Friday, September 4, 2015

[Maybank Kim Eng] Today's Research - Malaysia

04 Sep 2015, Friday

g Company Research
- Icon Offshore: In turbulent waters
| Thong Jung Liaw



MY: Icon Offshore (ICON MK)
Share Price: MYR0.32
Target Price: MYR0.25
Recommendation: Sell


Thong Jung Liaw
(603) 2297 8688
tjliaw@maybank-ib.com


Company Update: In turbulent waters

FYE Dec (MYR m)
FY13A
FY14A
FY15E
FY16E
Revenue
334.9
318.9
275.9
296.1
EBITDA
143.4
174.7
122.5
126.5
Core net profit
113.6
59.4
8.3
27.6
Core EPS (sen)
9.7
5.0
0.7
2.3
Core EPS growth (%)
201.9
(47.7)
(86.0)
232.9
Net DPS (sen)
0.0
0.0
0.0
0.0
Core P/E (x)
3.3
6.3
45.4
13.6
P/BV (x)
1.0
0.3
0.3
0.3
Net dividend yield (%)
0.0
0.0
0.0
0.0
ROAE (%)
59.9
8.1
0.8
2.5
ROAA (%)
14.4
3.5
0.5
1.5
EV/EBITDA (x)
na
8.4
8.3
8.1
Net debt/equity (%)
278.3
55.0
59.2
58.5
§  Falling DCRs, low utilisation and delay of new OSV deliveries are testament to the current challenging period.
§  Share price has fallen by 58% YTD but no reason to re-rate yet. Conserving cashflow is critical to operations in 2015-16.
§  Maintain SELL and MYR0.25 TP (9x 2016 PER).

MY: Malaysia Strategy

Chew Hann Wong
(603) 2297 8686
wchewh@maybank-ib.com

Strategy Research: Foreign shareholding revisited


§  Foreign net sell resumes after two days of net buy; estimated net sell YTD is MYR16.3b.
§  Market foreign shareholding is down 1.1ppts in the first 7M; individual stocks’ foreign holdings down by up to 8.8ppts.
§  Foreign holdings in a few stocks are already in new troughs; we have two BUYs in this ‘list’.

MY: Technicals

Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com

Technical Research: The index inched above 1,600


§  HOHUP - On a very strong downward Wave 3 and 5 move.
§  FBMKLCI – Inched above 1,600 ahead of the weekend.
§  Supports of 1,583 and 1,602 may be zones to nibble.
§  Resistances of 1,605 and 1,660 will cap rebounds.

MY: Other News

Malaysia Research Team

Economics Research:


Outside Malaysia
   U.S: Growth at service providers near strongest in decade
   E.U: Draghi unveils revamped QE program as ECB downgrades outlook
   E.U: Euro-area recovery gathers speed with only France as laggard
   U.K: Services grew at the weakest pace in more than two years in August
   Australia: Retail sales unexpectedly fell in July
Malaysia
   Construction: LRT 3 PDP to be named next week
   Aviation: AirAsia, MAHB boards to meet to discuss airline’s lawsuit
   Muhibbah: JV secures MYR950m Petronas contract

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