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Share
Price:
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MYR5.95
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Target
Price:
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MYR6.60
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Recommendation:
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Hold
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Fairly routine
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1Q16 was a fairly routine quarter for Maxis, with both
EBITDA and net profit coming in within ours and consensus forecasts.
The real litmus test however lies in 2Q16, when the impact from the
recent postpaid pricing debacle will show, and the quantum of spectrum
fees be announced. Maintain HOLD with an unchanged TP of MYR6.60.
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FYE Dec (MYR m)
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FY14A
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FY15A
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FY16E
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FY17E
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Revenue
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8,389.0
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8,601.0
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8,629.1
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8,853.3
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EBITDA
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4,265.0
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4,444.0
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4,314.6
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4,426.7
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Core net profit
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1,763.0
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1,879.0
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1,692.5
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1,757.2
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Core EPS (sen)
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23.5
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25.0
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22.5
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23.4
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Core EPS growth (%)
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(0.2)
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6.5
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(9.9)
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3.8
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Net DPS (sen)
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40.0
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20.0
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20.0
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25.0
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Core P/E (x)
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25.3
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23.8
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26.4
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25.4
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P/BV (x)
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9.5
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10.7
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10.2
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10.5
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Net dividend yield (%)
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6.7
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3.4
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3.4
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4.2
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ROAE (%)
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32.9
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42.2
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39.5
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40.7
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ROAA (%)
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9.9
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10.1
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8.9
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9.1
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EV/EBITDA (x)
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13.8
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13.4
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12.3
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12.0
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Net debt/equity (%)
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158.9
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205.5
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192.7
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196.6
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Share
Price:
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MYR4.27
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Target
Price:
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MYR4.30
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Recommendation:
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Hold
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Shipping
alliance shake-outs
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Westports will benefit from the formation of Ocean
Alliance if OA obtains regulatory approval in 2017. However, the wild
card now is with the potential merger of Hapag-Lloyd and UASC, which
may see UASC moves its transhipment volume out of Westports. That said,
our scenario analysis suggests net volume increment of 0.03-1.7m TEUs
p.a. (or +0.3-14.9%) for Westports. Maintain HOLD and DCF-derived TP of
MYR4.30.
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FYE Dec (MYR m)
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FY14A
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FY15A
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FY16E
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FY17E
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Revenue
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1,503.0
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1,578.3
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1,693.4
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1,770.3
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EBITDA
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800.8
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869.1
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940.1
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1,017.1
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Core net profit
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512.2
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504.9
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596.4
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628.2
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Core EPS (sen)
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15.0
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14.8
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17.5
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18.4
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Core EPS growth (%)
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17.7
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(1.4)
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18.1
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5.3
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Net DPS (sen)
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11.3
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11.1
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13.1
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13.8
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Core P/E (x)
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28.4
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28.8
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24.4
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23.2
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P/BV (x)
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8.3
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7.7
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7.1
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6.6
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Net dividend yield (%)
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2.6
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2.6
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3.1
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3.2
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ROAE (%)
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30.4
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27.6
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30.2
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29.6
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ROAA (%)
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13.8
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12.8
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14.3
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14.4
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EV/EBITDA (x)
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15.2
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17.0
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16.8
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15.5
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Net debt/equity (%)
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40.0
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39.7
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59.9
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53.0
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MACRO RESEARCH
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Technical Research
by Cheng
Hooi Lee
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1,729.13 still
capping rebounds
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The FBMKLCI rose 12.56 points to close at 1,721.47
yesterday, while the FBMEMAS and FBM100 gained 84.58 and 84.02 points
respectively. In terms of market breadth, the gainer-to-loser ratio
was 508-to-350, while 364 counters were unchanged. A total of 1.99b
shares were traded valued at MYR1.95b.
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NEWS
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Outside Malaysia:
U.S: Leading indicators climbed less than forecast in
March, restrained by a drop in building permits. The Conference Board’s
measure of the economic outlook for the next three to six months rose
0.2% in March after falling 0.1% the prior month, the New York-based
group said. (Source: Bloomberg)
U.S: Home prices rose 0.4% in February from January, FHFA
says, as job growth fueled demand for a scant supply of listings. Prices
climbed 5.6% YoY, the agency said in a report from Washington. Buyers,
eager to take advantage of borrowing costs near record lows, are facing
fierce competition for the few properties on the market. There were 1.98
million houses for sale at the end of March, down 1.5% from the same
month last year, the National Association of Realtors reported. (Source:
Bloomberg)
E.U: The European Central Bank left its interest rates at
record lows and kept the size of its bond-buying program unchanged as
President Mario Draghi waits to see how fresh stimulus measures announced
last month affect the economy. The 25-member Governing Council, left the
benchmark rate at zero, the deposit rate at minus 0.4% and asset
purchases at EUR 80b (USD 90b) a month. (Source: Bloomberg)
China: Biggest tax reform in two decades aims to boost
growth. The biggest tax overhaul starts May 1, with changes set to reduce
the burden on services companies and encourage factories to upgrade and
innovate. Under the new system, taxes in the construction, property,
finance and consumer service sectors will now be applied to the value
added -- such as the difference between wholesale and final sales price
for a retailer. That’s in contrast to the existing revenue-based levy.
Manufacturers, which already operate under a value-added tax structure,
will now get tax breaks on research and development to help them
modernize. The plan will ease corporate payments by CNY500b (USD 77b)
this year, with much of that total coming at the expense of local
governments. (Source: Bloomberg)
Indonesia: Bank Indonesia paused its monetary policy easing
ahead of adopting a new benchmark interest rate in August aimed at
spurring lending and growth in Southeast Asia’s biggest economy. Governor
Agus Martowardojo and his board kept the reference rate at 6.75%, Bank
Indonesia said. Policy makers set the new benchmark -- the seven-day
reverse repo rate that comes into effect in August -- at 5.5%. The bank
is adopting the new rate to ensure monetary policy moves are better
transmitted to the broader economy. (Source: Bloomberg)
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Other news:
Bumi Armada: Claiming at least USD 283.5m (MYR1.1b) in
damages from Woodside Energy Julimar Pty Ltd for terminating the MYR1.46b
contract charter for Armada Claire Floating Production Storage and
Offloading (FPSO) unit. In a filing with Bursa Malaysia Bhd, the oil and
gas shipping group said subsidiary Armada Balnaves Pte Ltd (ABPL) had on
April 20, 2016 filed and served a statement of claim in the Supreme Court
of Western Australia against Woodside in relation to its charter
contract. ABPL has claimed USD275.8m as termination payment, an
additional USD7.7m for work done and materials supplied, as well as any
additional damages for loss of bargain caused to ABPL due to Woodside’s
repudiation of the contract. (Source: The Sun Daily)
Malakoff: Allocates MYR 900m capex for its expansion plan
this year, of which MYR 700m has been earmarked for the new 1,000MW
Tanjung Bin Energy power plant. Malakoff acting chief executive officer
Habib Husin said the independent power producer (IPP) is eyeing
opportunities for expansion both domestically and overseas to meet its
targeted capacity of 10,000MW by 2020. (Source: The Edge Financial Daily)
IHH Healthcare: To be Bulgaria’s largest healthcare
provider. IHH Healthcare’s indirect 59.6%-owned Turkish entity Acibadem
Saglik Hizmetleri Ve Ticaret AS plans to acquire Bulgaria’s largest
healthcare provider, Tokuda Group, and merge with the City Clinic Group,
in a cumulative deal amounting MYR 437.3m. The transactions will lead to
the creation of the largest private healthcare provider in Bulgaria and
one of the leading healthcare institutions in Central and Eastern Europe.
(Source: The Edge Financial Daily)
Eversendai: Unit sued for MYR 7.45m. Wholly-owned
subsidiary Eversendai Energia Sdn Bhd (EESB) is being sued by Poratha
Corp Sdn Bhd (PCSB) which is claiming MYR7.45m and 5% interest for flue
gas desulfurization (FGD) ducting, miscellaneous piping works,
firefighting piping works and other incidental costs. (Source: The Edge
Financial Daily)
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