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MY: CIMB Group Holdings (CIMB MK)
Share
Price: MYR4.61
Target Price: MYR4.90
Recommendation: Hold
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Desmond
Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
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FYE Dec (MYR m)
|
FY13A
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FY14A
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FY15E
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FY16E
|
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Operating income
|
14,671.8
|
14,145.9
|
14,800.9
|
15,351.7
|
|
Pre-provision
profit
|
6,214.0
|
5,854.0
|
5,622.0
|
6,992.7
|
|
Core net profit
|
4,188.2
|
3,159.0
|
3,385.4
|
4,013.8
|
|
Core FDEPS (MYR)
|
0.60
|
0.37
|
0.34
|
0.48
|
|
Core FDEPS
growth(%)
|
2.6
|
(37.5)
|
(9.4)
|
40.4
|
|
Net DPS (MYR)
|
0.23
|
0.15
|
0.16
|
0.19
|
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Core FD P/E (x)
|
7.7
|
12.3
|
13.6
|
9.7
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P/BV (x)
|
1.1
|
1.0
|
1.0
|
0.9
|
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Net dividend yield
(%)
|
5.0
|
3.3
|
3.5
|
4.1
|
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Book value (MYR)
|
4.02
|
4.53
|
4.64
|
4.92
|
|
ROAE (%)
|
14.3
|
9.3
|
8.9
|
10.0
|
|
ROAA (%)
|
1.2
|
0.8
|
0.8
|
0.8
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|
§ Niaga’s 9M15 results were below
expectations on still elevated provision levels.
§ CIMB Group earnings unchanged for FY15,
lowered by 4%/8% for FY16/17 on higher credit costs, lower NIMs for Niaga.
§ Maintain HOLD on CIMB Group – TP cut to
MYR4.90 from MYR5.60 on lower FY16 ROE of 10.0% (10.7% previously).
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MY: Petronas Gas
(PTG MK)
Share Price: MYR22.98
Target Price: MYR24.00
Recommendation: Hold
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|
Chi Wei Tan
(603) 2297 8690
chiwei.t@maybank-ib.com
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FYE Dec (MYR m)
|
FY13A
|
FY14A
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FY15E
|
FY16E
|
|
Revenue
|
3,892.1
|
4,391.7
|
4,514.8
|
4,543.7
|
|
EBITDA
|
2,647.4
|
2,988.3
|
3,051.7
|
3,125.6
|
|
Core net profit
|
1,514.0
|
1,784.9
|
1,829.6
|
1,854.3
|
|
Core EPS (sen)
|
76.5
|
90.2
|
92.5
|
93.7
|
|
Core EPS growth
(%)
|
12.2
|
17.9
|
2.5
|
1.4
|
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Net DPS (sen)
|
55.0
|
55.0
|
64.7
|
65.6
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Core P/E (x)
|
30.0
|
25.5
|
24.9
|
24.5
|
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P/BV (x)
|
4.4
|
4.3
|
4.1
|
3.9
|
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Net dividend yield
(%)
|
2.4
|
2.4
|
2.8
|
2.9
|
|
ROAE (%)
|
15.6
|
17.2
|
16.9
|
16.3
|
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ROAA (%)
|
11.3
|
13.5
|
13.5
|
13.2
|
|
EV/EBITDA (x)
|
18.1
|
14.8
|
15.1
|
14.8
|
|
Net debt/equity
(%)
|
net cash
|
2.3
|
5.2
|
6.1
|
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|
§ 9M15 headline net profit included a
substantial unrealised forex loss in 3Q15; core profit slightly ahead on
lower taxes.
§ QoQ core earnings growth was a base effect,
as 2Q15 was impacted by higher repair/maintenance activities.
§ Maintain HOLD, TP unchanged at MYR24.00;
PTG remains a stock with a very stable earnings profile.
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MY: Malaysia Banking
Recommendation:
Neutral
|
|
Desmond Ch'ng
(603) 2297 8680
desmond.chng@maybank-ib.com
|
|
|
|
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§ Working
capital loan demand continues to support industry loan growth as household
lending wanes.
§ Aggregate
loan approval rates however have fallen to a new low of 43% on a 3M moving
average (MA) basis.
§ Maintaining
loan growth forecasts. NEUTRAL on the sector; BUY BIMB, HL Bank, HLFG.
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MY: Technicals
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Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
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§ FBM KLCI – Rising
Wedge breakdown. Sell on rallies.
§ CPO Futures –
Re-testing MYR2,460 soon?
§ DJIA – A minor
positive close.
§ UMWOG – Weekly and
monthly downtrend stock.
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MY: Other News
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Malaysia
Research Team
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Outside
Malaysia
— U.S: Consumer spending rose less than forecast in September
— China: Factory gauge signals contraction continued a third month in
October
— China: Unfazed by record capital outflows, steps up market reform
Malaysia
— Automotive:
Perodua expands into pre-owned vehicle retail segment, improves after-sales
service
— AirAsia:
Philippines will list in first quarter of 2017, insists Fernandes
—
Ewein: Set to bag second Penang project by year end
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