|
MY: Harbour-Link Group (HALG MK)
Share
Price: MYR2.19
Target Price: MYR3.65
Recommendation: Buy
|
|
Yen
Ling Lee
(603) 2297 8691
lee.yl@maybank-ib.com
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
457.6
|
538.1
|
577.6
|
590.1
|
|
EBITDA
|
75.3
|
91.8
|
126.3
|
115.1
|
|
Core net profit
|
33.4
|
48.1
|
58.0
|
54.0
|
|
Core EPS (sen)
|
18.4
|
26.4
|
31.9
|
29.7
|
|
Core EPS growth
(%)
|
9.0
|
43.9
|
20.5
|
(6.9)
|
|
Net DPS (sen)
|
2.5
|
5.5
|
6.4
|
5.9
|
|
Core P/E (x)
|
11.9
|
8.3
|
6.9
|
7.4
|
|
P/BV (x)
|
1.7
|
1.4
|
1.3
|
1.2
|
|
Net dividend yield
(%)
|
1.1
|
2.5
|
2.9
|
2.7
|
|
ROAE (%)
|
15.5
|
18.8
|
19.9
|
16.6
|
|
ROAA (%)
|
7.2
|
8.9
|
9.6
|
8.4
|
|
EV/EBITDA (x)
|
5.3
|
5.4
|
3.1
|
3.1
|
|
Net debt/equity
(%)
|
16.1
|
net cash
|
net cash
|
net cash
|
|
§ Softer 4QFY6/15 results in line with our
expectation.
§ Stronger earnings ahead underpinned by
logistics demand and mammoth construction projects in Sarawak.
§ Share price corrected by 25% in 3 weeks;
stock trades at an undemanding ex-property CY16 PER of 7.8x. Maintain BUY.
|
MY: Eversendai Corp
(EVSD MK)
Share Price: MYR0.72
Target Price: MYR1.00
Recommendation: Buy
|
|
Li Shin Chai
(603) 2297 8684
lishin.c@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
965.0
|
1,002.8
|
1,433.7
|
1,454.0
|
|
EBITDA
|
110.5
|
96.9
|
137.5
|
149.8
|
|
Core net profit
|
32.6
|
37.4
|
56.6
|
64.7
|
|
Core EPS (sen)
|
4.2
|
4.8
|
7.3
|
8.4
|
|
Core EPS growth
(%)
|
(71.7)
|
14.6
|
51.4
|
14.3
|
|
Net DPS (sen)
|
1.0
|
1.3
|
1.5
|
1.7
|
|
Core P/E (x)
|
17.2
|
15.0
|
9.9
|
8.7
|
|
P/BV (x)
|
0.7
|
0.6
|
0.6
|
0.6
|
|
Net dividend yield
(%)
|
1.4
|
1.7
|
2.0
|
2.3
|
|
ROAE (%)
|
4.0
|
4.3
|
6.1
|
6.6
|
|
ROAA (%)
|
2.0
|
2.0
|
2.8
|
3.0
|
|
EV/EBITDA (x)
|
10.2
|
9.3
|
7.7
|
7.0
|
|
Net debt/equity
(%)
|
38.7
|
32.3
|
50.7
|
46.6
|
|
|
§ 2Q15 results below estimates due to
variation costs.
§ Positive orderbook replenishment outlook.
§ Reduced 2015 net profit forecast by 11%.
Maintain BUY with unchanged TP of MYR1.00.
|
MY: NCB Holdings
(NCB MK)
Share Price: MYR4.01
Target Price: MYR5.70
Recommendation: Buy
|
|
Yen Ling Lee
(603) 2297 8691
lee.yl@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
919.4
|
831.0
|
871.3
|
924.9
|
|
EBITDA
|
199.2
|
125.1
|
191.2
|
235.2
|
|
Core net profit
|
51.7
|
27.9
|
49.1
|
88.5
|
|
Core EPS (sen)
|
11.0
|
5.9
|
10.4
|
18.8
|
|
Core EPS growth
(%)
|
(58.9)
|
(46.1)
|
76.1
|
80.3
|
|
Net DPS (sen)
|
8.0
|
7.0
|
7.0
|
8.0
|
|
Core P/E (x)
|
36.5
|
67.7
|
38.4
|
21.3
|
|
P/BV (x)
|
1.3
|
1.3
|
1.3
|
1.3
|
|
Net dividend yield
(%)
|
2.0
|
1.7
|
1.7
|
2.0
|
|
ROAE (%)
|
3.7
|
2.0
|
3.5
|
6.1
|
|
ROAA (%)
|
2.8
|
1.3
|
2.2
|
4.0
|
|
EV/EBITDA (x)
|
8.6
|
9.6
|
9.9
|
7.9
|
|
Net debt/equity
(%)
|
3.7
|
8.8
|
net cash
|
net cash
|
|
|
§ Positive 2Q15 results within expectation.
§ Looking forward to container tariff
hike-driven earnings growth from 4Q15 onwards.
§ Maintain BUY, MYR5.70 TP; potential
privatisation candidate.
|
MY: TIME dotCom
(TDC MK)
Share Price: MYR5.52
Target Price: MYR5.50
Recommendation: Hold
|
|
Chi Wei Tan
(603) 2297 8690
chiwei.t@maybank-ib.com
|
Adrian Wong
(603) 2297 8675
adrian.wkj@maybank-ib.com
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
548.3
|
596.3
|
658.4
|
717.4
|
|
EBITDA
|
193.2
|
217.8
|
256.8
|
279.8
|
|
Core net profit
|
260.2
|
127.3
|
159.2
|
171.6
|
|
Core EPS (sen)
|
45.4
|
22.2
|
27.7
|
29.9
|
|
Core EPS growth
(%)
|
125.2
|
(51.1)
|
24.9
|
7.8
|
|
Net DPS (sen)
|
0.0
|
5.6
|
80.4
|
8.3
|
|
Core P/E (x)
|
12.2
|
24.9
|
19.9
|
18.5
|
|
P/BV (x)
|
1.6
|
1.3
|
1.5
|
1.4
|
|
Net dividend yield
(%)
|
0.0
|
1.0
|
14.6
|
1.5
|
|
ROAE (%)
|
11.6
|
5.8
|
7.2
|
8.1
|
|
ROAA (%)
|
10.0
|
5.0
|
6.1
|
6.8
|
|
EV/EBITDA (x)
|
10.0
|
12.0
|
11.7
|
10.8
|
|
Net debt/equity
(%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
§ Timing of Sukuk-raising mainly
opportunistic; no imminent acquisition in the near term for now.
§ Strength in voice segment due to renewed
focus on enterprise; overall business outlook remains intact.
§ Maintain HOLD, TP unchanged at MYR5.50.
|
MY: IOI Corporation
(IOI MK)
Share Price: MYR3.93
Target Price: MYR3.85
Recommendation: Hold
|
|
Chee Ting Ong
(603) 2297 8678
ct.ong@maybank-ib.com
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
13,516.5
|
12,664.1
|
11,621.0
|
12,352.4
|
|
EBITDA
|
2,791.2
|
2,376.3
|
847.4
|
1,882.2
|
|
Core net profit
|
1,659.6
|
1,549.4
|
860.1
|
1,183.3
|
|
Core FDEPS (sen)
|
25.8
|
24.0
|
13.3
|
18.3
|
|
Core FDEPS
growth(%)
|
(9.2)
|
(6.9)
|
(44.6)
|
37.6
|
|
Net DPS (sen)
|
15.5
|
20.0
|
9.0
|
9.2
|
|
Core FD P/E (x)
|
15.2
|
16.4
|
29.5
|
21.5
|
|
P/BV (x)
|
1.8
|
4.2
|
5.0
|
4.5
|
|
Net dividend yield
(%)
|
3.9
|
5.1
|
2.3
|
2.3
|
|
ROAE (%)
|
12.6
|
15.7
|
15.5
|
22.1
|
|
ROAA (%)
|
7.1
|
7.9
|
6.0
|
8.7
|
|
EV/EBITDA (x)
|
14.2
|
15.8
|
35.9
|
16.0
|
|
Net debt/equity
(%)
|
32.3
|
58.6
|
96.1
|
80.9
|
|
|
§ FY6/15 results within our estimates but
below street.
§ MYR weakened another 12% against USD since
30 June. Expect more potential forex losses in 1QFY6/16.
§ Maintain HOLD given limited catalyst;
MYR3.85 TP.
|
MY: Felda Global Ventures
(FGV MK)
Share Price: MYR1.21
Target Price: MYR1.94
Recommendation: Hold
|
|
Chee Ting Ong
(603) 2297 8678
ct.ong@maybank-ib.com
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY13A
|
FY14A
|
FY15E
|
FY16E
|
|
Revenue
|
12,568.0
|
16,434.3
|
16,065.2
|
16,672.2
|
|
EBITDA
|
1,593.3
|
1,293.9
|
1,117.8
|
1,258.9
|
|
Core net profit
|
14.8
|
95.7
|
342.3
|
442.7
|
|
Core EPS (sen)
|
0.4
|
2.6
|
9.4
|
12.1
|
|
Core EPS growth
(%)
|
(97.9)
|
545.6
|
257.5
|
29.3
|
|
Net DPS (sen)
|
16.0
|
10.0
|
5.3
|
6.1
|
|
Core P/E (x)
|
297.7
|
46.1
|
12.9
|
10.0
|
|
P/BV (x)
|
0.7
|
0.7
|
0.7
|
0.7
|
|
Net dividend yield
(%)
|
13.2
|
8.3
|
4.3
|
5.0
|
|
ROAE (%)
|
0.2
|
1.5
|
5.3
|
6.6
|
|
ROAA (%)
|
0.1
|
0.5
|
1.6
|
2.1
|
|
EV/EBITDA (x)
|
11.6
|
9.0
|
7.6
|
6.5
|
|
Net debt/equity
(%)
|
net cash
|
18.8
|
22.5
|
14.8
|
|
|
§ 1H15 results below expectations on poor
plantation and downstream earnings, mitigated by stable sugar earnings.
§ 2H15 outlook remains challenging amid low
CPO ASP, which is below FGV’s cost of production, pressuring earnings.
§ EPS, TP and HOLD recommendation under
review.
|
MY: Leading Indicator, June 2015
|
|
Suhaimi Ilias
(603) 2297 8682
suhaimi_ilias@maybank-ib.com
|
Zamros Dzulkafli
(603) 2082 6818
zamros.d@maybank-ib.com
|
|
|
|
|
|
§ Indices of leading
and coincident economic indicators increased in June 2015 vs the declines
in May 2015
§ But they slowed on 3MMA basis, pointing
to softening economic growth momentum
§ As more headwinds buffeting the economy
beyond the GST impact i.e. financial market and currency volatilities amid
external uncertainties and weak commodity prices
|
SG: Singapore CPI, Jul ‘15
|
|
Suhaimi Ilias
(603) 2297 8682
suhaimi_ilias@maybank-ib.com
|
Zamros Dzulkafli
(603) 2082 6818
zamros.d@maybank-ib.com
|
|
|
|
|
|
§ Consumer prices
continued to fall in Jul 2015 by -0.4%
YoY (June 2015: -0.3% YoY).
§ But core inflation (CPI
ex-accommodation and private road transport) edged higher
to +0.4% YoY (June 2015: +0.2% YoY).
§ We revised our 2015 headline CPI
forecast to -0.5%-0.0% from 0.0%-0.5% previously (2015 YTD: -0.4%).
|
MY: Technicals
|
|
Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
|
|
|
|
|
|
|
§ PBBANK - On a very strong downward Wave 3 and
5 move.
§ FBMKLCI – Index is hit with relentless
selling.
§ Supports of 1,490 and 1,526 will be weaker.
§ Resistances of 1,532 and 1,583 will cap
rebounds.
|
MY: Other News
|
|
Malaysia
Research Team
|
|
|
|
|
|
|
Outside
Malaysia
—
U.S: Fed credibility test looms as market doubts September rate rise
—
Asia: Central banks from India to South Korea said they’re ready to
offset market volatility
—
Korea: Park says South Korea won’t back off as crisis hits markets
Other News
—
Genting Malaysia: Issues MYR2.4b notes
—
Sime Darby: Mulls ways to strengthen balance sheet
—
Asia Media: Nod for oil palm venture
—
Oversea Enterprise: Plans vegetarian restaurant
|
|
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