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Share
Price:
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MYR6.49
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Target
Price:
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MYR7.10
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Recommendation:
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Hold
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KLIA Aeropolis
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MAHB unveiled its grand plan for the KLIA Aeropolis
recently. Five MOUs were inked for the retail and logistics sectors.
These are positive developments, but the gestation period is long and
may or may not materialize in full. We keep our earnings forecasts
unchanged pending clearer visibility of these MOUs. MAHB is a HOLD
based on our unchanged DCF-based (WACC: 9.6%, terminal growth: 2%) TP
of MYR7.10.
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FYE Dec (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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3,343.7
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3,871.0
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4,278.0
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4,612.3
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EBITDA
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815.4
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1,342.0
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1,578.6
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1,729.4
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Core net profit
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146.5
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(118.0)
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98.3
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224.4
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Core EPS (sen)
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10.9
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(7.4)
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5.9
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13.5
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Core EPS growth (%)
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(62.9)
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nm
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nm
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128.3
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Net DPS (sen)
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10.4
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0.9
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3.4
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8.3
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Core P/E (x)
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59.6
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(87.5)
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109.6
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48.0
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P/BV (x)
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1.2
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1.2
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1.2
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1.2
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Net dividend yield (%)
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1.6
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0.1
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0.5
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1.3
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ROAE (%)
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2.2
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(1.5)
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1.1
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2.6
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ROAA (%)
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0.9
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(0.5)
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0.5
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1.1
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EV/EBITDA (x)
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15.8
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10.1
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9.6
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8.4
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Net debt/equity (%)
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58.6
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52.2
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50.6
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42.5
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NEWS
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Outside Malaysia:
Brazil: Industrial production unexpectedly rises in April,
adding to indications that Latin America’s largest economy is close to
hitting bottom. Production rose 0.1% in April after a 1.4% jump in March,
the national statistics agency said. It was also the first back-to-back
increase for the industrial sector since mid-2014. The industry data
followed a smaller-than-expected contraction for the Brazilian economy in
the first quarter. (Source: Bloomberg)
Russia: Central bank is mapping out a strategy to soak up
as much as RUB 1t (USD 14.8b) that could end up sloshing around the
economy and pose the risk of triggering inflation next year. The measures
under consideration include emptying the Bank of Russia’s portfolio of
local-currency government bonds and an increase in reserve requirements
for commercial lenders, according to Igor Dmitriev, head of the monetary
policy department at the central bank. Foreign-currency interventions are
out of the question, he said. (Source: Bloomberg)
Crude Oil: OPEC skips output decision, finds unity in oil
price optimism. OPEC will stick to its policy of unfettered production
after members rejected a proposal to adopt a new output ceiling, but
ministers were united in their optimism that global oil markets are
improving. While crude prices dipped briefly after Thursday’s meeting,
there was little of the rancor that punctuated last December’s gathering.
The more harmonious atmosphere meant the group was able to appoint a new
secretary-general -- Nigeria’s Mohammed Barkindo -- something it hadn’t
been able to agree on since 2012. (Source: Bloomberg)
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Other News:
Econpile: Bags MYR208m piling and substructure contract.
Econpile Holdings has bagged a MYR208m contract from Oxley Rising Sdn Bhd
to undertake bored piling, earthworks, foundation and substructure works
for a mixed commercial development at Jalan Ampang, Kuala Lumpur. The
piling and foundation specialist said its unit Econpile (M) Sdn Bhd
(EMSB), received the letter of award dated May 31, 2016 on June 1, 2016.
The 26 months contract is the main stream business of EMSB. (Source: The
Sun Daily)
Sona Petroleum: Stag Oilfield sellers terminated
agreement. Sona Petroleum, which was still hopeful of convincing its
shareholders of the viability of its USD25m (MYR103m) qualifying
acquisition, has been notified that the sellers of the Stag Oilfield have
terminated the sale and purchase agreement. It has received letters from
Quadrant Northwest Pty Ltd and Santos Offshore Pty Ltd on the immediate
termination of the agreement. (Source: The Sun Daily)
Damansara Realty: To raise MYR150m via convertible notes.
Damansara Realty (DBhd) plans to raise up to MYR150m by issuing
redeemable convertible notes, most of which will be used to develop
projects in Putrajaya, Kuantan and Johor Baru. It would issue the
unsecured and non-guaranteed notes in four main tranches to Advance
Opportunities Fund I (AOF), an open-ended fund established in the Cayman
Islands. Advance Capital Partners Asset Management Private Ltd will be
AOF’s discretionary investment manager. The notes are due in 2019 and
will pay an annual interest of 0.1%. DBhd will raise MYR20m in the first
tranche, MYR30m in the second and MYR50m each in the third and fourth
tranches. (Source: The Star)
WZ Satu: Bags MYR65.37m Rapid contracts. WZ Satu has
clinched two contracts worth MYR65.37m in relation to the piping erection
for Petroliam Nasional (Petronas) Refinery and Petrochemical Integrated
Development (Rapid) project. Its unit Misi Setia Oil & Gas Sdn Bhd
(MSOG) on Monday received a MYR46.75m job from the Petrofac E&C Sdn
Bhd to carry out field installation of pipes, fittings, pre-fabricated
pipe spools, valves and in-line instrument valves for Rapid project’s
package 4. This 16-month contract followed a pipe spool pre-fabrication
subcontract received on April 12 under the same package worth MYR18.62m
and spanning 10 months. (Source: The Star)
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