Tuesday, June 14, 2011

DRBHcom ... Jun11

It is well-positioned to post strong earnings growth across all three of its business divisions in the coming years.

DRB-Hicom is on track to begin making its maiden deliveries of vehicles to
Volkswagen (VW) by end-2011.

VW’s aggressive strategy to be the global automotive leader by 2018 involves
increasing its global footprint and presence in emerging markets. The defence equipment business is also set to be a major contributor from the RM7.5 billion armoured wheeled vehicles contract. Hardware deliveries are expected to commence in earnest in 2012 contributing to FY13 earnings.

To date, DRB-Hicom’s property development business has been relatively piecemeal and lacking scale, focused on developing legacy landbank. The acquisition of 614ha of development land in the heart of the Iskandar Development Region in Johor will transform DRB-Hicom into a significant property developer. Estimate that the township development could have a gross development value of over RM5 billion over the next 10 years.

The acquisition of a 32.2% stake in Pos Malaysia for RM622.8 million from Khazanah Nasional Bhd. The sovereign wealth fund is expected to complete the transfer by mid-2011. Management’s immediate priority is to contribute to the streamlining of its core postal businesses, including growing the postal operator’s mail, courier, and retail businesses, including strategic alliances with domestic and global players to make further inroads into the logistics sector.

Improved investor understanding of the group’s myriad businesses could reduce the valuation discount to other conglomerate peers as well as the higher than average holding company discount of 25% used to derive our sum-of-parts fair value.

The key risks include: (i) lower car sales; (ii) unfavourable forex movements; (iii) higher interest rates; (iv) prolonged disruption to the global automotive supply chain; and (v) rising fuel costs.

52 comments:

Anonymous said...

generic xanax buy xanax online no prescription - will xanax withdrawal go away

Anonymous said...

xanax online generic xanax hilton pharma - xanax dosage ocd

Anonymous said...

buy tramadol online tramadol dosage daily - buy tramadol online from usa

Anonymous said...

xanax online xanax side effects tinnitus - buy alprazolam india

Anonymous said...

generic xanax xanax valium same drug test - xanax small white pills

Anonymous said...

xanax online xanax bars negative side effects - xanax side effects dry eyes

Anonymous said...

buy cheap tramadol tramadol ultram recreational - tramadol 100 mg ratiopharm

Anonymous said...

xanax online does generic xanax work same - can you withdrawal xanax

Anonymous said...

generic xanax xanax dosage 3719 - xanax 2 mg gador

Anonymous said...

carisoprodol 350 mg carisoprodol 350 wiki - carisoprodol erowid

Anonymous said...

buy xanax online cheap no prescription what does xanax high do - much does generic xanax cost walmart

Anonymous said...

buy xanax online no prescription overnight xanax effects yahoo answers - cheap xanax uk

Anonymous said...

buy tramadol online tramadol for dogs 50 mg - tramadol opiate addiction

Anonymous said...

xanax online long term effects xanax xr - xanax pills gg 258

Anonymous said...

buy tramadol online buy tramadol online us - buy tramadol 50mg

Anonymous said...

carisoprodol 350 mg carisoprodol online no prescription - carisoprodol 350 mg what is it for

Anonymous said...

buy tramadol online buy cheap tramadol online - buy tramadol online cod no prescription

Anonymous said...

buy tramadol online is tramadol for dogs an nsaid - tramadol addiction and withdrawal symptoms

Anonymous said...

xanax no prescription online how much xanax and alcohol - side effects of xanax pills

Anonymous said...

buy tramadol online tramadol hcl 50 mg muscle relaxer - buy tramadol online in usa

Anonymous said...

buy cialis online buy genuine cialis online - cialis daily twice a day

Anonymous said...

cialis online buy cialis online reviews - cheap cialis overnight

Anonymous said...

buy cialis online buy cialis online cheap - generic cialis in usa

Anonymous said...

cialis online how much does cialis daily cost - best price cialis 5 mg

Anonymous said...

buy cialis online cialis 69 - cialis online deutschland

Anonymous said...

buy cialis online generic cialis vs brand name cialis - buy cialis viagra usa

Anonymous said...

cialis online cialis online 24 ore - cialis online no rx

Anonymous said...

cheap cialis buy generic cialis in usa - price of cialis 20mg

Anonymous said...

buy tramadol buy ultram tramadol online - tramadol overdose usa

Anonymous said...

cialis pharmacy cialis for cheap price - cheap cialis nz

Anonymous said...

legal buy tramadol online tramadol online no prescription - buy tramadol order cheap tramadol online

Anonymous said...

learn how to buy tramdadol is tramadol for dogs an nsaid - tramadol 50 mg euphoria

Anonymous said...

tramadol cheap tramadol make u high - tramadol extended release half life

Anonymous said...

buy tramadol tramadol veterinary - tramadol dosage per kg

Anonymous said...

http://landvoicelearning.com/#57594 tramadol to buy online in usa - dosage for tramadol 50mg for dogs

Anonymous said...

buy tramadol tramadol 50 mg long term use - illegal to buy tramadol online

Anonymous said...

http://buytramadolonlinecool.com/#91646 tramadol 50 mg can you get high - buy tramadol online paypal

Anonymous said...

buy tramadol online without a prescription tramadol hcl 50mg tab mylan side effects - buy tramadol online cod only

Anonymous said...

tramadol 100mg how to buy tramadol online overnight - tramadol hcl 50 mg mylan

Anonymous said...

http://blog.dawn.com/dblog/buy/#91875 tramadol hcl 50mg side effects in dogs - tramadol 100mg pills

Anonymous said...

http://blog.dawn.com/dblog/buy/#40751 tramadol 100mg for dogs - tramadol 50 mg buy online

Anonymous said...

buy tramadol buy tramadol online no prescription - can i take 100 mg of tramadol

Anonymous said...

can you really buy xanax online xanax online cod - xanax dosage 1mg

Anonymous said...

tramadol generic tramadol 325 mg dosage - how to buy tramadol

Anonymous said...

buy tramadol for dogs tramadol hcl related substances - tramadol hcl 37.5-3 tab myla

Anonymous said...

buy tramadol online tramadol withdrawal night sweats - tramadol hcl 319

Anonymous said...

tramadol online overnight tramadol 100mg buy online - tramadol dosage 12 pound dog

Anonymous said...

tramadol 50mg tramadol for dogs how much to give - tramadol 50mg how many to get high

Anonymous said...

buy tramadol for dogs tramadol online texas - tramadol hydrochloride 50mg dosage

Anonymous said...

buy xanax online xanax .25 mg effects - xanax with no prescription needed

Anonymous said...

buy xanax online xanax 2mg bars onax - xanax effexor overdose

Anonymous said...

buy xanax online can you overdose xanax pills - 2mg xanax 5mg oxycodone