|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.61
|
|
Target
Price:
|
MYR1.80
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
New building
works contract
|
|
SCG won a building works contract worth MYR268m, lifting
its outstanding orderbook by 6% to MYR4.9b. SCG’s job wins for 2016-YTD
is very close to its MYR2.5b target for the year. We keep our earnings,
having imputed MYR3.0b job wins for 2016. Reiterate BUY with an
unchanged TP of MYR1.80, pegged on 13x 2017 PER.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,880.7
|
1,916.9
|
2,559.5
|
2,622.3
|
|
EBITDA
|
151.2
|
178.2
|
231.3
|
261.8
|
|
Core net profit
|
114.2
|
127.7
|
155.7
|
180.0
|
|
Core EPS (sen)
|
8.8
|
9.9
|
12.0
|
13.9
|
|
Core EPS growth (%)
|
20.9
|
11.9
|
21.9
|
15.6
|
|
Net DPS (sen)
|
30.5
|
4.0
|
4.2
|
4.9
|
|
Core P/E (x)
|
18.2
|
16.3
|
13.4
|
11.6
|
|
P/BV (x)
|
6.2
|
4.6
|
3.8
|
3.1
|
|
Net dividend yield (%)
|
19.0
|
2.5
|
2.6
|
3.0
|
|
ROAE (%)
|
24.1
|
32.6
|
31.0
|
29.5
|
|
ROAA (%)
|
8.4
|
9.2
|
9.5
|
9.8
|
|
EV/EBITDA (x)
|
na
|
8.7
|
7.3
|
6.0
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.04
|
|
Target
Price:
|
MYR4.60
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
An encouraging
1QFY17
|
|
There were several positives during the quarter, not least
being the 10bps QoQ expansion in NIM. The focus on risk-adjusted
returns (RAR) continues to yield positive results for the group and
asset quality, particularly on the SME front, remains strong. We
maintain our earnings forecasts and BUY call on AFG with an unchanged
TP of MYR4.60 (CY17 PBV of 1.3x for an ROE of 10.7%).
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Operating income
|
1,383.0
|
1,424.1
|
1,479.9
|
1,541.2
|
|
Pre-provision profit
|
736.1
|
735.2
|
779.8
|
820.9
|
|
Core net profit
|
530.8
|
522.0
|
532.7
|
544.5
|
|
Core FDEPS (MYR)
|
0.35
|
0.34
|
0.35
|
0.36
|
|
Core FDEPS growth(%)
|
(5.3)
|
(1.7)
|
2.0
|
2.2
|
|
Net DPS (MYR)
|
0.15
|
0.14
|
0.16
|
0.16
|
|
Core FD P/E (x)
|
11.6
|
11.8
|
11.6
|
11.3
|
|
P/BV (x)
|
1.4
|
1.3
|
1.2
|
1.1
|
|
Net dividend yield (%)
|
3.8
|
3.6
|
3.8
|
3.9
|
|
Book value (MYR)
|
2.95
|
3.17
|
3.36
|
3.56
|
|
ROAE (%)
|
12.3
|
11.2
|
10.7
|
10.3
|
|
ROAA (%)
|
1.0
|
1.0
|
0.9
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.42
|
|
Target
Price:
|
MYR4.40
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
1QFY17 results
in line
|
|
That operating profit declined 14% YoY was very much
expected but what is encouraging is the 47% QoQ improvement, led by
stable NIMs, sustained NOII growth and lower expenses. Credit costs are
nevertheless expected to be higher in the following quarters. We
maintain our earnings forecasts and HOLD call with an unchanged TP of
MYR4.40 (CY17 PBV of 0.8x, ROE: 8.5%).
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Operating income
|
4,721.5
|
3,693.3
|
3,833.4
|
4,082.0
|
|
Pre-provision profit
|
2,563.6
|
1,519.0
|
1,686.7
|
1,884.2
|
|
Core net profit
|
1,638.0
|
1,355.9
|
1,318.0
|
1,393.2
|
|
Core EPS (MYR)
|
0.54
|
0.45
|
0.44
|
0.46
|
|
Core EPS growth (%)
|
(2.9)
|
(17.2)
|
(3.1)
|
5.7
|
|
Net DPS (MYR)
|
0.27
|
0.16
|
0.17
|
0.19
|
|
Core P/E (x)
|
8.1
|
9.8
|
10.1
|
9.6
|
|
P/BV (x)
|
0.9
|
0.9
|
0.8
|
0.8
|
|
Net dividend yield (%)
|
6.2
|
3.5
|
4.0
|
4.2
|
|
Book value (MYR)
|
4.80
|
5.03
|
5.30
|
5.57
|
|
ROAE (%)
|
11.9
|
9.2
|
8.5
|
8.5
|
|
ROAA (%)
|
1.2
|
1.0
|
1.0
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.96
|
|
Target
Price:
|
MYR1.16
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
1H16 in the red
but in line
|
|
As expected, UMWOG’s earnings remained in the red for the
second consecutive quarter. The tough operating environment and weak
earnings are foregone conclusion. UMWOG’s key focus for 2016-17 is to
optimise rigs utilisation, cut costs and undertake asset impairment
exercises. much of the tough operating and financial outlook has been
reflected in the share price. Hence, our contrarian Trading BUY call,
underpinned by its undemanding valuations. Our TP is based on 1x
EV/replacement value.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,014.9
|
839.9
|
576.5
|
675.4
|
|
EBITDA
|
410.8
|
(64.2)
|
(14.5)
|
48.2
|
|
Core net profit
|
251.8
|
(7.5)
|
(277.8)
|
(215.1)
|
|
Core EPS (sen)
|
11.6
|
(0.3)
|
(12.8)
|
(9.9)
|
|
Core EPS growth (%)
|
51.4
|
nm
|
nm
|
nm
|
|
Net DPS (sen)
|
100.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
8.2
|
nm
|
nm
|
nm
|
|
P/BV (x)
|
0.6
|
0.6
|
0.7
|
0.7
|
|
Net dividend yield (%)
|
104.2
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
8.3
|
(0.2)
|
(8.7)
|
(7.3)
|
|
ROAA (%)
|
5.2
|
(0.1)
|
(3.8)
|
(3.2)
|
|
EV/EBITDA (x)
|
15.0
|
nm
|
nm
|
108.3
|
|
Net debt/equity (%)
|
33.7
|
90.9
|
100.1
|
110.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR78.76
|
|
Target
Price:
|
MYR77.40
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q16: Positively
surprises
|
|
2Q16 results were above expectations mainly due to
lower-than-expected raw material costs and taxes (capital allowances
and halal incentives). Into 2H16, NESZ’s domestic segment should
continue its positive revenue momentum riding on gradual recovery of consumer
sentiment. As for its exports segment, new product launches to
neighbouring countries should help support growth. Maintain HOLD but
with a higher DCF-TP of MYR77.40 (+MYR4.40) post earnings upgrades.
|
|
|
|
|
|
|
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
|
1,016.7
|
1,070.0
|
|
Core net profit
|
550.4
|
590.7
|
657.1
|
681.4
|
|
Core EPS (sen)
|
234.7
|
251.9
|
280.2
|
290.6
|
|
Core EPS growth (%)
|
(2.0)
|
7.3
|
11.2
|
3.7
|
|
Net DPS (sen)
|
235.0
|
260.0
|
277.4
|
287.7
|
|
Core P/E (x)
|
33.6
|
31.3
|
28.1
|
27.1
|
|
P/BV (x)
|
23.8
|
26.1
|
25.8
|
25.6
|
|
Net dividend yield (%)
|
3.0
|
3.3
|
3.5
|
3.7
|
|
ROAE (%)
|
69.1
|
79.5
|
92.3
|
94.8
|
|
ROAA (%)
|
25.1
|
24.7
|
25.8
|
25.5
|
|
EV/EBITDA (x)
|
19.4
|
19.8
|
18.5
|
17.5
|
|
Net debt/equity (%)
|
20.4
|
47.4
|
46.7
|
39.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.03
|
|
Target
Price:
|
MYR1.13
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
2Q16 on track
|
|
2Q16 earnings and 1st interim gross DPU of 2.6sen were in
line as QoQ earnings growth was largely contributed by KOMTAR JBCC mall
while its long-term assets provide stable income. Our net profit
forecasts and DDM-based TP of MYR1.13 (cost of equity: 8.2%) are
intact. ALSREIT offers a decent 1-year forward net DPU yield of 5.0%.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
na
|
20.7
|
74.4
|
80.9
|
|
Net property income
|
na
|
15.7
|
52.9
|
58.7
|
|
Distributable income
|
na
|
7.1
|
31.8
|
37.6
|
|
DPU (sen)
|
na
|
1.1
|
4.9
|
5.5
|
|
DPU growth (%)
|
na
|
na
|
356.4
|
12.3
|
|
Price/DPU(x)
|
na
|
95.4
|
20.9
|
18.6
|
|
P/BV (x)
|
na
|
1.0
|
1.0
|
1.0
|
|
DPU yield (%)
|
na
|
1.0
|
4.8
|
5.4
|
|
ROAE (%)
|
na
|
na
|
5.4
|
6.3
|
|
ROAA (%)
|
na
|
na
|
3.3
|
3.9
|
|
Debt/Assets (x)
|
na
|
0.4
|
0.4
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.59
|
|
Target
Price:
|
MYR2.48
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Avengers to the
rescue
|
|
2Q16 and 1H16 core earnings fell short on
lower-than-expected print adex. However, the first interim DPS of 9sen
was in-line. Positively, earnings contribution from VHE’s Avengers
S.T.A.T.I.O.N exhibition in Paris buffered the fall in print earnings.
We lower FY16-FY18 core earnings forecasts by 4%-6% incorporating
higher FY16 print adex contraction of -10% (previously -6%). Our SOP-TP
is trimmed by 2%/6sen.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,013.7
|
1,019.0
|
1,023.7
|
1,071.5
|
|
EBITDA
|
242.3
|
211.2
|
176.8
|
188.7
|
|
Core net profit
|
151.5
|
131.9
|
105.9
|
118.5
|
|
Core EPS (sen)
|
20.5
|
17.9
|
14.4
|
16.1
|
|
Core EPS growth (%)
|
4.8
|
(12.9)
|
(19.7)
|
11.9
|
|
Net DPS (sen)
|
18.0
|
18.0
|
18.0
|
18.0
|
|
Core P/E (x)
|
12.6
|
14.5
|
18.0
|
16.1
|
|
P/BV (x)
|
1.7
|
1.7
|
1.7
|
1.7
|
|
Net dividend yield (%)
|
6.9
|
6.9
|
6.9
|
6.9
|
|
ROAE (%)
|
13.1
|
11.5
|
9.4
|
10.7
|
|
ROAA (%)
|
9.0
|
7.8
|
6.4
|
7.6
|
|
EV/EBITDA (x)
|
5.7
|
6.8
|
9.3
|
8.7
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
Samuel Yin Shao
Yang
|
|
|
|
Jade Tam
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.55
|
|
Target
Price:
|
MYR1.50
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
3sen second
interim DPS
|
|
Drawdown of inventories and high CPO price lifted 2Q16
core results. Meanwhile, 2Q headline profit was also boosted by MYR83m
gain on land disposals. BPlant announced a 2nd interim DPS of 3sen,
bringing 1H16 DPS to 6sen (1H15: 7sen). We are keeping our profit
forecasts for now. HOLD for its decent dividend yield. RNAV-TP
unchanged at MYR1.50.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
717.3
|
615.2
|
677.6
|
725.4
|
|
EBITDA
|
169.8
|
112.7
|
102.9
|
138.2
|
|
Core net profit
|
62.8
|
31.4
|
32.0
|
57.6
|
|
Core EPS (sen)
|
3.9
|
2.0
|
2.0
|
3.6
|
|
Core EPS growth (%)
|
(36.7)
|
(49.9)
|
1.6
|
80.2
|
|
Net DPS (sen)
|
6.0
|
13.0
|
6.5
|
3.6
|
|
Core P/E (x)
|
39.5
|
78.9
|
77.6
|
43.0
|
|
P/BV (x)
|
1.1
|
1.1
|
1.1
|
1.1
|
|
Net dividend yield (%)
|
3.9
|
8.4
|
4.2
|
2.3
|
|
ROAE (%)
|
3.4
|
1.4
|
1.4
|
2.6
|
|
ROAA (%)
|
1.9
|
1.0
|
1.0
|
1.7
|
|
EV/EBITDA (x)
|
16.7
|
26.4
|
29.4
|
22.0
|
|
Net debt/equity (%)
|
17.9
|
22.3
|
20.0
|
20.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACRO RESEARCH
|
|
|
|
|
|
|
|
Economics Research
by
Suhaimi Ilias
|
|
|
|
|
|
|
|
|
|
|
External reserves as of 15 Aug 2016 rose USD0.2b to
USD97.5b (MYR391.9b) from USD97.3b (MYR391.1b), the highest
sub-USD100b so far. The latest count covers 8.1 months of retained
imports and 1.2 times of short-term external debt.
|
|
|
|
|
|
Suhaimi Ilias
|
|
|
|
Zamros
Dzulkafli
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
E.U: Merkel says Brexit is U.K.’s loss while pledging
results for EU. German Chancellor Angela Merkel said the European Union
needs to show it can prosper without the U.K. as she and the leaders of
France and Italy sought to chart a way forward for Europe. “We respect
Britain’s decision but naturally also want to make it clear that the
other 27 are working for a prosperous, safe Europe,” said Merkel,
standing alongside President Francois Hollande and Prime Minister Matteo
Renzi on an Italian aircraft carrier to show resolve in mastering the
continent’s crises. “We need results,” she said. (Source: Bloomberg)
Thailand: To open up agriculture, fishery, mining to more
foreigners. Thai government plans to open up more of its agricultural,
fishery, forestry, mining and manufacturing industries to foreign
investors outside Asean nations, according to Permanent Secretary for
Commerce Chutima Bunyapraphasara. Foreign investors who already have
businesses in Asean will be treated as Asean investors and be able to invest
and hold majority stake in these industries in Thailand. This amendment
requires approval from Cabinet and parliament (Source: Bloomberg)
Brazil: Banks are charging more for everything from
checkbooks to credit cards to help cover losses on bad loans, pushing the
gap between bank-service fees and the nation’s inflation rate to the
highest in more than four years. Prices for bank services, which have
been rising faster than the benchmark inflation rate since August 2015,
climbed 11.5% in the 12 months through July, the highest rate in almost
five years, according to the nation’s statistics bureau. The figure was
2.8 percentage points above Brazil’s consumer price index, the widest gap
between bank inflation and the overall rate since April 2012. (Source:
Bloomberg)
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Other News:
Plantation: Palm oil to average at MYR 2678 per tonne in
2016-MPOC. Crude palm oil prices are seen averaging at MYR2678 per tonne
in 2016, up nearly 18% from last year, boosted by demand from top
consumer India and replenishment of stocks by China, according to the
Malaysian palm oil council (MPOC). Benchmark palm oil prices on the Bursa
Malaysia Derivatives Exchange have surged 11.3% so far this month, on the
back of tight supplies and improving export data. “In 2016, palm oil
prices will average at MYR2678 per tonne, stabilizing in a range between
a low of MYR2162 and a high of MYR3195,” said Tan Sri Dr Yusof Basiron,
chief executive of MPOC, in remarks posted online for a palm oil seminar.
The forecast price, up from palm’s YTD average of MYR2528 is on the back
of strong demand from the world’s two largest consumers, according to
Yusof. (Source: The Edge Financial Daily)
Sime Darby Property: KLGCC rebranded as ALYA Kuala Lumpur.
Sime Darby’s property arm is changing the name of the 360-acre Kuala
Lumpur Golf & Country Club (KLGCC) Resort located in Bukit Kiara here
to ALYA Kuala Lumpur, as part of a rebranding exercise. According to its
managing director, Datuk Jauhari Hamidi, the ALYA Kuala Lumpur has a GDV
of MYR8b. He noted that excluding the golf club, the property developer
has a remaining 61 acres of the 99-year leasehold land for further
development. Jauhari said the first development within ALYA Kuala Lumpur
is scheduled to be launched by September this year, and also revealed
that the company is in talks with MRT to have a provisional MRT station
in Bukit Kiara in order to add value to property in ALYA Kuala Lumpur.
(Source: The Edge Financial Daily)
Salcon: Bags MYR66.8m Langat pumping station job. The
company has won a MYR66.78m subcontract to build network pumping stations
for the proposed Langat centralised sewage treatment plant and sewer pipe
connection. According to a Bursa filing yesterday, its unit Salcon
Engineering Bhd was given the job, to be completed within 24 months from
the date of site possession, by MMC Engineering Services Sdn Bhd. MMC
Corp was awarded the MYR01.5b job to construct the sewage plant at the
Sungai Langat reservoir towards the end of last year. (Source: The Sun
Daily)
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