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| | | | | | | | | | | | | | | | Share Price: | MYR18.82 | Target Price: | MYR23.00 | Recommendation: | Buy | | |
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| | | Routine results | | PTG's 1H17 results were again in line. No material developments pertaining to TPA negotiations were disclosed, although a results call will be held this afternoon. Our earnings forecasts and MYR23.00 TP are unchanged. Risk-reward is favourable in our view, reiterate BUY. | | |
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| | FYE Dec (MYR m) | FY15A | FY16A | FY17E | FY18E | Revenue | 4,456.0 | 4,561.3 | 4,540.4 | 5,146.0 | EBITDA | 2,967.2 | 2,968.1 | 3,038.7 | 3,403.5 | Core net profit | 1,749.6 | 1,747.2 | 1,681.7 | 1,951.1 | Core EPS (sen) | 88.4 | 88.3 | 85.0 | 98.6 | Core EPS growth (%) | (2.0) | (0.1) | (3.8) | 16.0 | Net DPS (sen) | 60.0 | 62.0 | 59.5 | 69.0 | Core P/E (x) | 21.3 | 21.3 | 22.1 | 19.1 | P/BV (x) | 3.3 | 3.1 | 3.0 | 2.9 | Net dividend yield (%) | 3.2 | 3.3 | 3.2 | 3.7 | ROAE (%) | 18.1 | 14.9 | 13.8 | 15.3 | ROAA (%) | 12.7 | 11.3 | 10.0 | 11.2 | EV/EBITDA (x) | 15.1 | 14.4 | 12.5 | 10.9 | Net debt/equity (%) | net cash | 4.0 | 4.0 | net cash |
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| | | | | | | | | | | | | | Share Price: | MYR1.10 | Target Price: | MYR0.92 | Recommendation: | Hold | | |
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| | | Proposes private placement | | EVSD's proposed private placement of new shares will lower its net gearing level and strengthen its balance sheet. However, receivables level remains high due to the financing structure of its lift boats. A further re-rating catalyst is the delivery of one of its two lift boats expected in 3Q17/4Q17, which could help alleviate its balance sheet woes. | | |
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| | FYE Dec (MYR m) | FY15A | FY16A | FY17E | FY18E | Revenue | 1,788.8 | 1,574.6 | 1,872.8 | 1,745.2 | EBITDA | 124.3 | (182.1) | 167.3 | 175.8 | Core net profit | 47.5 | (80.6) | 65.7 | 73.5 | Core EPS (sen) | 6.1 | (10.4) | 8.5 | 9.5 | Core EPS growth (%) | 100.0 | nm | nm | 11.8 | Net DPS (sen) | 0.5 | 0.0 | 0.7 | 0.8 | Core P/E (x) | 17.9 | nm | 13.0 | 11.6 | P/BV (x) | 0.8 | 1.0 | 0.9 | 0.8 | Net dividend yield (%) | 0.5 | 0.0 | 0.6 | 0.7 | ROAE (%) | 5.5 | (25.6) | 7.1 | 7.4 | ROAA (%) | 2.0 | (2.8) | 2.1 | 2.2 | EV/EBITDA (x) | 10.2 | nm | 10.0 | 9.2 | Net debt/equity (%) | 58.9 | 87.0 | 81.3 | 68.5 |
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| | | | | | | | | | | | | | Share Price: | MYR24.68 | Target Price: | MYR26.40 | Recommendation: | Hold | | |
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| | | 3Q headline disappointed | | 3QFY9/17 results disappointed on MYR60m oleo stock write down and MYR32m impairment on a non-core and non-performing investment in China. We lower our headline/core FY17E net profit by -8%/-6% to reflect these unforeseen losses. We expect a normalization of 4QFY17 earnings with better contribution from its downstream division as feedstock prices have stabilized. Maintain HOLD with an unchanged TP of MYR26.40 on 26x FY18 PER, pegged to its 5–year mean. | | |
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| | FYE Sep (MYR m) | FY15A | FY16A | FY17E | FY18E | Revenue | 13,650.0 | 16,505.8 | 19,294.7 | 19,003.3 | EBITDA | 1,578.0 | 1,805.8 | 1,949.3 | 2,010.2 | Core net profit | 818.7 | 824.5 | 1,036.2 | 1,084.6 | Core EPS (sen) | 76.7 | 77.2 | 97.1 | 101.6 | Core EPS growth (%) | (16.9) | 0.7 | 25.7 | 4.7 | Net DPS (sen) | 45.0 | 50.0 | 58.2 | 61.0 | Core P/E (x) | 32.2 | 32.0 | 25.4 | 24.3 | P/BV (x) | 2.7 | 2.5 | 2.4 | 2.3 | Net dividend yield (%) | 1.8 | 2.0 | 2.4 | 2.5 | ROAE (%) | 10.0 | 15.8 | 9.4 | 9.8 | ROAA (%) | 5.4 | 4.6 | 5.6 | 5.7 | EV/EBITDA (x) | 16.6 | 16.0 | 15.3 | 14.5 | Net debt/equity (%) | 24.8 | 22.5 | 22.0 | 16.6 |
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| | | | | | | | | | | | | | Share Price: | MYR7.92 | Target Price: | MYR8.10 | Recommendation: | Hold | | |
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| | | 2Q17: Within estimates | | 2Q17 results and 2nd interim gross DPU of 8.6sen were in-line. Earnings were mainly supported by the office segment and gradual recovery of Suria KLCC's occupancy. We trim our FY17-19 earnings forecasts by c.1% p.a. but maintain our DDM-TP of MYR8.10 (cost of equity: 7.2%). | | |
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| | FYE Dec (MYR m) | FY15A | FY16A | FY17E | FY18E | Revenue | 1,340.2 | 1,343.5 | 1,449.2 | 1,522.6 | Net property income | 1,004.2 | 1,018.6 | 1,114.6 | 1,150.5 | Distributable income | 641.3 | 674.6 | 677.0 | 695.0 | DPU (sen) | 32.5 | 33.4 | 34.2 | 35.1 | DPU growth (%) | 2.6 | 2.7 | 2.4 | 2.7 | Price/DPU(x) | 24.4 | 23.7 | 23.2 | 22.6 | P/BV (x) | 1.1 | 1.1 | 1.1 | 1.0 | DPU yield (%) | 4.1 | 4.2 | 4.3 | 4.4 | ROAE (%) | 9.2 | 7.0 | 5.7 | 5.6 | ROAA (%) | 4.2 | 4.1 | 4.2 | 4.2 | Debt/Assets (x) | 0.1 | 0.1 | 0.1 | 0.1 |
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| | | | | | MACRO RESEARCH | | | | | | | MXASJ Index: Still in a correction mode
by Nik Ihsan Raja Abdullah |
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| | | | | | FBMKLCI gained 1.31pts to 1,772.39 yesterday, led by gains in DIGI, GENM and PCHEM. Market breadth was positive with gainers outpacing losers by 523 to 329. Trading volume was at 1.79b shares valued at MYR1.79b. As geopolitical tensions eased, investors will focus their attention on corporate earnings again. Meanwhile, firmer oil price and a stabilized MYR should also lend support to the local bourses. Technically, we expect FBMKLCI to trade between 1,765 and 1,775 for. | |
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| | NEWS | | | Outside Malaysia:
U.S: Consumers in driver's seat for economy as retail sales jump in July. Shoppers splurged at Internet retailers, department stores, restaurants and auto dealerships, boosting sales by the most this year and giving the quarter a stronger-than-expected start. Overall sales climbed 0.6% after 0.3% advance in prior month (revised from 0.2% decline). The broad increase followed upward revisions to the prior two months that erased previously reported declines, Commerce Department data showed. Amazon.com's Prime Day event helped non-store retailers post the biggest gain this year, car dealers reported a strong result and sales at department stores climbed the most since January. (Source: Bloomberg)
Germany: Economy extended its growth spurt in the second quarter, playing into the hands of Angela Merkel as she bids for a fourth term as chancellor. GDP rose by 0.6% in the April-June period while the Federal Statistics Office revised first-quarter output up to 0.7%. In the second quarter, growth was driven by domestic demand, the statistics office said. Consumers and the government significantly stepped up spending. Investment in equipment and construction also increased from the previous three months. Trade damped economic output as imports rose considerably faster than exports, according to the report. (Source: Bloomberg)
U.K: Inflation rate held steady in July, falling short of forecasts because of lower oil prices and the fading effects of the pound's drop after the Brexit vote a year ago. Consumer prices increased 2.6% YoY, the Office for National Statistics said. The pace of factory input-price gains fell the most since 2012. Economists this month lowered their estimate for how much inflation will accelerate this year because of sterling's 13% decline since the U.K. voted to leave the European Union. With oil prices also down this year, that means price growth may no longer hit 3%, as previously forecast. (Source: Bloomberg)
China: IMF forecasts faster growth as rising debt adds to risks. The International Monetary Fund increased its estimate for China's average annual growth rate through 2020, while warning that it would come at the cost of rising debt that increases medium-term risks to growth. China's economy will expand at an average pace of 6.4% annually from 2017 through 2020, compared with a 6% estimate a year earlier, the IMF said in its Article IV review. Household, corporate and government debt will increase to almost 300 percent of gross domestic product by 2022 from 242 percent last year, fund staff estimated. (Source: Bloomberg)
Indonesia: Public debt rises to IDR 3,779t by end-July 2017. Government bonds account for 80.6% of the total, while loans make up 19.4%, according to the finance ministry. Government added IDR 264.52t to its outstanding debt this year through July, of which IDR 264.39t is from net sales of bonds. Foreign-currency debt accounts for 41.5% of total. Average time to maturity of government debt is at 8.9 years, while 38.9% of the outstanding amount is due within 5 years. (Source: Bloomberg) | |
| | | | | Other News:
MRCB: Secures MYR369m DASH highway contract. Malaysian Resources Corp (MRCB) has bagged a MYR369m contract for the construction and other associate works under the Damansara-Shah Alam Elevated Highway (DASH) project. MRCB had received a letter of acceptance from Projek Lintasan Kota Holdings S/B (Prolintas) unit Turnpike Synergy S/B to undertake the construction of the mainline and other associated works under the privatisation project. The contract price of the works package was MYR369m and the duration of the contract is 26 months. The works are anticipated to commence by end August 2017 and will be completed by October 2019. (Source: The Star)
TNB: Gets MYR339m financing for Kuala Langat solar project. TNB has secured MYR339m financing for its first large-scale solar project in Malaysia, located on 97ha in Kuala Langat, Selangor. Its unit, TNB Sepang Solar S/B (TSS), had together with Affin Islamic Bank achieved financial close for financing the project. Affin Islamic will be providing funding and working capital requirements for the said project up to MYR339m. (Source: The Star)
Public Bank: Offers Alipay mobile wallet service. Public Bank has forged a partnership with Ant Financial Services Group, an affiliate of Alibaba Group, to offer Alipay mobile wallet service to its merchants. The Alipay mobile wallet service caters particularly to Alipay users from China who travel and shop on a regular basis in Malaysia. The service provides users the convenience of making payments without carrying large amounts of cash. (Source: The Edge Financial Daily)
TNB: Awards contracts totalling MYR120m to MYRCB and Pestech. TNB has awarded a MYR40m construction contract to Malaysian Resources Corp (MRCB) and a MYR79.5m power system installation contract to Pestech International. MRCB had received a letter of acceptance from TNB to award it the contract for building Balai Islam and staff quarters under Phase 1 of its headquarters' campus development on Jalan Bangsar, Kuala Lumpur. The duration of the contract is 15 months from the date of site possession. In a separate filing with the exchange, Pestech's unit Pestech S/B had received a letter of acceptance (LoA) to supply, erect and commission 2 X 1,050 MVA autotransformers, 500kV switchgears, 275kV switchgears and ancillary equipment with associated civil works for the main intake substation (PMU) 500/275kV in Olak Lempit. The transmission line engineering firm said the project was expected to start within 56 days from the date of the LoA (Aug 14) and to be completed within 1½ years (546 days) from the starting date. (Source: The Star)
Handal Resources: Bags second job in a month. Handal Resources's subsidiary has bagged a job from Malaysian Refining Company S/B (MRCSB) for the provision for the supply and delivery of Coflexip hoses for roof drains and foam drain and supervision works at MRCSB. The manpower and contract rates to be charged for the services to be rendered will only be decided at the point of time that the service is being provided during the tenure of the contract. The job follows one it was awarded earlier in the month, to maintain and service offshore cranes for ExxonMobil Exploration and Production Malaysia Inc, for up to four years. (Source: The Sun Daily) | |
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