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MY: Top Glove (TOPG MK)
Share
Price: MYR9.10
Target Price: MYR10.80
Recommendation: Buy
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Yen
Ling Lee
(603) 2297 8691
lee.yl@maybank-ib.com
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FYE Aug (MYR m)
|
FY14A
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FY15A
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FY16E
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FY17E
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Revenue
|
2,275.4
|
2,510.5
|
2,819.7
|
3,084.9
|
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EBITDA
|
298.8
|
452.8
|
552.9
|
590.8
|
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Core net profit
|
180.5
|
280.1
|
345.5
|
368.0
|
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Core EPS (sen)
|
29.1
|
45.2
|
55.7
|
59.3
|
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Core EPS growth
(%)
|
(8.2)
|
55.2
|
23.3
|
6.5
|
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Net DPS (sen)
|
16.0
|
20.0
|
27.9
|
29.7
|
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Core P/E (x)
|
31.3
|
20.1
|
16.3
|
15.3
|
|
P/BV (x)
|
4.1
|
3.5
|
3.2
|
2.9
|
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Net dividend yield
(%)
|
1.8
|
2.2
|
3.1
|
3.3
|
|
ROAE (%)
|
13.3
|
18.7
|
20.4
|
19.6
|
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ROAA (%)
|
9.8
|
12.1
|
12.3
|
12.2
|
|
EV/EBITDA (x)
|
9.4
|
10.2
|
9.8
|
9.0
|
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Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
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§ Raising productivity for sustainably high
margins.
§ Strong earnings to stay in the near-term on
weak MYR.
§ Maintain BUY and TP of MYR10.80 (19x 2016
PER).
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MY: Hong Leong Bank
(HLBK MK)
Share Price: MYR14.24
Target Price: MYR15.20
Recommendation: Buy
|
|
Desmond Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
|
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FYE Jun (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
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Operating income
|
4,039.1
|
4,066.9
|
4,333.2
|
4,527.8
|
|
Pre-provision
profit
|
2,246.8
|
2,253.1
|
2,466.6
|
2,600.2
|
|
Core net profit
|
2,102.3
|
2,233.2
|
2,291.0
|
2,370.8
|
|
Core EPS (MYR)
|
1.19
|
1.26
|
1.27
|
1.32
|
|
Core EPS growth
(%)
|
12.8
|
5.9
|
0.8
|
3.5
|
|
Net DPS (MYR)
|
0.41
|
0.41
|
0.42
|
0.43
|
|
Core P/E (x)
|
11.9
|
11.3
|
11.2
|
10.8
|
|
P/BV (x)
|
1.8
|
1.6
|
1.5
|
1.4
|
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Net dividend yield
(%)
|
2.9
|
2.9
|
3.0
|
3.1
|
|
Book value (MYR)
|
7.73
|
8.93
|
9.48
|
10.06
|
|
ROAE (%)
|
15.3
|
14.3
|
13.2
|
12.9
|
|
ROAA (%)
|
1.3
|
1.3
|
1.2
|
1.2
|
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§ MSS follows the footsteps of other banks,
in efforts to drive cost efficiencies in a challenging operating
environment.
§ A 10% acceptance rate could lower our
projected FY17 CIR to 40.8% from 42.6% and raise FY17 net profit by 2.7%.
§ Maintain BUY with an unchanged TP of
MYR15.20, pegged to 1.5x proforma CY16 post-rights BVPS.
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MY: Malaysia Automotive
Recommendation:
Neutral
|
|
Ivan Yap
(603) 2297 8612
ivan.yap@maybank-ib.com
|
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§ September
2015 TIV weakened further by 4% MoM to 51k units, amid weak consumer
sentiment and a weaker MYR.
§ Trim
our 2015 TIV forecast by 0.8% to 655k units (-2% YoY) on weaker demand. TIV
weakness could sustain into 2016.
§ Maintain
NEUTRAL; remain cautious on auto earnings from the weaker MYR. BUYs are MBM
and BAuto.
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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
|
|
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§ Sep
total gross adex was down 14% YoY but up 5% MoM, suggesting a slight
recovery in sentiment on a MoM basis.
§ Public
sector ad spend continues to fall YoY and MoM but interestingly, private
sector ad spend was up 6% MoM.
§ Maintain
NEUTRAL on the sector for now with BUYs on MPR and MCIL on cheap valuations
and high dividend yields.
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MY: Technicals
|
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Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
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§ SUCCESS - On a very strong upward Wave 3 and 5 move.
§ FBMKLCI – Index reverses down from 1,727.41.
§ Supports of 1,661 and 1,691 will be weaker.
§ Resistances of
1,705 and 1,727 will cap any rebound.
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MY: Other News
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Malaysia
Research Team
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Outside
Malaysia
—
U.S: Housing starts rise in September
as construction underpins economy
—
U.S: Payrolls declined in 27 states
in September, led by Missouri
—
Russia: Buys most gold in a year as
it adds 34 tons to reserves
—
China: Financial sector shrugged off
a slumping stock market to underpin growth
Malaysia
—
Construction: UEM-Samsung close to
bagging KL118 job
—
IOI Properties: Acquires 2 firms
—
Bina Puri Holdings: Wins job in PIPC
worth MYR234m
—
Yinson: Gets three-year extension for
FPSO Adoon
—
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