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Monday, February 8, 2010

業績佳股息喜 中鋼大馬獲唱好

(吉隆坡5日訊)中鋼大馬(CSCSTEL,5094,主要板工業)全年業績符預期,每股派息20仙,獲券商看好近期前景,並上修今明兩個財年財測。

該 公司昨晚宣佈每股總派息20仙,包括13仙可徵稅股息、6仙免稅股息和1仙單層稅制股息。

該公司指出,上述13仙股息與公司至少派發50% 淨利的派息政策一致。

興業證券研究指出,中鋼大馬截至去年12月底財年的業績符合預期,料受惠于扁鋼更高賺幅。

扁鋼價格自去 年12月反彈走高,該行看好近期價格前景得延續,進而支撐中鋼大馬未來數季的表現

該行上修2010至2011財年的淨利預測,調升幅度分 別達22.9%及40.9%,主要反映更高售價。

根據本財年22.4仙的已調整每股盈利,該行將合理價從1.64令吉調升至2.02令吉, 維持“跑贏大市”建議。

受業績和股息帶動,中鋼大馬今早起3仙,以1.55令吉迎市,早盤雖一度回吐漲幅,但休市時得以保住揚勢,起3仙至 1.55令吉,半日有268萬500股易手。

閉市時,中鋼大馬起1仙,收在1.53令吉,成交量350萬1800股。

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OSK Research upgrades CSC Steel, TP RM2.22
Written by Joseph Chin
Monday, 08 February 2010 09:02


KUALA LUMPUR: OSK Research has upgraded its forecast upwards by 30.8% for FY10 and arrive at a new target price of RM2.22 after adding its projected net cash per share for FY10 to its 6.0 times FY10 EPS valuation.

"Upgrade to Buy from Trading Buy. We are also impressed by the company's strong balance sheet and its net cash of RM303 million as at Dec 31, 2009," it said on Monday, Feb 8.

CSC Steel's 4Q numbers were above OSK Research and consensus estimates. Full year earnings jumped 55.1% year-on-year while its quarter-on-quarter numbers declined slightly by 4.6%, mainly due to the timing difference between the average selling prices of its finished goods and raw materials.

Nonetheless, it was positive on the upcoming one or two quarters as steel demand starts to recover gradually. As such, it is revising upwards its FY10 numbers, which translate into a new TP of RM2.22 from RM1.68 previously.

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