JF APEX SECURITIES BERHAD INVESTMENT RESEARCH REPORT
In its filing with Bursa Malaysia yesterday, Kurnia Asia Berhad or “KAB” has aborted its joint venture or “JV” plan in Cambodia with Canadia Investment Holding Plc
or “CIHP”. Overall, we view this development positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand. Upgrade our recommendation to BUY with target price raised to RM0.83.
Highlights
o Discontinued its JV with CIHP – KAB has aborted its JV plan in Cambodia with CIHP. In the filing to Bursa Malaysia yesterday, KAB mentioned that “KAB wishes to announce that after due deliberation by the Board of Directors of CIHP and KAPL, both parties have mutually agreed to discontinue with the proposed joint venture.”
o Comments – We were not surprised by the development as KAB has announced earlier on 31-Mar-09 that its wholly-owned subsidiary Kurnia Asia Pte. Ltd. or “KAPL” and CIHP have mutually agreed to defer their intentions to embark on the proposed JV pending improvement of the contagion effects of the global financial crisis and other factors.
o Remained focused on Malaysia, Thailand and Indonesia market – KAB operation in Malaysia has started to generate profit, but its operation in Thailand and Indonesia are still in net loss position. In Indonesia, the Group recorded net loss of RM6.42m in the quarter ended 30-Sep-09. Besides that, the Group’s associate in Thailand is also facing loss with KAB’s equity-accounted associate loss is RM0.15m.
o Positive on the JV termination in Cambodia - We viewed the termination of the JV in Cambodia positively as we believe that the operation in Cambodia may be too risky and may caused KAB to suffer loss in the early stage due to the longer than expected gestation period.
o BUY with target price raised to RM0.83 – By pegging our estimated industry PER of 12.7x for KAB into our forecasted EPS2010 of 6.53 sen, we derive our target price for KAB at RM0.83. Accordingly, we have upgraded our recommendation to BUY. Overall, we view the termination of Cambodia JV positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand.
22 hours ago
10 comments:
Reverse Cell Phone Number Look Up Service Hosted PBX System, a Cheaper
Way to a Phone System http://tinyurl.com/amtx2ln In addition
to the tweaks in the OS, MIUI's also fiddled with some of the bundled apps as well as throwing in some handy tools. Let's look at the bundled apps first:
the dialing pad does smart dialing and also supports quick
dialing for your favorite buddies; whereas in texting the conversations are
displayed in threads with customizable themes. For those who care, another special feature lies in the calendar app where
you can also see the lunar calendar. Hey, it is a Chinese phone, after all.
We don't normally pay attention to file management apps in Android, but we totally dig MIUI's offeringNow, we
don't normally pay attention to file management apps in Android, but we totally dig MIUI's offering:
here the files can be browsed by file type music, videos, pics, docs, etc.
, and it even supports FTP! Another noteworthy tool is the call blocker app, which lets you
set a white list, black list and SMS text filter, all of which can also be toggled automatically at a set time as well.
Oh, and there's also a firewall for you to fiddle with while you're at it.
In addition to his wife, Mr. Van Sinderen is survived by five children, Alexander
Van Sinderen of Lafayette, Calif.; Sylvia Abbate of Cheshire, Conn.
; Jean Vashaw of Ridgefield, Wash.; Katherine Tucker of Waxhaw, N.
C., and Alex Madlener of Woodbridge, Conn.; two sisters, Katharine Howe of Delray Beach, Fla.
, and Jean Henry of Middlebury, Conn., and 10 grandchildren.
Also visit my web page ; reverse phone lookup cell
Very best easiest way to begin a Blog for profit?
Stop by my web-site: transvaginal mesh
Very great post. I just stumbled upon your weblog and wanted to mention that I have truly enjoyed
browsing your weblog posts. In any case I'll be subscribing for your rss feed and I hope you write again very soon!
My blog post; Plog.Jinbo.Net
This info is priceless. Where can I find out more?
Also visit my web blog what is a root canal
My page :: Http://thegeekchurch.com
This article is actually a good one it assists new internet users, who are wishing for blogging.
Feel free to visit my web blog; http://www.kktsd.jp/
It's not my first time to pay a visit this website, i am browsing this website dailly and obtain good facts from here all the time.
Feel free to visit my webpage: Dental Plan
Very good post! We are linking to this great post on
our website. Keep up the good writing.
Stop by my web-site ... root canals
Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my
newest twitter updates. I've been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
My web blog :: Root Canals
Excellent way of telling, and fastidious paragraph to obtain
facts on the topic of my presentation focus, which i am going
to convey in college.
My web blog: www.music74.ru
Attractive element of content. I simply stumbled
upon your website and in accession capital to assert that I
get in fact loved account your blog posts.
Any way I'll be subscribing on your augment or even I fulfillment you get admission to consistently quickly.
Look at my blog post; Www.Bipreviews.Com
Post a Comment