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alt=break v:shapes="_x0000_i1025">
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alt=break v:shapes="_x0000_i1026">
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|
|
|
|
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|
|
|
Share
Price:
|
MYR4.13
|
|
Target
Price:
|
MYR4.70
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
3Q16 results
within expectations
|
|
We maintain our BUY call on BIMB with an unchanged
SOP-derived TP of MYR4.70. The group continues to offer exposure to a
well-managed Islamic bank with strong fundamentals and ROEs (12% for
FY17E) that are superior to its conventional peers (average 10%) as
well as the second largest takaful operator in the country. Interest in
the stock is supported by the fact that it is one of only 2 listed
Shariah-compliant financial services entities on Bursa, the other being
its 59%-owned subsidiary,STMB.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Operating income
|
2,122.5
|
2,289.7
|
2,448.9
|
2,556.5
|
|
Pre-provision profit
|
871.7
|
908.3
|
983.2
|
995.6
|
|
Core net profit
|
532.3
|
547.3
|
551.5
|
566.7
|
|
Core EPS (MYR)
|
0.36
|
0.35
|
0.36
|
0.37
|
|
Core EPS growth (%)
|
37.9
|
(0.4)
|
0.9
|
2.7
|
|
Net DPS (MYR)
|
0.15
|
0.12
|
0.12
|
0.13
|
|
Core P/E (x)
|
11.6
|
11.6
|
11.5
|
11.2
|
|
P/BV (x)
|
2.1
|
1.9
|
1.6
|
1.5
|
|
Net dividend yield (%)
|
3.6
|
3.0
|
3.0
|
3.0
|
|
Book value (MYR)
|
1.97
|
2.21
|
2.59
|
2.83
|
|
ROAE (%)
|
18.5
|
17.2
|
14.6
|
13.2
|
|
ROAA (%)
|
1.0
|
1.0
|
0.9
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.57
|
|
Target
Price:
|
MYR4.20
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
3Q16: Earnings
normalized
|
|
CMS’ 9M16 core net profit after excluding the MYR70m forex
loss from OMS incurred in 1H16 came in within our expectations. As
expected, headline earnings have normalized in 3Q16 as OMS has closed
most of its hedging positions in 2Q16. With the overhang on OMS
possibly resolved, we believe CMS’ earnings growth would resume in
2017. No change to earnings estimates and SOP-TP pending an analyst
briefing later today.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,673.9
|
1,788.0
|
1,543.9
|
2,022.1
|
|
EBITDA
|
372.5
|
398.2
|
345.0
|
418.4
|
|
Core net profit
|
221.3
|
248.1
|
182.4
|
233.1
|
|
Core EPS (sen)
|
21.3
|
23.1
|
17.0
|
21.7
|
|
Core EPS growth (%)
|
23.9
|
8.5
|
(26.5)
|
27.8
|
|
Net DPS (sen)
|
8.5
|
4.5
|
6.8
|
8.7
|
|
Core P/E (x)
|
16.8
|
15.5
|
21.0
|
16.5
|
|
P/BV (x)
|
2.0
|
1.9
|
1.8
|
1.7
|
|
Net dividend yield (%)
|
2.4
|
1.3
|
1.9
|
2.4
|
|
ROAE (%)
|
na
|
na
|
na
|
na
|
|
ROAA (%)
|
8.5
|
8.2
|
5.3
|
6.2
|
|
EV/EBITDA (x)
|
9.8
|
14.2
|
12.4
|
10.3
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
Chew Hann Wong
|
|
|
|
Adrian Wong
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.52
|
|
Target
Price:
|
MYR0.64
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Slower work
progress
|
|
3Q16 core profit fell short on slower work progress,
largely from its Middle East projects and O&G division. This is a
matter of timing and we expect stronger quarters ahead, supported by a
sizeable outstanding orderbook of MYR2.7b. That said, we lower FY16
core net profit but marginally raise FY17/18 forecasts. Our unchanged
TP pegs the stock to 0.5x P/B (-1SD) to reflect its high gearing and
receivables. Having pulled back in terms of share price of late, the
stock now offers a 23% upside.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,002.8
|
1,788.8
|
1,502.6
|
2,062.5
|
|
EBITDA
|
87.2
|
124.3
|
51.9
|
200.8
|
|
Core net profit
|
23.7
|
47.5
|
50.3
|
82.5
|
|
Core EPS (sen)
|
3.1
|
6.1
|
6.5
|
10.7
|
|
Core EPS growth (%)
|
(55.8)
|
100.0
|
6.0
|
63.9
|
|
Net DPS (sen)
|
1.3
|
0.5
|
0.0
|
0.9
|
|
Core P/E (x)
|
17.0
|
8.5
|
8.0
|
4.9
|
|
P/BV (x)
|
0.4
|
0.4
|
0.4
|
0.4
|
|
Net dividend yield (%)
|
2.4
|
1.0
|
0.0
|
1.7
|
|
ROAE (%)
|
4.3
|
5.5
|
(4.7)
|
7.4
|
|
ROAA (%)
|
1.3
|
2.0
|
1.8
|
2.8
|
|
EV/EBITDA (x)
|
10.3
|
10.2
|
21.4
|
6.6
|
|
Net debt/equity (%)
|
32.3
|
58.9
|
63.1
|
74.9
|
|
|
|
|
|
Chew Hann Wong
|
|
|
|
Adrian Wong
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.74
|
|
Target
Price:
|
MYR4.70
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Strong 3Q16
results
|
|
9M16 results were above expectations. We revised FY16-18
EPS forecasts by +24%/-14%/-14% incorporating rights issue, acquisition
of SYOP and strong 9M16 results. We upgrade SOP to a BUY (from HOLD)
with a higher TP of MYR4.70 (previously MYR4.00) after rolling forward
our valuation base year to 2017, on unchanged 16.5x PER. The stock now
trades at 13x 2017 PER (vs industry’s 23x) and EV/planted ha of
MYR36,000.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,852.8
|
3,642.4
|
3,984.4
|
4,374.1
|
|
EBITDA
|
290.2
|
274.8
|
338.1
|
455.5
|
|
Core net profit
|
112.8
|
84.9
|
132.5
|
163.0
|
|
Core EPS (sen)
|
25.7
|
19.2
|
30.0
|
28.7
|
|
Core EPS growth (%)
|
19.7
|
(25.0)
|
56.0
|
(4.5)
|
|
Net DPS (sen)
|
5.0
|
5.0
|
6.0
|
5.7
|
|
Core P/E (x)
|
14.6
|
19.4
|
12.5
|
13.0
|
|
P/BV (x)
|
1.2
|
1.2
|
0.9
|
1.1
|
|
Net dividend yield (%)
|
1.3
|
1.3
|
1.6
|
1.5
|
|
ROAE (%)
|
8.8
|
6.2
|
8.1
|
8.4
|
|
ROAA (%)
|
4.3
|
3.0
|
3.7
|
3.8
|
|
EV/EBITDA (x)
|
9.3
|
9.4
|
8.6
|
7.3
|
|
Net debt/equity (%)
|
31.1
|
43.5
|
58.4
|
50.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.20
|
|
Target
Price:
|
MYR4.40
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
3Q16: Within
expectation
|
|
3Q16 results were in-line as we expect 4Q16 to be
seasonally stronger. YoY, earnings were weaker due to i) higher
depreciation and finance cost from its newly opened hospitals and ii)
bigger losses incurred from its Australian and Indonesia ventures. Despite
a marginal recovery in inpatients, outpatients suffered a second
successive quarter of contraction. No change to our earnings estimates
and MYR4.40 SOP-TP.
|
|
|
|
|
|
|
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)
|
34.1
|
30.1
|
31.7
|
29.1
|
|
P/BV (x)
|
3.4
|
3.0
|
2.9
|
2.8
|
|
Net dividend yield (%)
|
1.8
|
1.3
|
1.6
|
1.7
|
|
ROAE (%)
|
na
|
na
|
na
|
na
|
|
ROAA (%)
|
4.1
|
4.0
|
3.5
|
3.7
|
|
EV/EBITDA (x)
|
16.1
|
16.0
|
15.4
|
14.1
|
|
Net debt/equity (%)
|
70.1
|
72.5
|
72.6
|
72.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.64
|
|
Target
Price:
|
MYR0.62
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Earnings would
have been in-line but for travel segment
|
|
2QFY3/17 results were below expectations on
less-than-expected travel earnings. Note that print earnings (70-80% of
group earnings) were in-line. We cut FY17-19 net profit forecasts by
9%-11% and DPS estimates by 0.5sen p.a. (based on an unchanged 70% DPR).
Our TP is consequently trimmed to MYR0.62 from MYR0.68 pegged to an
unchanged 10.5x CY17 P/E (mean). Notwithstanding the earnings
shortfall, we expect MCIL’s operations to be more resilient than its
print adex based peers.
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
1,589.3
|
1,362.3
|
1,315.6
|
1,337.3
|
|
EBITDA
|
268.1
|
205.2
|
169.4
|
180.6
|
|
Core net profit
|
144.4
|
111.6
|
90.4
|
102.1
|
|
Core EPS (sen)
|
8.6
|
6.6
|
5.4
|
6.1
|
|
Core EPS growth (%)
|
(8.3)
|
(22.7)
|
(19.0)
|
13.0
|
|
Net DPS (sen)
|
3.4
|
4.3
|
3.7
|
4.2
|
|
Core P/E (x)
|
7.5
|
9.7
|
11.9
|
10.6
|
|
P/BV (x)
|
1.4
|
1.3
|
1.2
|
1.2
|
|
Net dividend yield (%)
|
5.4
|
6.7
|
5.9
|
6.6
|
|
ROAE (%)
|
15.6
|
12.9
|
10.6
|
11.4
|
|
ROAA (%)
|
9.4
|
7.1
|
6.0
|
6.9
|
|
EV/EBITDA (x)
|
4.5
|
5.5
|
5.3
|
4.6
|
|
Net debt/equity (%)
|
5.8
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
Samuel Yin Shao
Yang
|
|
|
|
Jade Tam
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.04
|
|
Target
Price:
|
MYR1.10
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Earnings and
sales on track
|
|
UEMS’ 9M16 results and property sales were in line.
Management expects sales to pick up in 4Q16 in anticipation of
potential enbloc sales of commercial/residential spaces/units in Puteri
Harbour, hence, is keeping its MYR1b sales target for 2016. We maintain
our earnings forecasts, MYR1.10 RNAV-TP (on 0.4x PRNAV) and HOLD
rating.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,661.7
|
1,749.9
|
1,531.6
|
1,547.3
|
|
EBITDA
|
527.1
|
299.6
|
350.2
|
383.8
|
|
Core net profit
|
479.9
|
257.2
|
126.8
|
216.5
|
|
Core FDEPS (sen)
|
10.6
|
5.2
|
2.6
|
4.4
|
|
Core FDEPS growth(%)
|
(18.8)
|
(51.1)
|
(50.7)
|
70.8
|
|
Net DPS (sen)
|
3.0
|
1.6
|
0.8
|
1.3
|
|
Core FD P/E (x)
|
9.8
|
20.1
|
40.8
|
23.9
|
|
P/BV (x)
|
0.7
|
0.7
|
0.7
|
0.7
|
|
Net dividend yield (%)
|
2.9
|
1.5
|
0.7
|
1.3
|
|
ROAE (%)
|
na
|
na
|
na
|
na
|
|
ROAA (%)
|
4.6
|
2.2
|
1.1
|
1.7
|
|
EV/EBITDA (x)
|
16.1
|
24.0
|
19.4
|
17.6
|
|
Net debt/equity (%)
|
23.7
|
24.3
|
23.8
|
22.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glomac (GLMC MK)
by Wei Sum
Wong
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.72
|
|
Target
Price:
|
MYR0.82
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Expect stronger
earnings in 2H
|
|
Glomac’s 1HFY4/17 results came in as expected, with a
weaker core net profit by -41% YoY. 6MFY17 sales fell short due to
“zero” new launches in 1HFY17. We maintain our earnings forecasts and
RNAV-TP of MYR0.82 based on an unchanged 60% discount to MYR2.05 RNAV.
Maintain HOLD.
|
|
|
|
|
|
|
FYE Apr (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
473.3
|
598.9
|
535.2
|
829.4
|
|
EBITDA
|
172.0
|
157.0
|
208.6
|
209.5
|
|
Core net profit
|
54.8
|
70.2
|
67.8
|
118.0
|
|
Core EPS (sen)
|
7.6
|
9.7
|
9.4
|
16.4
|
|
Core EPS growth (%)
|
(41.2)
|
28.7
|
(3.5)
|
74.1
|
|
Net DPS (sen)
|
4.3
|
4.0
|
2.8
|
4.9
|
|
Core P/E (x)
|
9.5
|
7.4
|
7.7
|
4.4
|
|
P/BV (x)
|
0.6
|
0.5
|
0.5
|
0.4
|
|
Net dividend yield (%)
|
5.9
|
5.6
|
3.9
|
6.8
|
|
ROAE (%)
|
na
|
na
|
na
|
na
|
|
ROAA (%)
|
3.1
|
3.6
|
3.3
|
5.1
|
|
EV/EBITDA (x)
|
6.8
|
6.2
|
3.9
|
4.3
|
|
Net debt/equity (%)
|
42.1
|
30.2
|
20.2
|
25.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.92
|
|
Target
Price:
|
MYR1.95
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
3Q16 results on
track
|
|
TSH’s 3Q16 results were within our expectation even though
9M16 results met 63%/64% of our/consensus full-year estimates. Earnings
should play strong catch up in 4Q16 on seasonally peak output and
riding on present high CPO spot price. TSH remains a HOLD, with an
unchanged TP of MYR1.95 based on 19x 2017 PER, its 5-year historical
mean.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,079.9
|
798.9
|
1,232.7
|
1,294.4
|
|
EBITDA
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229.4
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159.0
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178.8
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226.1
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Core net profit
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132.8
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82.0
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100.5
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136.2
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Core EPS (sen)
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9.8
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6.1
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7.5
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10.1
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Core EPS growth (%)
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19.5
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(38.0)
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22.6
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35.5
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Net DPS (sen)
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2.5
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2.0
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2.2
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3.0
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Core P/E (x)
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19.5
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31.5
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25.7
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19.0
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P/BV (x)
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2.2
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1.9
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1.8
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1.7
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Net dividend yield (%)
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1.3
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1.0
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1.2
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1.6
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ROAE (%)
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na
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na
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na
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na
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ROAA (%)
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5.3
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2.8
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3.0
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3.9
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EV/EBITDA (x)
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18.4
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25.8
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23.3
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18.5
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Net debt/equity (%)
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74.5
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88.1
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90.1
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84.6
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SECTOR RESEARCH
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OPEC outlines output cut
by Thong
Jung Liaw
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OPEC’s agreement, among its members, to a detailed
output cut of 1.2m bpd is sentiment positive, resulting in a rally in
oil price. The cut will commence in Jan 2017, lasting 6 months. The
next review is on 25 May 2017. Overall, while a supply cut exercise
will accelerate price recovery, attention should be on demand growth,
which is more fundamental. Our preferred BUYs are: (i) CNOOC (TP:
HKD11.74), (ii) Ezion (TP: SGD0.42), (iii) PTT (TP: THB380), (iv)
Yinson (TP: MYR4.35).
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Thong Jung
Liaw
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Chuyen Le
Nguyen Nhat
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MACRO RESEARCH
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Money supply (M3) growth picked up to +3.2% YoY in Oct
2016 (Sep 2016: +2.2% YoY), supported by faster growth in the banking
system’s total deposits (Oct 2016: +2.6% YoY; Sep 2016: +1.3% YoY)
and total loans (Oct 2016: +4.5% YoY; Sep 2016: +4.2% YoY).
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Suhaimi Ilias
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Zamros
Dzulkafli
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NEWS
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Outside Malaysia:
U.S: Fed says economy continued to expand across most
regions from early October through mid-November with little inflation as
retail sales, real estate markets and business service firms saw rising
activity, a Federal Reserve survey showed. The central bank’s Beige Book
economic report, which was based on information collected on or before
Nov. 18 by regional Fed banks, said “outlooks were mainly positive” with
half of the 12 districts “expecting moderate growth.” (Source: Bloomberg)
U.S: Pending sales of existing homes increased 0.1% in
October. Contracts to purchase previously owned U.S. homes increased
marginally in October as a strong labor market and growing wages continue
to support demand, according to figures released from the National
Association of Realtors in Washington. Pending home sales gauge rose 0.1%
after rising 1.4% the prior month. Index increased 0.2% YoY from October
2015 on an unadjusted basis. Pending sales climbed in three of four U.S.
regions on a month-to-month basis. (Source: Bloomberg)
E.U: Euro-area inflation accelerated in November,
continuing its slow improvement before a crucial European Central Bank
meeting next week. Consumer prices rose 0.6% YoY following a 0.5% YoY
increase in October, the European Union’s statistics office said. Core
inflation was unchanged at 0.8% YoY in November. (Source: Bloomberg)
Germany: Unemployment continued to decline in November as
Europe’s largest economy is poised to accelerate toward the end of the
year. The number of people out of work fell by a seasonally adjusted
5,000 to 2.658 million, data from the Federal Labor Agency showed. The
jobless rate remained unchanged at 6%, matching the lowest level since
reunification. (Source: Bloomberg)
Crude Oil: OPEC confounds skeptics, agreeing to first oil
cuts in 8 years. OPEC confounded its doubters and sent crude oil prices
soaring by agreeing to its first production cuts in eight years. The
deal, designed to drain record global oil inventories, overcame
disagreements between the group’s three largest producers -- Saudi
Arabia, Iran and Iraq -- and ended a flirtation with free markets that
started in 2014. It was also broader than many had expected, extending
beyond OPEC. Most strikingly, Russia agreed to unprecedented cuts to its
own output by as much as 300,000 barrels a day “conditional on its
technical abilities,” Energy Minister Alexander Novak said in Moscow.
“The group wants to push inventories down.” OPEC will reduce output by
about 1.2 million barrels a day by January, the group said, fulfilling a
plan sketched out in Algiers in September to cut its production to 32.5
million barrels. The agreement exempted Nigeria and Libya, but gave Iraq
its first quotas since the 1990s. (Source: Bloomberg)
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Other News:
Silk Holdings: Bagged MYR27.8m contract. Its subsidiary
Jasa Merin S/B was awarded MYR27.8m contract to provide an anchor
handling tug supply vessel to support a high-pressure high-temperature
(HPHT) jack-up drilling rig. The contract was awarded by Hess Exploration
and Production Malaysia BV to support the latter's Malaysian operations.
The contract, which is commencing immediately, is for a primary duration
of 18 months, with an option for Hess to extend for another 12 months.
(Source: The Edge Financial Daily)
MWE: To jointly develop MYR1.5b mixed project in Bukit
Raja. The group is jointly developing a mixed development estimated to
have a gross development value of MYR1.5b on nine plots of leasehold land
owned by its indirect subsidiary Melati Mewah Sdn S/B in Bukit Raja,
Selangor, with a private developer. The proposed project, which will have
a mix of residential and commercial properties, will be solely funded by
Pristine Primavera's internal funds and/or borrowings. The proposed joint
development will provide an opportunity to unlock the value of the land.
(Source: The Edge Financial Daily)
KUB: KUB, Masteel terminate JV for MYR1.23b intercity rail
plan. The two companies have mutually agreed to terminate their
joint-venture agreement for the proposed MYR1.23b inter-city rail transit
system project in Iskandar Malaysia, Johor. KUB and Masteel had inked the
agreement in January 2011 to establish Metropolitan Commuter Network Sdn
Bhd, with KUB having a 40% stake and Masteel 60%, to build and operate the
100km inter-city rail transit system in Iskandar Malaysia. (Source: The
Edge Financial Daily)
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