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Share
Price:
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MYR2.23
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Target
Price:
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MYR2.40
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Recommendation:
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Buy
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Change in
ownership would be positive
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The sale of Berjaya Group’s (BGroup) stake in BAuto to a
special purpose vehicle (SPV) that is 33%/67% owned by BGroup and the
current management of BAuto (led by CEO Datuk Seri Ben Yeoh) would be
positive in that it would signify management’s confidence in the
company. Further catalysts could, in our view, include potentially
higher dividend payouts in the future as well the listing of its
Philippines operations. Maintain BUY; MYR2.40 TP (11.5x CY17 PER) is
unchanged.
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FYE Apr (MYR m)
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FY14A
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FY15A
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FY16E
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FY17E
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Revenue
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1,450.8
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1,830.4
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2,301.8
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2,922.2
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EBITDA
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172.1
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290.1
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268.3
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295.0
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Core net profit
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140.8
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222.9
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193.9
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210.9
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Core EPS (sen)
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12.4
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19.5
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16.9
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18.4
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Core EPS growth (%)
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186.4
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58.0
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(13.4)
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8.8
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Net DPS (sen)
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3.8
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12.1
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8.5
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9.2
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Core P/E (x)
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18.0
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11.4
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13.2
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12.1
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P/BV (x)
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7.4
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5.4
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4.5
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3.8
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Net dividend yield (%)
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1.7
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5.4
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3.8
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4.1
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ROAE (%)
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56.0
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54.5
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37.1
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33.8
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ROAA (%)
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25.6
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32.9
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23.3
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21.0
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EV/EBITDA (x)
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8.8
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10.4
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8.6
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7.8
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Net debt/equity (%)
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net cash
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net cash
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net cash
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net cash
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MACRO RESEARCH
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Invest Asean
by Chew
Hann Wong
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Invest Malaysia KL 2016, which saw a turnout of more
than 2,000 people on Tuesday 12 Apr, continued into its second day
yesterday, with the participation of 56 listed corporates across
various sectors of the economy. Of this total, 18 of the corporates were
featured in group presentations, while the others participated in
1x1/small group meetings with investors. All in, these 56 companies
have a total market capitalization of MYR905.5b.
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Technical Research
by Lee
Cheng Hooi
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The FBMKLCI rose 8.11 points to close at 1,723.11
yesterday, while the FBMEMAS and FBM100 gained 38.10 and 38.57 points
respectively. In terms of market breadth, the gainer-to-loser ratio
was 479-to-379, while 369 counters were unchanged. A total of 1.85b shares
were traded valued at MYR2.06b.
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NEWS
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Outside Malaysia:
U.S: Wholesale prices unexpectedly fell in March for a
second month, showing inflation is still well-contained as Federal
Reserve officials weigh whether further increases in the benchmark
interest rate are warranted. The 0.1% drop in the producer-price index
followed a 0.2% decrease in February, a Labor Department report showed.
Over the past 12 months, wholesale prices fell 0.1%. (Source: Bloomberg)
U.S: Retail sales unexpectedly fall as consumers scrimp.
Retailers unexpectedly fell in March, raising concern consumer spending
is losing momentum. The 0.3% drop in purchases followed little change the
prior month, Commerce Department figures showed. The decrease was led by
the biggest drop in demand for autos in a year, and cutbacks at clothing
stores, Internet merchants and restaurants. (Source: Bloomberg)
E.U: Industrial production fell the most in 18 months in
February, giving up some of the surge seen at the start of the year. Data
from Eurostat showed output declined 0.8%, more than the 0.7% economists
had forecast in a Bloomberg survey. The decline followed a revised 1.9%
jump in January, which was the biggest since 2010. While the latest drop
is partly technical, surveys and confidence indicators suggest there may
be more weakness ahead. (Source: Bloomberg)
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Other news:
Muhibbah Engineering: JV bags MYR88m job to build domestic
terminal in Cambodia. Muhibbah Engineering’s JV with France’s Vinci Group
has awarded a USD23m (MYR88m) contract to its construction unit to build
a new domestic terminal at Phnom Penh International Airport in Cambodia.
The construction unit is 70% owned by Vinci Construction Grands Projects
and 30% by Muhibbah. Construction work on the new domestic terminal will
commence immediately and is expected to be completed by the fourth
quarter of 2017. (Source: The Edge Financial Daily)
CIMB: Nears bancassurance deal with Sompo Japan. CIMB
Group is close to signing an agreement with insurer Sompo Japan Nipponkoa
Holdings Inc to distribute general insurance products in Southeast Asia,
in a deal worth around USD200m. CIMB had been seeking proposals from
insurers to distribute their general insurance products in four Southeast
Asian markets. The so-called bancassurance model is lucrative for banks
because global insurers are willing to pay hefty fees for access to
lenders' branch networks and exposure to emerging markets' growing middle
classes to sell life, property, motor and fire insurance. (Source: The
Star)
Texchem: Buys Sushi King chain in Vietnam. Texchem
Resources is acquiring the Sushi King Japanese chain in Vietnam for
VND7.8b (MYR1.37m) cash, and assuming a debt of USD1.75m (MYR6.76m). Its
70.35%-owned subsidiary Sushi Kin Sdn Bhd on Tuesday received an
enterprise registration certificate from the business registration
division under the Department of Planning and Investment of Ho Chi Minh
City to acquire Vietnam-based Sushi King Co Ktd. The purchase
consideration will be paid in cash via Sushi kin’s internal funds.
(Source: The Edge Financial Daily)
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