|
MY: Genting Bhd (GENT MK)
Share
Price: MYR7.46
Target Price: MYR9.20
Recommendation: Buy
|
|
Samuel
Yin Shao Yang
(603) 2297 8916
samuel.y@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
17,111.7
|
18,216.5
|
18,580.6
|
20,049.4
|
|
EBITDA
|
6,116.4
|
6,627.5
|
6,390.8
|
7,001.9
|
|
Core net profit
|
1,681.4
|
1,777.4
|
1,749.7
|
1,983.7
|
|
Core FDEPS (sen)
|
45.5
|
46.2
|
42.5
|
47.8
|
|
Core FDEPS
growth(%)
|
(27.2)
|
1.5
|
(7.9)
|
12.3
|
|
Net DPS (sen)
|
37.5
|
4.0
|
3.7
|
4.1
|
|
Core FD P/E (x)
|
16.4
|
16.2
|
17.5
|
15.6
|
|
P/BV (x)
|
1.1
|
1.0
|
1.0
|
0.9
|
|
Net dividend yield
(%)
|
5.0
|
0.5
|
0.5
|
0.6
|
|
ROAE (%)
|
7.2
|
6.8
|
6.4
|
6.8
|
|
ROAA (%)
|
2.5
|
2.5
|
2.3
|
2.6
|
|
EV/EBITDA (x)
|
8.5
|
7.3
|
6.9
|
6.6
|
|
Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
§ GENT is trading at a 35% discount to
SOP/sh, which is more than –1SD to its long-term mean of 21% discount to
SOP/sh.
§ Steep discount is not justified; we
forecast strong 3-yr core earnings CAGR of 17% with a bumper growth in FY17
at 42%!
§ LT earnings growth also driven by the
‘under-researched’ Banten IPP. Maintain BUY with a revised TP of MYR9.20
(-2%).
|
MY: RHB Capital
(RHBC MK)
Share Price: MYR6.26
Target Price: MYR6.80
Recommendation: Hold
|
|
Desmond Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Operating income
|
5,950.8
|
6,234.9
|
6,181.7
|
6,368.9
|
|
Pre-provision
profit
|
2,898.6
|
2,823.7
|
2,677.2
|
2,726.7
|
|
Core net profit
|
1,831.2
|
1,925.6
|
1,766.2
|
1,857.0
|
|
Core EPS (MYR)
|
0.73
|
0.75
|
0.68
|
0.71
|
|
Core EPS growth
(%)
|
(7.7)
|
3.2
|
(9.7)
|
4.1
|
|
Net DPS (MYR)
|
0.16
|
0.06
|
0.06
|
0.06
|
|
Core P/E (x)
|
8.6
|
8.3
|
9.2
|
8.8
|
|
P/BV (x)
|
1.0
|
0.9
|
0.8
|
0.7
|
|
Net dividend yield
(%)
|
2.6
|
1.0
|
1.0
|
1.0
|
|
Book value (MYR)
|
6.57
|
7.31
|
8.16
|
8.81
|
|
ROAE (%)
|
11.5
|
10.8
|
8.8
|
8.4
|
|
ROAA (%)
|
1.0
|
0.9
|
0.8
|
0.8
|
|
|
§ CTS completes with cost of MYR309m and annual savings of MYR193m – 31%
higher than CIMB on a per employee basis.
§ Would lower our FY15 net profit forecast by
12% but raise our FY16 earnings by 8%.
§ Maintain HOLD with an unchanged TP of
MYR6.80 (P/BV target of 1x on post-rights BVPS).
|
MY: WCT Holdings
(WCTHG MK)
Share Price: MYR1.36
Target Price: MYR2.20
Recommendation: Buy
|
|
Li Shin Chai
(603) 2297 8684
lishin.c@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
1,655.0
|
1,662.2
|
1,800.1
|
1,992.0
|
|
EBITDA
|
282.4
|
147.5
|
183.5
|
229.9
|
|
Core net profit
|
200.5
|
97.0
|
90.7
|
137.9
|
|
Core EPS (sen)
|
18.7
|
8.9
|
8.3
|
12.6
|
|
Core EPS growth
(%)
|
11.1
|
(52.4)
|
(6.6)
|
51.9
|
|
Net DPS (sen)
|
6.8
|
6.2
|
6.2
|
6.2
|
|
Core P/E (x)
|
7.3
|
15.3
|
16.4
|
10.8
|
|
P/BV (x)
|
0.7
|
0.7
|
0.7
|
0.6
|
|
Net dividend yield
(%)
|
5.0
|
4.6
|
4.6
|
4.6
|
|
ROAE (%)
|
10.0
|
4.4
|
4.1
|
6.0
|
|
ROAA (%)
|
3.7
|
1.7
|
1.5
|
2.2
|
|
EV/EBITDA (x)
|
10.7
|
21.6
|
16.4
|
12.9
|
|
Net debt/equity
(%)
|
40.1
|
66.4
|
64.9
|
61.4
|
|
|
§ New MYR267m civil construction contract in
RAPID from PETRONAS lifts external orderbook by 8% to MYR3.69b.
§ WCT’s job wins have exceeded our MYR2b
target for 2015; earnings forecasts unchanged pending further details.
§ Expect further job replenishment from
RAPID, TRX, Kwasa Land and WCE. Reiterate BUY at MYR2.20 TP (unchanged).
|
MY: IGB REIT
(IGBREIT MK)
Share Price: MYR1.31
Target Price: MYR1.50
Recommendation: Buy
|
|
Kevin Wong
(603) 2082 6824
kevin.wong@maybank-ib.com
|
Wei Sum Wong
(603) 2297 8679
weisum@maybank-ib.com
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
430.7
|
461.8
|
486.5
|
505.1
|
|
Net property
income
|
285.7
|
312.6
|
335.7
|
348.1
|
|
Distributable
income
|
241.1
|
268.8
|
294.1
|
307.3
|
|
DPU (sen)
|
6.3
|
7.0
|
7.7
|
7.9
|
|
DPU growth (%)
|
284.0
|
10.7
|
9.1
|
3.8
|
|
Price/DPU(x)
|
20.7
|
18.7
|
17.1
|
16.5
|
|
P/BV (x)
|
1.2
|
1.2
|
1.2
|
1.2
|
|
DPU yield (%)
|
4.8
|
5.4
|
5.8
|
6.1
|
|
ROAE (%)
|
5.9
|
6.4
|
6.9
|
7.2
|
|
ROAA (%)
|
4.2
|
4.6
|
4.9
|
5.1
|
|
Debt/Assets (x)
|
0.2
|
0.2
|
0.2
|
0.2
|
|
|
§ 3Q15 net profit of MYR65m (+8.3% YoY)
within expectations.
§ Near-term earnings are supported by
sustained rental rates and stable occupancy rates in MVM and TGM.
§ Maintain BUY with an unchanged DCF-based TP
of MYR1.50. Total return is 21%, inclusive of 6.1% FY16 net yield.
|
MY: Sunway REIT
(SREIT MK)
Share Price: MYR1.53
Target Price: MYR1.50
Recommendation: Hold
|
|
Kevin Wong
(603) 2082 6824
kevin.wong@maybank-ib.com
|
Wei Sum Wong
(603) 2297 8679
weisum@maybank-ib.com
|
|
|
|
|
FYE Jun (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
427.8
|
453.5
|
509.8
|
541.5
|
|
Net property
income
|
321.0
|
340.8
|
394.1
|
422.4
|
|
Distributable
income
|
231.9
|
242.0
|
262.3
|
285.0
|
|
DPU (sen)
|
7.5
|
7.6
|
7.8
|
8.5
|
|
DPU growth (%)
|
0.7
|
1.3
|
2.3
|
8.6
|
|
Price/DPU(x)
|
20.3
|
20.1
|
19.6
|
18.1
|
|
P/BV (x)
|
1.2
|
1.1
|
1.1
|
1.1
|
|
DPU yield (%)
|
4.9
|
5.0
|
5.1
|
5.5
|
|
ROAE (%)
|
6.4
|
6.3
|
6.4
|
6.8
|
|
ROAA (%)
|
4.3
|
4.0
|
4.0
|
4.3
|
|
Debt/Assets (x)
|
0.3
|
0.3
|
0.4
|
0.4
|
|
|
§ Upcoming 1QFY16 earnings could fall short,
due to slower Putra Mall and office assets’ earnings.
§ Lowering our FY16/17/18 net profit
forecasts by 11%/9%/7%.
§ Maintain HOLD with a lower MYR1.50 DCF-TP
(-5sen).
|
MY: Globetronics Technology
(GTB MK)
Share Price: MYR6.11
Target Price: MYR7.35
Recommendation: Buy
|
|
Ivan Yap
(603) 2297 8612
ivan.yap@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
321.4
|
355.0
|
408.4
|
555.4
|
|
EBITDA
|
98.1
|
108.6
|
119.5
|
169.3
|
|
Core net profit
|
52.6
|
64.4
|
76.4
|
121.3
|
|
Core EPS (sen)
|
19.0
|
22.9
|
27.2
|
43.2
|
|
Core EPS growth
(%)
|
27.3
|
20.7
|
18.6
|
58.8
|
|
Net DPS (sen)
|
18.0
|
23.0
|
24.5
|
38.9
|
|
Core P/E (x)
|
32.1
|
26.6
|
22.4
|
14.1
|
|
P/BV (x)
|
6.1
|
6.0
|
5.9
|
5.6
|
|
Net dividend yield
(%)
|
2.9
|
3.8
|
4.0
|
6.4
|
|
ROAE (%)
|
19.6
|
23.0
|
26.5
|
40.7
|
|
ROAA (%)
|
15.8
|
18.5
|
21.0
|
31.8
|
|
EV/EBITDA (x)
|
7.5
|
9.7
|
13.1
|
9.4
|
|
Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
§ 9M15 earnings within our and consensus
estimates.
§ Growth to accelerate in 4Q15 and into 2016;
maiden contribution from 3D-imaging sensor from 4Q15.
§ Maintain BUY with an unchanged TP of
MYR7.35 (17x 2016 PER). Ex-cash FY16 PER of 12.7x; 6.4% FY16 yield (90%
DPR).
|
MY: Malaysia Airports
(MAHB MK)
Share Price: MYR5.37
Target Price: MYR5.45
Recommendation: Hold
|
|
Mohshin Aziz
(603) 2297 8692
mohshin.aziz@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
4,134.0
|
3,343.7
|
3,918.1
|
4,298.3
|
|
EBITDA
|
899.6
|
815.0
|
1,980.5
|
1,828.0
|
|
Core net profit
|
361.8
|
148.9
|
(11.3)
|
152.7
|
|
Core EPS (sen)
|
29.4
|
11.1
|
(0.7)
|
10.0
|
|
Core EPS growth
(%)
|
(20.2)
|
(62.3)
|
nm
|
nm
|
|
Net DPS (sen)
|
7.3
|
2.8
|
0.0
|
2.5
|
|
Core P/E (x)
|
18.3
|
48.5
|
(722.2)
|
53.5
|
|
P/BV (x)
|
1.1
|
1.0
|
0.9
|
0.9
|
|
Net dividend yield
(%)
|
1.4
|
0.5
|
0.0
|
0.5
|
|
ROAE (%)
|
5.7
|
2.2
|
(0.1)
|
1.7
|
|
ROAA (%)
|
3.2
|
0.9
|
(0.1)
|
0.7
|
|
EV/EBITDA (x)
|
15.5
|
15.9
|
6.5
|
7.1
|
|
Net debt/equity
(%)
|
55.7
|
57.7
|
51.1
|
51.8
|
|
|
§ 3Q15 was above expectations on surprise
cost slump.
§ Traffic slowing with no near term catalyst
in sight.
§ Maintain HOLD with an unchanged TP of
MYR5.45 based on unchanged 0.9x FY16 P/BV peg.
|
MY: British American Tobacco
(ROTH MK)
Share Price: MYR64.20
Target Price: MYR63.00
Recommendation: Hold
|
|
Liew Wei Han
(603) 2297 8676
weihan.l@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
4,517.2
|
4,796.0
|
4,865.4
|
4,757.0
|
|
EBITDA
|
1,182.4
|
1,277.0
|
1,312.4
|
1,305.8
|
|
Core net profit
|
823.4
|
902.0
|
934.9
|
932.9
|
|
Core EPS (sen)
|
288.4
|
315.9
|
327.4
|
326.7
|
|
Core EPS growth
(%)
|
3.2
|
9.5
|
3.6
|
(0.2)
|
|
Net DPS (sen)
|
282.0
|
309.0
|
320.4
|
320.3
|
|
Core P/E (x)
|
22.3
|
20.3
|
19.6
|
19.7
|
|
P/BV (x)
|
36.1
|
35.0
|
33.7
|
32.4
|
|
Net dividend yield
(%)
|
4.4
|
4.8
|
5.0
|
5.0
|
|
ROAE (%)
|
165.8
|
174.7
|
174.9
|
168.1
|
|
ROAA (%)
|
58.5
|
nm
|
nm
|
nm
|
|
EV/EBITDA (x)
|
15.9
|
14.8
|
14.2
|
14.2
|
|
Net debt/equity
(%)
|
88.6
|
65.9
|
56.4
|
47.8
|
|
|
§ 3Q15 results in line; some demand recovery
post weak 2Q15.
§ Still wary of near-term demand given weaker
purchasing power, while valuations are fair.
§ Maintain HOLD with an unchanged DCF-based
TP of MYR63.
|
MY: Technicals
|
|
Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
|
|
|
|
|
|
|
§ DIGI - On a very strong downward Wave 5 move.
§ FBMKLCI – The index is expected to be weaker.
§ Supports of 1,661 and 1,690 may be weaker.
§ Resistances of
1,696 and 1,720 will cap any rebound.
|
MY: Other News
|
|
Malaysia
Research Team
|
|
|
|
|
|
|
Outside
Malaysia
— U.S: Consumer confidence fell in October to a three-month low
— U.S: Orders for business equipment unexpectedly
decline in September
— U.S: August home prices in 20 cities appreciate at
faster pace
— U.K. Economy expands less than forecast in 3Q 2015
as production cools
— Japan: Retail sales up less than expected in
September
Malaysia
— Construction: MYR8b Gemas-JB double-track rail plans up for inspection
— Success Transformer: To sell its SEB stake
—
Brahim’s: Accepts MYR218m offer from
Singapore-listed firm
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.