|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.46
|
|
Target
Price:
|
MYR0.40
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
2Q16 in-line
|
|
2Q16 core net loss was MYR12.8m (-91% YoY) after adjusting
for one-off items, FX-translation and AAX’s share of losses in
associates. This was within our expectations with reduced 1H16 core net
profit accounting for 54% of our full-year forecast. We keep our
earnings forecasts but raise our TP to MYR0.40 (from MYR0.36) as we
roll forward our base valuation year to 2017 with an unchanged 8x PER
peg. The current share price is above our fair value; hence AAX is now
a SELL.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,939.1
|
3,062.6
|
4,103.7
|
5,121.0
|
|
EBITDAR
|
303.6
|
788.1
|
1,286.9
|
1,574.7
|
|
Core net profit
|
(394.8)
|
(234.9)
|
155.7
|
205.1
|
|
Core EPS (sen)
|
(16.7)
|
(6.9)
|
3.8
|
4.9
|
|
Core EPS growth (%)
|
nm
|
nm
|
nm
|
31.8
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
nm
|
nm
|
12.3
|
9.3
|
|
P/BV (x)
|
1.4
|
2.5
|
2.2
|
1.7
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
(36.6)
|
(32.9)
|
20.6
|
20.7
|
|
ROAA (%)
|
(10.1)
|
(6.1)
|
3.4
|
3.5
|
|
EV/EBITDAR (x)
|
8.8
|
2.2
|
2.6
|
2.6
|
|
Net debt/equity (%)
|
180.8
|
179.7
|
155.9
|
201.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR7.80
|
|
Target
Price:
|
MYR7.56
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Beats estimates
|
|
Sime exceeded its FY6/16 KPI net profit target of MYR2b by
20% and beat ours and street’s earnings estimates. FY6/16 was
unexpectedly lifted by MYR349m special tax incentives for its Indonesia
ops which is unlikely to recur in FY6/17. But operationally, we still
expect a better FY6/17. Sime remains a HOLD with an unchanged TP of
MYR7.56 on 21x FY17 PER, pegged at its historical 5-year mean. A final
DPS of 21sen was proposed (ie 2.7% net div. yield).
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
43,729.0
|
43,962.8
|
46,528.4
|
49,642.8
|
|
EBITDA
|
4,801.4
|
4,328.2
|
4,421.3
|
4,899.5
|
|
Core net profit
|
2,430.0
|
2,408.8
|
2,280.3
|
2,543.5
|
|
Core EPS (sen)
|
39.1
|
38.1
|
36.0
|
40.2
|
|
Core EPS growth (%)
|
(29.2)
|
(2.7)
|
(5.3)
|
11.5
|
|
Net DPS (sen)
|
25.0
|
27.0
|
23.4
|
26.1
|
|
Core P/E (x)
|
19.9
|
20.5
|
21.6
|
19.4
|
|
P/BV (x)
|
1.6
|
1.5
|
1.5
|
1.4
|
|
Net dividend yield (%)
|
3.2
|
3.5
|
3.0
|
3.4
|
|
ROAE (%)
|
8.2
|
7.6
|
6.9
|
7.5
|
|
ROAA (%)
|
4.3
|
3.8
|
3.5
|
3.8
|
|
EV/EBITDA (x)
|
14.1
|
14.2
|
14.3
|
13.0
|
|
Net debt/equity (%)
|
45.8
|
38.3
|
38.5
|
38.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR5.00
|
|
Target
Price:
|
MYR4.22
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
2Q16: Rising
sugar price hits
|
|
2Q16 results were below expectations on
higher-than-expected raw sugar costs and operating expenses. Into 2H16,
while we understand that MSM has plans to pass on higher costs to
industries and domestic groups, we view that the lagged effect of the
pass through may continue to pressure its margins. We lower our
earnings forecasts by 10-26% for FY16-18. Consequently, our TP is
reduced to MYR4.22 (-48sen; 15.3x FY17 PER).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,281.5
|
2,307.3
|
2,383.1
|
2,461.1
|
|
EBITDA
|
383.4
|
384.1
|
317.6
|
414.8
|
|
Core net profit
|
257.0
|
271.1
|
178.1
|
194.0
|
|
Core EPS (sen)
|
36.6
|
38.6
|
25.3
|
27.6
|
|
Core EPS growth (%)
|
1.5
|
5.5
|
(34.3)
|
8.9
|
|
Net DPS (sen)
|
24.0
|
26.0
|
15.2
|
16.6
|
|
Core P/E (x)
|
13.7
|
13.0
|
19.7
|
18.1
|
|
P/BV (x)
|
1.8
|
1.7
|
1.7
|
1.6
|
|
Net dividend yield (%)
|
4.8
|
5.2
|
3.0
|
3.3
|
|
ROAE (%)
|
13.5
|
13.6
|
8.6
|
9.0
|
|
ROAA (%)
|
11.0
|
10.3
|
6.0
|
5.5
|
|
EV/EBITDA (x)
|
9.6
|
9.9
|
13.3
|
11.1
|
|
Net debt/equity (%)
|
10.4
|
14.9
|
34.0
|
49.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR3.25
|
|
Target
Price:
|
MYR3.63
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Earnings on
track
|
|
SPSB’s 1H16 net profit was in line. Earnings should start
to pick up strongly in 4Q16 on the recognition of lumpy contributions
from its Melbourne and London projects. In view of the challenging
domestic property market, SPSB has lowered its 2016 sales target by
12.5% to MYR3.5b (2.5% below our sales assumption). We maintain our
earnings forecasts, MYR3.63 TP and BUY rating on SPSB.
|
|
|
|
|
|
|
FYE Oct (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
3,810.1
|
6,746.3
|
5,493.6
|
6,244.1
|
|
EBITDA
|
1,107.6
|
2,063.3
|
1,208.6
|
1,373.7
|
|
Core net profit
|
376.0
|
918.3
|
705.5
|
908.8
|
|
Core EPS (sen)
|
14.9
|
35.7
|
26.6
|
34.3
|
|
Core EPS growth (%)
|
(17.2)
|
140.1
|
(25.4)
|
28.8
|
|
Net DPS (sen)
|
9.7
|
23.0
|
15.6
|
19.0
|
|
Core P/E (x)
|
21.9
|
9.1
|
12.2
|
9.5
|
|
P/BV (x)
|
1.1
|
0.9
|
0.7
|
0.7
|
|
Net dividend yield (%)
|
3.0
|
7.1
|
4.8
|
5.8
|
|
ROAE (%)
|
6.6
|
13.9
|
8.7
|
10.1
|
|
ROAA (%)
|
2.9
|
6.2
|
4.0
|
4.6
|
|
EV/EBITDA (x)
|
10.1
|
4.9
|
9.6
|
8.5
|
|
Net debt/equity (%)
|
32.5
|
19.5
|
17.0
|
18.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.59
|
|
Target
Price:
|
MYR2.30
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
2Q16: Dragged by
taxes
|
|
WCT’s 2Q16 core net profit continued to show YoY
improvement, driven by its high construction orderbook of MYR4.3b and
recovery in property development margins. However, it was QoQ weaker
and below expectations due to higher-than-expected taxes and lower construction
margins. We keep our earnings forecasts pending further clarification
with management. Maintain BUY at MYR2.30 TP.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,662.2
|
1,667.9
|
2,250.2
|
2,400.5
|
|
EBITDA
|
147.5
|
145.7
|
242.0
|
256.9
|
|
Core net profit
|
112.3
|
129.3
|
134.8
|
146.5
|
|
Core EPS (sen)
|
10.3
|
11.3
|
11.2
|
12.2
|
|
Core EPS growth (%)
|
(44.9)
|
9.6
|
(0.4)
|
8.7
|
|
Net DPS (sen)
|
6.2
|
4.2
|
4.2
|
4.2
|
|
Core P/E (x)
|
15.5
|
14.1
|
14.2
|
13.0
|
|
P/BV (x)
|
0.8
|
0.7
|
0.7
|
0.7
|
|
Net dividend yield (%)
|
3.9
|
2.6
|
2.6
|
2.6
|
|
ROAE (%)
|
5.1
|
5.3
|
5.1
|
5.3
|
|
ROAA (%)
|
1.9
|
2.0
|
1.9
|
2.0
|
|
EV/EBITDA (x)
|
21.6
|
27.1
|
16.3
|
15.7
|
|
Net debt/equity (%)
|
66.4
|
78.9
|
73.9
|
73.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR14.98
|
|
Target
Price:
|
MYR14.70
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
2Q16: No
surprises
|
|
2Q16 results were in-line. Going forward, we expect cost
efficiencies and growing SG ops to continue to be the main drivers.
Following the share price gain, we now rate CAB as a HOLD. We maintain
our earnings forecasts and DCF-TP of MYR14.70 (7.8% WACC, 2.0% LT
growth). FY16E dividend yield of 5.1% should provide support to share
price.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,635.1
|
1,659.9
|
1,723.6
|
1,781.8
|
|
EBITDA
|
293.6
|
306.0
|
330.6
|
336.5
|
|
Core net profit
|
211.6
|
228.3
|
237.3
|
245.6
|
|
Core EPS (sen)
|
69.2
|
74.7
|
77.6
|
80.3
|
|
Core EPS growth (%)
|
15.0
|
7.9
|
3.9
|
3.5
|
|
Net DPS (sen)
|
69.3
|
72.0
|
77.0
|
80.0
|
|
Core P/E (x)
|
21.6
|
20.1
|
19.3
|
18.6
|
|
P/BV (x)
|
14.7
|
13.6
|
13.0
|
12.6
|
|
Net dividend yield (%)
|
4.6
|
4.8
|
5.1
|
5.3
|
|
ROAE (%)
|
72.2
|
70.5
|
68.9
|
68.6
|
|
ROAA (%)
|
33.6
|
34.5
|
35.1
|
34.8
|
|
EV/EBITDA (x)
|
12.2
|
11.7
|
13.9
|
13.7
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR7.53
|
|
Target
Price:
|
MYR7.60
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Competitiveness
remains
|
|
Contribution from the new brownfield FSO project in Gulf
of Thailand is insignificant to MISC, lifting our FY18 net profit and
SOP by <1%. However, it signals the Group’s optimism and
competitiveness in securing more brownfield projects in the region. We
maintain our earnings forecasts, HOLD rating and SOP-based TP of
MYR7.60. Valuation is also fair with its 2017 PER of 14.8x (historical
mean: 14.1x).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
9,296.3
|
10,908.4
|
9,758.7
|
9,688.6
|
|
EBITDA
|
3,024.0
|
3,913.2
|
4,277.1
|
4,583.3
|
|
Core net profit
|
1,942.5
|
2,782.0
|
2,204.8
|
2,268.4
|
|
Core EPS (sen)
|
43.5
|
62.3
|
49.4
|
50.8
|
|
Core EPS growth (%)
|
37.0
|
43.2
|
(20.7)
|
2.9
|
|
Net DPS (sen)
|
10.0
|
20.0
|
12.3
|
12.7
|
|
Core P/E (x)
|
17.3
|
12.1
|
15.2
|
14.8
|
|
P/BV (x)
|
1.2
|
1.0
|
0.9
|
0.9
|
|
Net dividend yield (%)
|
1.3
|
2.7
|
1.6
|
1.7
|
|
ROAE (%)
|
7.4
|
8.8
|
6.1
|
6.0
|
|
ROAA (%)
|
4.7
|
6.2
|
4.4
|
4.2
|
|
EV/EBITDA (x)
|
12.3
|
11.2
|
9.4
|
8.7
|
|
Net debt/equity (%)
|
14.1
|
2.4
|
14.4
|
12.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.43
|
|
Target
Price:
|
MYR4.20
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Distorted by
higher depreciation charges
|
|
IOI Corp’s (IOI) FY6/16 disappointed largely on unexpected
early adoption of new accounting standards which resulted in higher
depreciation charges (which is also applicable going forward too). We
lower our earnings forecasts to factor this. With no catalyst in sight
for now, IOI remains a HOLD with lower TP of MYR4.20 (-2%).
|
|
|
|
|
|
|
FYE Jun (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
11,621.0
|
11,739.3
|
11,930.7
|
12,781.4
|
|
EBITDA
|
641.8
|
1,494.6
|
1,928.8
|
1,961.9
|
|
Core net profit
|
744.2
|
948.2
|
1,081.7
|
1,130.7
|
|
Core FDEPS (sen)
|
11.5
|
14.7
|
16.7
|
17.5
|
|
Core FDEPS growth(%)
|
(52.0)
|
27.4
|
14.1
|
4.5
|
|
Net DPS (sen)
|
9.0
|
8.0
|
8.4
|
8.7
|
|
Core FD P/E (x)
|
38.5
|
30.2
|
26.5
|
25.3
|
|
P/BV (x)
|
5.7
|
4.0
|
3.7
|
3.5
|
|
Net dividend yield (%)
|
2.0
|
1.8
|
1.9
|
2.0
|
|
ROAE (%)
|
13.4
|
15.5
|
14.6
|
14.2
|
|
ROAA (%)
|
5.2
|
6.1
|
6.1
|
6.2
|
|
EV/EBITDA (x)
|
48.7
|
22.6
|
17.5
|
17.0
|
|
Net debt/equity (%)
|
96.1
|
76.3
|
63.5
|
53.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.75
|
|
Target
Price:
|
MYR0.73
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Temporary dip in
adex
|
|
1QFY3/17 results were slightly below expectations. We
gather that advertisers took advantage of higher TV viewership during
the UEFA Euro Cup to migrate ad spend from print to TV. Positively,
losses narrowed in Greater China QoQ while earnings from travel recovered
QoQ. Maintain earnings estimates, HOLD call and MYR0.73 TP on 10.5x
CY16 PER for now. All eyes will be on how the net proceeds to be
received from the disposal of 73%-owned One Media Group will be
utilised.
|
|
|
|
|
|
|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
1,589.3
|
1,362.3
|
1,378.7
|
1,402.8
|
|
EBITDA
|
268.1
|
205.2
|
211.1
|
223.6
|
|
Core net profit
|
144.4
|
110.2
|
118.8
|
131.5
|
|
Core EPS (sen)
|
8.6
|
6.5
|
7.0
|
7.8
|
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Core EPS growth (%)
|
(8.3)
|
(23.7)
|
7.8
|
10.6
|
|
Net DPS (sen)
|
3.4
|
4.3
|
4.9
|
5.5
|
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Core P/E (x)
|
8.7
|
11.4
|
10.6
|
9.6
|
|
P/BV (x)
|
1.6
|
1.5
|
1.4
|
1.4
|
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Net dividend yield (%)
|
4.6
|
5.8
|
6.6
|
7.3
|
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ROAE (%)
|
19.4
|
13.7
|
13.8
|
14.5
|
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ROAA (%)
|
9.4
|
7.0
|
7.8
|
8.8
|
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EV/EBITDA (x)
|
4.5
|
5.5
|
5.1
|
4.5
|
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Net debt/equity (%)
|
5.9
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net cash
|
net cash
|
net cash
|
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Samuel Yin Shao
Yang
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Jade Tam
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Share
Price:
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MYR6.24
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Target
Price:
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MYR6.00
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Recommendation:
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Hold
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In need of a
differentiation
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Weaker 2Q16 results came in below ours and market’s
expectations on intense ASP competition, higher costs and lower
USD/MYR. We expect earnings to improve sequentially in 3Q as the
nitrile competition has eased. However, we reduce our FY16-18 EPS
forecasts by 7% p.a. which resulted in a lower TP of MYR6.00 (-7%),
based on an unchanged 2017 PER of 16x (historical mean). Maintain HOLD.
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FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
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Revenue
|
1,299.3
|
1,635.9
|
1,884.6
|
2,126.2
|
|
EBITDA
|
247.9
|
343.2
|
369.5
|
417.8
|
|
Core net profit
|
143.8
|
203.3
|
213.3
|
239.1
|
|
Core EPS (sen)
|
22.5
|
31.8
|
33.4
|
37.4
|
|
Core EPS growth (%)
|
5.4
|
41.4
|
4.9
|
12.1
|
|
Net DPS (sen)
|
7.0
|
12.7
|
16.7
|
18.7
|
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Core P/E (x)
|
27.8
|
19.6
|
18.7
|
16.7
|
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P/BV (x)
|
5.0
|
4.1
|
3.7
|
3.3
|
|
Net dividend yield (%)
|
1.1
|
2.0
|
2.7
|
3.0
|
|
ROAE (%)
|
19.0
|
22.7
|
20.6
|
20.8
|
|
ROAA (%)
|
12.1
|
14.8
|
13.6
|
13.6
|
|
EV/EBITDA (x)
|
12.0
|
17.4
|
10.9
|
9.8
|
|
Net debt/equity (%)
|
11.2
|
1.7
|
net cash
|
4.2
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NEWS
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Outside Malaysia:
E.U: Euro-area economy maintained its momentum in August,
with growth showing little sign of being curtailed by fallout from the
U.K.’s Brexit vote. A composite Purchasing Managers Index for the
19-nation region rose for a second month to 53.3 from 53.2 in July.
That’s above the 50 level that divides expansion from contraction and
marks the best reading in seven months. The increase was driven by an
improvement in services, while manufacturing activity slipped. (Source:
Bloomberg)
U.K: Factories reap export benefits of Brexit’s drag on
pound. Manufacturers are starting to see the benefits of the pound’s
decline, with export orders posting their best performance in two years.
An index of foreign demand rose to minus 5 this month, the highest since
August 2014, from minus 22 in July, according to a survey published by
the Confederation of British Industry in London. It said the result is a
“tentative sign that sterling’s depreciation is starting to filter
through.” Britain’s vote to leave the European Union pushed the pound to
a three-decade low last month, which may provide a lift to foreign sales
and support economic growth. (Source: Bloomberg)
China: To slash limits on foreign investment to revive
spending. China will further open its economic borders to investors from
abroad in a move intended to counter sliding confidence in the outlook
for the world’s second-largest economy. The nation will continue opening
its education, finance, culture and manufacturing sectors to foreign
investors, the vice minister of commerce Wang Shouwen said at a briefing
in Beijing. Measures will focus on boosting investment in inland, western
regions, Wang said. Foreign capital utilized by the country declined by
1.6% in July 2016. (Source: Bloomberg)
US: Purchases of new U.S. homes unexpectedly jumped in
July to the highest level in almost nine years, led by soaring demand in
the nation’s south and adding to signs of persistent housing-market
strength. Sales increased 12.4% to a 654,000 annualized pace, the fastest
since October 2007. Purchases in the South were the strongest since
before the start of the last recession. (Source: Bloomberg)
US: The boards of directors at eight of the 12 regional
Federal Reserve banks sought last month to increase the rate on direct
loans from the Fed to 1.25% from 1.0%, according to details released by
the U.S. central bank. The votes mark the first time since policy makers
raised the benchmark federal funds rate in December that a majority of
the Fed’s regional boards backed a discount-rate increase. The votes can
be a signal of whether a bank’s president favors a change in the main
policy rate. (Source: Bloomberg)
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Other News:
Tiong Nam: Major shareholders bid for WEC. High precision
component parts maker, Wong Engineering Corporation Bhd (WEC), has been
served an unconditional mandatory offer from TNTT Realty Sdn Bhd and
persons acting in concert to acquire all its remaining shares for 65 sen,
valuing the company at MYR59.5m. TNTT is a major shareholder of Tiong Nam
Logistics Holdings Bhd’s and controlled by the latter’s major shareholder
and managing director Ong Yoong Nyock. In a stock exchange announcement
yesterday, WEC said TNTT yesterday acquired 39.42 million shares, or
43.07% stake in the latter for MYR25.63m cash or 65 sen per share. TNTT
plans to maintain WEC’s listing status on the Main Market of Bursa
Securities. (Source: The Star)
IJM Plantations: Eyes better FY17 on possible ‘windfall
gains’. The company, which posted its worst-ever profit for the financial
year ended March 31 2016 since FY03, is expecting a better FY17,
supported by a mild recovery in palm oil prices and higher fresh fruit
bunch (FFB) which may bring some “windfall gains”. The El Nino had
impacted the group’s FFB in Malaysia, falling 18% to 481000 tonnes in
FY16 from 589000 tonnes in FY15. FFB in Indonesia however improved 35% to
367000 tonnes from 273000 tonnes. Major countries like China and India
will be replenishing stocks for their upcoming cultural festivities which
should continue to lend support to fundamental oil prices. Tek Choon Yee,
the company’s CEO and managing director, said that if the firming palm
oil prices continues, it will be more positive to the group, adding that
there would be potential for “windfall gains” if palm oil prices were to
between MYR2600 and MYR2800. (source: The Edge Financial Daily)
Hartalega: Pricing pressures easing. The company expects
its profitability to improve in the future as it believes competitive
pricing pressures in the industry have retreated from its peak, as glove
makers slow their pace of expansion, in accordance to market demand. Its
confidence also stemmed from a recent cost management initiative it has
undertaken. According to its managing director, Kuan Mun Leong for the
past four months they have looked into the cost structure and trimmed
down costs in four key area, namely raw materials, labour, energy and
chemicals. In addition to that, it has reviewed the production line
design to reduce wastage and improve energy efficiency. Kuan was
expecting the company’s MYR2.2b Next Generation Integrated Glove
Manufacturing Complex (NGC) to continue being its key driver to reinforce
its pole position in the nitrile gloves segment. (Source: The Edge
Financial Daily)
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