sector (1.3) (11.4) 4.7

SEMICONDUCTORUnisem (M) 1.91 1.86 (2.6) (30.5) (19.1)Sector (2.6) (30.5) (19.1)

SHIPPINGMISC 7.87 7.80 (0.9) (12.7) (6.7)Sector (0.9) (12.7) (6.7)

TELECOMMUNICATIONSDiGi 28.60 29.08 1.7 28.1 18.2Maxis 5.38 5.37 (0.2) 1.1 1.3Sector 0.5 9.4 6.8

TOLL ROADPLUS 4.48 4.49 0.2 30.9 (0.7)

Sector 0.2 30.9 (0.7)OVERALL 3.9 18.5 1.3

AUTOMOBILEProton 3.54 3.45 (2.5) (28.1) (23.3)UMW Holdings 7.36 7.03 (4.5) 11.4 0.1Sector (4.1) 0.9 (5.3)

AVIATIONAirAsia 2.69 2.87 6.7 112.6 13.4Sector 6.7 112.6 13.4

BANKINGAlliance Financial Group 3.17 3.11 (1.9) (0.6) 2.3AMMB 6.49 6.38 (1.7) 28.4 (9.2)CIMB 8.20 8.19 (0.1) 17.4 (3.6)Hong Leong Financial Group 9.00 10.26 14.0 18.2 15.4Hong Leong Bank 9.85 10.40 5.6 19.5 13.0Maybank 8.96 8.75 (2.3) 14.2 2.9Public Bank (F) 13.14 13.10 (0.3) 9.0 0.8RHB Capital 8.58 8.86 3.3 43.4 1.6Sector 0.3 16.8 (1.1)

BUILDING MATERIALLafarge Malayan Cement 7.40 7.24 (2.2) 7.3 (5.6)Sector (2.2) 7.3 (5.6)

CONSTRUCTIONIJM Corporation 6.41 6.20 (3.3) 25.8 (0.5)Gamuda 3.86 3.74 (3.1) 24.7 (1.8)Sunway Holdings 2.28 2.46 7.9 60.8 9.8WCT 3.04 3.04 0.0 3.4 (4.7)Sector (2.1) 24.1 (0.8)

CONSUMERBAT 48.06 48.00 (0.1) 9.1 6.7Guinness Anchor 9.62 10.10 5.0 46.6 (0.6)KFC 7.90 3.71 (53.0) 87.8 (2.9)Nestle (M) 46.80 47.98 2.5 36.6 10.7Sector 1.5 25.1 6.3

EXCHANGEBursa Malaysia 8.33 8.03 (3.6) 4.6 2.9Sector (3.6) 4.6 2.9

GAMINGBerjaya Sports Toto 4.26 4.22 (0.9) (7.7) (6.2)


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Automobile

Note: Year to date performance

Aviation Banking

Building Material Construction Consumer

92

94

96

98

100

102

104

106

108

110

Jan Feb Mar Apr

Automobile

End Dec 10=100

KLCI

90

95

100

105

110

115

120

Jan Feb Mar Apr

Aviation

End Dec 10=100

KLCI

94

96

98

100

102

104

Jan Feb Mar Apr

Banking

End Dec 10=100

KLCI

97

99

101

103

105

107

Jan Feb Mar Apr

Consumer

End Dec 10=100

KLCI

94

96

98

100

102

104

106

108

Jan Feb Mar Apr

Construction

End Dec 10=100

KLCI

91

93

95

97

99

101

103

105

Jan Feb Mar Apr

Building Material

End Dec 10=100

KLCI


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Exchange


Gaming Plantation

Property Glove Manufacturing Semiconductor

97

99

101

103

105

107

109

111

113

115

Jan Feb Mar Apr

Exchange

End Dec 10=100

KLCI

91

93

95

97

99

101

103

105

107

Jan Feb Mar Apr

Gaming

End Dec 10=100

KLCI

96

97

98

99

100

101

102

103

104

105

106

Jan Feb Mar Apr

Plantation

End Dec 10=100

KLCI

75

80

85

90

95

100

105

Jan Feb Mar Apr

Semiconductor

End Dec 10=100

KLCI

97

99

101

103

105

107

109

Jan Feb Mar Apr

Glove Manufacturing

End Dec 10=100

KLCI

96

99

102

105

108

111

114

117

120

123

Jan Feb Mar Apr

Property

End Dec 10=100

KLCI


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Shipping


Telecommunications Toll Road

88

90

92

94

96

98

100

102

104

Jan Feb Mar Apr

Shipping

End Dec 10=100

KLCI

97

99

101

103

105

107

109

Jan Feb Mar Apr

Telecommunications

End Dec 10=100

KLCI

96

97

98

99

100

101

102

103

104

Jan Feb Mar Apr

Toll Road

End Dec 10=100

KLCI


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WARRANTS May 2011

SERVICESBerjaya Media 2016 0.19 1.00 0.56 1.19 112.5 2.9 0.325 0.13 56.3 5.6 18/12/16Borneo Oil 2012 0.27 1.00 0.525 1.27 141.9 1.9 0.555 0.03 32.9 1.5 18/11/12Borneo Oil 2018 0.32 1.00 0.525 1.32 151.4 1.6 0.55 0.055 53.5 6.8 28/02/18Engtex 2017 0.23 1.25 0.905 1.48 63.5 3.9 0.29 0.195 99.0 6.5 25/10/17Federal Furniture 2017 0.045 0.50 0.13 0.55 319.2 2.9 0.05 0.01 31.6 5.9 30/03/17Fitters 2012 0.565 0.80 1.07 1.37 27.6 1.9 0.595 0.13 65.6 1.6 27/11/12Gunung Capital 2013 0.365 1.00 0.775 1.37 76.1 2.1 0.47 0.125 16.0 2.4 13/10/13

Hubline 2019 0.075 0.20 0.14 0.28 96.4 1.9 0.125 0.06 621.7 7.9 11/04/19KPJ Healthcare 2015 2.65 1.70 4.10 4.35 6.1 1.5 2.70 1.26 131.9 3.7 10/01/15Marco 2014 0.06 0.10 0.145 0.16 10.3 2.4 0.09 0.035 354.8 3.1 26/05/14MBf Holdings 2013 0.15 1.00 0.65 1.15 76.9 4.3 0.23 0.08 265.1 2.0 20/05/13Media Prima 2014 0.94 1.80 2.63 2.74 4.2 2.8 1.13 0.505 44.5 3.7 31/12/14Stamford 2013 0.045 1.12 0.24 1.17 385.4 5.3 n.a. n.a. 16.0 2.6 21/12/13

TECHNOLOGYAIC Corp 2018 0.35 1.00 1.18 1.35 14.4 3.4 0.525 0.215 26.2 6.8 09/03/18Asdion 2013 0.06 0.39 0.32 0.45 40.6 5.3 0.165 0.025 11.0 2.2 16/07/13

Asiaep 2011 0.005 0.30 0.065 0.31 369.2 13.0 0.055 0.005 94.6 0.1 18/06/11Asiaep 2014 0.04 0.10 0.065 0.14 115.4 1.6 0.055 0.03 241.9 3.3 08/09/14Digistar 2017 0.295 0.16 0.34 0.46 33.8 1.2 0.38 0.035 90.0 5.8 07/02/17FCW Holdings 2013 0.085 1.50 0.65 1.59 143.8 7.6 0.14 0.035 29.2 2.5 11/11/13Focus Dynamy 2012 0.05 0.28 0.11 0.33 200.0 2.2 0.065 0.025 47.2 1.3 05/09/12Grand-Flo Solution 2015 0.175 0.25 0.35 0.43 21.4 2.0 0.20 0.10 67.9 4.0 21/04/15Green Packet 2014 0.28 0.95 0.635 1.23 93.7 2.3 0.53 0.265 197.6 3.4 27/09/14Intelligent 2018 0.015 0.18 0.035 0.20 457.1 2.3 0.03 0.005 52.8 7.1 22/06/18I-Power 2012 0.025 0.35 0.055 0.38 581.8 2.2 0.045 0.01 73.0 1.6 09/12/12Iris Corp 2016 0.125 0.15 0.19 0.28 44.7 1.5 0.23 0.055 55.3 5.1 24/06/16Iris Corp 2016 0.135 0.15 0.19 0.29 50.0 1.4 0.21 0.045 212.3 5.0 20/04/16K-One 2012 0.24 1.81 0.415 2.05 394.0 1.7 1.13 0.06 20.4 1.1 01/06/12Mlabs Systems 2020 0.065 0.10 0.08 0.17 106.3 1.2 0.075 0.035 77.2 9.0 26/04/20Notion Vtec 2015 0.65 2.55 2.21 3.20 44.8 3.4 0.795 0.31 30.7 3.9 15/04/15Mtouche 2018 0.05 0.89 0.215 0.94 337.2 4.3 0.15 0.035 45.4 6.7 17/01/18Mtouche 2020 0.09 0.27 0.215 0.36 67.4 2.4 0.26 0.075 53.3 8.9 16/03/20OSK Venture 2015 0.145 0.50 0.38 0.65 69.7 2.6 0.21 0.10 97.9 4.4 07/10/15Redtone 2015 0.095 0.25 0.205 0.35 68.3 2.2 0.13 0.065 162.4 3.8 04/03/15Unisem 2015 0.46 2.18 1.86 2.64 41.9 4.0 0.65 0.415 168.5 4.3 24/08/15

UTILITIESYTL Power 110618 1.10 1.21 2.26 2.31 2.2 2.1 1.64 0.95 1,776.4 7.1 11/06/18

29/4/11 Warrant Exercise Share Conversion Warrant 52-week Issue YearsPrice Price Price Price Premium Gearing High Low Size To Run Expiry

(RM) (RM) (RM) (RM) (%) (x) (RM) (RM) (m) (dd/mm/yy)


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DIARY OF EVENTS

M a

y 2 0 1 1

8

15

Note: Results due dates as per previous years actual dates

22

29

9

16

23 24

11

18

25

12

19

26

20

27

14

21

28

- Alliance Financial Group(Final 11)

- RHB Capital (1Q11)

- Hong Leong Bank (3Q11)- Hong Leong Financial

Group (3Q11)

- KLCC Property (Final 11)

- KFC Holdings (1Q11)- Sunway Holdings (1Q11)- UEM Land (1Q11)

- Apr CPI

- MRCB (1Q11)

- Mar IPI- Mar Manufacturing Sales- Hartalega (Final 11)

- Genting Malaysia (1Q11)- Genting Plantations (1Q11)- IGB Corp (1Q11)

- Kuala Lumpur Kepong (2Q11)- Lafarge Malayan Cement (1Q11)- Mah Sing (1Q11)- Proton (Final 11)- Sime Darby (Final 11)

- Maybank (3Q11)

- Overnight Policy Rate

- Genting (1Q11)- IJM Plantations (Final 11)

- 13 May Foreign Reserves

- CIMB Group (1Q11)- Kossan Rubber (1Q11)- PLUS (1Q11)- UMW Holdings (1Q11)- WCT (1Q11)

- 1Q11 GDP- AMMB (Final 11)- IOI Corp (3Q11)

- Mar Trade Figures- 30 Apr Foreign Reserves- Guinness Anchor (3Q11)- MISC (Final 11)

10

17

13

- Apr Monetary & Loan Figures- 1Q11 Unemployment Rate- Maxis (1Q11)

S u n d a y Fr id ay S a t u r da yThur sdayWe d n e s d a yM o n day Tu esday

30

76

31

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UOBKH Corporate Guide May 2011

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