Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-Kenanga ups Malaysia Building's target price

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STOCKS NEWS MALAYSIA-Kenanga ups Malaysia Building's target price May 14th 2012, 02:34 Sun May 13, 2012 10:34pm EDT Kenanga Research lifted Malaysia Building Society Bhd's (MBSB) target price to 2.70 ringgit per share despite the lender's first quarter earnings result came in marginally below expectations. "The stock's valuation still looks undemanding at 5.9 times price-to-earnings ratio post adjustment, against its banking peers of 13.0 times," the broker said in a research note on Monday. Maintaining outperform on the stock, Kenanga said MBSB offered potential capital upside of 21 percent, with an additional dividend yield of 2.5 percent, bringing the potential total return to 23 percent over the next 12 months. "Its return on equity of 28.1 percent remains one of the highest for financial stocks," it added. By 10.25 am (0225 GMT), MBSB's shares dropped 1.33 percent to 2.23 ringgit per share, underperforming the Malaysia's benchmark stock index that shed 0.19 percent. 1030 (0230 GMT) (Reporting by Yantoultra Ngui in Kuala Lumpur; yantoultra.ngui@thomsonreuters.com) **************************************************************** 10:07 STOCKS NEWS MALAYSIA-Kenanga raises Kimlun's target price Kenanga Research raised its target price on Kimlun Corp Bhd to 2.07 ringgit per share after the builder won a 148.5 million ringgit construction project to build apartments last Friday. "We tweaked our fiscal year ending Dec 31, 2012 (FY2012) and FY2013 earning forecast higher by seven and 23 percent, respectively, we have factored in additional contract replenishment in FY2012 and maintain our 500 rth of new contract assumption in FY2013," the broker said in a research note on Monday. Maintaining outperform on the counter, Kenanga said it was satisfied with Kimlun's contract flow in FY2012 thus far and it believed Kimlun could be able to secure more contracts in the period of six to 12 months. By 10.00am (0200 GMT), Kimlun's shares rose 0.64 percent to 1.57 ringgit per share, outperforming the Malaysian benchmark stock index that dropped 0.16 percent. 1002 (0202 GMT) (Reporting by Yantoultra Ngui in Kuala Lumpur; yantoultra.ngui@thomsonreuters.com) **************************************************************** 09:40 STOCKS NEWS MALAYSIA-Maybank IB upgrades Kinsteel to buy Maybank IB Research upgraded Kinsteel Bhd to buy as it expected the steel manufacturer to turn around in its upcoming earnings result on lower iron ore cost and better local sales. "After posting losses in the past six quarters and the inventory write-down of 94 million ringgit in the fourth quarter of last year, we expect the company to turn profitable in the first quarter of this year," the broker said in a research note on Monday. Maintaining a target price of 49 sen on the counter, Maybank IB said Kinsteel's margins should recover given that iron ore pellet cost had fallen by 15 percent quarter on quarter while steel average selling price had risen by 10 percent. "Additionally, the sales volume at its downstream division (steel bars and rods) has also seen some improvement," it added. By 9.33am (0133 GMT), Kisteel shares dropped 1.19 percent, underperforming the Malaysian benchmark stock index that dropped 0.20 percent. 0935 (0135 GMT) (Reporting by Yantoultra Ngui in Kuala Lumpur; yantoultra.ngui@thomsonreuters.com) Link this Share this Digg this Email Reprints

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