My target price still at RM6.00 by next month end....
Acurracy ..........100%
INVESTORS should buy Public Bank Bhd and Carlsberg Brewery Malaysia Bhd and other Malaysian companies with “attractive” dividend yields to ride out the stock market’s volatility, RHB Research Institute Sdn said.
“Dividend yield plays are once again attractive,” RHB Research said in a report today.
“We recognise the market’s volatility as a sign that valuations on current earnings estimates have become stretched and a market correction would be an opportunity to buy the fundamentally more robust stocks.”
Investors should also add shares of Hai-O Enterprise Bhd, a seller of Chinese wines, herbs and medicines, Tanjong Plc and chipmaker Malaysian Pacific Industries Bhd, as an economic recovery in 2010 will make the companies’ earnings prospects “assured,” the report said.
The benchmark FTSE Bursa Malaysia KLCI Index, which has gained 32 per cent this year, has increased less than 0.1 per cent this month. A gauge of the index’s 30-day historical volatility advanced to 13.05 today, the highest level since July 28. The KLCI rose 0.5 per cent to 1,161.48 as of 11:27am.
Hai-O has a dividend yield of 7.8 per cent, the highest among RHB Research’s dividend stock picks, while Public Bank offers a 6.5 per cent return, and Carlsberg has a 5.7 per cent yield, according to the report. That’s higher than the 10-year Malaysian government securities’ 4.17 per cent yield, it said. The benchmark index offers a 3.7 per cent dividend return, according to data compiled by Bloomberg.
The government, which has forecast an economic contraction of as much as 5 per cent in 2009, expects the economy to return to growth in the fourth quarter. - Bloomberg
加分股派息高作價穩
報導：邱佩勛
（吉隆坡20日訊）馬股走勢反覆無常，散戶們患得患失；分析員指出，投資者若想在“亂勢”中選購優質股，或可考慮高股息兼股價揚升空間顯著的“加分股”！
分析界認為，股市持續動盪，顯示目前以盈利預測計算估值的方式，或不足以作為投資指標。
他們建議，投資者可綜合多項考量，趁低買入優質股，尤其高股息股項。
志必得證券研究主管馮廷秀回應《中國報》提問說，長期投資者可考慮股息回酬佳及股價走勢相對穩定的股項，避開股價波動劇烈股項。
“若長期持有、不急著套現，此類股項即使股價稍下滑，稍后也會逐步攀升。”
他提醒，高派息股股價一般不低，投資者應確認投資方向，再慎選投資目標。
興業證券研究指出，馬股整合將是趁低買入基本面更強穩的股項良機。
該行推薦綜合股價揚升空間、公司盈利成長及積極派息因素的“Alpha Plus”股項（稱加分股）。
該行預期經濟將在明年及以后持續復甦，因此看好相關“加分股”的前景。
潛在股價損失
該行以3項指標為參考，建議投資者可考慮持續派發超過4.17%淨股息年回酬的股項。
基于股市走勢反覆，加上許多股價已被推高，馮廷秀認為，目前不是選擇高派息股的最佳時機，除非是可以不理會大盤走勢的長期投資者。
“一些優質股股價屬于逐步攀升類型，若不介意股價揚升慢，或潛在股價損失，此時還是可以進場投資高派息股。”
3指標選股
興業證券研究指出，任何以報酬為主的投資策略，投資者應以4.17%的10年公債無風險利率為指標。
其次，是馬股年平均淨股息回酬，明年約3.4%；第3個指標，是股市盈利回酬，例如股市約15.2倍本益比，相等于6.6%的回酬率，比公債無風險利率只高出2.4%。
該行也推薦傳統的高派息兼抗跌股項，因為這些股項短期漲幅或不明顯，卻深具資本揚升空間。
該行建議包括愛可思產託（AXREIT，5106，主要板房產投資）及馬電訊（TM，4863，主要板貿易），合理價分別為2.19令吉及3.55令吉。
這兩家公司的2010財年淨股息回酬分別為9.7%及6.4%。
大眾銀行滲入中國優勢
大眾銀行（PBBANK，1295，主要板金融）基本面佳、各項業務表現優異，例如貸款及盈利成長、資產素質等，而且有望在明年恢復現金派息。
大眾銀行也佔有優勢滲入中國市場，以尋求長期盈利成長。
興業證券研究預測，截至明年12月底財年的淨股息回酬為6.5%，11財年料提高到7.3%；合理價為12.57令吉。
海鷗拓印尼市場
海鷗（HAIO，7668，主要板貿易）只以170萬令吉風險資本，開拓印尼市場，前景正面。
預計截至4月底的11及12財年，海鷗淨股息回酬將達7.8%；合理價為5.80令吉。
