|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR6.02
|
|
Target
Price:
|
MYR6.17
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Premium Hospital
Group
|
|
IHH is a proxy to the premium healthcare space in
countries with growing demand, it has good track record of building up
operations in markets lacking medical-pricing regulations and targets
to scale up in markets with good demand for premium healthcare. IHH’s
home markets include Singapore, Malaysia, Turkey and India. It has more
than 3,000 new beds (+30%) in its Pipeline. Hong Kong should contribute
in the medium term, China and India for long term. Maintain HOLD with
SOTP-based TP of MYR6.17.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
|
Revenue
|
8,455.5
|
10,021.9
|
11,639.8
|
13,434.9
|
|
EBITDA
|
2,218.7
|
2,188.9
|
2,564.4
|
2,967.6
|
|
Core net profit
|
899.2
|
866.0
|
863.6
|
1,055.4
|
|
Core FDEPS (sen)
|
10.9
|
10.5
|
10.5
|
12.8
|
|
Core FDEPS growth(%)
|
14.5
|
(4.0)
|
(0.3)
|
22.2
|
|
Net DPS (sen)
|
3.0
|
3.0
|
3.0
|
3.0
|
|
Core FD P/E (x)
|
55.1
|
57.4
|
57.5
|
47.1
|
|
P/BV (x)
|
2.2
|
2.3
|
2.2
|
2.1
|
|
Net dividend yield (%)
|
0.5
|
0.5
|
0.5
|
0.5
|
|
ROAE (%)
|
4.5
|
2.8
|
3.9
|
4.6
|
|
ROAA (%)
|
2.8
|
2.4
|
2.3
|
2.7
|
|
EV/EBITDA (x)
|
27.4
|
27.0
|
22.4
|
19.2
|
|
Net debt/equity (%)
|
19.3
|
21.1
|
23.0
|
19.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTOR RESEARCH
|
|
|
|
|
|
|
|
1Q17 kicks off with earnings growth…for some banks
by
Desmond Ch'ng
|
|
|
|
|
|
|
|
|
|
|
Operationally, the 1Q17 results season was decent but
fairly mixed for the banking sector. Cumulatively though, we do
expect forward earnings momentum to be stronger. Aggregate 2017 net
profit growth for stocks in our coverage is raised to 12.4% from 10.5%
and this is a welcomed respite from three years of stagnant earnings.
With the run-up in share prices and with RHB/AMMB now trading around
their expected merger pricing of 1x PBV, choices are limited and we
maintain our NEUTRAL.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETRONAS’ 1Q17 report card
by Thong
Jung Liaw
|
|
|
|
|
|
|
|
|
|
|
PETRONAS’ 1Q17 YoY earnings rebound is positive but
was expected, generally in tune with its peers. We sense optimism in
its outlook assessment albeit with a cautious undertone, on a modest
recovery in oil price expectation. We take the view that the oil
& gas sector has bottomed and is on a cyclical recovery. Our key
select preferred BUYs are SAKP (TP: MYR2.30), Yinson (TP: MYR4.30),
Dialog (TP: MYR2.23) and Wah Seong (TP: MYR1.30).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACRO RESEARCH
|
|
|
|
|
|
|
|
ASEAN Equities Seasonality Study for June –
Recovery play
by Nik
Ihsan Raja Abdullah
|
|
|
|
|
|
|
|
|
|
|
Based on weekly Heikin-Ashi chart, MSCI Asean Index
(MXSO Index) has established a new short-term uptrend (from the low
of 597.85). The index formed a series of higher low and broke out of
the “Ichimoku Cloud” as well as the major resistance-turned-support
zone at 547.00 to 553.00 recently. At current level, MXSO Index looks
set to test its long-term downtrend line soon.
|
|
|
|
|
|
Nik Ihsan Raja
Abdullah
|
|
|
|
Tee Sze Chiah
|
|
|
|
|
|
|
|
|
|
|
|
NEWS
|
|
|
Outside Malaysia:
Global: World Bank still sees growth picking up amid
policy risks. The World Bank kept its outlook for the global economy
unchanged, forecasting a modest pickup in growth despite uncertainty
about monetary policy and the risk of a surge in protectionism. The
development lender projects the world economy will grow by 2.7% this year
and 2.9% the next, the same as its January forecast. “Global activity is
firming broadly as expected,” the World Bank said in a report released.
“Manufacturing and trade are picking up, confidence is improving, and
international financing conditions remain benign.” Still, the lender
warned that risks to its global outlook remain tilted to the downside.
“Policy uncertainty is likely to remain high in 2017, and there is a risk
that financial-market volatility could increase from current low levels,”
the bank said. (Source: Bloomberg)
U.S: Slower hiring, unemployment drop give mixed labor
signs. The U.S. labor market gave mixed signals in May, with a decline in
the unemployment rate to a 16-year low contrasting with below-forecast
hiring and wage growth, Labor Department figures showed. Payrolls rose
138k (est. 182k rise); March-April revisions subtracted 66k jobs.
Unemployment rate, derived from a separate survey of households, fell to
4.3% (est. 4.4%) from 4.4%. Average hourly earnings rose by 0.2% m/m
(matching est.); climbed 2.5% y/y (est. 2.6%). Cooler hiring may partly
reflect the challenge of finding skilled and experienced workers amid a
tightening job market. It may also be a sign businesses are reluctant to
expand their workforce until they see more evidence the new
administration’s plans are translating into legislation that’ll reduce
taxes and spur growth. Even so, with the revisions, the three-month
average of payroll gains was the weakest since 2012. (Source: Bloomberg)
S. Korea: Drafts KRW 11.2tr extra budget to boost jobs.
South Korea’s finance ministry has drawn up an KRW 11.2tr (USD 10b)
supplementary budget to help meet President Moon Jae-in’s effort to
increase jobs and incomes. If passed by the parliament, the finance
ministry plans to use KRW 4.2tr of the spending package to create 86,000
new jobs, 71,000 of them in the public sector, including positions for
police officers, firefighters, assistant teachers and social workers.
(Source: Bloomberg)
|
|
|
|
|
|
|
Other News:
WCT: On track with leaner balance sheet, REIT by year end.
The company is on track with its de-leveraging strategies, as it prepares
to list its long-delayed real estate investment trust (REIT) by the end
of this year. Speaking to reporters after the company’s AGM earlier this
week, group managing director Datuk Lee Tuck Fook indicated that the REIT
listing is likely to be concluded by the end of this year. The launch of
the REIT is expected to unlock the value of WCT’s assets and pare down
its debts. Via the REIT listing, which will hold an asset size of about
MYR1.1b, WCT is expected to raise up to MYR400m in net proceeds. The REIT
will potentially comprise WCT’s own assets – Paradigm Mall in Petaling
Jaya, AEON BBT Mall and Premiere Hotel in Klang. Other third-party assets
could also be injected into the REIT. (Source: The Star)
TNB: Construction of solar project to start next month.
The company is scheduled to commence the construction of its first
large-scale solar project on a 97ha site in Kuala Langat, Selangor next
month. According to the company, the land, which is currently being
cleared in phases will be developed into solar farms (68ha), while the
remaining is occupied by an existing high-voltage transmission line
(29ha). It will be fully operational by November 2018, in which the
project will generate and transmit 50MW of electricity to the national
grid. (Source: Bernama)
Axiata: Launches 4G service in Nepal. The group’s
80%-owned Ncell has launched its 4G/LTE service in Nepal, with the
service now available in the Kathmandu Valley, including Nagarkot, Banepa
and Dhulikhel. The service was launched on June 1, and that all Ncell
customers possessing Usim with 4G-compatible handsets will be able to
experience the 4G from the same day onwards. The company is also planning
and testing 4G service in 40 other cities nationwide, embracing a target
that 15% of the population has access to 4G coverage within 2017.
(Source: The Edge Financial Daily)
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.