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alt=break v:shapes="_x0000_i1025">
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alt=break v:shapes="_x0000_i1026">
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Share
Price:
|
MYR1.63
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Target
Price:
|
MYR1.82
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Recommendation:
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Buy
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Small but
potent; Init BUY
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Bison is the largest home grown retail convenience store
player. It offers a pure retail convenience exposure, which will ride
on the growing importance of retail convenience as a retail channel.
Near-term catalysts include store growth acceleration with a targeted
70 new store openings p.a.. We initiate coverage with a BUY and a TP of
MYR1.82, pegged to CY17 PER of 25.0x (regional retailer peer average).
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FYE Oct (MYR m)
|
FY14A
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FY15A
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FY16E
|
FY17E
|
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Revenue
|
182.4
|
217.5
|
264.3
|
320.1
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EBITDA
|
19.1
|
21.0
|
25.4
|
31.5
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Core net profit
|
12.3
|
13.5
|
17.3
|
21.7
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Core EPS (sen)
|
4.0
|
4.4
|
5.6
|
7.0
|
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Core EPS growth (%)
|
5.5
|
9.5
|
27.6
|
25.9
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Net DPS (sen)
|
3.5
|
0.2
|
1.5
|
1.5
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Core P/E (x)
|
40.9
|
37.4
|
29.3
|
23.3
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P/BV (x)
|
11.9
|
9.1
|
3.2
|
2.9
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Net dividend yield (%)
|
2.2
|
0.1
|
0.9
|
0.9
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ROAE (%)
|
33.2
|
27.6
|
16.3
|
13.1
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ROAA (%)
|
16.7
|
14.9
|
11.3
|
9.9
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EV/EBITDA (x)
|
na
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na
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16.9
|
13.7
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Net debt/equity (%)
|
3.9
|
4.6
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net cash
|
net cash
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Share
Price:
|
MYR1.53
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Target
Price:
|
MYR1.90
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Recommendation:
|
Buy
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FY16 in line
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FY16 core earnings accounted for 101%/91% of ours/
consensus forecasts. Overall, Dialog is a stable, long-term,
sustainable growth stock, capitalising on its Pengerang operations
(tank terminals and regasification projects) that will contribute
earnestly from FY18. It is net cash, which is atypical of the industry
- a testament to its lean management and largely cash flow driven tank
terminal businesses.
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FYE Jun (MYR m)
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FY15A
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FY16A
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FY17E
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FY18E
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Revenue
|
2,358.2
|
2,534.5
|
2,640.0
|
2,690.0
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EBITDA
|
292.0
|
367.5
|
346.3
|
352.7
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Core net profit
|
253.0
|
261.0
|
267.5
|
296.8
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Core EPS (sen)
|
5.1
|
5.0
|
5.2
|
5.7
|
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Core EPS growth (%)
|
18.2
|
(0.9)
|
2.5
|
11.0
|
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Net DPS (sen)
|
2.2
|
2.2
|
2.2
|
2.3
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Core P/E (x)
|
30.0
|
30.3
|
29.6
|
26.7
|
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P/BV (x)
|
3.8
|
3.3
|
3.1
|
2.9
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Net dividend yield (%)
|
1.4
|
1.4
|
1.4
|
1.5
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ROAE (%)
|
14.3
|
11.9
|
10.7
|
11.2
|
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ROAA (%)
|
7.4
|
6.7
|
6.8
|
7.8
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EV/EBITDA (x)
|
27.3
|
21.7
|
24.1
|
23.9
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Net debt/equity (%)
|
net cash
|
net cash
|
14.4
|
15.7
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Share
Price:
|
MYR10.22
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Target
Price:
|
MYR12.80
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Recommendation:
|
Buy
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2Q16 results
within expectations
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Allianz’s 1H16 net profit of MYR149.5m (+4% YoY) was
within expectations. That the general insurance division has continued
to sustain earnings growth despite the challenging environment amid
falling car sales, is commendable. Meanwhile, Allianz Life continues to
see decent gross earned premium (GEP) growth of 10% YoY. We maintain
our BUY call with an unchanged SOP-derived TP of MYR12.80.
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FYE Dec (MYR m)
|
FY14A
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FY15A
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FY16E
|
FY17E
|
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Net earned premiums
|
3,254.3
|
3,504.3
|
3,616.5
|
3,695.3
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Core profit (MYR m)
|
295.9
|
308.9
|
320.2
|
337.6
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BVPS (MYR)
|
6.6
|
7.6
|
8.5
|
9.6
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P/B (x)
|
1.5
|
1.3
|
1.2
|
1.1
|
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EVPS (MYR)
|
na
|
na
|
na
|
na
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PEV (x)
|
na
|
na
|
na
|
na
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VNB (MYR)
|
na
|
na
|
na
|
na
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VNB multiple (x)
|
na
|
na
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na
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na
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ROE (%)
|
0.1
|
0.1
|
0.1
|
0.1
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ROA (%)
|
0.0
|
0.0
|
0.0
|
0.0
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Share
Price:
|
MYR1.77
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Target
Price:
|
MYR2.00
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Recommendation:
|
Buy
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Lacklustre 2Q16
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2Q16 results fell short on slower-than-excepted
construction works recognition. Earnings should pick up in 2H16 as the
progress of its major construction projects accelerate. However, we cut
FY16/FY17 earnings forecasts by 22%/18%. HSL’s record high outstanding
orderbook of MYR2.3b would boost earnings growth in FY17. Maintain BUY
with a lower TP of MYR2.00 (-18%) pegged to an unchanged 12.5x 2017
PER. A single tier 1st interim DPS of 1.0sen was announced.
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FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
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Revenue
|
604.7
|
654.7
|
564.3
|
799.7
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EBITDA
|
109.4
|
109.2
|
93.3
|
126.3
|
|
Core net profit
|
76.9
|
76.2
|
63.4
|
88.5
|
|
Core EPS (sen)
|
14.0
|
13.9
|
11.5
|
16.1
|
|
Core EPS growth (%)
|
(9.2)
|
(0.9)
|
(16.9)
|
39.6
|
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Net DPS (sen)
|
2.8
|
2.4
|
1.7
|
2.4
|
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Core P/E (x)
|
12.7
|
12.8
|
15.4
|
11.0
|
|
P/BV (x)
|
1.6
|
1.5
|
1.4
|
1.2
|
|
Net dividend yield (%)
|
1.6
|
1.4
|
1.0
|
1.4
|
|
ROAE (%)
|
13.6
|
12.2
|
9.3
|
11.8
|
|
ROAA (%)
|
9.7
|
9.4
|
7.6
|
9.6
|
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EV/EBITDA (x)
|
7.1
|
8.6
|
9.0
|
6.7
|
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Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
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Share
Price:
|
MYR1.69
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Target
Price:
|
MYR1.65
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Recommendation:
|
Hold
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Cautious on cost
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2Q16 net profit was boosted by a non-recurring MYR54m
insurance claim, meaning the underlying earnings run-rate would have
been below our expectation. We cut our earnings forecasts to reflect
higher opex and depreciation. Downgrade to HOLD (from BUY) with a lower
TP of MYR1.65 (from MYR1.80).
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FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
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Revenue
|
5,594.5
|
5,302.0
|
6,280.6
|
6,395.7
|
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EBITDA
|
2,407.1
|
2,468.8
|
2,872.6
|
2,827.2
|
|
Core net profit
|
341.5
|
453.2
|
459.4
|
381.4
|
|
Core EPS (sen)
|
9.7
|
9.1
|
9.2
|
7.6
|
|
Core EPS growth (%)
|
111.4
|
(6.8)
|
1.4
|
(17.0)
|
|
Net DPS (sen)
|
4.5
|
7.0
|
7.0
|
7.0
|
|
Core P/E (x)
|
17.4
|
18.6
|
18.4
|
22.2
|
|
P/BV (x)
|
1.5
|
1.5
|
1.4
|
1.4
|
|
Net dividend yield (%)
|
2.6
|
4.1
|
4.1
|
4.1
|
|
ROAE (%)
|
8.7
|
9.3
|
7.8
|
6.4
|
|
ROAA (%)
|
1.2
|
1.5
|
1.5
|
1.3
|
|
EV/EBITDA (x)
|
na
|
8.9
|
7.5
|
7.0
|
|
Net debt/equity (%)
|
361.6
|
238.9
|
216.1
|
188.3
|
|
|
|
|
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|
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|
|
|
|
|
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|
|
Share
Price:
|
MYR2.47
|
|
Target
Price:
|
MYR2.58
|
|
Recommendation:
|
Hold
|
|
|
|
|
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|
Stung by high
prize payout but upside narrowing anyway
|
|
2Q16/1H16 results were below our expectations only due to
an exceptionally high prize payout ratio in 2Q16. We lower our FY16 EPS
estimate by 15% but maintain our FY17 and FY18 EPS estimates as we
assume that the prize payout ratio will normalise going forward. We
also retain our annual DPS estimate at 16sen. Consequently, we trim our
DCF-TP by 2sen. With a narrowed upside to our TP, MAG is now a HOLD.
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|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,886.5
|
2,767.0
|
2,768.1
|
2,758.4
|
|
EBITDA
|
416.1
|
373.9
|
336.0
|
391.6
|
|
Core net profit
|
254.8
|
226.5
|
212.1
|
258.5
|
|
Core EPS (sen)
|
17.9
|
15.9
|
14.9
|
18.2
|
|
Core EPS growth (%)
|
(21.9)
|
(10.9)
|
(6.3)
|
21.9
|
|
Net DPS (sen)
|
20.0
|
16.0
|
16.0
|
16.0
|
|
Core P/E (x)
|
13.8
|
15.5
|
16.6
|
13.6
|
|
P/BV (x)
|
1.4
|
1.5
|
1.5
|
1.4
|
|
Net dividend yield (%)
|
8.1
|
6.5
|
6.5
|
6.5
|
|
ROAE (%)
|
10.4
|
9.3
|
8.8
|
10.7
|
|
ROAA (%)
|
6.9
|
6.2
|
5.9
|
7.5
|
|
EV/EBITDA (x)
|
10.7
|
11.4
|
12.5
|
10.7
|
|
Net debt/equity (%)
|
21.6
|
26.1
|
26.8
|
25.3
|
|
|
|
|
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|
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|
|
|
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|
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|
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|
|
Share
Price:
|
MYR3.92
|
|
Target
Price:
|
MYR4.10
|
|
Recommendation:
|
Hold
|
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|
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1H16 shortfall;
D/G to HOLD
|
|
1H16 impressive YoY revenue growth of 56% was well in-line
(49% of our FY16 revenue forecast), but earnings fell short with a core
net profit of MYR25m, at just 36%/40% of our/consensus FY16 forecasts.
This was due to higher opex and taxes. We keep our forecasts pending a
briefing today. Share price has gained 14% YTD, and with a narrowed
upside to our unchanged TP of MYR4.10 (14x CY17 EPS), the stock is now
a HOLD.
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|
|
|
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|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
169.9
|
160.3
|
225.8
|
252.3
|
|
EBITDA
|
53.5
|
59.1
|
72.8
|
81.2
|
|
Core net profit
|
50.3
|
51.3
|
67.8
|
68.9
|
|
Core EPS (sen)
|
21.4
|
21.8
|
28.8
|
29.3
|
|
Core EPS growth (%)
|
134.4
|
1.9
|
32.0
|
1.7
|
|
Net DPS (sen)
|
6.0
|
5.0
|
7.2
|
7.3
|
|
Core P/E (x)
|
18.3
|
18.0
|
13.6
|
13.4
|
|
P/BV (x)
|
5.3
|
4.4
|
3.6
|
3.0
|
|
Net dividend yield (%)
|
1.5
|
1.3
|
1.8
|
1.9
|
|
ROAE (%)
|
32.9
|
26.7
|
28.9
|
24.1
|
|
ROAA (%)
|
25.5
|
21.2
|
21.7
|
16.5
|
|
EV/EBITDA (x)
|
8.9
|
12.7
|
12.4
|
11.3
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
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NEWS
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Outside Malaysia:
U.S: Fed’s Williams says he’s for hiking rates soon on
strong economy. Federal Reserve Bank of San Francisco President John
Williams said the U.S. economy is strong enough to warrant an increase in
interest rates soon; warning that waiting too long risks high inflation
or asset bubbles that would cripple growth. “In the context of a strong
domestic economy with good momentum, it makes sense to get back to a pace
of gradual rate increases, preferably sooner rather than later,” Williams
said in the text of a speech in Anchorage, Alaska. “An earlier start to
raising rates would allow a smoother, more gradual process of
normalization.” (Source: Bloomberg)
Philippines: Economy grew faster than expected in 2Q 2016
amid healthy investment levels and strong domestic demand. GDP increased
7% YoY in the three months through June, the Philippine Statistics
Authority said. That was higher than economists’ estimates of 6.6% in a
Bloomberg survey and beat the 6.8% expansion in the first quarter.
(Source: Bloomberg)
Australia: Jobless rate dropped in July as part-time jobs
surged amid a national election and census count. The currency rose.
Unemployment dropped to 5.7% from 5.8% and employment rose 26,200 from
June. Full-time jobs fell by 45,400, while part-time employment rose by
71,600. Participation rate, a measure of labor force as a share of the
population, held at 64.9%. (Source: Bloomberg)
Crude Oil: Saudi crude and refined-product exports hit
seasonal record of 8.83 million barrels a day in June, the highest on
record for that month and the latest sign of the expansion of the
kingdom’s share of global markets. The world’s largest crude exporter
typically ships less oil overseas from June to September as it burns more
crude to power local electricity stations and meet extra demand for air-
conditioning during the sweltering summer. The surge in June exports, as
reported by the Riyadh-based Joint Organisations Data Initiative,
suggests the extra output went beyond what was needed to cover this
seasonal increase in domestic consumption. (Source: Bloomberg)
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Other News:
Damansara Realty: Clinches catering contract at Rapid. The
company has bagged a MYR124m operation and maintenance contact for
Refinery and Petrochemical Integrated Development (Rapid) project at
Pengerang, Johor via its subsidiary TMR Urusharta (M) Sdn Bhd and TMR's
partner LC Catering Sdn Bhd . They had accepted the Package 20-A5 – The
Operation and Maintenance of Rapid Temporary Executive Village and Rapid
Temporary Management Office Facilities and Infrastructure for Rapid. TMR
Urusharta and LC Catering will form a joint-venture company to undertake
the 38-month contract. Operation is expected to begin by the fourth
quarter of the current financial year ending 2016. (Source: The Edge
Financial Daily)
Gabungan AQRS: Wins SUKE subcontract worth MYR508m. The
company was awarded a sub-contract worth MYR508.2m for the execution and
completion of bridge structure works of the Elevated Sungai Besi-Ulu
Kelang Highway Privatisation Project Package SUKE-CA3. Gabungan AQRS said
its wholly-owned subsidiary Gabungan Strategik Sdn Bhd received a letter
of award from Syarikat Muhibah Perniagaan Dan Pembinaan Sdn Bhd. The
sub-contract is for the provision and supply of all labour, material,
fuel, plant and/or equipment and everything necessary for the execution
and completion of bridge structure works. Works have started and are to
be completed by Dec 28, 2018. (Source: The Star)
DRB-Hicom: Government to pump remaining MYR250m. The
government will pump in the remaining MYR250m promised to DRB-Hicom Bhd's
wholly-owned subsidiary Proton Holdings by subscribing to 250 million new
redeemable convertible cumulative preference shares (RCCPS). Proton's
decision for the proposed issuance was made after a meeting between the
task force set up to monitor Proton's business recovery plan and Proton
representatives held on Aug 10. The task force, led by the Performance
Management and Delivery Unit (Pemandu), comprises members appointed by
the government. (Source: The Sun Daily)
Berjaya Land: In talks to revise master plan in Vietnam.
The company has clarified that it is in discussions and negotiations with
Vietnamese authorities to revise the master plan on the land there, which
has been allocated for a proposed USD3.5b (MYR14b) university township
project in Ho Chi Minh City. According to the company, it is discussing
the matter with the Vietnamese Northwest Management Area Authority on the
revision of its master plan for part of the 925ha and comprising 250ha in
Tan Thoi Nhi Commune, Hoc Mon District ,which has been allocated for the project.
Site clearance works has commenced and soil investigation works are
on-going. The project has been delayed due to various reasons, including
the untenable economic climate in Vietnam in the last few years. (Source:
The Sun Daily)
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