|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gamuda (GAM MK)
by Li Shin
Chai
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.81
|
|
Target
Price:
|
MYR5.65
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
3QFY16 in line;
expect more job wins
|
|
3QFY7/16 net profit of MYR153m (-5% YoY, -5% QoQ) led
9MFY7/16 net profit to MYR474m (-10% YoY), meeting 71%/75% of
our/consensus full-year forecasts. Earnings would recover in FY17 on
stronger construction orderbook. Upcoming infrastructure job awards would
boost orderbook further. The stellar take-up of its Singapore property
is a positive surprise and would offset the slower domestic sales. A
2nd interim 6sen DPS (unchanged YoY) was announced. Reiterate as TOP
BUY.
|
|
|
|
|
|
|
FYE Jul (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
4,636.4
|
2,399.9
|
2,587.7
|
3,116.7
|
|
EBITDA
|
775.2
|
638.0
|
770.0
|
828.0
|
|
Core net profit
|
712.2
|
682.1
|
663.9
|
701.1
|
|
Core EPS (sen)
|
31.0
|
28.9
|
27.6
|
29.1
|
|
Core EPS growth (%)
|
4.9
|
(6.6)
|
(4.6)
|
5.6
|
|
Net DPS (sen)
|
12.0
|
12.0
|
12.0
|
12.0
|
|
Core P/E (x)
|
15.5
|
16.6
|
17.4
|
16.5
|
|
P/BV (x)
|
2.0
|
1.8
|
1.8
|
1.7
|
|
Net dividend yield (%)
|
2.5
|
2.5
|
2.5
|
2.5
|
|
ROAE (%)
|
13.8
|
11.6
|
10.5
|
10.7
|
|
ROAA (%)
|
7.6
|
5.8
|
4.9
|
4.9
|
|
EV/EBITDA (x)
|
17.2
|
22.7
|
19.7
|
18.4
|
|
Net debt/equity (%)
|
30.1
|
43.7
|
49.8
|
47.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.36
|
|
Target
Price:
|
MYR2.50
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
A healthy hike
|
|
By our estimates, GMB’s MYR1.52/mmBTU price hike for 2H16
appears to be slightly better than expected, thus implying possible
upside risk to our 2016 earnings forecast. Nevertheless, with possible
uncertainties on the regulatory front in 2017, we think GMB’s
risk-reward is not yet attractive. Maintain HOLD, with an unchanged
MYR2.50 TP.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,773.5
|
3,619.0
|
4,047.6
|
4,792.3
|
|
EBITDA
|
258.1
|
191.0
|
212.5
|
217.0
|
|
Core net profit
|
167.6
|
106.2
|
118.8
|
119.1
|
|
Core EPS (sen)
|
13.1
|
8.3
|
9.2
|
9.3
|
|
Core EPS growth (%)
|
(2.2)
|
(36.7)
|
11.9
|
0.3
|
|
Net DPS (sen)
|
13.1
|
8.3
|
9.3
|
9.3
|
|
Core P/E (x)
|
18.1
|
28.5
|
25.5
|
25.4
|
|
P/BV (x)
|
3.0
|
3.1
|
3.1
|
3.1
|
|
Net dividend yield (%)
|
5.5
|
3.5
|
3.9
|
3.9
|
|
ROAE (%)
|
16.6
|
10.7
|
12.2
|
12.3
|
|
ROAA (%)
|
10.2
|
5.5
|
5.8
|
5.7
|
|
EV/EBITDA (x)
|
14.6
|
14.9
|
13.1
|
12.7
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.70
|
|
Target
Price:
|
MYR4.35
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
1QFY1/17 results
preview
|
|
1QFY1/17 results, due today, are unlikely to spring any
surprises. Its 4 FSO/FPSOs will remain the Group’s earnings driver,
with high operational uptime. The conversion of its FPSO Genesis is on
track to meet the 2017 delivery target. A potential 15sen special DPS
post sale of non O&G business by 2QFY1/18 (earliest) is a
short-term catalyst. Yinson remains in position to capitalise on new
FPSO opportunities. Reiterate BUY and MYR4.35 SOP-based TP.
|
|
|
|
|
|
|
FYE Jan (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
1,083.4
|
986.0
|
996.0
|
1,286.2
|
|
EBITDA
|
225.4
|
261.0
|
288.5
|
417.8
|
|
Core net profit
|
142.6
|
173.1
|
184.2
|
220.0
|
|
Core EPS (sen)
|
13.8
|
16.2
|
17.3
|
20.6
|
|
Core EPS growth (%)
|
114.7
|
17.5
|
6.4
|
19.4
|
|
Net DPS (sen)
|
2.0
|
1.9
|
2.0
|
2.4
|
|
Core P/E (x)
|
19.6
|
16.6
|
15.6
|
13.1
|
|
P/BV (x)
|
1.9
|
1.3
|
1.2
|
1.1
|
|
Net dividend yield (%)
|
0.7
|
0.7
|
0.7
|
0.9
|
|
ROAE (%)
|
13.9
|
9.4
|
7.9
|
8.7
|
|
ROAA (%)
|
6.1
|
4.8
|
3.5
|
3.5
|
|
EV/EBITDA (x)
|
15.1
|
15.6
|
14.6
|
10.1
|
|
Net debt/equity (%)
|
31.6
|
51.9
|
55.2
|
51.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTOR RESEARCH
|
|
|
|
|
|
|
|
Sector Note
by
Samuel Yin Shao Yang
|
|
|
|
|
|
|
No catalyst from
UEFA Euro Cup and Summer Olympics
|
|
|
|
|
|
|
May 2016 total gross adex fell 11% YoY despite being
less than a month away from the UEFA Euro Cup. We understand that ad
bookings for the UEFA Cup and Summer Olympics continue to be weak due
to overarching economic concerns. At best, we can only expect adex
share migration from print to FTA TV this year. We cut 2016 total
adex growth forecast from +5% to -3%. We still have no BUY calls in
the Malaysian media sector but prefer ASTRO for its more stable
subscription based-based business model.
|
|
|
|
|
|
Samuel Yin
Shao Yang
|
|
|
|
Jade Tam
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACRO RESEARCH
|
|
|
|
|
|
|
|
Technical Research
by Lee
Cheng Hooi
|
|
|
|
|
|
|
Take profit on
window dressing
|
|
|
|
|
|
|
The FBMKLCI rose by 8.17 points to close at 1,642.21
yesterday, while the FBMEMAS and the FBM100 gained 64.24 points and
62.78 points respectively. In terms of market breadth, the
gainer-to-loser ratio was 463-to-302, while 376 counters were
unchanged. A total of 1.35b shares were traded valued at MYR1.54b.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
U.S: Consumer purchases moderated last month after the
biggest advance since August 2009 as American households realigned
outlays with slower income growth. Personal spending climbed 0.4% in May
after a 1.1% jump a month earlier that was more than initially estimated,
Commerce Department figures showed. Incomes climbed a less-than-forecast
0.2%. Even with the smaller advance in spending, steady job growth and a
nascent pickup in wages will probably bolster household purchases after a
first-quarter slowdown. With rising global uncertainty expected to stymie
business investment, a resilient consumer will needed to keep the U.S.’s
growth prospects intact. (Source: Bloomberg)
E.U: Economic confidence weakened in June in anticipation
of a U.K. referendum that unexpectedly saw Britons choosing to leave the
European Union. An index of executive and consumer sentiment fell to
104.4 from a revised 104.6 in May, the European Commission in Brussels
said. Data were collected before the British vote on June 23. (Source:
Bloomberg)
India: Approves USD13b pay increase for government
employees. A payout of roughly INR 849b (USD 13b) - including arrears -
will be made to 4.7 million workers and 5.2 million pensioners in the
year through March 2017. This could rise to at least INR 1t if other
allowances are approved, Finance Minister Arun Jaitley said in a
briefing. The federal budget accounted for only part of this amount,
leading to concern the government may miss its deficit target in case of
a full rollout this year. (Source: Bloomberg)
Brazil: Recorded in May a wider-than-expected fiscal
deficit before interest payments as Finance Minister Henrique Meirelles
anticipated 2017 will be another year of budget shortfalls for Latin
America’s largest economy. The so-called primary deficit that includes
results of states, municipalities and state-owned companies was BRL 18.1b
(USD 5.6b), the central bank said. That compares with a median forecast
for a BRL 15.8b deficit by analysts in a Bloomberg survey. (Source:
Bloomberg)
|
|
|
|
|
|
|
Other News:
IPO: HSS Engineering to use IPO proceeds for overseas
expansion. The soon to be listed company will allocate MYR24m out of
MYR31.91m to be raised from its listing on the Ace Market of Bursa
Malaysia to fund its expansion plans, which include strengthening its
oversea presence and venturing into new business segments. Out of the MYR
24m, MYR 15m will be allocated to expand its presence in India. The group
also sees opportunities in the Middle East, aiming to capitalize on the
roll-out of infrastructure projects ahead of the Expo 2020 in Dubai and
the 2022 Fifa World Cup in Qatar. The company will be listed on the
market on 10 Aug 2016. (Source: The Edge Financial Markets)
Maxis: Maxis Broadband plans MYR 10b sukuk programme. The
sukuk murabahah to be issued by the company’s subsidiary, Maxis Broadband
Sdn bhd will have tenure of more than one year and up to 30 years,
depending on the issuer’s choice. Maxis Broadband will use the sukuk
proceeds to finance the settlement of acquisitions from two other Maxis subsidiaries,
Maxis Mobile Sdn Bhd and Maxis Mobile Service Sdn Bhd. It will also be
used as capital expenditure and working capital needs as well as other
general funding requirements and general corporate purposes, including
refinancing of other debt or financing obligations and any maturing sukuk
murabahah. (Source: The Sun Daily)
E&O: Brexit won’t hit value of UK properties. The
company said Brexit will not negatively impact the total net realizable
value of the group’s properties in the UK. Investments in London was done
before the sharp rise of properties, at a time when the ringgit to the
sterling pound exchange rate was lower. The company’s bank borrowings are
conservative with a low loan-to-value and its properties are in prime
locations. (Source: The Edge Financial Markets)
SP Setia: Still positive on Battersea project. The company
is still positive on the long-term prospects of Battersea Power Station
and remains committed to the development of the entire project, which is
expected to be fully developed by 2025. As of Tuesday, the group has sold
approximately 85% of the 1661 units launched for Battersea in three
phases. (Source: The Edge Financial Markets)
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.