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Share
Price:
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MYR2.30
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Target
Price:
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MYR2.35
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Recommendation:
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Hold
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Secures MYR263m
contract
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Kimlun’s 40%-owned joint venture has won a MYR263m
contract to construct one block of office complex for Majlis Bandaraya
Johor. We estimate this would lift its outstanding orderbook by
MYR105m, based on its 40% stake, to MYR1.77b. We expect Kimlun to vie for
more jobs from KVLRT 3, KL-SG HSR and the affordable housing segment.
Maintain HOLD with an unchanged TP of MYR2.35 pegged to 10x FY17 PER
(+0.5SD).
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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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1,053.6
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940.7
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1,251.6
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1,067.0
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EBITDA
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112.7
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130.9
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118.3
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122.5
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Core net profit
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64.4
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80.7
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70.6
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73.8
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Core EPS (sen)
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21.4
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26.4
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23.1
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24.1
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Core EPS growth (%)
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90.5
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23.0
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(12.6)
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4.5
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Net DPS (sen)
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5.8
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6.5
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6.2
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6.5
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Core P/E (x)
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10.7
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8.7
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10.0
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9.5
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P/BV (x)
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1.5
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1.3
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1.2
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1.1
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Net dividend yield (%)
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2.5
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2.8
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2.7
|
2.8
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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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6.8
|
8.2
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6.5
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6.4
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EV/EBITDA (x)
|
4.3
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5.1
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6.8
|
5.7
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Net debt/equity (%)
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14.7
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6.7
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16.2
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net cash
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Chew Hann Wong
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Adrian Wong
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Share
Price:
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MYR1.18
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Target
Price:
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MYR1.10
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Recommendation:
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Hold
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Doubling down on
digital
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MPR will acquire RevAsia Holdings (RAH) for MYR105m cash.
In our view, the acquisition valuations are fair. That said, we gather
that RAH will not accrete earnings immediately. Despite accounting for
this acquisition, we still cut our earnings estimates by 6-17% to
account for more overheads. Nevertheless, we maintain our MYR1.10 TP
which implies 0.9x end-FY17E ex-goodwill BVPS. Furthermore, we gather
that MPR will maintain FY17 DPS at 8sen or flat YoY.
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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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1,427.7
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1,289.0
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1,372.0
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1,444.5
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EBITDA
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325.8
|
163.6
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181.0
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195.4
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Core net profit
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138.7
|
38.7
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68.0
|
82.8
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Core EPS (sen)
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12.5
|
3.5
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6.1
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7.5
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Core EPS growth (%)
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(2.4)
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(72.1)
|
75.5
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21.8
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Net DPS (sen)
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10.0
|
8.0
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8.0
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6.0
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Core P/E (x)
|
9.4
|
33.8
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19.3
|
15.8
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P/BV (x)
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0.8
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0.9
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0.9
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0.9
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Net dividend yield (%)
|
8.5
|
6.8
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6.8
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5.1
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ROAE (%)
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8.6
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(3.8)
|
4.7
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5.7
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ROAA (%)
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5.8
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1.7
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3.3
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4.2
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EV/EBITDA (x)
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4.0
|
7.5
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7.5
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6.8
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Net debt/equity (%)
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net cash
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net cash
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2.1
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1.0
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Samuel Yin Shao
Yang
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Jade Tam
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Share
Price:
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MYR1.28
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Target
Price:
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MYR1.11
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Recommendation:
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Hold
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Better sales and
earnings in 2H
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We expect 1Q17 sales to have stayed slow on the absence of
new property launches, but it should pick up in 2H17 with c.MYR1.7b of
new pipeline launches. The sale of three parcels of freehold land in
Canada should be completed by 3Q17 and the proceeds will be retained
for working capital and potential land acquisition (likely in Klang
Valley). We keep our earnings forecasts, MYR1.11 RNAV-TP, HOLD rating.
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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
|
1,749.9
|
1,841.5
|
1,873.6
|
1,578.6
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EBITDA
|
299.6
|
224.4
|
485.5
|
382.5
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Core net profit
|
257.2
|
147.3
|
254.8
|
192.6
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Core FDEPS (sen)
|
5.2
|
2.9
|
4.9
|
3.7
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Core FDEPS growth(%)
|
(51.1)
|
(44.8)
|
73.0
|
(24.4)
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Net DPS (sen)
|
1.6
|
0.0
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0.0
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0.0
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Core FD P/E (x)
|
24.7
|
44.8
|
25.9
|
34.3
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P/BV (x)
|
0.9
|
0.9
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0.8
|
0.8
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Net dividend yield (%)
|
1.3
|
0.0
|
0.0
|
0.0
|
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ROAE (%)
|
na
|
na
|
na
|
na
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ROAA (%)
|
2.2
|
1.2
|
1.9
|
1.4
|
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EV/EBITDA (x)
|
24.0
|
35.9
|
19.3
|
25.0
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Net debt/equity (%)
|
24.3
|
40.7
|
43.1
|
44.5
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Asia Oil & Gas Conference: Key takeaways – Day
1
by Thong
Jung Liaw
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The general sense of things denotes improved optimism,
based on snap observation of speakers, audience & exhibitors. The
keynote address by H.E. Khalid al-Fatih of Saudi Arabia is positive
and engaging, regarding the sector’s outlook. Dr Fereidun Fesharaki’s
views are more guarded and cautiously optimistic. The oil majors
continue to articulate the 3Cs-consolidation, collaboration, cost
cuts. Refineries are to enjoy a purple patch run. LNG market will be
tough. Our key BUYs are SapE, YNS, WSC.
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Global equities technical review, assessing “May”
impact
by Nik
Ihsan Raja Abdullah
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We use Three Line Break and Market Profile charts to
assess the short-term trend for MSCI All Country World Index (MSCI
ACWI). Based on Three Line Break chart (top), momentum remains strong
with no visible signs of reversal yet. Having said so, the index will
need to hold on above 456.0 to maintain the short-term bullish tone.
Meanwhile, based on Market Profile chart (bottom), Point of Control
is at 455.80.
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Outside Malaysia:
Germany: Factory orders expanded for a second month as
Europe’s largest economy picked up speed. Orders, adjusted for seasonal
swings and inflation, rose 1% in March, after expanding an upwardly
revised 3.5% in February, data from the Economy Ministry showed. Orders
were up 2.4% YoY, when adjusted for working days. (Source: Bloomberg)
U.K: House prices recorded their first quarterly decline
in more than four years, adding to signs that the property market is
cooling. In the three months to April, prices fell 0.2% compared with the
previous three months, lender Halifax said. In April alone, prices
slipped 0.1%, meaning they haven’t risen for the past four months. Almost
every U.K. gauge is now pointing to a housing slowdown. Annual growth
based on data from Nationwide Building Society is at the weakest in
almost four years, while gains in asking prices for homes have also lost
momentum. Mortgage approvals fell to a six-month low in March, according
to the Bank of England. Halifax said that in the three months through
April, prices rose 3.8% YoY, less than half the 10% rate reached in early
2016. (Source: Bloomberg)
China: Exports remained resilient as global demand
recovers. China’s overseas shipments held up in April amid recovering
global demand and as the threat of a trade war with the U.S. dissipated.
Exports rose 8% YoY in dollar terms while imports increased 11.9% YoY.
Trade surplus widened to USD 38.05b. (Source: Bloomberg)
Crude Oil: Saudi Arabia and Russia signal oil-cuts
extension into 2018, doubling down on an effort to eliminate a supply
surplus just as its impact on prices wanes. In separate statements just
hours apart, the world’s largest crude producers said publicly for the
first time they would consider prolonging their output reductions for
longer than the six-month extension widely expected to be agreed at the
OPEC meeting on May 25. Ministers from some members of the Organization
of Petroleum Exporting Countries have also discussed the possibility of
deepening the supply curbs, said four delegates, who asked not to be
identified because the talks were private. The delegates didn’t say that
the discussions resulted in any kind of agreement for additional cuts.
(Source: Bloomberg)
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Other News:
MK Land: To dispose of land in Kamunting for MYR72m. Its
wholly-owned unit, Dominant Star S/B, will dispose of nine parcels of
leasehold land measuring approximately 79.25 hectares in Kamunting, Perak
for MYR72m. The group is expected to record a net gain of MYR32.14m.
(Source: The Sun Daily)
PanPages: Buys 30% stake in Lay Hong subsidiary. PanPages
a business platform developer, is acquiring a 30% stake in Lay Hong’s
subsidiary for MYR10.75m. PanPages said G-MART Borneo Retail S/B is
engaged in the operation of retail supermarkets. (Source: The Edge
Financial Daily)
Censof : Bags MYR7.5m job from LHDN. The group has won a
MYR7.5m contract to maintain application, hardware and licence renewal
for the Inland Revenue Board's revenue accounting system or eRAS. The
contract is valid for three years, starting from Nov 19, 2017 to Nov 18,
2020. (Source: The Edge Financial Daily)
ManagePay Systems: To deploy 3,000 credit card terminals
to 748 outlets of JCorp’s unit. The company will be deploying over 3,000
credit card terminals to Johor Corp’s subsidiary Virtualflex S/B— which
has 748 outlets of pre-paid payment kiosks nationwide — for five years.
This is subject to the commissioning of its terminals, said ManagePay.
(Source: The Edge Financial Daily)
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