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Share
Price:
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MYR4.40
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Target
Price:
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MYR4.40
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Recommendation:
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Hold
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Hoping for
topline growth
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AMMB’s primary challenge has been in growing its topline.
With renewed focus under its new MD and with various changes at the
management level, the worst could be over in this regard. We await
positive developments and upgrade the stock to HOLD from SELL, with a
higher TP of MYR4.40 (+30sen) on a new CY17 PBV of 0.8x, ROE: 8.5%.
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FYE Mar (MYR m)
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FY15A
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FY16A
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FY17E
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FY18E
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Operating income
|
4,721.5
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3,693.3
|
3,833.4
|
4,082.0
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Pre-provision profit
|
2,563.6
|
1,519.0
|
1,686.7
|
1,884.2
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Core net profit
|
1,638.0
|
1,355.9
|
1,318.0
|
1,393.2
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Core EPS (MYR)
|
0.54
|
0.45
|
0.44
|
0.46
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Core EPS growth (%)
|
(2.9)
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(17.2)
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(3.1)
|
5.7
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Net DPS (MYR)
|
0.27
|
0.16
|
0.17
|
0.19
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Core P/E (x)
|
8.1
|
9.8
|
10.1
|
9.5
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P/BV (x)
|
0.9
|
0.9
|
0.8
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0.8
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Net dividend yield (%)
|
6.2
|
3.5
|
4.0
|
4.2
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Book value (MYR)
|
4.80
|
5.03
|
5.30
|
5.57
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ROAE (%)
|
11.9
|
9.2
|
8.5
|
8.5
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ROAA (%)
|
1.2
|
1.0
|
1.0
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1.0
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Share
Price:
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MYR1.66
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Target
Price:
|
MYR1.85
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Recommendation:
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Buy
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Turning water
into coffee
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F&B, while still being a slight drag in the near term,
should see gradual improvement going forward. On the other hand, FMCG
should sustain its sales growth momentum on its continuous expansion
plans. Our earnings forecasts and TP (14.8x FY17 PER, mean) are unchanged.
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FYE Mar (MYR m)
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FY15A
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FY16A
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FY17E
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FY18E
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Revenue
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397.7
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393.4
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422.0
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459.2
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EBITDA
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82.9
|
84.5
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91.2
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95.6
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Core net profit
|
51.0
|
55.3
|
57.6
|
61.3
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Core EPS (sen)
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11.2
|
11.9
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12.4
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13.2
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Core EPS growth (%)
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4.2
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6.1
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4.3
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6.4
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Net DPS (sen)
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6.0
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9.0
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6.8
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7.3
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Core P/E (x)
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14.8
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13.9
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13.3
|
12.5
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P/BV (x)
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2.2
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2.1
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2.0
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1.8
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Net dividend yield (%)
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3.6
|
5.4
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4.1
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4.4
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ROAE (%)
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15.2
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15.8
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15.4
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15.3
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ROAA (%)
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11.8
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12.5
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12.4
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12.4
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EV/EBITDA (x)
|
8.2
|
6.5
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6.6
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6.0
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Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
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Sunway (SWB MK)
by Wei Sum
Wong
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Share
Price:
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MYR3.03
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Target
Price:
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MYR3.37
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Recommendation:
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Hold
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Earnings on
track
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Sunway’s 1Q16 core net profit came in as expected. 1Q16
effective locked-in property sales were however below expectations due
to the lack of new launches. This was cushioned by strong YTD
construction job wins of MYR2b. We maintain our earnings forecasts but
raise Sunway TP to MYR3.37 (+6sen) after lifting TP for SCG (+15sen).
Reiterate HOLD.
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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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4,841.9
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4,451.3
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5,370.4
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5,389.9
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EBITDA
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504.2
|
427.8
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765.5
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825.2
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Core net profit
|
591.7
|
590.7
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526.2
|
589.8
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Core FDEPS (sen)
|
32.5
|
31.6
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26.1
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29.3
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Core FDEPS growth(%)
|
20.7
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(2.8)
|
(17.3)
|
12.1
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Net DPS (sen)
|
11.0
|
37.0
|
8.6
|
8.8
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Core FD P/E (x)
|
9.3
|
9.6
|
11.6
|
10.3
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P/BV (x)
|
0.9
|
0.8
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0.7
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0.8
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Net dividend yield (%)
|
3.6
|
12.2
|
2.8
|
2.9
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ROAE (%)
|
10.5
|
9.5
|
7.4
|
7.5
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ROAA (%)
|
4.9
|
4.1
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3.2
|
3.4
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EV/EBITDA (x)
|
15.6
|
21.8
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12.8
|
13.7
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Net debt/equity (%)
|
30.4
|
49.8
|
46.9
|
56.7
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Share
Price:
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MYR1.00
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Target
Price:
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MYR1.08
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Recommendation:
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Hold
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A weak set of
results
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UEMS’ 1Q16 results were weak but earnings should pick up
strongly in 2H16 with the completion of Teega and Arcoris projects as
well as strategic land sale. Sales were slow in 1Q16 but should also
pick up in the 2H with more new launches. Elsewhere, UEMS has entered
into a JLDA with TM to develop a 1.7-acre land in the KL city centre.
We maintain our earnings forecasts and MYR1.08 TP. Reiterate HOLD.
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FYE Dec (MYR m)
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FY14A
|
FY15A
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FY16E
|
FY17E
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Revenue
|
2,661.7
|
1,749.9
|
2,056.6
|
1,903.8
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EBITDA
|
527.1
|
299.6
|
495.7
|
451.5
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Core net profit
|
479.9
|
257.2
|
309.8
|
267.3
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Core FDEPS (sen)
|
10.6
|
5.2
|
6.2
|
5.4
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Core FDEPS growth(%)
|
(18.8)
|
(51.1)
|
20.5
|
(13.7)
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Net DPS (sen)
|
3.0
|
1.6
|
1.9
|
1.6
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Core FD P/E (x)
|
9.5
|
19.3
|
16.0
|
18.6
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P/BV (x)
|
0.7
|
0.7
|
0.6
|
0.6
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Net dividend yield (%)
|
3.0
|
1.6
|
1.9
|
1.6
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ROAE (%)
|
7.8
|
3.9
|
4.5
|
3.7
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ROAA (%)
|
4.6
|
2.2
|
2.6
|
2.2
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EV/EBITDA (x)
|
16.1
|
24.0
|
13.4
|
16.3
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Net debt/equity (%)
|
25.6
|
25.6
|
24.8
|
34.0
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NEWS
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Outside Malaysia:
Japan: Retail sales stall in April as Abe mulls delay to
tax hike. Japan’s retail sales growth stalled, underscoring weakness in
private consumption and increasing the likelihood that Prime Minister
Shinzo Abe will delay a sales-tax increase planned for next year. Sales
were unchanged in April from the previous month, the trade ministry
reported. From a year earlier, sales fell 0.8%, compared with a decline
of 1.2% forecast in the survey. (Source: Bloomberg)
South Korea: Manufacturers’ business confidence rises in
June to 74 from 73 for May, according to Bank of Korea statement.
Sluggish domestic demand and uncertainty in economic outlook are
difficulties faced by manufacturers. The non-manufacturing index falls to
73 for June from 75 a month earlier. (Source: Bloomberg)
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Other News:
Kumpulan Perangsang: Targets MYR1b revenue by 2018.
Kumpulan Perangsang (KPS), which recently disposed of part of its water
assets, aims to achieve MYR1b in revenue by 2018, and is looking for more
acquisitions to achieve the target. The company has allocated MYR300m
this year to acquire assets with controlling stake. No specific target
sectors have been set. (Source: The Sun Daily)
Karex: To buy UK’s largest condom maker. Karex is planning
to buy one of the largest independent condom manufacturing companies in
the UK, Pasante Healthcare Limited for GBP6m (MYR35.9 m). Its
wholly-owned subsidiary, Karex Holdings Sdn Bhd, entered into a
conditional share with several shareholders of Pasante to acquire the
entire stake in the West Sussex based company. Karex will fund the
proposed acquisition entirely in cash using proceeds raised from its
private placement exercise completed on March 11, 2015. Pasante is a
leading sexual wellness and healthcare products player in the UK market.
(Source: The Sun Daily)
EG Industries: Poised to tap into Thailand’s auto
industry. EG Industries, which is in the midst of preparing the listing
application for its wholly-owned Thai unit SMT Industries Co Ltd (SMTI),
sees opportunities in the Thai automotive industry to further expand its
presence there. The electronic manufacturing services (EMS) provider in
March announced that it is planning to undertake listing of SMTI on the
Stock Exchange of Thailand’s Market for Alternative Investment by 2018.
The company hopes to raise THB300m (MYR34.34m) from the listing, mainly
to expand capacity of its manufacturing plant in Thailand. (Source: The
Edge Financial Daily)
Lay Hong: JV partner for China market. Integrated
livestock group Lay Hong is looking for a joint venture partner in China
to manufacture and sell halal processed food products there in its bid to
further expand into the overseas market. This JV will also be able to
enhance Lay Hong’s business presence in the South-East Asia market. Lay
Hong may rope in its Japanese partner to set up a plant in China to make
ready-to-eat halal food such as chicken rice and nasi lemak to sell in
China. (Source: The Star)
WCT: To raise MYR500m by monetising assets. WCT Holdings,
is looking to raise more than MYR500m over the next six months via the
monetisation of its assets. The monetisation is aimed at improving the
company's cashflow and more importantly, use the proceeds of sales to
reduce the net gearing to 0.5 times from 0.8 currently. This year the
company is aiming for a MYR10b construction tender book, of which MYR5b
has been submitted, while the another MYR5b is under preparation.
(Source: The Star)
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