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MY: Petronas Chemicals (PCHEM MK)
Share
Price: MYR6.56
Target Price: MYR7.80
Recommendation: Buy
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Mohshin
Aziz
(603) 2297 8692
mohshin.aziz@maybank-ib.com
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FYE Dec (MYR m)
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FY13A
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FY14A
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FY15E
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FY16E
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Revenue
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15,203.0
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14,636.9
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13,847.1
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14,862.1
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EBITDA
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5,411.0
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4,574.9
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4,690.7
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5,796.8
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Core net profit
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3,156.0
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2,723.6
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2,817.7
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3,503.5
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Core EPS (sen)
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39.5
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34.0
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35.2
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43.8
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Core EPS growth
(%)
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(13.8)
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(13.7)
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3.5
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24.3
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Net DPS (sen)
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20.0
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20.0
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17.6
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21.9
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Core P/E (x)
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16.6
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19.3
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18.6
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15.0
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P/BV (x)
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2.4
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2.2
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2.1
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2.0
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Net dividend yield
(%)
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3.0
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3.0
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2.7
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3.3
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ROAE (%)
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15.0
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12.1
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11.7
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13.6
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ROAA (%)
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11.8
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9.7
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9.6
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11.3
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EV/EBITDA (x)
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8.7
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7.8
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9.3
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7.1
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Net debt/equity
(%)
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net cash
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net cash
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net cash
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net cash
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§ U/G to BUY on improving outlook,
undemanding valuation. We raise 2015-17 EPS 3%/6%/8%, PER-TP 18% to
MYR7.80.
§ Plant reliability has fundamentally
improved due to upgrades to factory and feedstock supply chain.
§ Petrochemical ASPs at 5-year lows, have
nowhere to go but up. Despite this, PCHEM is one of the world’s lowest cost
producers and thrives in such tough periods.
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MY: MISC Bhd
(MISC MK)
Share Price: MYR9.09
Target Price: MYR10.10
Recommendation: Buy
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Yen Ling Lee
(603) 2297 8691
lee.yl@maybank-ib.com
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FYE Dec (MYR m)
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FY13A
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FY14A
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FY15E
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FY16E
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Revenue
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8,971.8
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9,296.3
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10,199.2
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9,788.6
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EBITDA
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2,746.9
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3,024.0
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3,768.8
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3,771.1
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Core net profit
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1,417.4
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1,942.5
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2,458.1
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2,392.5
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Core EPS (sen)
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31.8
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43.5
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55.1
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53.6
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Core EPS growth
(%)
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8.0
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37.0
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26.5
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(2.7)
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Net DPS (sen)
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5.0
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10.0
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20.0
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20.0
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Core P/E (x)
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28.6
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20.9
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16.5
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17.0
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P/BV (x)
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1.6
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1.5
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1.4
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1.3
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Net dividend yield
(%)
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0.6
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1.1
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2.2
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2.2
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ROAE (%)
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6.2
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7.4
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8.6
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8.0
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ROAA (%)
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3.7
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4.7
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5.8
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5.4
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EV/EBITDA (x)
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11.6
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12.3
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12.1
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12.2
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Net debt/equity
(%)
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22.1
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14.1
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13.4
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13.8
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§ 3Q15 beats expectations; 4Q15-1Q16 to be
seasonally stronger.
§ Petroleum tanker market on multi-year
recovery mode.
§ Raise FY15-17 EPS by 10%/20%/16% and
SOP-based TP to MYR10.10 (+5%). Maintain BUY.
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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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§ PADINI - On a very strong upward Wave 3 and 5 move.
§ FBMKLCI – Index inches up towards 1,700.
§ Supports of 1,665 and 1,685 may be areas to buy.
§ Resistances of
1,688 and 1,710 may cap its rebounds.
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MY: Other News
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Malaysia
Research Team
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Outside
Malaysia
— U.S:
Yellen and Dudley signal December is still ’live’ for rate hike
— U.S:
Trade gap narrows in September on lowest oil imports in a decade
— U.K:
Services growth accelerated in October
— Japan:
Draghi beating Kuroda in easing drives Europeans to Japan debt
— Thailand:
Central bank kept its key interest rate unchanged
Malaysia
— Oil & Gas: Petronas produces first gas from Kepodang field
— Construction: High-speed rail likely to cost MYR65b
— Tenaga Nasional: Puts in lowest bid for Edra
—
SapuraKencana: Gets nod for
first upstream gas development project in Malaysia
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