MBM Resources (RM3.16; Buy; Price Target: RM4.80; MBM MK)

Earnings racing ahead
• MBM’s 2Q10 beat our and consensus expectations on
strong auto sales
• Raise FY10F-FY12F net profit by 12%-24%, and upgrade
TP to RM4.60
• Reiterate Buy with 45% upside. Expect market to re-rate
MBM as well.