|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR14.24
|
|
Target
Price:
|
MYR16.20
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
No major
concerns
|
|
While 9MFY17 results were below expectations, the cause
was non-recurring (reversal of interest income on PPA savings) and is
unlikely to raise major concern. Tenaga remains our top pick for the
sector, given its compelling valuation and stable earnings profile. We
maintain our view that regulatory developments are unlikely to
adversely impact Tenaga’s profitability. Reiterate BUY with a
marginally lower MYR16.20 TP (-1%) after a 4% trim in our FY17 net
profit forecast.
|
|
|
|
|
|
|
FYE Aug (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
43,286.8
|
44,531.5
|
48,470.6
|
49,809.9
|
|
EBITDA
|
13,921.8
|
14,794.2
|
15,566.9
|
15,927.0
|
|
Core net profit
|
7,050.7
|
7,725.8
|
7,258.0
|
7,640.4
|
|
Core EPS (sen)
|
124.9
|
136.9
|
128.6
|
135.4
|
|
Core EPS growth (%)
|
29.9
|
9.6
|
(6.1)
|
5.3
|
|
Net DPS (sen)
|
29.0
|
32.0
|
38.6
|
40.6
|
|
Core P/E (x)
|
11.4
|
10.4
|
11.1
|
10.5
|
|
P/BV (x)
|
1.7
|
1.5
|
1.4
|
1.3
|
|
Net dividend yield (%)
|
2.0
|
2.2
|
2.7
|
2.9
|
|
ROAE (%)
|
13.5
|
14.8
|
13.2
|
12.7
|
|
ROAA (%)
|
6.2
|
6.2
|
5.4
|
5.5
|
|
EV/EBITDA (x)
|
5.7
|
6.8
|
6.5
|
6.2
|
|
Net debt/equity (%)
|
33.3
|
32.6
|
35.8
|
28.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR8.75
|
|
Target
Price:
|
MYR8.05
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q17F looking
good, but all priced in
|
|
MAHB’s 2Q17 results (out on 31 July) look to be solid as
total passenger traffic growth soared by 11.6% YoY and the higher
yielding international passenger mix has increased by 2ppt YoY to
45.8%. We estimate a 2Q17 core net profit of MYR71m (versus a MYR12m
loss in 2Q16 and +10% QoQ). We downgrade MAHB to HOLD as the share
price has exceeded our DCF-based target price of MYR8.05 (WACC: 9.7%,
terminal growth: 2%).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
3,870.2
|
4,172.8
|
4,613.7
|
4,920.5
|
|
EBITDA
|
1,342.0
|
1,488.9
|
1,725.1
|
1,819.1
|
|
Core net profit
|
(113.3)
|
48.2
|
403.9
|
445.3
|
|
Core EPS (sen)
|
(7.1)
|
2.9
|
24.3
|
26.8
|
|
Core EPS growth (%)
|
nm
|
nm
|
738.0
|
10.3
|
|
Net DPS (sen)
|
1.0
|
1.7
|
8.3
|
9.0
|
|
Core P/E (x)
|
nm
|
301.2
|
35.9
|
32.6
|
|
P/BV (x)
|
1.6
|
1.7
|
1.6
|
1.6
|
|
Net dividend yield (%)
|
0.1
|
0.2
|
0.9
|
1.0
|
|
ROAE (%)
|
0.5
|
0.8
|
5.2
|
5.5
|
|
ROAA (%)
|
(0.5)
|
0.2
|
1.9
|
2.1
|
|
EV/EBITDA (x)
|
10.1
|
9.4
|
10.6
|
9.6
|
|
Net debt/equity (%)
|
52.2
|
46.1
|
41.3
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.75
|
|
Target
Price:
|
MYR1.75
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q17 in line;
acquires Pavilion Elite
|
|
2Q17 results and first gross DPU of 3.96sen were in line.
The softer earnings growth was mainly due to higher opex across all
malls. PavREIT have also proposed to acquire Pavilion Elite and we are
positive on the deal. Consequently, we raise earnings forecasts by +6%
p.a. but maintain our DDM-TP of MYR1.75 (cost of equity: 7.5%).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
413.9
|
459.7
|
489.7
|
563.5
|
|
Net property income
|
291.5
|
314.8
|
328.3
|
382.8
|
|
Distributable income
|
248.9
|
248.8
|
255.5
|
295.8
|
|
DPU (sen)
|
7.4
|
7.4
|
7.6
|
8.2
|
|
DPU growth (%)
|
3.1
|
0.5
|
2.3
|
7.7
|
|
Price/DPU(x)
|
23.7
|
23.6
|
23.1
|
21.4
|
|
P/BV (x)
|
1.4
|
1.3
|
1.3
|
1.2
|
|
DPU yield (%)
|
4.2
|
4.2
|
4.3
|
4.7
|
|
ROAE (%)
|
6.3
|
6.1
|
6.0
|
6.3
|
|
ROAA (%)
|
5.1
|
4.5
|
4.2
|
4.5
|
|
Debt/Assets (x)
|
0.2
|
0.3
|
0.2
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR17.96
|
|
Target
Price:
|
MYR18.30
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q17: Briefing
takeaways
|
|
Since 2H16, we understand that HEIM has started to
integrate its procurement processes with Heineken N.V.. While demand
could remain soft on still weak consumer sentiment, global procurement
initiatives and HEIM’s ongoing cost management drive could help support
earnings in the near term. We expect a seasonally stronger 2H17.
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
1,748.9
|
2,810.3
|
1,844.8
|
1,919.2
|
|
EBITDA
|
329.0
|
607.2
|
431.0
|
448.4
|
|
Core net profit
|
214.2
|
427.3
|
287.0
|
301.6
|
|
Core EPS (sen)
|
70.9
|
141.4
|
95.0
|
99.8
|
|
Core EPS growth (%)
|
8.1
|
99.5
|
(32.8)
|
5.1
|
|
Net DPS (sen)
|
71.0
|
145.0
|
95.0
|
100.0
|
|
Core P/E (x)
|
25.3
|
12.7
|
18.9
|
18.0
|
|
P/BV (x)
|
14.4
|
13.8
|
13.3
|
12.8
|
|
Net dividend yield (%)
|
4.0
|
8.1
|
5.3
|
5.6
|
|
ROAE (%)
|
58.4
|
111.2
|
71.7
|
72.7
|
|
ROAA (%)
|
30.7
|
57.1
|
36.3
|
37.4
|
|
EV/EBITDA (x)
|
13.2
|
8.3
|
12.5
|
12.0
|
|
Net debt/equity (%)
|
6.0
|
17.8
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
U.S. Business equipment orders eased last month after
robust May. The U.S. economy is experiencing steady but slower growth in
business investment as orders for capital equipment eased last month
following a May increase that was bigger than previously reported,
Commerce Department data showed. Non-military capital goods orders
excluding aircraft fell 0.1% after prior month’s 0.7% jump. Shipments of
those goods, which are used to calculate GDP, rose 0.2% after 0.4%
increase. Bookings for all durable goods surged 6.5% following 0.1% drop.
Excluding transportation-equipment demand, which is volatile, orders rose
0.2% after 0.6% advance. (Source: Bloomberg)
U.S: Narrower goods-trade gap indicates boost to pace of
growth. A narrower-than-projected U.S. merchandise- trade deficit in
June, together with rising inventories at wholesalers and retailers,
signal positive news for economic growth, according to preliminary
figures from the Commerce Department. Goods-trade gap shrank to USD
63.9b, the smallest in 2017, from USD 66.3b the prior month. Wholesale
inventories increased 0.6% MoM. Retail stockpiles rose 0.6% MoM after a
similar gain. Exports of goods increased 1.4% MoM in June from the
previous month; imports fell by 0.4% MoM. (Source: Bloomberg)
Japan: Inflation stalls at 0.4% YoY even as job market
tightens. Japan’s key price gauge was unchanged in June, helped by rising
power costs. The tight labor market may also start to help inflation,
which remains far from the central bank’s 2% target. Core consumer prices,
which exclude fresh food, increased 0.4% YoY in June. Excluding fresh
food and energy, prices were unchanged. The unemployment rate fell to
2.8%. Household spending rose 2.3% YoY, its first gain in more than a
year. (Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
Caring Pharmacy: 4Q net profit jumps 59.2% on higher
sales. Net profit for the fourth quarter of financial year ended May 31,
2017 grew by 59.2% to MYR4.36m or two sen per share from MYR2.74m or 1.26
sen per share in the corresponding quarter a year ago, mainly contributed
by higher sales generated from existing outlets. Caring proposed a final
dividend of three sen per share, tax exempt under the single-tier system,
in respect of FY17, subject to shareholders' approval at the group's
annual general meeting. (Source: The Edge Financial Daily)
Malaysia Airlines: To seal partnership for haj charter
carrier by 1Q18. The group expects to finalise its strategic partnership
for the haj charter carrier by the first quarter of next year, said its
group chief executive officer Peter Bellew.Bellew said the new charter
airline would be registered as a separate entity and carry a new image,
logo, aircraft colour and configuration. He said the new airline would
create 600 to 700 jobs, including pilots, cabin crews and engineers when
it is fully operational and would charter six Airbus A380 jetliners from
Malaysia Airlines. (Source: The Star)
Ancom: Continues turnaround in 4Q with MYR3.89m net
profit. The group continued with its financial turnaround with a net
profit of MYR3.89m in its fourth quarter ended May 31, 2017, compared
with a net loss of MYR5.19m a year earlier, due to higher revenue from
its agricultural and industrial chemicals sector and media segment.
Quarterly revenue was up 28.23% at MYR477.48m, compared with MYR372.35m
previously. (Source: The Edge Financial Daily)
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.