Affin Daily Insight (LV) - 28 May 2014 - IJMLD / AXIATA / IJM / CAB / IJMP / HAPL / AMRB / PENB / SWKPLNT / WTK / EVERSENDAI / DMR

Top Calls

Results Note � IJM Land (BUY, maintain) - Record quarterly and full year earnings IJM Land�s FY03/14 core net profit doubled to RM390.3m on higher revenue (+64%), higher EBITDA margin of 26% (from 23%) and a lower effective tax rate. The group�s headline net profit was boosted by RM143m of exceptional items to RM533.2m. Overall, IJM Land�s full year core earnings beat consensus and Affin expectations by 21-22%. The group has achieved a strong property sales of RM2.9bn in FY14 (+45% yoy), driven by decent take-up for domestic projects and the strong sales of its London Royal Mint Gardens project. Excluding the lumpy London project sales, IJM Land�s domestic sales grew by a 10% yoy to RM2.2bn, within our expectations. We have raised our FY15-16E EPS forecast by 5%. Maintain BUY with a higher TP of RM3.80 (from RM3.30) based on an unchanged 15% discount to RNAV.

Other Calls

Results Note � Axiata (REDUCE, maintain) - Weak 1Q14 earnings � Celcom slides

Results Note � IJM Corp (BUY, maintain) - Within expectations; Special dividend declared

Results Note � Carlsberg (ADD, maintain) - 1QFY14 earnings inched up by 3.2% yoy to RM52.3m

Results Note � IJM Plant (BUY, maintain) - Slightly below; FY15-16 forecasts maintained

Results Note � Hap Seng Plant (ADD, maintain) - Within expectations

Results Note � Alam Maritim (BUY, maintain) - A weak start but earnings to pick up in coming quarters

Results Note � Petra Energy (SELL, maintain) - Another weak performance, below expectations

Results Note � Sarawak Plant (BUY, maintain) - Within expectations; Low implied land valuation

Results Note � WTK (BUY, maintain) - Results within expectations

Flash Note � Eversendai (BUY, maintain) - Award of RRPT contract valued at RM580m

Debt Market Research - All quiet ahead of MGS 7/24 reopening tomorrow

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