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Share
Price:
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MYR1.43
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Target
Price:
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MYR1.40
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Recommendation:
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Hold
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Possible
earnings pressure
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| We believe PowerSeraya’s poor 3QFY16 showing is possibly
not a one-off but the new run-rate going forward. Nevertheless, we
estimate YTLP can still generate sufficient FCF to sustain a 10sen DPS,
which would in turn provide downside support to the share price.
Maintain HOLD, with a lower TP of MYR1.40 as we now ascribe zero value
to PowerSeraya. |
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FYE Jun (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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14,436.6
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11,858.1
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9,945.3
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9,111.1
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EBITDA
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3,007.7
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3,112.9
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2,836.8
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2,656.2
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Core net profit
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1,286.7
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894.9
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880.8
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756.2
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Core FDEPS (sen)
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19.0
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12.3
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12.1
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10.4
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Core FDEPS growth(%)
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39.3
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(35.2)
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(1.6)
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(14.1)
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Net DPS (sen)
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10.0
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10.0
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10.0
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10.0
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Core FD P/E (x)
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7.5
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11.6
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11.8
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13.8
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P/BV (x)
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0.9
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0.9
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0.9
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0.9
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Net dividend yield (%)
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7.0
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7.0
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7.0
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7.0
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ROAE (%)
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12.6
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8.2
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7.7
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6.5
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ROAA (%)
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3.3
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2.1
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2.0
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1.7
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EV/EBITDA (x)
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8.0
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8.7
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9.3
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10.0
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Net debt/equity (%)
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139.2
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138.5
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142.1
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142.9
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MACRO RESEARCH
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Economics Research
by
Suhaimi Ilias
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Indication of
domestic-driven growth
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NODX rebounded (May 2016: +11.6% YoY; Apr 2016: -7.9%
YoY) as non-electronics exports bounced (May 2016: +19.0% YoY; Apr
2016: -8.1% YoY) amid continued weak electronic exports (May 2016:
-6.0% YoY; Apr 2016: -7.4% YoY). Increase in non-oil domestic imports,
especially year-to-date (May 2016: +3.7% YoY vs Apr 2016: -1.9% YoY;
2016 YTD: +1.1% YoY vs 2015: -0.3%) indicates domestic demand is the
growth driver amid uncertain and volatile external demand |
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Suhaimi Ilias
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Zamros
Dzulkafli
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Technical Research
by Lee
Cheng Hooi
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More inherent
downside risk
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The FBM KLCI declined 17.04 points WoW to close at
1,624.19. The market traded in a narrow range and average daily
volume fell from 1.57b to 1.12b shares last week. |
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NEWS
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Outside Malaysia:
U.K: London house prices continued to climb in June, with
only the capital experiencing a decline ahead of this week’s referendum
on European Union membership. Asking prices increased 0.8% to an average
GBP 310,471 (USD 443,600), the property website operator said. In London,
property price fell 0.2%, hit by the effects of a new property-tax regime
and the upcoming EU vote. The report adds to evidence that tax increases
introduced by Chancellor of the Exchequer George Osborne to help
first-time buyers compete with landlords for homes are subduing prices in
the capital, where values have risen much faster than the national
average since 2010. (Source: Bloomberg)
China: May home prices rose in fewer cities last month in
a sign that a recovery in values is easing. New-home prices excluding
government-subsidized housing climbed in 60 cities in May, down from 65
in April, among the 70 tracked, the National Bureau of Statistics said.
Prices dropped in four cities, compared with five a month earlier, and
were unchanged in six. The recovery in home prices abated as local
governments put curbs in top economic centers like Shanghai and Shenzhen
where prices have been surging, while they deployed home-buying stimulus
in smaller cities to clear a glut of unsold residences. The average
new-home price rose 0.84% in May from April, down from 1.03% in the
previous month and slowing for the first time since October, according to
Bloomberg calculations based on government data. (Source: Bloomberg)
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Other News:
Aviation: Malindo Air and Turkish Airlines seals
partnership. The two airline jointly announced their interline
partnership that enables both carriers to tap into new markets and make
travel more convenient for their guests. It will also make travel
seamless from this region, reward frequent travelers on Malindo Air, and
offer their passengers even more options when traveling to Turkey and
beyond. (Source: The Sun Daily)
CIMB: To team up with Lazada. The company have signed a
partnership with Lazada Malaysia that enables Lazada merchants to apply
for SME loans. Under the agreement, the bank offers CIMB Bank’s
enterprise clean loans (ECLs) to Lazada merchants to support the
expansion of Malaysian SMEs. (Source: The Edge Financial Daily)
Ivory Properties: To JV for mixed project in Kuala Lumpur.
The company’s wholly owned unit, Ivory Times Square Sdn Bhd plans to
jointly develop a 3,351 sq m leasehold land into a mixed project in Kuala
Lumpur with LLK Properties Sdn Bhd. (Source: The Sun Daily)
HeiTech Padu: Eyes revenue from public sector: The company
is expected to sign contracts worth MYR350m this year. According to the
company, HeiTech Padu signed new contracts in the first quarter of 2016
and have few more in the pipeline that would be announced in due course.
(Source: The Edge Financial Daily)
Sasbadi: To promote e-learning platform. The group’s unit,
Mindtech Education Sdn Bhd, was granted a two-year direct-selling license
by the authorities to sell its digital education products directly to
users on April 26. The company have developed an interactive online
learning platform called “i-Learn Ace” back in 2011. (Source: The Edge
Financial Daily) |
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