|
MY: Kuala Lumpur Kepong (KLK MK)
Share
Price: MYR20.22
Target Price: MYR21.40
Recommendation: Hold
|
|
Chee
Ting Ong
(603) 2297 8678
ct.ong@maybank-ib.com
|
|
|
|
|
|
FYE Sep (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
9,147.3
|
11,130.0
|
10,781.2
|
11,619.0
|
|
EBITDA
|
1,528.1
|
1,728.1
|
1,566.3
|
1,771.9
|
|
Core net profit
|
891.7
|
984.8
|
861.5
|
991.6
|
|
Core EPS (sen)
|
83.5
|
92.3
|
80.7
|
92.9
|
|
Core EPS growth
(%)
|
(17.1)
|
10.4
|
(12.5)
|
15.1
|
|
Net DPS (sen)
|
50.0
|
55.0
|
50.4
|
55.7
|
|
Core P/E (x)
|
24.2
|
21.9
|
25.1
|
21.8
|
|
P/BV (x)
|
2.9
|
2.8
|
2.7
|
2.5
|
|
Net dividend yield
(%)
|
2.5
|
2.7
|
2.5
|
2.8
|
|
ROAE (%)
|
12.2
|
12.9
|
10.9
|
11.9
|
|
ROAA (%)
|
7.7
|
8.0
|
6.6
|
7.4
|
|
EV/EBITDA (x)
|
16.4
|
14.2
|
15.2
|
13.3
|
|
Net debt/equity
(%)
|
7.7
|
20.8
|
21.2
|
17.3
|
|
§ 9MFY9/15 results within ours but below
consensus estimates.
§ Expect a slightly weaker 4QFY9/15 (QoQ) on
normalised tax rate and absence of dividend income.
§ Maintain HOLD with an unchanged TP of
MYR21.40 on 23x FY9/16 PER. Stock lacks near term re-rating catalyst.
|
MY: AMMB Holdings
(AMM MK)
Share Price: MYR4.94
Target Price: MYR5.50
Recommendation: Hold
|
|
Desmond Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Operating income
|
4,721.5
|
4,721.5
|
4,365.4
|
4,525.7
|
|
Pre-provision
profit
|
2,559.2
|
2,563.6
|
2,215.0
|
2,299.5
|
|
Core net profit
|
1,687.7
|
1,638.0
|
1,553.6
|
1,562.3
|
|
Core EPS (MYR)
|
0.56
|
0.54
|
0.52
|
0.52
|
|
Core EPS growth
(%)
|
3.9
|
(2.9)
|
(5.4)
|
0.6
|
|
Net DPS (MYR)
|
0.24
|
0.27
|
0.26
|
0.26
|
|
Core P/E (x)
|
8.8
|
9.1
|
9.6
|
9.5
|
|
P/BV (x)
|
1.1
|
1.0
|
1.0
|
0.9
|
|
Net dividend yield
(%)
|
4.9
|
5.5
|
5.2
|
5.2
|
|
Book value (MYR)
|
4.35
|
4.76
|
5.01
|
5.29
|
|
ROAE (%)
|
13.4
|
11.9
|
10.5
|
10.1
|
|
ROAA (%)
|
1.3
|
1.2
|
1.1
|
1.1
|
|
|
§ 1QFY16 results within expectations – expect
seasonally higher contributions in the following quarters.
§ Nevertheless, FY16-18 earnings downgraded
by 4-6% on higher NIM compression and higher credit costs estimates.
§ TP rolled forward to CY16 and lowered to
MYR5.50 from MYR6.10. HOLD maintained, yield of 5.2% provides support.
|
MY: MSM Malaysia (MSM
MK)
Share Price: MYR5.05
Target Price: MYR5.50
Recommendation: Hold
|
|
Liew Wei Han
(603) 2297 8676
weihan.l@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
2,202.5
|
2,281.5
|
2,325.6
|
2,371.0
|
|
EBITDA
|
386.3
|
383.4
|
425.3
|
442.2
|
|
Core net profit
|
253.2
|
257.0
|
275.3
|
276.6
|
|
Core EPS (sen)
|
36.0
|
36.6
|
39.2
|
39.3
|
|
Core EPS growth
(%)
|
27.6
|
1.5
|
7.1
|
0.5
|
|
Net DPS (sen)
|
24.0
|
24.0
|
25.7
|
25.8
|
|
Core P/E (x)
|
14.0
|
13.8
|
12.9
|
12.8
|
|
P/BV (x)
|
1.9
|
1.8
|
1.7
|
1.7
|
|
Net dividend yield
(%)
|
4.8
|
4.8
|
5.1
|
5.1
|
|
ROAE (%)
|
14.0
|
13.5
|
13.8
|
13.3
|
|
ROAA (%)
|
11.2
|
11.0
|
10.7
|
10.4
|
|
EV/EBITDA (x)
|
9.1
|
9.6
|
9.0
|
8.6
|
|
Net debt/equity
(%)
|
0.2
|
10.4
|
12.8
|
10.9
|
|
|
§ 2Q15 results within expectations. Margin
expansion on lower raw sugar costs was expected.
§ FY15/16 will likely be supported by lower
raw material costs. Savings could be higher if not for the stronger USD.
§ Maintain HOLD with an unchanged TP of
MYR5.50.
|
MY: MBM Resources
(MBM MK)
Share Price: MYR3.09
Target Price: MYR4.20
Recommendation: Buy
|
|
Ivan Yap
(603) 2297 8612
ivan.yap@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
1,959.7
|
1,774.1
|
2,009.7
|
2,012.5
|
|
EBITDA
|
26.7
|
17.8
|
44.3
|
64.1
|
|
Core net profit
|
138.0
|
112.2
|
143.2
|
182.1
|
|
Core EPS (sen)
|
35.3
|
28.7
|
36.7
|
46.6
|
|
Core EPS growth
(%)
|
5.2
|
(18.8)
|
27.7
|
27.2
|
|
Net DPS (sen)
|
6.0
|
8.0
|
9.2
|
11.7
|
|
Core P/E (x)
|
8.7
|
10.8
|
8.4
|
6.6
|
|
P/BV (x)
|
0.8
|
0.8
|
0.7
|
0.7
|
|
Net dividend yield
(%)
|
1.9
|
2.6
|
3.0
|
3.8
|
|
ROAE (%)
|
10.0
|
7.6
|
9.1
|
10.7
|
|
ROAA (%)
|
6.2
|
4.9
|
6.1
|
7.3
|
|
EV/EBITDA (x)
|
66.6
|
91.1
|
40.8
|
27.5
|
|
Net debt/equity
(%)
|
16.4
|
13.1
|
18.1
|
13.3
|
|
|
§ 1H15 earnings below our and consensus
forecasts. Declares 4sen interim (in-line), 3sen special (positive
surprise) DPS.
§ Our associates (Perodua, Hino) earnings
forecasts are intact, but downside risks in motor trading/auto parts/JV
earnings.
§ Earnings forecasts, MYR4.20 TP (9x FY15
PER) and BUY call under review pending an analyst briefing today.
|
MY: MPHB Capital
(MPHB MK)
Share Price: MYR1.57
Target Price: MYR1.90
Recommendation: Hold
|
|
Desmond Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
246.0
|
370.1
|
398.0
|
431.0
|
|
EBITDA
|
46.1
|
264.8
|
60.4
|
63.6
|
|
Core net profit
|
48.2
|
54.1
|
45.1
|
40.2
|
|
Core EPS (sen)
|
6.7
|
7.6
|
6.3
|
5.6
|
|
Core EPS growth
(%)
|
(24.5)
|
12.2
|
(16.7)
|
(10.8)
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
23.3
|
20.7
|
24.9
|
27.9
|
|
P/BV (x)
|
1.0
|
0.9
|
0.7
|
0.7
|
|
Net dividend yield
(%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
4.5
|
4.5
|
3.1
|
2.6
|
|
ROAA (%)
|
2.2
|
2.2
|
1.6
|
1.3
|
|
EV/EBITDA (x)
|
19.4
|
3.5
|
6.8
|
6.3
|
|
Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
§ 1H15 results within expectations with net
profit at 60% of our full-year forecast; sale of 49% stake in MPI
reflected.
§ No resolution as yet to its capital
position.
§ Still deeply discounted but asset plays
unlikely to excite under current market conditions. HOLD, with unchanged TP
of MYR1.90.
|
MY: AirAsia X Bhd
(AAX MK)
Share Price: MYR0.18
Target Price: MYR0.22
Recommendation: Hold
|
|
Mohshin Aziz
(603) 2297 8692
mohshin.aziz@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
2,308.3
|
2,939.1
|
3,451.6
|
4,360.5
|
|
EBITDAR
|
338.6
|
304.1
|
691.2
|
848.0
|
|
Core net profit
|
(32.4)
|
(406.4)
|
(64.8)
|
21.5
|
|
Core EPS (sen)
|
(1.4)
|
(17.1)
|
(1.7)
|
0.5
|
|
Core EPS growth
(%)
|
nm
|
nm
|
nm
|
nm
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
(13.2)
|
(1.0)
|
(10.3)
|
34.7
|
|
P/BV (x)
|
0.3
|
0.5
|
0.7
|
0.8
|
|
Net dividend yield
(%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
(3.3)
|
(37.7)
|
(7.6)
|
2.4
|
|
ROAA (%)
|
(1.0)
|
(10.4)
|
(1.7)
|
0.6
|
|
EV/EBITDAR (x)
|
10.7
|
8.8
|
2.3
|
1.6
|
|
Net debt/equity
(%)
|
128.0
|
180.8
|
99.8
|
69.5
|
|
|
§ 2Q15 and 1H15 results are in-line.
§ Some of the reform initiatives have
delivered dividends, more to come in 2H15.
§ Maintain HOLD, still too risky to justify
an entry.
|
MY: Sunway (SWB MK)
Share Price: MYR3.38
Target Price: MYR3.48
Recommendation: Hold
|
|
Wei Sum Wong
(603) 2297 8679
weisum@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
4,733.7
|
4,841.9
|
6,033.5
|
6,524.6
|
|
EBITDA
|
563.1
|
504.2
|
798.3
|
809.7
|
|
Core net profit
|
482.7
|
591.7
|
564.2
|
576.7
|
|
Core FDEPS (sen)
|
26.9
|
32.5
|
31.0
|
28.6
|
|
Core FDEPS
growth(%)
|
(0.8)
|
20.7
|
(4.6)
|
(7.5)
|
|
Net DPS (sen)
|
10.0
|
11.0
|
34.8
|
9.5
|
|
Core FD P/E (x)
|
12.6
|
10.4
|
10.9
|
11.8
|
|
P/BV (x)
|
1.1
|
1.0
|
1.0
|
0.8
|
|
Net dividend yield
(%)
|
3.0
|
3.3
|
10.3
|
2.8
|
|
ROAE (%)
|
10.9
|
10.5
|
9.5
|
8.9
|
|
ROAA (%)
|
4.9
|
4.9
|
4.2
|
4.0
|
|
EV/EBITDA (x)
|
10.4
|
15.6
|
10.7
|
10.9
|
|
Net debt/equity
(%)
|
23.9
|
30.4
|
35.3
|
30.0
|
|
|
§ Upcoming 2Q15 results likely to be weaker
than expected, but a special dividend should be forthcoming.
§ 1H15 locked-in sales fell short; management
is likely to review sales target in end-3Q15.
§ Lower earnings forecasts by 6-10% but raise
RNAV-TP to MYR3.48 (+4.8%). HOLD.
|
MY: Malaysia Automotive
Recommendation:
Neutral
|
|
Ivan Yap
(603) 2297 8612
ivan.yap@maybank-ib.com
|
|
|
|
|
|
|
§ July
2015 TIV picked up further, up 2% MoM to 58.6k units, lifting 7M15 TIV to
381k units (-3% YoY) – in line.
§ Our
2015 TIV forecast of 660k units (-1% YoY) is unchanged. Cautious on
negative auto earnings impact from weaker MYR.
§ Maintain NEUTRAL; no
near-term catalyst just yet. BUYs are MBM and BAuto. HOLD UMWH and TCM.
|
MY: Malaysia Media
Recommendation:
Neutral
|
|
Samuel Yin Shao Yang
(603) 2297 8916
samuel.y@maybank-ib.com
|
Jade Tam
(603) 2297 8687
jade.tam@maybank-ib.com
|
|
|
|
|
|
§ Jul
2015 total gross adex fell 18% YoY, the largest YoY contraction on our
records.
§ Public
sector ad spend declined substantially by 39% YoY. MNCs are also beginning
to cut back due to the weak MYR.
§ Sector’s
NEUTRAL call and calls on all media stocks under coverage placed under
review.
|
MY: Malaysia CPI, July 2015
|
|
Suhaimi Ilias
(603) 2297 8682
suhaimi_ilias@maybank-ib.com
|
Zamros Dzulkafli
(603) 2082 6818
zamros.d@maybank-ib.com
|
|
|
|
|
|
§ Headline inflation in Jul 2015 surged +3.3%
YoY, pushing post GST inflation rate higher to +2.4% YoY (1Q 2015: +0.7%
YoY).
§ The higher inflation was attributed to
elevated food prices, upward adjustments in domestic fuel prices, rise in
cigarette & alcoholic drinks prices, and GST follow through impact.
§ Maintain our 2015 inflation forecast at
2.0%-2.5%.
|
MY: Technicals
|
|
Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
|
|
|
|
|
|
|
§ BJAUTO - On a very strong downward Wave 3 and
5 move.
§ FBMKLCI – Miniscule rebound may have stalled
at 1,594.68.
§ Supports of 1,562 and 1,581 may be areas to
nibble.
§ Resistances of 1,583 and 1,606 will cap
rebounds.
|
MY: Other News
|
|
Malaysia
Research Team
|
|
|
|
|
|
|
Outside
Malaysia
—
U.S: Consumer price rose in July at the slowest pace in three months
—
E.U: Euro area agrees on EUR 86b (USD 95b) bailout deal for Greece
—
Japan: Export growth slowed in July
—
Japan: The number of visitors to Japan this year is rising at a
record pace
—
Vietnam: Devalued the dong for the third time this year and widened
the currency’s trading band
Other News
—
Eco World: To launch BBCC project in 4Q
—
Consumer: Controlling food prices a focus of Budget 2016
—
Compugates Holdings: Teams up with Penang firm to develop MYR1.5b
mixed project in Dengkil
—
Petronas Dagangan: Rolls out Euro 4M RON 97
—
DiGi: Appoints Karlsen as chairman
|
|
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