|
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|
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|
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|
|
|
|
|
|
|
|
Share
Price:
|
MYR6.33
|
|
Target
Price:
|
MYR5.90
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Comforting
|
|
Management’s discussions during Maxis’ Analyst Day
yesterday revolved mainly around operations and network. We remain
comforted by management’s emphasis on monetisation. Maintain HOLD with
an unchanged TP of MYR5.90. Risk-reward is now skewed to the downside,
with share price having breached our TP (which excludes spectrum fees).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
8,389.0
|
8,601.0
|
8,629.1
|
8,853.3
|
|
EBITDA
|
4,242.0
|
4,398.0
|
4,314.6
|
4,426.7
|
|
Core net profit
|
1,734.5
|
1,809.5
|
1,692.5
|
1,757.2
|
|
Core EPS (sen)
|
23.1
|
24.1
|
22.5
|
23.4
|
|
Core EPS growth (%)
|
(9.9)
|
4.3
|
(6.5)
|
3.8
|
|
Net DPS (sen)
|
40.0
|
20.0
|
20.0
|
20.0
|
|
Core P/E (x)
|
27.4
|
26.3
|
28.1
|
27.0
|
|
P/BV (x)
|
10.1
|
11.3
|
10.8
|
10.3
|
|
Net dividend yield (%)
|
6.3
|
3.2
|
3.2
|
3.2
|
|
ROAE (%)
|
32.4
|
40.6
|
39.5
|
39.0
|
|
ROAA (%)
|
9.8
|
9.8
|
8.9
|
9.1
|
|
EV/EBITDA (x)
|
13.9
|
13.6
|
13.0
|
12.5
|
|
Net debt/equity (%)
|
158.9
|
205.5
|
192.7
|
172.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.99
|
|
Target
Price:
|
MYR5.30
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Impairment in
2Q16
|
|
Impaired loans trended higher while the impairment
allowance on Swiber marred 2Q16. Nevertheless, RHB’s operational
performance was better than expected thus our FY16-18 earnings
forecasts are raised by 4-5%. Our revised TP is MYR5.30 (+15sen) on the
back of an unchanged PBV of 0.9x for a prospective FY17 ROE of 9.8%.
HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Operating income
|
6,234.9
|
6,191.2
|
6,260.8
|
6,497.9
|
|
Pre-provision profit
|
2,823.7
|
2,398.0
|
3,141.7
|
3,350.2
|
|
Core net profit
|
1,925.6
|
1,722.2
|
2,117.8
|
2,229.6
|
|
Core EPS (MYR)
|
0.71
|
0.66
|
0.53
|
0.56
|
|
Core EPS growth (%)
|
3.2
|
(7.4)
|
(20.2)
|
5.3
|
|
Net DPS (MYR)
|
0.06
|
0.12
|
0.16
|
0.17
|
|
Core P/E (x)
|
7.0
|
7.5
|
9.4
|
9.0
|
|
P/BV (x)
|
0.7
|
1.0
|
0.9
|
0.9
|
|
Net dividend yield (%)
|
1.2
|
2.4
|
3.2
|
3.4
|
|
Book value (MYR)
|
7.31
|
5.11
|
5.58
|
5.83
|
|
ROAE (%)
|
10.8
|
9.4
|
10.6
|
9.8
|
|
ROAA (%)
|
0.9
|
0.8
|
0.9
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.40
|
|
Target
Price:
|
MYR3.60
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Results fall
short
|
|
1QFY3/17 core earnings missed estimates largely due to
weaker earnings from Kuantan Port and plantation. Earnings should
pickup with its strong outstanding construction orderbook of e.MYR8.6b
and growing demand for piles. However, full-year earnings would likely
miss our forecast due to the weak 1QFY17. We keep our estimates pending
an update with management. Maintain HOLD with an unchanged SOP-TP of
MYR3.60.
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY16A
|
FY17A
|
FY18E
|
FY19E
|
|
Revenue
|
5,448.3
|
5,128.2
|
6,679.2
|
7,610.6
|
|
EBITDA
|
1,434.8
|
1,166.7
|
1,221.9
|
1,425.1
|
|
Core net profit
|
530.2
|
509.3
|
589.1
|
701.2
|
|
Core EPS (sen)
|
16.3
|
14.3
|
16.4
|
19.6
|
|
Core EPS growth (%)
|
(15.0)
|
(12.5)
|
15.3
|
19.0
|
|
Net DPS (sen)
|
7.5
|
10.0
|
7.0
|
7.0
|
|
Core P/E (x)
|
20.9
|
23.8
|
20.7
|
17.4
|
|
P/BV (x)
|
1.3
|
1.3
|
1.3
|
1.2
|
|
Net dividend yield (%)
|
2.2
|
2.9
|
2.1
|
2.1
|
|
ROAE (%)
|
7.0
|
5.8
|
6.4
|
7.2
|
|
ROAA (%)
|
2.8
|
2.6
|
2.9
|
3.3
|
|
EV/EBITDA (x)
|
11.8
|
15.0
|
14.7
|
12.5
|
|
Net debt/equity (%)
|
51.4
|
45.8
|
47.0
|
42.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.06
|
|
Target
Price:
|
MYR3.20
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Strong rebound
in earnings
|
|
While the QoQ rebound in 4QFY6/16 earnings, driven by
production ramp-up, were largely expected, the quantum was a positive
surprise. Going forward, we expect earnings to climb further, boosted
by stronger RF demand from Broadcom in Sep 2016 to meet the demands of
major smartphone makers notwithstanding a possibility of higher RF
content in next generation smartphones. We retain our earnings
forecasts pending a briefing today. Our MYR3.20 TP (15x CY17 PER) is
unchanged for now. Maintain BUY.
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
933.1
|
1,040.9
|
1,341.4
|
1,552.5
|
|
EBITDA
|
187.3
|
203.0
|
269.7
|
332.4
|
|
Core net profit
|
147.0
|
155.5
|
193.1
|
218.7
|
|
Core EPS (sen)
|
15.8
|
16.0
|
19.9
|
22.5
|
|
Core EPS growth (%)
|
36.5
|
1.3
|
24.2
|
13.3
|
|
Net DPS (sen)
|
8.9
|
8.4
|
8.9
|
10.1
|
|
Core P/E (x)
|
19.4
|
19.1
|
15.4
|
13.6
|
|
P/BV (x)
|
5.3
|
4.3
|
3.8
|
3.3
|
|
Net dividend yield (%)
|
2.9
|
2.7
|
2.9
|
3.3
|
|
ROAE (%)
|
37.0
|
25.5
|
26.2
|
25.7
|
|
ROAA (%)
|
22.0
|
18.2
|
19.8
|
19.0
|
|
EV/EBITDA (x)
|
11.9
|
13.3
|
10.7
|
8.5
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.28
|
|
Target
Price:
|
MYR0.11
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
1H16 in line
|
|
Interim results came in line, on a stronger QoQ
performance. Overall, the OSV market is expected to be tough over the
next 24 months. Optimising costs and OSV utilisation, and preserving
cash flows remain key. Surviving through this down cycle is paramount.
Alam’s valuations is expensive vis-Ã -vis its peers. Our TP is on 10x
2017 PER (unchanged).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
391.6
|
350.2
|
226.7
|
256.0
|
|
EBITDA
|
81.5
|
71.9
|
47.4
|
54.4
|
|
Core net profit
|
56.2
|
63.1
|
1.2
|
9.9
|
|
Core EPS (sen)
|
6.4
|
6.8
|
0.1
|
1.1
|
|
Core EPS growth (%)
|
(24.7)
|
5.9
|
(98.1)
|
721.5
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
4.4
|
4.2
|
219.7
|
26.7
|
|
P/BV (x)
|
0.3
|
0.3
|
0.3
|
0.3
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
7.8
|
7.4
|
0.1
|
1.1
|
|
ROAA (%)
|
3.9
|
4.9
|
0.1
|
0.8
|
|
EV/EBITDA (x)
|
7.7
|
6.5
|
5.8
|
4.6
|
|
Net debt/equity (%)
|
9.1
|
8.2
|
1.2
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.38
|
|
Target
Price:
|
MYR4.15
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
1QFY17: Within
expectations
|
|
1QFY3/17 net profit is in line, at 20% of our full-year
estimates. Historically, 1Q is the weakest quarter and we expect
stronger 2Q and 3Q supported by festivities and better livestock and
marine product margins. We maintain our earnings forecasts, HOLD call
and DCF-TP of MYR4.15 (7.5% WACC, 2.0% long term growth).
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
2,707.8
|
2,853.9
|
3,054.3
|
3,224.0
|
|
EBITDA
|
340.9
|
368.1
|
403.6
|
447.8
|
|
Core net profit
|
183.1
|
192.1
|
211.5
|
235.8
|
|
Core EPS (sen)
|
14.7
|
15.4
|
17.0
|
18.9
|
|
Core EPS growth (%)
|
14.5
|
4.9
|
10.1
|
11.5
|
|
Net DPS (sen)
|
4.3
|
4.3
|
4.7
|
5.2
|
|
Core P/E (x)
|
29.9
|
28.5
|
25.8
|
23.2
|
|
P/BV (x)
|
3.8
|
3.4
|
3.1
|
2.8
|
|
Net dividend yield (%)
|
1.0
|
1.0
|
1.1
|
1.2
|
|
ROAE (%)
|
13.5
|
12.7
|
12.7
|
12.8
|
|
ROAA (%)
|
7.6
|
7.1
|
7.1
|
7.3
|
|
EV/EBITDA (x)
|
16.4
|
16.5
|
15.6
|
14.2
|
|
Net debt/equity (%)
|
39.0
|
32.9
|
39.2
|
37.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.20
|
|
Target
Price:
|
MYR0.24
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
1H16 in line
|
|
2Q16 results, despite being weaker QoQ, are still on track
to meet our FY16 earning forecast. Overall, Perisai’s key agenda is to
ride through the cyclical downturn and address several short term
challenges like: (i) restructuring its MTNs due in Oct 2016, (ii)
divesting its underperforming assets and (iii) cut costs. Executing
these plans will ease its financials. Our unchanged TP imputes a 10%
discount to its 1x EV/replacement valuation to reflect the short term
risk.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
122.1
|
214.8
|
191.6
|
182.8
|
|
EBITDA
|
50.2
|
118.4
|
76.7
|
67.9
|
|
Core net profit
|
11.8
|
3.2
|
0.6
|
(16.2)
|
|
Core EPS (sen)
|
1.0
|
0.3
|
0.1
|
(1.4)
|
|
Core EPS growth (%)
|
(84.1)
|
(73.2)
|
(80.2)
|
nm
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
19.9
|
74.2
|
374.5
|
nm
|
|
P/BV (x)
|
0.2
|
0.4
|
0.3
|
0.3
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
1.1
|
0.3
|
0.1
|
(2.2)
|
|
ROAA (%)
|
0.6
|
0.1
|
0.0
|
(0.7)
|
|
EV/EBITDA (x)
|
34.2
|
15.3
|
21.7
|
24.0
|
|
Net debt/equity (%)
|
90.9
|
192.4
|
173.9
|
164.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACRO RESEARCH
|
|
|
|
|
|
|
|
Economics Research
by
Suhaimi Ilias
|
|
|
|
|
|
|
Growth
stabilizing after slowdown
|
|
|
|
|
|
|
The drop in index of leading economic indicators eased
for the second month to -0.4% YoY in June 2016 vs -0.8% YoY in May
2016. Trend suggests emerging sign of the real GDP growth slowdown
since 2Q 2015 is stabilising.
|
|
|
|
|
|
Suhaimi Ilias
|
|
|
|
Zamros
Dzulkafli
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Economics Research
by
Suhaimi Ilias
|
|
|
|
|
|
|
|
|
|
|
Inflation rate eased to +1.1% YoY (June 2016: +1.6%
YoY) amid broad-based easing in CPI components, while core inflation
was relatively stable at +2.0% YoY (June 2016: +2.1% YoY). YTD 2016
inflation is +2.4% YoY while core inflation at +2.7% YoY. Revised our
2016 inflation rate forecast range to 2.0%-2.5% from 2.3%-2.8%.
|
|
|
|
|
|
Suhaimi Ilias
|
|
|
|
Zamros
Dzulkafli
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
U.S: Existing-home sales drop for first time since
February. Sales of previously owned homes dropped more than forecast in
July from a nine-year high, restrained by limited choices for buyers,
National Association of Realtors data showed. Contract closings declined
3.2% to a 5.39 million annual rate (forecast was 5.51 million). Sales
declined 6.7% YoY from July 2015 before seasonal adjustment. Median price
of an existing home rose 5.3% YoY from July 2015 to USD 244,100.
Inventory of available properties decreased 5.8% YoY to 2.13 million
units. (Source: Bloomberg)
Germany: Trade was the main driver of economic growth in
2Q 2016 as domestic demand suffered from a slump in investment. Net trade
contributed 0.6 percentage point to growth, with exports rising 1.2% and
imports falling 0.1%, the Federal Statistics Office said. Private and
government spending also bolstered output. GDP rose a seasonally-adjusted
0.4% in the three months through June. (Source: Bloomberg)
France: Jobless claims dropped to an 18-month low, helping
President Francois Hollande fulfill a promise to cut joblessness before
the next election. The number of people actively looking for work fell by
19,100, or 0.5%, to 3.51 million in July, the Labor Ministry said. The
decline brings the number of claimants to its lowest level since February
2015. The Socialist president has been dogged by high unemployment
throughout his mandate and has repeatedly said that he needs to reverse
an increase in joblessness in order to seek a second mandate. (Source:
Bloomberg)
U.K: Consumer credit rose the fastest in almost a decade
in July, as shoppers hit the stores for summer goods and took advantage
of low interest rates on loans. The British Bankers’ Association said
credit rose 6.4% YoY, up from 6.3% YoY in June and the quickest pace
since December 2006. Business lending rose 2.6% YoY, the most since early
2015. The weak spot was housing, where the number of mortgage approvals
for house purchase fell about an annual 19% in July to 37,662. In the
year so far, approvals are up 2%. (Source: Bloomberg)
China: Imposed limits on lending by peer-to-peer platforms
to individuals and companies in an effort to curb risks in the country’s
loosely-regulated shadow-banking sector. An individual can borrow up to
CNY 1m (USD 150,000) from P2P sites, including a maximum of CNY 200,000
from any one site, the China Banking regulatory Commission said.
Corporate borrowers face caps of CNY 5m and CNY 1m. The lenders are
barred from taking public deposits or selling wealth-management products
and must appoint qualified banks as custodians and improve information
disclosure, the regulator said. (Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
Plantation: B10 biodiesel programme delayed. According to
Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong,
Malaysia will delay the implementation of a higher-biodiesel mandate to
4Q16, from its earlier plan of July. The B10 programme, which requires a
minimum bio-content of 10% in biodiesel for the transport sector, has
already been delayed twice this year. A higher-biodiesel mandate would
increase demand for palm oil, which is used as a component of biodiesel.
Full implementation of the B10 programme would consume 750,000 tonnes of
palm oil a year. (Source: The Edge Financial Daily)
George Kent: Bags MYR1b MRT job with China partner. MRT
Corp has awarded a MYR1.01b MRT Sungai Buloh-Serdang-Putrajaya Line (SSP
Line) to a joint venture between George Kent and China Communications
Construction Co Ltd (CCCC). MRT Corp said the work package is for
engineering, procurement, construction, testing and commissioning of
track works, maintenance vehicles and work trains. CCCC and George Kent hold
51% stake and 49% in the joint venture respectively. CCCC-George Kent,
which beat six other tenderers, fared very well in the technical portion
of the evaluation. Inclusive of this award, MRT Corp has now awarded a
total of 22 work packages for the SSP Line. (Source: The Sun Daily)
Global Oriental: More cautious about new launches. The
property developer and restaurant chain operator, is expecting the
property market downturn to persist until at least 2018. The executive
director, Wee Beng Aun told The Edge Financial Daily that the group will
be more cautious in launching new projects under the current economic
environment. He added “ We can see that there are not many speculative
buyers-more are genuine homeowners, which is good for the industry. The market
will take some time to recover; by 2018, [property] sentiment will be
more positive. Nevertheless, the company will still be launching projects
that are worth over MYR900m in the current financial year ended 31 March
2017. (Source: The Edge Financial Daily)
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