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MY: Sunway Construction Group (SCGB MK)
Share
Price: MYR1.09
Target Price: MYR1.30
Recommendation: Buy
|
|
Li
Shin Chai
(603) 2297 8684
lishin.c@maybank-ib.com
|
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|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
1,839.6
|
1,880.7
|
2,279.0
|
2,174.8
|
|
EBITDA
|
112.7
|
151.2
|
188.9
|
197.8
|
|
Core net profit
|
94.4
|
114.2
|
118.3
|
128.5
|
|
Core EPS (sen)
|
7.3
|
8.8
|
9.2
|
9.9
|
|
Core EPS growth
(%)
|
37.6
|
20.9
|
3.6
|
8.6
|
|
Net DPS (sen)
|
2.6
|
30.5
|
1.6
|
3.5
|
|
Core P/E (x)
|
14.9
|
12.3
|
11.9
|
11.0
|
|
P/BV (x)
|
2.3
|
4.2
|
3.9
|
3.2
|
|
Net dividend yield
(%)
|
2.3
|
28.0
|
1.5
|
3.2
|
|
ROAE (%)
|
16.1
|
24.1
|
34.1
|
31.9
|
|
ROAA (%)
|
6.5
|
8.4
|
8.8
|
9.0
|
|
EV/EBITDA (x)
|
na
|
na
|
6.5
|
5.9
|
|
Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
§ A leading, established construction group
with enhanced capabilities and stronger track record.
§ Positive orderbook replenishment potential
from Malaysia’s development plan, repeat clientele and Sunway Berhad.
§ Initiate coverage with a BUY rating and
MYR1.30 TP.
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MY: AirAsia Bhd
(AIRA MK)
Share Price: MYR1.11
Target Price: MYR2.05
Recommendation: Buy
|
|
Mohshin Aziz
(603) 2297 8692
mohshin.aziz@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
5,111.8
|
5,415.7
|
5,392.4
|
5,547.2
|
|
EBITDAR
|
1,704.8
|
1,769.1
|
2,121.2
|
2,071.6
|
|
Core net profit
|
556.7
|
405.3
|
710.5
|
724.7
|
|
Core EPS (sen)
|
20.0
|
14.6
|
25.5
|
26.0
|
|
Core EPS growth
(%)
|
(20.5)
|
(27.2)
|
75.2
|
2.0
|
|
Net DPS (sen)
|
4.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
5.5
|
7.6
|
4.3
|
4.3
|
|
P/BV (x)
|
0.6
|
0.7
|
0.6
|
0.5
|
|
Net dividend yield
(%)
|
3.6
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
10.7
|
8.5
|
14.5
|
13.0
|
|
ROAA (%)
|
3.3
|
2.2
|
3.5
|
3.6
|
|
EV/EBITDAR (x)
|
8.7
|
10.7
|
5.8
|
5.8
|
|
Net debt/equity
(%)
|
175.5
|
249.9
|
177.9
|
149.2
|
|
|
§ Fears of AirAsia heading into deep
financial trouble similar to the 2008-09 scenario are prevalent among many
shareholders.
§ We see no such risk - balance sheet and
cashflows are much sturdier than back in 2008-09.
§ Fears overblown and stock is trading
significantly below its intrinsic value. Maintain BUY.
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MY: Technical
|
|
Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
|
|
|
|
|
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§ MIECO - On a very strong upward Wave 5 move.
§ FBMKLCI – Went above 1,600 on higher volumes
§ Supports of 1,576 and 1,600 may be zones to
nibble.
§ Resistances of 1,603 and 1,645 will cap
rebounds.
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MY: Other News
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Malaysia
Research Team
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Outside
Malaysia
—
U.S: Job openings surge to record while hiring cools
—
Brazil: Credit rating cut to junk by S&P amid budget strain
—
U.K: Industrial production unexpectedly declined and goods exports
plunged
—
India: Modi moves closer to tapping gold hoard to cut imports
Malaysia
—
Titijaya Land: Scaling down launches
—
Axiata: Malaysia’s Axiata and Bharti may merge Bangladeshi ops
—
TH Heavy: Appoints Nusral Danir as CEO
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