S&P STOCK UPDATE--BIMB,FABER,MTD,STB

S&P EQUITY RESEARCH
Stock Updates
After a better-than-expected 4Q09 for BIMB (BIMB MK, MYR1.23, Hold), we revise our estimates to reflect the change in financial year end to December, making the December 2010 FY an 18-month period. We lift our earnings estimates for FY10 and 2011 to MYR236.9 mln and MYR186.0 mln from MYR127.2 mln and MYR151.5 mln for FY10 and FY11 (Jun) respectively. We tweak our 12-month target price to MYR1.40 (vs. MYR1.30). / Alexander Chia

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We maintain our Buy recommendation on Faber (FAB MK, MYR1.90), but lift our 12-month target price to MYR2.10 (from MYR1.60) after raising our earnings estimates. We like Faber for the improving outlook of its Facilities Management Services (FMS) operations that have been strengthened by the infrastructure maintenance and FMS contracts in Abu Dhabi./ Kum Seng, Wan

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We keep our Hold call on MTD Capital (MTD MK, MYR3.40), and raise our 12-month target price to MYR3.60 (from MYR2.80) after lifting our earnings estimates. We keep our call after 9MFY10 (Mar) results, as we believe its 21% share price increase over the past two months has adequately reflected its improving earnings outlook in FY11, which includes maiden earnings
contribution from the South Luzon Expressway. / Kum Seng, Wan

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Though Seacera’s (STB MK, MYR0.40) 2009 earnings were ahead of expectations, and its earnings outlook is improving due to higher demand for homogeneous tiles and packaging materials, we maintain our Hold recommendation. This is due to its small capacity and market share, which limit its earnings growth prospects. Its capacity expansion. We keep our 12-
month target price at MYR0.41. / Kum Seng, Wan