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Share
Price:
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MYR6.34
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Target
Price:
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MYR7.46
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Recommendation:
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Buy
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35 years
operating period extension till 2069
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MAHB has received Cabinet’s approval for a 35-year
extension on the Operating Agreement (OA) for the 39 airports that it
manages in Malaysia, bringing the total operating period to 60 years
ending in Feb 2069. This is beneficial for MAHB’s Aeropolis project and
we expect new ventures to be announced soon. This reinforces our BUY
rating but this development has no cashflow impact in the medium-term
and hence we keep our earnings forecasts and TP of MYR7.46.
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FYE Dec (MYR m)
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FY14A
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FY15A
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FY16E
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FY17E
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Revenue
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3,343.7
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3,871.0
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4,214.0
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4,528.2
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EBITDA
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815.4
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1,342.0
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1,499.9
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1,605.1
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Core net profit
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146.5
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(118.0)
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36.7
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139.1
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Core EPS (sen)
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10.9
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(7.4)
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2.2
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8.4
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Core EPS growth (%)
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(62.9)
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nm
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nm
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279.4
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Net DPS (sen)
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10.4
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0.9
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3.4
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8.3
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Core P/E (x)
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58.2
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nm
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286.9
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75.6
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P/BV (x)
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1.2
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1.1
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1.2
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1.2
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Net dividend yield (%)
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1.6
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0.1
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0.5
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1.3
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ROAE (%)
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9.8
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0.5
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1.1
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2.3
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ROAA (%)
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0.9
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(0.5)
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0.2
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0.7
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EV/EBITDA (x)
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15.8
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10.1
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9.8
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8.7
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Net debt/equity (%)
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58.6
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52.2
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48.6
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41.1
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NEWS
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Outside Malaysia:
U.S: Payrolls increase by 227,000 while wage growth
weakens. U.S. employers added the most workers in four months while wage
growth slowed more than projected, suggesting some slack remains in the
labor market. January’s 227,000 increase in payrolls followed a 157,000
rise in December, a Labor Department report showed. The jobless rate rose
to 4.8%, and average hourly earnings grew 2.5% from January 2016, the
weakest since August. (Source: Bloomberg)
U.S: Fed’s Williams sees some arguments to raise rates in
March. The president of the San Francisco Fed said in an interview that
he was not worried about economy stalling and that three hikes was a
“reasonable guess” for Fed rates this year. His assessment of balance of
risks is not only neutral but also to the “upside”. Williams is a
non-voting member this year of the policy-setting Federal Open Market
Committee (Source: Bloomberg)
Japan: Wages rise 0.5% in 2016 in biggest increase since
2010. Real wages, which adjust for inflation, increased 0.7% while total
pay of regular workers rose 0.8%. Pay in December was up by 0.1% YoY
while real wages drop 0.4% YoY. (Source: Bloomberg)
S. Korea: See China’s ire over missile shield in export
hurdles. South Korea is increasingly concerned that China may be stepping
up economic retaliation over its decision to deploy a U.S. missile
shield, and it sees worrying signs in everything from blocked imports of
high-tech bidets to the cancellation of music concerts. Korea’s Finance
Minister Yoo Il-ho has said he thinks China may be taking unfair and
indirect action in some cases. China opposes the deployment, with a
foreign ministry spokesman last month saying it hoped South Korea will
"take China’s concern seriously and create better conditions for the
normal friendly exchanges between our people." (Source: Bloomberg)
Crude Oil: Iraq’s south oil exports said to fall from
record on OPEC cuts. Iraq’s southern crude oil exports dropped in January
from a record high a month before as the country implements output cuts
agreed by OPEC and other major producers to curb the global glut. The
nation’s exports decreased 187,000 barrels a day to 3.323 million barrels
a day in January from the previous month, according to a person familiar
with the matter, who didn’t want to be identified because the data isn’t
public. (Source: Bloomberg)
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Other News:
Plantation: Malaysian palm oil price edges down tracking
Dalian. Malaysian palm oil edged down on Friday after a rebound in the
previous session, tracking vegetable oil futures on the Dalian Commodity
Exchange, which reopened after the Lunar New Year holidays. Benchmark
palm oil futures for April delivery on the Bursa Malaysia Derivatives
Exchange fell 0.2 percent to 3,065 ringgit (USD692.89) per tonne in the
first-half session. The contract gained 1.4 percent on Thursday, helped
by data showing improved exports and a drop in production, snapping four
straight sessions of losses. Traded volumes were thin with 20,369 lots of
25 tonnes each changing hands. (Source: The Star)
CIMB: Eyes MYR300m sales from new preferred securities
fund. CIMB-Principal Asset Management expects to raise MYR300m in sales
from its newly-launched CIMB-Principal Preferred Securities Fund (PSF)
this year. Chief Executive Officer Munirah Khairuddin said the preferred
securities potentially offered attractive yields, especially in an environment
with low interest rates and heightened volatility. The CIMB-Principal PSF
invests in a portfolio of diversified preferred securities for potential
income returns and long-term capital preservation. To-date,
CIMB-Principal has a total of 63 unit trust funds (out of which 19 are
Shariah-compliant), 19 wholesale funds, 10 Private Retirement Scheme
funds and two exchange-traded funds. (Source: The Edge Financial Daily)
Borneo Aqua Harvest: Joint venture pact off. The group has
terminated a joint venture agreement with City Harvest Aquaculture S/B
after the expiry of a six months’ notice dated Aug 4, 2016 served on the
latter. The company said City Harvest failed to deliver the requested
books, records, accounts, documents and vouchers relating to the business
and affairs of City Harvest despite repeated requests. (Source: The Sun
Daily)
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