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Share
Price:
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MYR1.72
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Target
Price:
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MYR1.85
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Recommendation:
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Buy
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Resiliency
prevails
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We remain upbeat on IGBREIT post recent meeting with
management. We believe DPU growth would continue to be supported by
both malls’ resilient occupancy rates and positive rental reversions.
Our earnings forecasts and DDM-TP of MYR1.85 (cost of equity: 7.5%) are
unchanged. IGBREIT is still our top pick for the sector.
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FYE Dec (MYR m)
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FY15A
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FY16A
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FY17E
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FY18E
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Revenue
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489.2
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507.3
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524.9
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544.1
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Net property income
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342.8
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361.1
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373.6
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387.7
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Distributable income
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291.0
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317.3
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328.0
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342.8
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DPU (sen)
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7.4
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7.8
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8.4
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8.7
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DPU growth (%)
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5.1
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6.3
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7.4
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3.8
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Price/DPU(x)
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23.3
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21.9
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20.4
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19.7
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P/BV (x)
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1.6
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1.6
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1.6
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1.6
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DPU yield (%)
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4.3
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4.6
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4.9
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5.1
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ROAE (%)
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6.9
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7.6
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7.9
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8.1
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ROAA (%)
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4.9
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5.4
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5.6
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5.8
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Debt/Assets (x)
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0.2
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0.2
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0.2
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0.2
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Share
Price:
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MYR1.86
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Target
Price:
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MYR2.25
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Recommendation:
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Buy
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1QFY17: Growth
intact
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1QFY17 results were within expectations. Bison posted SSSG
of +0.8% YoY for the quarter and has outperformed some of its domestic
peer slightly (eg. AEON and SEM) despite weaker consumer sentiment in
4Q16. Store opening plans remain on track. Maintain BUY with a higher
TP of MYR2.25 (+20sen) as we rolled forward our valuation year, pegged
at 23.9x CY18 PER; inline with regional peers’ average valuation. Bison
now trades at a 34% discount to its SEM’s 29.6x CY18 PER (SEM MK, SELL,
TP: MYR1.20).
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FYE Oct (MYR m)
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FY15A
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FY16A
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FY17E
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FY18E
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Revenue
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217.5
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263.6
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320.1
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386.3
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EBITDA
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21.0
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27.1
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33.1
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41.9
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Core net profit
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13.5
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19.3
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24.5
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28.7
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Core EPS (sen)
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4.4
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6.2
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7.9
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9.3
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Core EPS growth (%)
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9.5
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42.6
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27.3
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17.0
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Net DPS (sen)
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0.2
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1.5
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1.5
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1.5
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Core P/E (x)
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42.7
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29.9
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23.5
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20.1
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P/BV (x)
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10.4
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3.8
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3.3
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2.9
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Net dividend yield (%)
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0.1
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0.8
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0.8
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0.8
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ROAE (%)
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27.6
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17.4
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15.1
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15.6
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ROAA (%)
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14.9
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12.7
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11.2
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11.5
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EV/EBITDA (x)
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na
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17.2
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15.9
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12.6
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Net debt/equity (%)
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4.6
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net cash
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net cash
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net cash
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MACRO RESEARCH
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FTSE 100 uptrend line broken
by Tee
Sze Chiah
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FBMKLCI closed little changed yesterday, easing 0.8pts
to end the day at 1,744.95. Broader market was bearish with losers
outpacing gainers by 586 to 363. A total of 3.97b shares worth
MYR2.49b changed hands. Profit taking spilled over to second third liners
and the FBMKLCI continued to gyrate in a consolidation mode. The
benchmark is expected to range between 1,740 and 1,750 today.
Downside support is at 1,730 and 1,713.
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NEWS
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Outside Malaysia:
Germany: Business sentiment climbed to the strongest since
July 2011 in a sign that the economy is sustaining its momentum. The
Munich-based Ifo institute’s business climate index rose to 112.3 in
March from a revised 111.1 in February. The German economy expanded at
the fastest pace in five years in 2016, a trend that is set to continue
as the Bundesbank says recent momentum might have been understated.
Manufacturing and services output is increasing at the fastest pace in
almost six years and unemployment is at a record low -- factors that
could contribute to stronger growth in the coming months even amid risks
from political events such as U.S. economic policies, Brexit, and French
elections continue to pose risks. The Ifo report showed that a measure of
current economic conditions in Germany improved to 119.3 from 118.4. A
gauge of expectations increased to 105.7 from a revised 104.2. (Source:
Bloomberg)
U.K: Said to brace for EU backlash as May readies Brexit.
Theresa May’s government is increasingly concerned the European Union
will seek to punish the U.K. for leaving the bloc, amid claims the prime
minister hasn’t done enough to charm her counterparts as she prepares to
start Brexit. Three senior members of May’s administration said that the
single biggest obstacle to winning favorable exit terms and a new
free-trade deal is an “emotional” backlash from the EU against last
June’s vote for Brexit. One said the premier had not worked hard enough
to woo EU leaders, warning that her failure to quell European hostility
could prove a weakness in the talks. All three asked not be named as the
discussions are private. (Source: Bloomberg)
China: Industrial profits surged at the start of the year
as producer prices rebound. Industrial profits rose 31.5% YoY in January
and February combined, the National Bureau of Statistics said, the
fastest pace since 2011. The statistics authority usually combines
economic data for the two months to smooth out the effects of the Lunar
New Year holiday, when factories across the nation shut down. The
acceleration underscores strong momentum on the factory floors of the
world’s second-largest economy as producer prices surge at the fastest
pace since 2008. That reduces the real borrowing costs of enterprises and
helps them service their debts. Accelerations in industrial output,
rising prices and lower costs contributed to the soaring profits, the
statistics agency said in a statement released with the data. The rapid
gains depended heavily on price surges of coal, steel and crude oil, the
bureau said. (Source: Bloomberg)
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Other News:
CIMB: Plans to formalise tie-up with China Galaxy by the
second quarter. CIMB Group Holdings is targeting for its agreements with
regard to its strategic partnership in the stockbroking business with
China Galaxy International Financial Holdings Ltd (CGIF) to be executed
by the second quarter of 2017. China Galaxy Securities Co Ltd, the parent
of CGIF, had announced the passing of resolutions by its board of
directors in connection with the proposed partnership through the
Shanghai Stock Exchange and the Stock Exchange of Hong Kong on March 24.
(Source: The Star)
Scomi: Signs PPA with TNB for Kuala Muda PV plant. Scomi
Group has signed a PPA with TNB to develop a 30MWac large-scale solar
photovoltaic (PV) power plant in Bandar Sungai Petani, Kuala Muda, Kedah
on a build-own-operate basis. Construction of the power plant will be
undertaken by its 30%-owned SPV Strong Elegance S/B. The remaining equity
interesys in Strong Elegance are held by Synergy Generated S/B (40%) and
Lembaga Tabung Angkatan Tentera (30%). The PPA, which has an expected
commercial operation date of Dec 31, 2018, governs the sale and purchase
obligations of the energy generated by the project between Strong
Elegance and TNB for a period of 21 years from the commercial operation
date in accordance with the agreed terms and conditions. (Source: The
Edge Financial Daily)
Perdana Petroleum: Wins marine vessels service contract.
Perdana Petroleum’s wholly owned subsidiary Perdana Nautika S/B (PNSB)
has been awarded a spot charter marine vessels services contract by
Petronas Carigali S/B (PCSB). Total value of the contract will depend on
the actual number of days the vessels are on-hire based on instructions
from PCSB from time to time, during the contract period. PNSB was awarded
four packages offered by PCSB under the umbrella contract to provide
anchor handling tug/supply vessel 100MT and below bollard pull; anchor
handling tug/supply vessel above 100MT bollard pull; workboat and
workbarge. The contract is for a period of three years starting from
March 15, 2017 until March 14, 2020 with an extension option of two years
exercisable by PCSB. (Source: The Sun Daily)
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