|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR16.10
|
|
Target
Price:
|
MYR17.10
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Waiting for the
sale of HLA
|
|
While we do not rule out the possibility of a higher price
to be paid for HLA if the deal goes through, HLFG’s share price has
risen 10% since the deal was announced and with an upside of just 6% to
our revised SOP-TP of 17.10 (+10sen upon updating recent valuation
parameters), we are downgrading HLFG to a HOLD as we await the outcome
of negotiations.
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Operating income
|
4,490.9
|
4,543.3
|
4,783.5
|
5,045.1
|
|
Pre-provision profit
|
2,490.7
|
2,258.9
|
2,557.0
|
2,732.6
|
|
Core net profit
|
1,543.6
|
1,489.5
|
1,540.9
|
1,618.4
|
|
Core FDEPS (MYR)
|
1.48
|
1.43
|
1.48
|
1.55
|
|
Core FDEPS growth(%)
|
(9.6)
|
(3.5)
|
3.5
|
5.0
|
|
Net DPS (MYR)
|
0.38
|
0.38
|
0.39
|
0.41
|
|
Core FD P/E (x)
|
10.9
|
11.3
|
10.9
|
10.4
|
|
P/BV (x)
|
1.3
|
1.2
|
1.1
|
1.1
|
|
Net dividend yield (%)
|
2.4
|
2.4
|
2.4
|
2.5
|
|
Book value (MYR)
|
12.45
|
13.37
|
14.31
|
15.31
|
|
ROAE (%)
|
12.6
|
10.5
|
9.7
|
9.5
|
|
ROAA (%)
|
0.8
|
0.7
|
0.7
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR13.12
|
|
Target
Price:
|
MYR15.00
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
FY16 results
within expectations
|
|
HL Bank’s FY6/16 results were within expectations.
Fundamentals remain solid with superior asset quality and comfortable
capital positions. Positively as well is that Bank of Chengdu’s asset
quality appears to have stabilized. Management’s FY17 ROE target of
10-11% is within reach, in our view, and we maintain a BUY call on HL
Bank with an unchanged TP of MYR15.00 (1.4x CY17 PBV, 10% ROE).
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Operating income
|
4,066.9
|
4,177.9
|
4,403.5
|
4,651.5
|
|
Pre-provision profit
|
2,253.1
|
2,263.1
|
2,414.1
|
2,584.0
|
|
Core net profit
|
2,233.2
|
2,075.4
|
2,141.3
|
2,242.8
|
|
Core EPS (MYR)
|
1.31
|
1.09
|
1.03
|
1.07
|
|
Core EPS growth (%)
|
5.9
|
(16.7)
|
(5.7)
|
4.7
|
|
Net DPS (MYR)
|
0.41
|
0.41
|
0.42
|
0.44
|
|
Core P/E (x)
|
10.0
|
12.1
|
12.8
|
12.2
|
|
P/BV (x)
|
1.5
|
1.3
|
1.3
|
1.3
|
|
Net dividend yield (%)
|
3.1
|
3.1
|
3.2
|
3.4
|
|
Book value (MYR)
|
8.93
|
9.74
|
10.09
|
10.47
|
|
ROAE (%)
|
14.3
|
11.0
|
10.0
|
10.1
|
|
ROAA (%)
|
1.3
|
1.1
|
1.1
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.80
|
|
Target
Price:
|
MYR4.70
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q16 results in
line
|
|
Against an earlier ROE target of 10%, management now
expects to settle the year about in line with consensus, i.e. at a 9%
ROE. Our earnings forecasts are unchanged and we forecast an ROE of
8.6% for FY16. HOLD maintained but with a more stable operating
outlook, our TP is raised to MYR4.70 from MYR4.10, on the back of a
higher FY17 P/BV peg of 0.9x versus 0.8x previously.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Operating income
|
14,145.9
|
15,395.8
|
15,806.4
|
16,600.6
|
|
Pre-provision profit
|
5,854.0
|
6,146.8
|
6,650.1
|
7,126.7
|
|
Core net profit
|
3,159.0
|
3,411.2
|
3,647.5
|
3,875.6
|
|
Core EPS (MYR)
|
0.38
|
0.40
|
0.42
|
0.44
|
|
Core EPS growth (%)
|
(31.1)
|
5.6
|
3.8
|
6.3
|
|
Net DPS (MYR)
|
0.15
|
0.14
|
0.18
|
0.19
|
|
Core P/E (x)
|
12.6
|
11.9
|
11.5
|
10.8
|
|
P/BV (x)
|
1.1
|
1.0
|
0.9
|
0.9
|
|
Net dividend yield (%)
|
3.1
|
2.9
|
3.8
|
4.0
|
|
Book value (MYR)
|
4.53
|
4.87
|
5.06
|
5.31
|
|
ROAE (%)
|
9.3
|
8.7
|
8.6
|
8.6
|
|
ROAA (%)
|
0.8
|
0.8
|
0.8
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ta Ann (TAH MK)
by Li Shin
Chai
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.64
|
|
Target
Price:
|
MYR3.75
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Cut in logs
export quota
|
|
The strong QoQ rebound in Ta Ann’s 2Q16 results were in
line. We expect stronger earnings in 2H16 on seasonally stronger FFB
output. However, Sarawak’s reduced log export quota to 30% from 40%
disclosed yesterday was a negative surprise. Positively, Ta Ann’s oil
palm plantation division would provide buffer to earnings. We revise
our log export and plywood production forecasts for this structural
change resulting in lower 2016-18 EPS by 7-11%. Our new TP is MYR3.75
(-6%). Ta Ann is now a HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,020.7
|
1,046.8
|
1,009.5
|
1,081.0
|
|
EBITDA
|
243.2
|
323.9
|
249.8
|
265.7
|
|
Core net profit
|
110.6
|
185.9
|
111.0
|
120.7
|
|
Core EPS (sen)
|
24.9
|
41.8
|
25.0
|
27.1
|
|
Core EPS growth (%)
|
82.6
|
68.1
|
(40.3)
|
8.7
|
|
Net DPS (sen)
|
16.7
|
16.7
|
11.2
|
12.2
|
|
Core P/E (x)
|
14.6
|
8.7
|
14.6
|
13.4
|
|
P/BV (x)
|
1.5
|
1.4
|
1.3
|
1.2
|
|
Net dividend yield (%)
|
4.6
|
4.6
|
3.1
|
3.4
|
|
ROAE (%)
|
10.7
|
16.6
|
9.2
|
9.5
|
|
ROAA (%)
|
6.0
|
9.6
|
5.6
|
6.2
|
|
EV/EBITDA (x)
|
6.9
|
6.3
|
7.1
|
6.6
|
|
Net debt/equity (%)
|
18.7
|
12.3
|
9.1
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR5.85
|
|
Target
Price:
|
MYR4.65
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
2Q16: Swung to
core net loss
|
|
UMWH’s 1H16 pre-tax profit (70% of our FY16 forecast) is
in-line as we expect 2H16 pre-tax profit to weaken mainly from higher
auto A&P expenses and lower O&G activities. Nonetheless, 1H16
core earnings surprised negatively on higher-than-expected taxes; further
clarification needed from management. No dividend was declared in 2Q16.
We cut FY16 net profit forecast by 48% to reflect high taxes in 1H16;
FY17/18 estimates are unchanged. Maintain SELL; MYR4.65 SOP-based TP
unchanged.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
14,932.5
|
14,441.6
|
9,993.4
|
11,298.5
|
|
EBITDA
|
1,811.7
|
646.3
|
570.3
|
762.4
|
|
Core net profit
|
850.3
|
424.8
|
51.5
|
194.3
|
|
Core EPS (sen)
|
72.8
|
36.4
|
4.4
|
16.6
|
|
Core EPS growth (%)
|
13.0
|
(50.0)
|
(87.9)
|
277.2
|
|
Net DPS (sen)
|
41.0
|
25.0
|
2.2
|
8.3
|
|
Core P/E (x)
|
8.0
|
16.1
|
132.7
|
35.2
|
|
P/BV (x)
|
1.0
|
1.0
|
1.0
|
1.0
|
|
Net dividend yield (%)
|
7.0
|
4.3
|
0.4
|
1.4
|
|
ROAE (%)
|
13.2
|
6.5
|
0.8
|
2.9
|
|
ROAA (%)
|
5.5
|
2.4
|
0.3
|
1.1
|
|
EV/EBITDA (x)
|
9.1
|
23.6
|
24.0
|
18.7
|
|
Net debt/equity (%)
|
12.4
|
49.8
|
61.6
|
69.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.99
|
|
Target
Price:
|
MYR3.04
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Splendid 1H16,
onwards to a more challenging 2H16
|
|
2Q16 core earning was MYR225m (+6.7x YoY, -51% QoQ) after
adjusting for FX-translation, derivative MTM and other non-cash items.
This was in line and accounted for 56% of our full-year forecast. The
outlook in 2H16 will be more challenging on rising competitive
pressures that will impact on yields. Our earnings forecasts, HOLD call
and TP of MYR3.04 are unchanged, the latter pegged to 8x 2016 PER,
which represents the lower end of airline cycle as we think earnings
will peak in 2016.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
5,415.7
|
6,299.1
|
6,575.8
|
6,654.7
|
|
EBITDAR
|
1,732.3
|
2,617.4
|
2,897.9
|
2,471.4
|
|
Core net profit
|
33.2
|
178.8
|
1,262.5
|
1,049.5
|
|
Core EPS (sen)
|
1.2
|
6.4
|
37.8
|
31.4
|
|
Core EPS growth (%)
|
(91.1)
|
437.6
|
488.1
|
(16.9)
|
|
Net DPS (sen)
|
0.0
|
0.0
|
13.0
|
7.0
|
|
Core P/E (x)
|
250.2
|
46.5
|
7.9
|
9.5
|
|
P/BV (x)
|
1.8
|
1.9
|
1.5
|
1.3
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
4.3
|
2.3
|
|
ROAE (%)
|
0.7
|
4.0
|
22.5
|
14.7
|
|
ROAA (%)
|
0.2
|
0.9
|
5.8
|
4.6
|
|
EV/EBITDAR (x)
|
10.9
|
5.3
|
6.1
|
6.9
|
|
Net debt/equity (%)
|
249.9
|
228.8
|
113.0
|
93.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.10
|
|
Target
Price:
|
MYR1.80
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Core losses
narrowed in 2Q16
|
|
2Q16 core results disappointed again but the new CEO’s
deliverables to stop M&As, cut costs and boost earnings should see
stronger 2H16 earnings. Share price rose 40% since Dato’ Zak was
appointed as CEO on 1 Apr. But market will now await actual earnings
delivery as FGV trades at 30x 2017 PER. Maintain HOLD but with a higher
TP of MYR1.80 pegged at 1x PBV (previously MYR1.33 TP on 1x PNTA) to
reflect reform initiatives.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
16,434.3
|
15,669.7
|
16,130.9
|
16,354.4
|
|
EBITDA
|
1,293.9
|
957.4
|
978.3
|
1,180.3
|
|
Core net profit
|
95.7
|
(171.8)
|
140.3
|
251.6
|
|
Core EPS (sen)
|
2.6
|
(4.7)
|
3.8
|
6.9
|
|
Core EPS growth (%)
|
545.6
|
nm
|
nm
|
79.4
|
|
Net DPS (sen)
|
10.0
|
4.0
|
2.3
|
4.1
|
|
Core P/E (x)
|
80.0
|
nm
|
54.6
|
30.4
|
|
P/BV (x)
|
1.2
|
1.2
|
1.2
|
1.2
|
|
Net dividend yield (%)
|
4.8
|
1.9
|
1.1
|
2.0
|
|
ROAE (%)
|
1.5
|
(2.7)
|
2.2
|
3.8
|
|
ROAA (%)
|
0.5
|
(0.8)
|
0.7
|
1.2
|
|
EV/EBITDA (x)
|
9.0
|
12.4
|
13.9
|
11.8
|
|
Net debt/equity (%)
|
18.8
|
47.8
|
51.4
|
53.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR78.50
|
|
Target
Price:
|
MYR78.00
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
A dancing giant
|
|
Into 2H16, domestic sales should continue to pick up on
gradual normalisation of consumer demand. Export sales should also post
healthy growth on new product launches to neighbouring countries,
partly supported by its halal status which is one the drivers of
growth. Valuation wise, NESZ is trading fair now, about in line with
its 5-year mean. We have tweaked our earnings forecasts by +2% p.a. for
FY16-18, on lower raw material costs and tax rates, resulting in a
higher TP by 1%.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
4,808.9
|
4,838.0
|
5,152.4
|
5,554.3
|
|
EBITDA
|
837.2
|
886.0
|
1,025.6
|
1,080.6
|
|
Core net profit
|
550.4
|
590.7
|
670.1
|
694.2
|
|
Core EPS (sen)
|
234.7
|
251.9
|
285.8
|
296.1
|
|
Core EPS growth (%)
|
(2.0)
|
7.3
|
13.4
|
3.6
|
|
Net DPS (sen)
|
235.0
|
260.0
|
282.9
|
293.1
|
|
Core P/E (x)
|
33.4
|
31.2
|
27.5
|
26.5
|
|
P/BV (x)
|
23.7
|
26.0
|
25.7
|
25.5
|
|
Net dividend yield (%)
|
3.0
|
3.3
|
3.6
|
3.7
|
|
ROAE (%)
|
69.1
|
79.5
|
94.1
|
96.6
|
|
ROAA (%)
|
25.1
|
24.7
|
26.3
|
26.1
|
|
EV/EBITDA (x)
|
19.4
|
19.8
|
18.2
|
17.3
|
|
Net debt/equity (%)
|
20.4
|
47.4
|
42.6
|
37.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunway (SWB MK)
by Wei Sum
Wong
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.01
|
|
Target
Price:
|
MYR3.37
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Earnings on
track
|
|
Sunway’s 1H16 core net profit came in as expected. 1H16
effective locked-in property sales were also within expectations.
Elsewhere, Sunway’s construction unit, SCG’s job wins is close to its
MYR2.5b target for 2016; SCG’s orderbook replenishment outlook remains
positive. We fine-tune our earnings forecasts for Sunway by up to +2.5%
but maintain our MYR3.37 RNAV-TP (on unchanged 40% discount to RNAV).
HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
4,841.9
|
4,451.3
|
5,187.5
|
5,393.1
|
|
EBITDA
|
504.2
|
427.8
|
777.6
|
862.6
|
|
Core net profit
|
591.7
|
590.7
|
530.9
|
604.6
|
|
Core FDEPS (sen)
|
32.5
|
31.6
|
26.4
|
30.0
|
|
Core FDEPS growth(%)
|
20.7
|
(2.8)
|
(16.5)
|
13.9
|
|
Net DPS (sen)
|
11.0
|
37.0
|
8.7
|
9.0
|
|
Core FD P/E (x)
|
9.3
|
9.5
|
11.4
|
10.0
|
|
P/BV (x)
|
0.9
|
0.8
|
0.7
|
0.8
|
|
Net dividend yield (%)
|
3.7
|
12.3
|
2.9
|
3.0
|
|
ROAE (%)
|
10.5
|
9.5
|
7.5
|
7.7
|
|
ROAA (%)
|
4.9
|
4.1
|
3.2
|
3.5
|
|
EV/EBITDA (x)
|
15.6
|
21.8
|
12.6
|
13.0
|
|
Net debt/equity (%)
|
30.4
|
49.8
|
46.8
|
56.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.30
|
|
Target
Price:
|
MYR4.40
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q16: Below
expectations
|
|
2Q16 results came in below our expectations largely on the
back of higher expenses (material cost and ESOS charge). Inpatient
numbers for the Malaysia operations also declined within the quarter
(-3% YoY, -7 QoQ). We lower our earnings for FY16/FY17/FY18 by 6%/9%/9%
to reflect the lower inpatient contribution and weaker earnings from
its Thailand associate. Maintain HOLD with a lower SOP-based TP of
MYR4.40 (-4%).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,639.1
|
2,818.5
|
3,053.6
|
3,382.9
|
|
EBITDA
|
297.9
|
350.9
|
371.0
|
410.7
|
|
Core net profit
|
125.1
|
144.6
|
139.6
|
152.4
|
|
Core EPS (sen)
|
12.3
|
13.9
|
13.2
|
14.5
|
|
Core EPS growth (%)
|
20.5
|
13.3
|
(5.0)
|
9.2
|
|
Net DPS (sen)
|
7.5
|
5.3
|
6.6
|
7.2
|
|
Core P/E (x)
|
35.0
|
30.8
|
32.5
|
29.8
|
|
P/BV (x)
|
3.5
|
3.1
|
3.0
|
2.8
|
|
Net dividend yield (%)
|
1.7
|
1.2
|
1.5
|
1.7
|
|
ROAE (%)
|
10.7
|
10.7
|
9.4
|
9.8
|
|
ROAA (%)
|
4.1
|
4.0
|
3.5
|
3.7
|
|
EV/EBITDA (x)
|
16.1
|
16.0
|
15.7
|
14.4
|
|
Net debt/equity (%)
|
75.1
|
77.5
|
77.9
|
78.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.91
|
|
Target
Price:
|
MYR1.95
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Temporary
weakness
|
|
TSH’s 2Q16 results disappointed due to shortfall in FFB
output. We cut 2016-18 EPS forecasts by 6-18%. As EL Nino’s impact is
temporary, TSH’s production yield is expected to normalise in 2017.
TSH’s positive long term prospect remains intact with its vast
unplanted landbank and 8% 3yr forward FFB output CAGR. Our revised TP
of MYR1.95 (+11%) is based on 19x 2017 PER (previously 19x 2016 PER).
TSH remains a HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,079.9
|
798.9
|
1,232.7
|
1,294.4
|
|
EBITDA
|
229.4
|
159.0
|
178.8
|
226.1
|
|
Core net profit
|
132.8
|
82.0
|
100.5
|
136.6
|
|
Core EPS (sen)
|
9.8
|
6.1
|
7.5
|
10.2
|
|
Core EPS growth (%)
|
19.5
|
(38.0)
|
22.6
|
35.8
|
|
Net DPS (sen)
|
2.5
|
2.0
|
2.2
|
3.0
|
|
Core P/E (x)
|
19.4
|
31.3
|
25.6
|
18.8
|
|
P/BV (x)
|
2.2
|
1.9
|
1.8
|
1.7
|
|
Net dividend yield (%)
|
1.3
|
1.0
|
1.2
|
1.6
|
|
ROAE (%)
|
11.8
|
6.4
|
7.2
|
9.2
|
|
ROAA (%)
|
5.3
|
2.8
|
3.1
|
4.0
|
|
EV/EBITDA (x)
|
18.4
|
25.8
|
23.2
|
18.4
|
|
Net debt/equity (%)
|
81.5
|
97.2
|
99.6
|
93.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.51
|
|
Target
Price:
|
MYR1.38
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Fairly valued
for now
|
|
SSSG continues to see a gradual improvement since 2Q15 (a
post GST implementation quarter). On store openings, it should play
catch up in 2H16 to meet SEM’s target of 200 new stores for CY16. We
keep our earnings forecasts, HOLD call, MYR1.38 TP (25x PER FY17; peer
average).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,893.1
|
2,006.3
|
2,179.2
|
2,497.3
|
|
EBITDA
|
130.9
|
126.5
|
141.9
|
162.8
|
|
Core net profit
|
58.1
|
55.8
|
60.2
|
68.2
|
|
Core EPS (sen)
|
4.7
|
4.6
|
4.9
|
5.6
|
|
Core EPS growth (%)
|
15.9
|
(3.3)
|
8.0
|
13.1
|
|
Net DPS (sen)
|
5.1
|
4.7
|
2.5
|
2.8
|
|
Core P/E (x)
|
32.1
|
33.2
|
30.7
|
27.1
|
|
P/BV (x)
|
7.9
|
10.9
|
9.2
|
7.9
|
|
Net dividend yield (%)
|
3.4
|
3.1
|
1.6
|
1.8
|
|
ROAE (%)
|
38.4
|
27.5
|
32.5
|
31.4
|
|
ROAA (%)
|
8.5
|
7.5
|
7.7
|
7.7
|
|
EV/EBITDA (x)
|
12.3
|
13.9
|
12.1
|
10.3
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.66
|
|
Target
Price:
|
MYR4.00
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Results above
expectations
|
|
1H16 results were above expectations. While 2H16 upstream
earnings could be stronger HoH, some of the downstream FV gains
recorded in 1H16 could reverse in 2H. Thus, our EPS forecasts are
unchanged. We have yet to factor in SOP’s recent proposed acquisition
to be funded via rights issue (in part) which could result in EPS
dilution by ~22% in FY17, capping SOP’s near term share price upside.
HOLD with a revised TP of MYR4.00 on 16.5x 2016 PER, pegged at -1SD of
of its historical mean.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,852.8
|
3,642.4
|
3,838.7
|
3,940.8
|
|
EBITDA
|
290.2
|
274.8
|
306.5
|
378.3
|
|
Core net profit
|
112.8
|
84.9
|
107.2
|
147.9
|
|
Core EPS (sen)
|
25.7
|
19.2
|
24.3
|
33.5
|
|
Core EPS growth (%)
|
19.7
|
(25.0)
|
26.2
|
38.0
|
|
Net DPS (sen)
|
5.0
|
3.8
|
4.9
|
6.7
|
|
Core P/E (x)
|
14.3
|
19.0
|
15.1
|
10.9
|
|
P/BV (x)
|
1.2
|
1.2
|
1.1
|
1.0
|
|
Net dividend yield (%)
|
1.4
|
1.1
|
1.3
|
1.8
|
|
ROAE (%)
|
8.8
|
6.2
|
7.5
|
9.6
|
|
ROAA (%)
|
4.3
|
3.0
|
3.6
|
4.7
|
|
EV/EBITDA (x)
|
9.7
|
9.8
|
7.7
|
6.1
|
|
Net debt/equity (%)
|
33.5
|
46.7
|
43.1
|
35.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.82
|
|
Target
Price:
|
MYR1.70
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q16: Above
expectation
|
|
2Q16 results surprised positively on higher-than-expected
construction and precast margins. We raise 2016 EPS forecast by 10% to
reflect the 1H16 high margins, but maintain our 2017-18 forecasts.
Trading at 12x 2017 PER, we believe Kimlun’s further job win prospect
has been fairly priced in. Maintain HOLD at an unchanged MYR1.70 TP
(11x 2017 PER).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,206.4
|
1,053.6
|
1,095.3
|
1,079.8
|
|
EBITDA
|
90.7
|
114.5
|
116.7
|
92.8
|
|
Core net profit
|
33.8
|
64.4
|
67.8
|
45.6
|
|
Core EPS (sen)
|
11.3
|
21.4
|
22.6
|
15.2
|
|
Core EPS growth (%)
|
(5.3)
|
90.5
|
5.3
|
(32.8)
|
|
Net DPS (sen)
|
3.5
|
6.4
|
6.1
|
4.1
|
|
Core P/E (x)
|
16.2
|
8.5
|
8.1
|
12.0
|
|
P/BV (x)
|
1.4
|
1.2
|
1.1
|
1.0
|
|
Net dividend yield (%)
|
1.9
|
3.5
|
3.3
|
2.3
|
|
ROAE (%)
|
9.7
|
15.0
|
14.0
|
8.7
|
|
ROAA (%)
|
3.8
|
6.8
|
6.8
|
4.3
|
|
EV/EBITDA (x)
|
5.0
|
4.2
|
5.1
|
6.2
|
|
Net debt/equity (%)
|
23.2
|
14.7
|
9.3
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.03
|
|
Target
Price:
|
MYR1.07
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Unexciting for
now
|
|
4QFY6/16 earnings were above our expectations due to the
higher-than-expected property earnings. We expect HLG’s earnings to be
weaker in FY6/17 on slower property earnings. Thus far, the
infrastructure projects (especially Baleh hydro dam) have been slow and
job awards to HLG may still take some time to materialise. We maintain
our earnings forecasts, HOLD call and SOP-based TP of MYR1.07. HLG
presently trades at 2017 PER of 8x, in-line with its historical mean
PER.
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
507.0
|
592.7
|
603.2
|
614.6
|
|
EBITDA
|
97.4
|
133.3
|
115.3
|
114.7
|
|
Core net profit
|
48.2
|
59.0
|
51.2
|
54.0
|
|
Core EPS (sen)
|
12.0
|
14.7
|
12.8
|
13.5
|
|
Core EPS growth (%)
|
44.2
|
22.5
|
(13.3)
|
5.6
|
|
Net DPS (sen)
|
2.5
|
2.0
|
2.6
|
2.7
|
|
Core P/E (x)
|
8.6
|
7.0
|
8.1
|
7.6
|
|
P/BV (x)
|
1.5
|
1.3
|
1.1
|
1.0
|
|
Net dividend yield (%)
|
2.4
|
1.9
|
2.5
|
2.6
|
|
ROAE (%)
|
18.9
|
19.4
|
14.6
|
13.8
|
|
ROAA (%)
|
9.0
|
10.0
|
8.3
|
8.2
|
|
EV/EBITDA (x)
|
5.1
|
3.1
|
3.6
|
3.2
|
|
Net debt/equity (%)
|
net cash
|
0.5
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.44
|
|
Target
Price:
|
MYR0.64
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Lumpy earnings
|
|
1H16 core earnings were above expectations potentially due
to lumpy earnings recognition. Nevertheless, its balance sheet remains
a concern given its high gearing and receivables. Our earnings
forecasts are unchanged pending an update with management. Our TP, also
unchanged for now, pegs the stock to 0.5x P/B. Maintain HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,002.8
|
1,788.8
|
1,583.3
|
1,485.5
|
|
EBITDA
|
87.2
|
124.3
|
160.8
|
161.0
|
|
Core net profit
|
23.7
|
47.5
|
59.4
|
58.7
|
|
Core EPS (sen)
|
3.1
|
6.1
|
7.7
|
7.6
|
|
Core EPS growth (%)
|
(55.8)
|
100.0
|
25.1
|
(1.2)
|
|
Net DPS (sen)
|
1.3
|
0.5
|
0.6
|
0.6
|
|
Core P/E (x)
|
14.3
|
7.2
|
5.7
|
5.8
|
|
P/BV (x)
|
0.4
|
0.3
|
0.3
|
0.3
|
|
Net dividend yield (%)
|
2.8
|
1.1
|
1.4
|
1.4
|
|
ROAE (%)
|
2.7
|
4.7
|
5.2
|
4.9
|
|
ROAA (%)
|
1.3
|
2.0
|
2.2
|
2.1
|
|
EV/EBITDA (x)
|
10.3
|
10.2
|
5.8
|
5.4
|
|
Net debt/equity (%)
|
32.3
|
59.3
|
48.1
|
40.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
U.S: Consumer spending advances for fourth consecutive
month in July, bolstered by stronger income gains, sending the biggest
part of the U.S. economy to a solid third- quarter start. Purchases
climbed 0.3% (matching median estimate) after 0.5% rise that was revised
up. Incomes grew 0.4% following 0.3% advance that was also revised up.
Saving rate increased to 5.7% from 5.5%. (Source: Bloomberg)
Japan: Household spending and unemployment fall in July
underscoring the weakness in domestic demand. The jobless rate was the
lowest since 1995. Household spending fell 0.5% YoY in July, the
statistics bureau said. Retail sales fell 0.2% YoY according to a trade
ministry report. Compared with a month earlier, they rose 1.4% MoM. The
unemployment rate was 3% in July. (Source: Bloomberg)
Crude Oil: U.S crude stockpiles seen expanding glut. Crude
inventories probably increased by 1.5 million barrels last week,
according to a Bloomberg survey before a report from the Energy
Information Administration. Market volatility will endure as rebalancing
between supply and demand continues, according to oil-company executives
gathering for one of the industry’s biggest conferences in Norway. Brent
for October settlement fell 66 cents to USD 49.26/bbl on the London-based
ICE Futures Europe exchange. (Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
IOI Properties: Secures Xiamen land for MYR1.4b in
competitive bidding. IOI Properties Group (IOI Prop) has successfully
tendered for a 6.2-acre leasehold land in Xiang An central business
district, Xiamen, for RMB22.324b (MYR1.4b) from the Xiamen Bureau of Land
Resources and Real Estate Management. The group said that its 99.8% owned
subsidiary IOI (Xiamen) Properties Co Ltd would undertake residential
(57,200 sq m) and commercial development (3,000 sq m) as well as building
a community service center on the land, located within an area proposed
to be turned into an integrated eco city. (Source: The Star)
Melati Ehsan: Gets MYR99m Central Spine Road job. Melati
Ehsan Holdings clinched a Central Spine Road Package 3 project worth
MYR99m from the Public Works Department. The contract relates to the
stretch from Gua Musang, Kelantan, to Kampung Relong, Pahang and is for a
period of 39 months with expected date of completion on Sept 15, 2019.
(Source: The Edge Financial Daily)
Barakah Offshore Petroleum: Bags another contract from
Petronas. A consortium comprising Barakah Offshore’s unit PBJV Group Sdn
Bhd, Malaysia Marine and Heavy Engineering Sdn Bhd and HQC Engineering
Malaysia Sdn Bhd was awarded a job at Petroliam Nasional’s (Petronas)
Refinery and Petrochemical Integrated Development project in Pengerang,
Johor. The value of the contract for the consortium is estimated at
MYR196m, of which the value to PBJV is estimated at around MYR39m. The
contract is for the construction and commissioning of steel structure,
piping, mechanical equipment, electrical and instrumentation erection,
insulation and painting works at the petrochemical common utilities,
interconnecting and offsite facilities. (Source: The Edge Financial
Daily)
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