Wednesday, November 4, 2015

[Maybank Kim Eng] Today's Research - Malaysia

04 Nov 2015, Wednesday


g Macro Research
- Malaysia: Technicals - Index support emerged at 1,658.98
| Lee Cheng Hooi
- Malaysia: Other News -
| Malaysia Research Team



MY: Petronas Chemicals (PCHEM MK)
Share Price: MYR6.50
Target Price: MYR6.60
Recommendation: Hold


Mohshin Aziz
(603) 2297 8692
mohshin.aziz@maybank-ib.com


Results Review: Strong volume buffers MYR impact

FYE Dec (MYR m)
FY13A
FY14A
FY15E
FY16E
Revenue
15,203.0
14,636.9
14,447.1
15,662.1
EBITDA
5,411.0
4,574.9
4,590.7
5,496.8
Core net profit
3,156.0
2,723.6
2,749.0
3,297.4
Core EPS (sen)
39.5
34.0
34.4
41.2
Core EPS growth (%)
(13.8)
(13.7)
0.9
20.0
Net DPS (sen)
20.0
20.0
17.2
20.6
Core P/E (x)
16.5
19.1
18.9
15.8
P/BV (x)
2.4
2.2
2.1
2.0
Net dividend yield (%)
3.1
3.1
2.6
3.2
ROAE (%)
15.0
12.1
11.4
12.8
ROAA (%)
11.8
9.7
9.4
10.6
EV/EBITDA (x)
8.7
7.8
9.4
7.5
Net debt/equity (%)
net cash
net cash
net cash
net cash
§  3Q15 was within our expectation, but ahead of consensus.
§  Stellar factory utilisation rate buoys bottom-line.
§  Maintain HOLD with unchanged TP, pending analyst briefing later today.

MY: Malaysia Marine & Heavy Engineering (MMHE MK)
Share Price: MYR1.10
Target Price: MYR1.32
Recommendation: Hold


Thong Jung Liaw
(603) 2297 8688
tjliaw@maybank-ib.com
Ivan Yap
(603) 2297 8612
ivan.yap@maybank-ib.com
Results Review: Malikai’s provisions skewed 3Q15

FYE Dec (MYR m)
FY13A
FY14A
FY15E
FY16E
Revenue
2,884.5
2,700.5
2,077.8
1,815.0
EBITDA
261.1
248.6
179.7
163.5
Core net profit
236.5
173.1
138.8
119.1
Core EPS (sen)
14.8
10.8
8.7
7.4
Core EPS growth (%)
(14.3)
(26.8)
(19.8)
(14.2)
Net DPS (sen)
5.0
0.0
0.0
0.0
Core P/E (x)
7.4
10.2
12.7
14.8
P/BV (x)
0.7
0.7
0.6
0.6
Net dividend yield (%)
4.5
0.0
0.0
0.0
ROAE (%)
9.3
6.6
5.1
4.2
ROAA (%)
4.8
3.7
3.2
2.8
EV/EBITDA (x)
20.2
10.2
7.2
7.1
Net debt/equity (%)
net cash
net cash
net cash
net cash
§  9M15 core earnings in line, but significant provisions on Malikai TLP project skewed headline earnings.
§  Order replenishment remains a concern; results of most of the major tenders are only out in 2016.
§  Reiterate HOLD and MYR1.32 TP (1.5x EV/ order backlog).

MY: Technicals

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

Technical Research: Index support emerged at 1,658.98


§  JOHOTIN - On a very strong upward Wave 3 and 5 move.
§  FBMKLCI – Index found support at 1,658.98 recently.
§  Supports of 1,657 and 1,677 may be areas to buy.
§  Resistances of 1,680 and 1,700 may cap its rebounds.

MY: Other News

Malaysia Research Team

Economics Research:


Outside Malaysia
  E.U: Draghi says ECB ready to act to maintain monetary accommodation
  E.U: 30,000 banking jobs to go as Standard Chartered joins in cuts
  Spain: Jobless claims are rising again
  Australia: The Reserve Bank of Australia left the benchmark at a record-low 2%
Malaysia
  Property: Johor’s first halal biotech park
  MRCB: Degearing, revamp plans soon
  Telekom: In JV to provide ICT services in Medini Iskandar
  SP Setia: Shortlisted to bid for redevelopment of Royal Adelaide Hospital site

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