STOCK FOCUS OF THE DAY
Ann Joo Resources: FY17 net profit grows 23% YoY BUY
We maintain our BUY call, forecasts and FV of RM4.34 for Ann Joo Resources (AJR), based on 10x FY18F fully diluted EPS, in line with the average of its three midcycles’ PE multiples during Jan’12–Sep’13, Jun’05– Jun’08 and Sep’10 till now. AJR's FY17 core net profit of RM205.4mil met our forecast and consensus estimates.
The company’s FY17 turnover increased 17% YoY largely attributable to higher selling prices of various steel products (i.e. higher average international blended steel prices resulted from the ongoing reforms in China to curb steel production) coupled with a marginal increase in sales volume tonnage.
Others :
Axiata Group: Impairment from Idea dilution BUY
Cahya Mata Sarawak: Reduced losses from OM Materials in FY17 BUY
Felda Global: FY17 supported by disposal gain of AXA Affin HOLD
Gent Singapore: VIP market share rises in 4QFY17 HOLD
Lafarge Malaysia: Subdued FY17 performance HOLD
MBM Resources: Turning things around HOLD
YTL Power International: Earnings backloaded to 2H18 HOLD
Automobile Sector: A soft start NEUTRAL
QUICK TAKE
Plantation Sector: News flow for week 19 – 23 February NEUTRAL
STOCKS ON RADAR
CCK Consolidated, CAB Cakaran, AirAsia X, Careplus Group
STRATEGY
Global Markets: Key global markets’ watch this week
ECONOMIC HIGHLIGHT
Malaysia: Economy to expand favourably in 2018
Singapore: Inflation stays flat
NEWS HIGHLIGHTS
Local stock market: The big-cap rally
Barakah: To the rescue of beleaguered Malaysian owned Otto Marine?
MAHB: Pursues Turkish airport stake sale
Notion VTec: Optimistic about 20% revenue growth
DISCLAIMER:
The information and opinions in this report were prepared by AmInvestment Bank Bhd. The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of AmInvestment Bank Bhd. Bhd may from time to time have a position in or with the securities mentioned herein. Members of the AmBank Group Bhd and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice.
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