Monday, August 28, 2017

FW: AmBank Research - OldTown : China export growth intact Buy, 28 Aug 2017



OldTown :  China export growth intact Buy


We come away OldTown’s briefing feeling assured over a temporary supply chain glitch contributing to soft China growth. Optimal operations have since resumed. We maintain our BUY recommendation TP of RM3.20. Our TP is based on 17.0x CY18F P/E, which is a 20% discount to the simple average PE of its FMCG peers of 23x. We continue to like OldTown for its export-driven growth, market leader as #1 white coffee brand in its core markets and outstanding operational track record.


Others :

Cahya Mata Sarawak : Stronger 2HFY17 ahead    Buy

CSC Steel Holdings :  A stronger 2HFY17                 Buy

Sime Darby :  Supported by a slew of exceptional gains  Hold

Padini Holdings : Fairly valued for now    Hold

Tan Chong Motor :  Sixth quarter with a core net loss      Hold

DRB-Hicom :   Still no clarity on plan to reform Proton      Hold



Plantation Sector : News flow for week 21 – 25 August   Neutral



Westports Holdings : On RM10bil expansion

AirAsia : Sells Asian Aviation Centre stake to JV partner for RM429.3m

Malakoff Corp : Propsects remain dim



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