With the ETP receiving great response overseas as generally fed back to us during our marketing trips abroad, July promises to be an exciting month spurred by numerous ETP and economic reform news scheduled for the 1st half of the month. With Malaysia already one of the world’s stronger performers so far in 2011, we believe the good run will continue in July and hence advocate the sectors linked to the ETP, namely Banks, Construction, Property and O&G, as investment ideas for the month. We also throw in a Steel sector buy, Perwaja, in line with our recent upgrade of the sector. Remain Overweight on the KLCI, with an unchanged year-end target of 1680 pts.
Top Buys reflect our 2H2011 outlook. Our dream run of 2 months during which all our Top Buys outperformed the KLCI came to an end in June when only 2 of our Top Buys outperformed, namely AFG and Pos Malaysia. For July, we stay with our favourite sectors in naming our Top Buys, with Banks (Maybank), Construction (Gamuda), Property (UEM Land) and O&G (Dialog) all fielding a representative each. We also present a Top Buy from the Steel sector (Perwaja) in line with our recently upgraded view on the sector on account of potential M&As and handing out of Iron Ore mining concessions.
Top Buys reflect our 2H2011 outlook. Our dream run of 2 months during which all our Top Buys outperformed the KLCI came to an end in June when only 2 of our Top Buys outperformed, namely AFG and Pos Malaysia. For July, we stay with our favourite sectors in naming our Top Buys, with Banks (Maybank), Construction (Gamuda), Property (UEM Land) and O&G (Dialog) all fielding a representative each. We also present a Top Buy from the Steel sector (Perwaja) in line with our recently upgraded view on the sector on account of potential M&As and handing out of Iron Ore mining concessions.
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