BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD (BAT)
|
|
- Briana Quinn
- 6 years ago
- Views:
Transcription
1 BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD (BAT) All figures in millions of Ringgit Malaysia except per share values and ratios Analysis Date: 01/04/2013 Financial Year: /12/2012 Latest Quarter: 31/12/2012 Price: Stock Category: Investment Grade Overview: British American Tobacco (Malaysia) Berhad is a tobacco company. The Company provides day-to-day management and administrative services to its subsidiaries, which are principally engaged in the manufacture, importation and sale of cigarettes, pipe tobaccos and cigars. Its portfolio includes names, such as DUNHILL, KENT and PALL MALL. British American Tobacco p.l.c. is the ultimate holding company of the Company. It also offers products under brand PETER STUYVESANT. The KENT range consists of Triple Filter Charcoal Technology 3TEK and KENT Red. Its wholly owned subsidiaries include Commercial Importers and Distributors Sdn. Bhd., Commercial Marketers and Distributors Sdn. Bhd., Rothmans Brands Sdn. Bhd. and Tobacco Importers and Manufacturers Sdn. Bhd. In January 2011, the Company launched its capsule product, DUNHILL Boost. In May 2011, it launched DUNHILL Switch. In March 2011, PALL MALL introduced PALL MALL Ice, a mentholated product with spearmint in Malaysia. Board: FBMKLCI: Industry: Sub-Sector: Ownership: Main Board YES CONSUMER PRODUCTS TOBACCO COMPANIES Corporate Owned (Foreign) Investment Strategy Portfolio Strategy: Lump Sum + Top Up Averaging Down Method: Dollar Cost/Value Averaging Portfolio Execution: Buy and Hold Basis for Buying & Selling: DY % Estimated Intrinsic Value Institutional Sponsorship
2 Due-Diligence Measures 2003/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/31 5-Y Avg. 10-Y Growth 5-Y Growth Sparkline Grade Profitability Consistently increasing Sales 3,200 3,264 3,564 3,612 3,831 4,135 3,923 3,965 4,127 4,365 4, % 1.59% Revenue (Pref. 8%) Consistent and increasing ROIC % 86.44% 67.18% % 97.84% % % % % % % 5.89% 9.05% (Pref. 15%) Cash Flow Consistently increasing Net Cash % -6.62% from Ops. (Pref. 8%) Consistent and increasing CROIC N/A 87.13% 77.56% % % % % % % % % 6.60% 2.45% (Pref. 15%) Increasing Free Cash Flow / Sales N/A 25.31% 20.27% 23.68% 23.71% 19.25% 23.42% 24.45% 18.18% 13.88% 17.97% -4.46% -9.07% (Pref. 5%) Consistently increasing Cash % % Conversion Cycle Financial Risks Debt/Equity Ratio (Pref. < 100%) % % % % % % % % % % % N/A N/A Increasing Debt Coverage Ratio (Pref. 150%) Increasing Quick Ratio (Pref. 100%) Reporting Quality Balance Sheet Aggregate Accruals Ratio (Pref. < 8%) Cash Flow Aggregate Accruals Ratio (Pref. < 8%) N/A % % % % % % % % % % N/A -2.24% 59.01% % % 50.03% 78.59% 55.49% % % 61.78% 42.74% 71.00% -2.84% % N/A 2.45% -2.04% -1.81% -3.76% -2.75% -8.01% % -1.12% 15.38% 2.63% N/A 0.42% N/A -6.97% % % % % % % % 3.30% -9.56% N/A 0.59%
3 Thousands Thousands Growth Quality Performance Comparison % % % % % % % % % % 20.00% 0.00% 7.50% 7.83% 2.64% 1.74% 31.94% Sales - 5Y Growth EPS - 5Y Growth Debt to Equity - 5Y Avg 18.56% 7.87% Net Profit Margin - 5Y Avg 18.86% ROE - 5Y Avg Revenue EBIT Net Income Cash From Ops. FCF Company Sector
4 Shareholder Wealth Creation Buy and Hold Return (Pref. 8%) 8% 3-Y Price CAGR % 12.84% 5-Y Price CAGR % 7.90% 10-Y Price CAGR % 4.84% Full History Price CAGR % 9.54% Consistent and increasing Dividend Payout % (Pref. 60%) 60% % % % % % 80.00% 60.00% 40.00% 20.00% Dividend Payout % 0.00% Increasing EPS EPS
5 Increasing DPS DPS Historical Weekly Price Chart
6 Market Timing Discounted Cash Flow 3-Y 5-Y 10-Y Good Base Bad Ugly Good Base Bad Ugly Good Base Bad Ugly NOSH Fair Value Desired M.O.S. Buy Under Current Price Actual M.O.S. -204% -237% -274% -316% -196% -239% -289% -347% -188% -247% -317% -401% EY % Oscillator EY% Price ($) High Green Zone EY% 6.45% Green Zone Price($) RM43.32 Low Trading Range 1.21% 6.33% Price ($) RM % 5. Price ($) RM % Low Red Zone EY% 5.24% Red Zone Price($) RM53.31 High Buy Under From To Sell Above DY % 6% CU DY%: 4.38% R-4Q DY%: 4.38% The current quarter's EPS is up more than 15% from the same quarter the year before. Quarterly EPS Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Dec Dec Growth 8.85%
7 Discounted Cash Flows Valuation 13 Discount Rate Average risk Average Risk Unadjusted Business Risk Financial Risk Discount % premium free rate Discount % Factor Factor Default Value 7.25% 3.44% 10.69% % Custom Value Margin of Safety Initial RRR Dividend Yield Est. EPS Growth Unadjusted MOS Business Risk Factor Financial Risk MOS Factor Default Value 35% 4% 1% 28% Custom Value Growth Estimation Est. FCF Growth (Base Line) Terminal % Decay Rate (Yr4E-Yr7E) Extra Decay (Yr8E-Yr10E) Default Value 8% 3% 8% 15% Custom Value 4% 15% 20% Financial Figures Shares Out FCFE Excess Cash Intangibles Assets Intangibles% add to DCF Default Value % Custom Value 50.00% Projection of Future Free Cash Flow (Base Line - 4%) Yearly Growth Future Value Discounted Perpetuity Value 3, , , Present Value 5, , , Shares Outstanding Fair Value Desired M.O.S. Buy Under Current Price Actual M.O.S. 3-Y 5-Y 10-Y % -239% -247% Projection of Future Free Cash Flow (Good Scenario - 8%) 8% Yearly Growth Future Value Discounted Perpetuity Value 4, , , Present Value 5, , , Shares Outstanding Fair Value Desired M.O.S. Buy Under Current Price Actual M.O.S. 3-Y 5-Y 10-Y % -196% -188%
8 Projection of Future Free Cash Flow (Bad Scenario - 0%) 0% Yearly Growth Future Value Discounted Perpetuity Value 3, , , Present Value 4, , , Shares Outstanding Fair Value Desired M.O.S. Buy Under Current Price Actual M.O.S. 3-Y 5-Y 10-Y % -289% -317% Projection of Future Free Cash Flow (Ugly Scenario - -4%) -4% Yearly Growth Future Value Discounted Perpetuity Value 3, , , Present Value 4, , , Y 5-Y 10-Y Shares Outstanding Fair Value Desired M.O.S. Buy Under Current Price Actual M.O.S. -316% -347% -401%
9 Notes Created Date Note 01/04/2013 Judging from normal fundamental analysis, BAT is overvalued too much. Its current price basically supported by high dividend, and defensive business. For some people, it looks BAT as a safe heaven. My average price for BAT is around RM I will just leave it for collecting good dividends. I will not add any new position.
10 Basis for Buying and Selling Buy Criteria No. Method Description 1 EPS The current quarter's EPS is up more than 15% from the same quarter the year before. 2 Intrinsic Value Price is below Intrinsic Value 3 DY% Current DY% or Rolling 4Q DY% > 8% 4 Market Direction Stock price breaks out of consolidation/dip on an uptrend. 5 Institutional sponsorship Company owner, EPF, Khazanah and PNB heavily buying 6 EY % Oscillator Price is below or around the price derived from EY% High Sell Criteria No. Method Description 1 EPS Quarterly EPS drop for 5 consecutive months. 2 Intrinsic Value Has the stock risen too far from its intrinsic value? 3 DY% Current DY% or Rolling 4Q DY% < 4% for a long period 4 Market Direction Long term trend changed from bullish to bearish 5 Institutional sponsorship Company owner, EPF, Khazanah and PNB heavily selling. 6 EY % Oscillator Price is above or around the price derived from EY% Low 7 Fundamental Analysis Fundamental of business turns unattractive or bad Found a better opportunity to replace this stock
MALAYAN BANKING BHD (MAYBANK)
MALAYAN BANKING BHD (MAYBANK) All figures in millions of Ringgit Malaysia except per share values and ratios Analysis Date: 05/04/2013 Financial Year: 2012 31/12/2012 Latest Quarter: 31/12/2012 Price:
More informationFundamental Analysis for CIMB GROUP HOLDINGS BHD
Page 1 of 6 Fundamental Analysis for CIMB GROUP HOLDINGS BHD Company Name: CIMB GROUP HOLDINGS BHD Board: Main Board Stock Code (Bursa): CIMB FBMKLCI: TRUE Bloomberg: CIMB:MK Reuters: CIMB.KL Industry:
More information70% B+ Fundamental Analysis for BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD. Page 1 of 12. Fundamental Analysis: CONSUMER PRODUCTS Sub-Sector:
Page 1 of 12 Fundamental Analysis for BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD Fundamental Analysis: 70% B+ Company Name: BRITISH AMERICAN TOBACCO (MAL Board: Main Board Stock Code (Bursa): BAT FBMKLCI:
More informationQL RESOURCES BERHAD. (QL) Prepared by: L. C. Chong. Investment Strategy. Analysis Date: 24/08/2013
QL RESOURCES BERHAD Analysis Date: (QL) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios 24/08/2013 Financial Year: 2012 31/03/2012 Latest Quarter:
More informationPETRONAS GAS BERHAD. (PETGAS) Prepared by: L. C. Chong. Investment Strategy. Analysis Date: 23/08/2013
PETRONAS GAS BERHAD Analysis Date: (PETGAS) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios 23/08/2013 Financial Year: 2012 31/12/2012 Latest Quarter:
More informationFundamental Analysis for PETRONAS GAS BERHAD
Page 1 of 9 Fundamental Analysis for PETRONAS GAS BERHAD Company Name: PETRONAS GAS BERHAD Board: Main Board Stock Code (Bursa): PETGAS FBMKLCI: TRUE Bloomberg: PTG:MK Reuters: PGAS.KL Industry: INDUSTRIAL
More informationFundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD
Page 1 of 8 Fundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD Company Name: DUTCH LADY MILK INDUSTRIES BHD Board: Main Board Stock Code (Bursa): DLADY FBMKLCI: FALSE Bloomberg: DLM:MK Reuters: DBMS.KL
More informationFundamental Analysis for SIME DARBY BHD
Page 1 of 7 Fundamental Analysis for SIME DARBY BHD Company Name: SIME DARBY BHD Board: Main Board Stock Code (Bursa): SIME FBMKLCI: TRUE Bloomberg: SIME:MK Reuters: SIME.KL Industry: TRADING SERVICES
More informationHAI-O ENTERPRISE BERHAD (HAIO)
HAI-O ENTERPRISE BERHAD (HAIO) All figures in thousands of Ringgit Malaysia except per share values and ratios Analysis Date: 31/07/2013 Financial Year: 2013 30/04/2013 Latest Quarter: 30/04/2013 Price:
More informationJT INTERNATIONAL BERHAD (JTINTER)
JT INTERNATIONAL BERHAD (JTINTER) 26/2/214 Financial Year: 213 31-Dec-213 Latest Quarter: 31/12/213 Price: 6.27 Stock Category: Investment Grade Board: Main Board FBMKLCI: NO Industry: CONSUMER PRODUCTS
More informationCompany owner/directors, and major fund institutions heavily selling
BURSA MALAYSIA BHD Analysis Date: /9/23 (BURSA) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios Financial Year: 22 3/2/22 Latest Quarter: 3/2/22
More informationBURSA MALAYSIA BHD (BURSA)
BURSA MALAYSIA BHD (BURSA) All figures in thousands of Ringgit Malaysia except per share values and ratios Analysis Date: Financial Year: 2012 31/12/2012 Latest Quarter: 31/12/2012 Price: 8.17 Stock Category:
More informationMALAYAN BANKING BHD. (MAYBANK) Prepared by: L. C. Chong. Investment Strategy. Analysis Date: 23/08/2013
MALAYAN BANKING BHD Analysis Date: (MAYBANK) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios 23/8/213 Financial Year: 212 31/12/212 Latest Quarter:
More informationMALAYAN BANKING BHD (MAYBANK)
MALAYAN BANKING BHD (MAYBANK) All figures in millions of Ringgit Malaysia except per share values and ratios Analysis Date: 16/06/2013 Financial Year: 2012 31/12/2012 Latest Quarter: 31/12/2012 Price:
More informationHAI-O ENTERPRISE BERHAD
HAI-O ENTERPRISE BERHAD Analysis Date: 20/09/2013 (HAIO) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios Financial Year: 2013 30/04/2013 Latest
More informationSYMPHONY LIFE BHD (SYMLIFE)
SYMPHONY LIFE BHD (SYMLIFE) All figures in thousands of Ringgit Malaysia except per share values and ratios Analysis Date: Financial Year: 2012 31/03/2012 Latest Quarter: 31/03/2012 Price: 2.70 Stock Category:
More informationFundamental Analysis for PUBLIC BANK BHD
Page 1 of 6 Fundamental Analysis for PUBLIC BANK BHD Company Name: PUBLIC BANK BHD Board: Main Board Stock Code (Bursa): PBBANK FBMKLCI: TRUE Bloomberg: PBK:MK Reuters: PUBM.KL Industry: Sub-Sector: FINANCIALS
More informationAFFIN HOLDINGS BHD (AFFIN)
AFFIN HOLDINGS BHD (AFFIN) All figures in millions of Ringgit Malaysia except per share values and ratios Analysis Date: 21/06/2013 Financial Year: 2012 31/12/2012 Latest Quarter: 31/12/2012 Price: 4.15
More informationQL RESOURCES BERHAD (QL)
QL RESOURCES BERHAD (QL) All figures in millions of Ringgit Malaysia except per share values and ratios Analysis Date: 14/06/2013 Financial Year: 2012 31/03/2012 Latest Quarter: 31/03/2012 Price: 3.17
More informationDIALOG GROUP BERHAD (DIALOG)
DIALOG GROUP BERHAD (DIALOG) 14/2/214 Financial Year: 213 3-Jun-213 Latest Quarter: 31/12/213 Price: 3.25 Stock Category: Large Capital Growing Board: Main Board FBMKLCI: NO Industry: TRADING SERVICES
More informationDIALOG GROUP BERHAD (DIALOG)
DIALOG GROUP BERHAD (DIALOG) 9/2/214 Financial Year: 213 3-Jun-213 Latest Quarter: 3/9/213 Price: 3.3 Stock Category: Large Capital Growing Board: Main Board FBMKLCI: NO Industry: TRADING SERVICES Sub-Sector:
More informationFundamental Analysis for GENTING BHD
Fundamental Analysis for GENTING BHD Date of Analysis: 3-Jun-11 Company Name: GENTING BHD Board: Main Stock Code (Bursa): GENTING FBMKLCI: Y Stock Code (Bloomberg): GUIN:MK Sector: TRADING SERVICES Stock
More informationFundamental Analysis for GUINNESS ANCHOR BHD
Fundamental Analysis for GUINNESS ANCHOR BHD Date of Analysis: 3-Jun-11 Company Name: GUINNESS ANCHOR BHD Board: Main Stock Code (Bursa): GAB FBMKLCI: N Stock Code (Bloomberg): GUIN:MK Sector: CONSUMER
More information79% A- Fundamental Analysis for MALAYAN BANKING BHD. Page 1 of 13. Fundamental Analysis: FINANCIALS Sub-Sector: Company Description:
Page 1 of 13 Fundamental Analysis for MALAYAN BANKING BHD Fundamental Analysis: 79% A- Company Name: MALAYAN BANKING BHD Board: Main Board Stock Code (Bursa): MAYBANK FBMKLCI: TRUE Bloomberg: MAY:MK Reuters:
More informationCompany owner/directors, and major fund institutions heavily selling
PUBLIC BANK BHD Analysis Date: 12/09/2013 (PBBANK) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios Financial Year: 2012 31/12/2012 Latest Quarter:
More informationFundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD
Fundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD Date of Analysis: Company Name: 6-Jun-11 DUTCH LADY MILK INDUSTRIES BHD Board: Main Stock Code (Bursa): DLADY FBMKLCI: N Stock Code (Bloomberg):
More informationPage 1 of 11. INDUSTRIAL PRODUCTS OIL AND GAS - REFINING & DISTRIBUTION Company Description: SEPARATING NATURAL GAS INTO ITS COMPONENTS & STORING.
Page 1 of 11 Fundamental Analysis for PETRONAS GAS BERHAD 82% A Company Name: PETRONAS GAS BERHAD Board: Main Board Stock Code (Bursa): PETGAS FBMKLCI: TRUE Bloomberg: PTG:MK Reuters: PGAS.KL Industry:
More informationPage 1 of 12. Fundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD
Page 1 of 12 Fundamental Analysis for DUTCH LADY MILK INDUSTRIES BHD Fundamental Analysis: 89% A+ Company Name: DUTCH LADY MILK INDUSTRIES BHD Board: Main Board Stock Code (Bursa): DLADY FBMKLCI: FALSE
More informationAnalyst Briefing QUARTER 4, February 2016
Analyst Briefing QUARTER 4, 2015 February 2016 AGENDA Industry Review Company Review 2015 Performance Other Highlights Financial Performance negatively impacted by volume decline: Revenue: - 4.5% Profit
More informationBritish American Tobacco (Malaysia) Berhad. Analyst Presentation. 21 April st Quarter 2011 Results
British American Tobacco (Malaysia) Berhad 1 st Quarter 2011 Results Analyst Presentation 21 April 2011 Agenda Industry Review, Market Share and Volumes BATM s Activities Quarter 1, 2011 Results Other
More informationANALYST BRIEFING QUARTER 2, July 2012
ANALYST BRIEFING QUARTER 2, 2012 19 July 2012 Agenda Industry Review, Market Share and Volumes BATM Review Financial Highlights Other Highlights Future Prospects INDUSTRY REVIEW, MARKET SHARE, VOLUMES
More informationDividends - Interim Interim Interim Interim Special dividend
BRITISH AMERICAN TOBACCO ( MALAYSIA ) BERHAD (Company No : 4372-M) CONDENSED CONSOLIDATED INCOME STATEMENTS For the financial period ended 31 Dec 2017 3 months ended Financial period ended Note 31.12.2017
More informationInflation rate rises modestly in November
Dr. Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my Shafiz Jamaluddin Economic Analyst 03-2088 8075 shafiz@bankislam.com.my Nor Jannah Abdullah Economic Analyst 03-2088
More informationTRANSFORMING TODAY FOR TOMORROW. 2 nd QUARTER 2017 PERFORMANCE 20 th July 2017
TRANSFORMING TODAY FOR TOMORROW 2 nd QUARTER 2017 PERFORMANCE 20 th July 2017 AGENDA Business Review Q2 2017 Financial Results Business Review Q2 Business Highlights YTD 2017 share recovery +1.3 ppt driven
More informationKO Financial Analysis, Page 1 of 10
KO Financial Analysis, Page 1 of 10 Enter Firm Ticker KO values in millions Historical Income Statements Income Statement Forecasting Percentages Enter first year in cell B5 2005 2006 2007 2008 2009 2005
More informationMarket Access. Company Note. M&A Securities. Nestle Malaysia Berhad. Steering Away From Turbulence. Tuesday, June 21, 2016 HOLD (TP: RM79.
M&A Securities Company Note PP14767/09/2012(030761) Nestle Malaysia Berhad Steering Away From Turbulence 1Q16 results review. To recap, Nestle Malaysia Berhad (Nestle) registered its 1Q16 revenue at RM1.3
More informationBRITISH AMERICAN TOBACCO ( MALAYSIA ) BERHAD (Company No : 4372-M)
BRITISH AMERICAN TOBACCO ( MALAYSIA ) BERHAD (Company No : 4372-M) CONDENSED CONSOLIDATED INCOME STATEMENTS For the financial period ended 31 March 2015 3 months ended/ financial period ended Note 31.03.2015
More informationTELEKOM MALAYSIA HOLD. Results missed, searching for a bottom. Company report. (Maintained) TELECOMMUNICATION
TELECOMMUNICATION TELEKOM MALAYSIA (T MK EQUITY, TLMM.KL) 27 Nov 2014 Company report Hafriz Hezry hafriz-hezry@ambankgroup.com 03-2036 2280 Results missed, searching for a bottom Rationale for report:
More informationInvestor Day Asia Pacific Region. Jack Bowles
Investor Day 2015 Asia Pacific Region Jack Bowles Important notice This presentation in relation to British American Tobacco p.l.c. ( BAT ) and its subsidiaries has been prepared solely for use at this
More informationMarket Access. Results Review (3Q15) M&A Securities. Dutch Lady Milk Industries Berhad. Double Whammy. Wednesday, November 18, 2015 HOLD (TP: RM47.
Market Access M&A Securities Results Review (3Q15) PP14767/4/212(296 Dutch Lady Milk Industries Berhad Double Whammy Results Review Actual vs. expectations. Dutch Lady Milk Industries Berhad (Dutch Lady)
More informationRationale for report : Sector Update
Investment Highlights MALT LIQUOR SECTOR Slump in price of malting barley a boon for 2013 27 June 2012 NEUTRAL Low Soo Fang low-soo-fang@ambankgroup.com +603 2036 2292 Rationale for report : Sector Update
More informationCIF Stock Recommendation Report (Fall 2012)
Section (A) Summary CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Boeing BA Recommendation Buy: Yes Target Price: $83.00 Sector: Industrials Industry: Aerospace & Defense Market
More informationMarket Access. Results Review (1Q15) M&A Securities. Nestle Malaysia Berhad. Pre-GST Buying. Thursday, April 23, 2015 SELL (TP: RM59.
M&A Securities Results Review (1Q15) PP14767/9/212(3761) Nestle Malaysia Berhad Pre-GST Buying Results Review Actual vs. expectations. Nestle Malaysia Berhad (Nestle) recorded a revenue of RM1.27 billion
More informationPUNCAK NIAGA HOLD. Water deal completion imminent. Company report. (Maintained) UTILITIES. Max Koh
PUNCAK NIAGA UTILITIES (PNH MK EQUITY, PNHB.KL) 06 Feb 2015 Company report Max Koh max-koh@ambankgroup.com 03-2036 2299 Water deal completion imminent Rationale for report: Company update HOLD (Maintained)
More informationMarket Access. M&A Securities. Results Review 1Q15. Malayan Banking Bhd BUY (TP: RM10.70) Stabilizing Period. Results Review
M&A Securities Results Review 1Q15 PP14767/09/2012(030761) Malayan Banking Bhd BUY (TP: RM10.70) Friday, May 29, 2015 Stabilizing Period Results Review Actual vs. expectation. Malayan Banking Berhad (Maybank)
More informationSUNWAY BUY. FY15 operating earnings within expectations. Company report. (Maintained) CONGLOMERATE
SUNWAY CONGLOMERATE (SWB MK EQUITY, SWAY.KL) 29 Feb 2016 FY15 operating earnings within expectations Company report Thomas Soon soon-guan-chuan@ambankgroup.com 03-2036 2300 Rationale for report: Company
More informationSJ Securities Sdn. Bhd. Fair Value RM0.65 (+25.0%) Investment Highlights
Update Report 25 March 2010 PP7084/11/2006 Strictly for internal circulation only Rexit Berhad SJ Securities Sdn. Bhd. Buy Fair Value RM0.65 (+25.0%) Stock Data Price (RM) 0.52 Stock code 0106 Bloomberg
More informationTELEKOM MALAYSIA BUY. Focused on convergence & digitisation. Company report. (Maintained) TELECOMMUNICATION
TELECOMMUNICATION TELEKOM MALAYSIA (T MK EQUITY, TLMM.KL) 24 May 2017 Company report Alex Goh alexgoh@ambankgroup.com 03-2036 2280 Focused on convergence & digitisation Rationale for report: Company update
More informationESV Ensco plc Sector: Energy SELL
Analysts: Spencer Elkinton, Jake Gregg and Adam Smith Washburn University Applied Portfolio Management ESV Sector: Energy SELL Report Date: 4/18/2016 Market Cap (mm) $2,013 Annual Dividend.60 2 Yr Beta
More information22nd Century Group, Inc. (XXII - $ Buy) Q3 Better than Expected
Company Update Industrial & Consumer Technology 22nd Century Group, Inc. (XXII - $1.33 - Buy) COMPANY NOTE Estimate Change JAMES McILREE, CFA, Senior Analyst, +1-646-465-9034 jmcilree@chardancm.com Sales
More informationMARKET PERFORM. FY15 Below Expectations. Results Note. Price: RM1.21 Target Price: RM1.39. By The Kenanga Research Team /
MRCB FY15 Below Expectations By The Kenanga Research Team / research@kenanga.com.my Period Actual vs. Expectations 4Q15/FY15 FY15 core net loss of RM74.7m was below market and our core net profit expectations
More informationBURSA MALAYSIA BUY. Riding on sustained trading interest. Company report. (Maintained) Rationale for report: Company Result STOCK EXCHANGE
STOCK EXCHANGE BURSA MALAYSIA (BURSA MK, BMYS.KL) 22 October 22 Company report Cheryl Tan cheryltan@ambankgroup.com +63 236 2293 Riding on sustained trading interest Rationale for report: Company Result
More informationJune Woongjin Coway
June 2006 Woongjin Coway 0 Disclaimer This presentation contains historical information of the Company which should not be regarded as an indication of future performance or results. This presentation
More informationMarket Access. M&A Securities. Results Review (3Q15) Padini Holdings Berhad. A good Quarter BUY (TP: RM1.80) Wednesday, May 20, 2015.
Market Access M&A Securities PP14767/04/2012(029607) [ Padini Holdings Berhad Results Review (3Q15) BUY (TP: RM1.80) Wednesday, May 20, 2015 A good Quarr Results Review Actual vs. expectations. Padini
More information22nd Century Group, Inc. (XXII - $ Buy)
Company Update Agriculture Technology (XXII - $0.97 - Buy) COMPANY NOTE Estimate Change JAMES McILREE, CFA, Senior Analyst, 646-465-9034 jmcilree@chardancm.com Sales and trading 7 a.m. to 7 p.m. ET, (646)
More informationCIF Stock Recommendation Report (Fall 2012)
Date: 10/13/2012 Analyst Name: Ryan Ellingsen CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Colgate-Palmolive Company (CL) Section (A) Summary Recommendation Buy: Hold Target Price:
More informationAbove Expectations. Results Note. Price: RM1.69 Target Price: RM1.85. By Adrian Ng l
WCT Holdings Bhd Above Expectations By Adrian Ng l adrian.ng@kenanga.com.my 1Q16 core net profit (C) of RM32.0m came in above our but within consensus expectations accounting for 37% and 22% of estimates,
More informationBritish American Tobacco (Malaysia) Berhad ANNUAL REPORT 2013
ANNUAL REPORT 2013 A New Chapter In 2012, British American Tobacco Malaysia celebrated 100 years of history in Malaysia. Over the years, the Group has grown together with the nation into one that manufactures
More informationTenaga Nasional Berhad TP: RM17.38 (+16.5%)
COMPANY UPDATE Wednesday, December 20, 2017 FBMKLCI: 1,736.95 Sector: Power & Utilities THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Tenaga Nasional Berhad TP: RM17.38 (+16.5%) RP2 Uncertainty
More informationMalaysia. RCE Capital Results within; proposes bonus & rights. Hold (unchanged) Results Review 15 February 2012
PP16832/01/2013 (031128) Malaysia Results Review 15 February 2012 Hold (unchanged) Share price: Target price: RM0.515 Wong Chew Hann, CA wchewh@maybank-ib.com (603) 2297 8686 Stock Information RM0.45 (unchanged)
More informationINVESTMENT HIGHLIGHTS
28 August 2014 2QFY14 results review UMW Holdings Berhad Dragged by non-profitable legacy businesses INVESTMENT HIGHLIGHTS Poor set of 2Q14 results as core earnings declined -18% over sequential and on-year
More informationCIF Stock Recommendation Report (Fall 2012)
CIF Stock Recommendation Report (Fall 2012) Date: Nov 27 th 2012 Analyst Name: Tung Linh Company Name and Ticker: W.W. Grainger, Inc. (GWW) Section (A) Summary Recommendation Buy: No Target Price: Stop-Loss
More informationJTG Consolidated financial results for 2014 and forecasts for fiscal year Naohiro Minami. CFO and Senior Vice President
JTG Consolidated financial results for 2014 and forecasts for fiscal year 2015 Naohiro Minami CFO and Senior Vice President *Please be reminded that the figures shown on these slides may differ from those
More informationSunway Berhad. OUTPERFORM Price: RM2.65 Target Price: RM3.08 KENANGA RESEARCH. Within expectations. Results Note KENANGA RESEARCH.
Results Note 02 December 2013 Sunway Berhad Within expectations Period 3Q13 / 9M13 Actual vs. Expectations Dividends None as expected. Key Results Highlights At 73% of our full-year FY13 estimates, the
More informationBursa Malaysia. Company Guide
Version 9 Bloomberg: BURSA MK Reuters: BMYS.KL Refer to important disclosures at the end of this report Malaysia Equity Research 26 Oct 2017 BUY Last Traded Price ( 25 Oct 2017): RM10.02 (KLCI : 1,739.05)
More informationTelekom Malaysia. Company Guide. BUY : 1,627.26) Price Target 12-mth. Stable growth in fixed-line business. Malaysia Equity Research 28 Nov 2016
Version 4 Bloomberg: T MK Reuters: TLMM.KL Refer to important disclosures at the end of this report Malaysia Equity Research 28 Nov 2016 BUY Last Traded Price ( 25 Nov 2016): RM6.22 (KLCI : 1,627.26) Price
More informationMarket Access. Results Review (1Q16) M&A Securities. Tan Chong Motor Holdings Bhd. Lacking the X-Factor SELL (TP: RM1.
M&A Securities Results Review (1Q16) PP14767/09/2012(030761) Tan Chong Motor Holdings Bhd Wednesday, May 11, 2016 SELL (TP: RM1.87) Lacking the X-Factor Results Review Actual vs. expectations. Tan Chong
More informationPharmaniaga MARKET PERFORM. 1Q15 Inline but Rich Valuations. Results Note. Price: RM6.91 Target Price: RM6.95. PP7004/02/2013(031762) Page 1 of 5
Pharmaniaga 1Q15 Inline but Rich Valuations By the Kenanga Research Team l research@kenanga.com.my Period 1Q15 Actual vs. Expectations 1Q15 PATAMI of RM31.8m (+21% YoY) came in at 32% and 31% of our and
More informationSolid Quarter Keeps Company on Track
Reynolds American Inc. P.O. Box 2990 Winston-Salem, NC 27102-2990 RAI CEO: Solid Quarter Keeps Company on Track Second Quarter EPS up 12.7% Company on Track to Achieve Full Year Forecast At a Glance Reported
More informationCompany owner/directors, and major fund institutions heavily selling
GENTING BHD Analysis Date: (GENTING) Prepared by: L. C. Chong All figures in thousands of Ringgit Malaysia except per share values and ratios 30/08/2013 Financial Year: 2012 31/12/2012 Latest Quarter:
More informationSP Setia Berhad TP: RM4.10 (+15.5%) Acquiring I&P Group
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 C O M P A N Y U P D A T E Monday 17 April 2017 FBMKLCI: 1,730.99 Sector:
More informationFY18: Challenged by Headwinds and Higher D&A HOLD. Last Traded: RM4.25
R E S U L T S U P D A T E Monday, February 25, 2019 FBMKLCI: 1,721.42 Sector: Telecommunications THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Axiata Group Berhad TP: RM4.50 (+5.9%) FY18: Challenged
More informationKMI Kinder Morgan, Inc. Sector: Energy HOLD
Analysts: Aleck Boyd, Dario Munoz Poletti, Bernadette Smith and Sara Specht Washburn University Applied Portfolio Management KMI Sector: Energy HOLD Report Date: 4/18/2016 Market Cap (mm) $39,563 Annual
More informationTrailing PE 8.9. Forward PE 8.0. Buy 1 Analyst. 1-Year Return: -- 5-Year Return: --
Last Close 0.25 (MYR) Avg Daily Vol 280,263 52-Week High 0.33 Trailing PE 8.9 Annual Div -- ROE 23.0% LTG Forecast -- 1-Mo 4.3% 17 May MALAYSIA Exchange Market Cap 74M 52-Week Low 0.20 Forward PE 8.0 Dividend
More informationSector: Retail Analyst: Bulldog Investor Date: January 9, 2014
Ticker: COH Current Price: 55.65 Recommendation: BUY Target Price: 71.25 Sector: Retail Analyst: Bulldog Investor Date: January 9, 2014 Recommendation Summary Coach, Inc. (COH) is well positioned to continue
More informationMarket Access. M&A Securities. Results Review 1Q16. Malayan Banking Berhad. Hampered by Loan Loss. Monday, May 30, 2016 HOLD (TP: RM9.
M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Malayan Banking Berhad Monday, May 30, 2016 HOLD (TP: RM9.10) Hampered by Loan Loss Results Review Actual vs. expectations. Malayan Banking Bhd
More informationThe contribution of British American Tobacco South Africa to the Western Cape economy
The contribution of British American Tobacco South Africa to the Western Cape economy A study conducted by Quantec Research, 2016 Contents 2 The contribution of British American Tobacco South Africa to
More informationUMW OIL & GAS CORPORATION
Company report Alex Goh alexgoh@ambankgroup.com 03-2036 2280 OIL & GAS UMW OIL & GAS CORPORATION (UMWOG MK EQUITY, UMWOG.KL) 14 June 2017 Pricing ahead of massive rights Rationale for report: Company update
More informationMarket Access. Results Review (4Q16) M&A Securities. Scientex Berhad. Unstoppable Growth Amid Challenging Times. Tuesday, September 27, 2016
Market Access M&A Securities Results Review (4Q16) PP14767/04/2012(029 Tuesday, September 27, 2016 Scientex Berhad Unstoppable Growth Amid Challenging Times BUY (TP: RM8.33) Current Price (RM) New Target
More informationCOCOALAND HOLDINGS BUY. 9MFY15: On track for a record year. Company report. (Maintained) CONSUMER
CONSUMER COCOALAND HOLDINGS (COLA MK EQUITY, CCLD.KL) 26 Nov 2015 Company report Cheryl Tan, CFA cheryl-tan@ambankgroup.com 03-2036 2333 9MFY15: On track for a record year Rationale for report: Company
More informationCVX Chevron Corporation Sector: Energy SELL
Analysts: Zachary Haller, Andrew Paley Brown and Sean Miller Washburn University Applied Portfolio Management CVX Sector: Energy SELL Report Date: 4/18/2016 Market Cap (mm) $157,566 Annual Dividend $4.28
More informationSUNWAY BUY. Acquires prime land in Kelana Jaya at RM386/sq ft. Company report. (Maintained) CONGLOMERATE
Aug-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 Company report SUNWAY CONGLOMERATE (SWB MK EQUITY, SWAY.KL) 12 May 2015 Acquires prime land in Kelana Jaya at RM386/sq ft Thomas Soon soon-guan-chuan@ambankgroup.com
More informationN2N CONNECT BERHAD ( K)
SUMMARY OF KEY FINANCIAL INFORMATION For The Three Months Ended 31 March 2015-unaudited Remark: The results for the three months ended 31 March 2015 should be read in conjunction with the Annual Audited
More informationBermaz Auto Darkest before dawn
14 June 2017 4QFY17 Results Review Bermaz Auto Darkest before dawn Maintain BUY Unchanged Target Price (TP):RM2.50 INVESTMENT THESIS 4QFY17 within our expectation, below consensus Impacted by weak RM but
More informationBIMBO Food. Quarterly Report October 27, BIMBO Market Underperformer 2016 Price Target P$41.9
Quarterly Report BIMBO Market Underperformer 2016 Price Target P$41.9 Price 51.51 12M Price Range 45.02 / 59.86 Shares Outstanding (Mill) 4,703.2 Market Cap (Mill) 242,262 Float 24.0% Net Debt (Mill) 72,562
More informationPRESTARIANG. (PRES MK EQUITY, PSTG.KL) 23 May UniMy closer to breakeven. Rationale for report: Company result Investment Highlights
Price Fair Value 52-week High/Low Key Changes Fair value EPS Company report Lavis Chong RM2.35 RM2.60 RM2.53/RM1.69 PRESTARIANG TECHNOLOGY (PRES MK EQUITY, PSTG.KL) 23 May 2017 UniMy closer to breakeven
More informationSUNWAY BUY. 9MFY15 within expectations. Company report. (Maintained) CONGLOMERATE. Thomas Soon
SUNWAY CONGLOMERATE (SWB MK EQUITY, SWAY.KL) 27 Nov 2015 9MFY15 within expectations Company report Thomas Soon soon-guan-chuan@ambankgroup.com 03-2036 2300 Rationale for report: Company result BUY (Maintained)
More informationPublic Bank Group. Presentation to Investors J.P. Morgan Asia Financials Conference Hong Kong March 2011
Public Bank Group Presentation to Investors J.P. Morgan Asia Financials Conference Hong Kong 10-11 March 2011 Disclaimer The materials and information in the presentations and other documents are for informational
More informationMarket Access. M&A Securities. Company Update. MMHE Holdings Berhad. Multiple Awards worth RM527 million. Monday, December 28, 2015 HOLD (TP: RM1.
M&A Securities Company Update PP14767/9/212(3761) MMHE Holdings Berhad Monday, December 28, 215 HOLD (TP: RM1.4) Multiple Awards worth RM527 million Malaysia Marine and Heavy Engineering Berhad (MMHE)
More informationKIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold
Latin American Equity Research Mexico City, November 20, 2006 KIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold Joaquín Ley* Mexico: Santander Banco Santander S.A. 5255) 5269-1921 jley@santander.com.mx
More informationSELL. Last Traded: RM6.75. Acquiring the World s Second Largest Surgical Glove Player
C O M P A N Y U P D A T E Monday, November 27, 2017 FBMKLCI: 1,717.23 Sector: Healthcare THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Top Glove Corporation Berhad TP: RM6.30 (-6.7%) Acquiring
More informationCIF Stock Recommendation Report (Fall 2012) Summary
Date: 11/6/2012 Analyst Name: Kyle Temple CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Dover Corp Summary DOV Recommendation Buy: Yes No Target Price: $65.00 Sector: Industrials
More informationCARRERAS LIMITED. Overview. S.W.O.T Analysis RECOMMENDATION: HOLD
CARRERAS LIMITED ANALYSIS FOR THE FINANCIAL YEAR ENDING MARCH 2009 RECOMMENDATION: HOLD Overview Vital Statistics Current Price $41.09 Trailing EPS $7.27 Projected EPS $6.59 Current P/E 5.65X Market Average
More informationStuck at Low Growth SELL. Last Traded: RM9.00. mn % 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Jan-15. Jul-16. Jul-17.
C O M P A N Y U P D A T E Wednesday, April 11, 218 FBMKLCI: 1,86.98 Sector: Transportation THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Malaysia Airports Holdings Berhad TP: RM8.61 (-4.3%) Stuck
More informationMarket Access. M&A Securities. Company Update. Tenaga Nasional Berhad. A Look into Debt. Tuesday, July 14, 2015 BUY (TP: RM15.20) Latest Development
M&A Securities Company Update PP14767/09/2012(030761) Tenaga Nasional Berhad BUY (TP: RM15.20) Tuesday, July 14, 2015 A Look into Debt Latest Development Debt position. Tenaga Nasional Bhd (TNB) core business
More informationWCT HOLDINGS. (WCTHG MK EQUITY, WCTE.KL) 23 Jan Straight From The New Team. Rationale for report: Company update. Investment Highlights
WCT HOLDINGS CONSTRUCTION (WCTHG MK EQUITY, WCTE.KL) 23 Jan 2017 Company report Joshua Ng ng-chin-yuing@ambankgroup.com 03-2036 2293 Straight From The New Team Rationale for report: Company update HOLD
More informationInformation Booklet for questions 8 & 9
Diploma in Corporate Finance C orporate Finance Techniques & Theory Tuesday 1 December 2015 Information Booklet for questions 8 & 9 Chartered Institute for Securities & Investment 2015 ICAEW 2015 All rights
More informationMarket Access. Company Update. M&A Securities. Public Bank Berhad. Wednesday, April 27, BUY (Target Price: RM21.38) Proves to be Bellwether
M&A Securities Company Update PP14767/09/2012(030761) Public Bank Berhad Wednesday, April 27, 2016 BUY (Target Price: RM21.38) Proves to be Bellwether We recommend investors to accumulate Public Bank Bhd
More informationUEM Sunrise Berhad Strengthening presence in Klang Valley
1 16 April 2018 Corporate Update UEM Sunrise Berhad Strengthening presence in Klang Valley Maintain BUY Revised Target Price (TP): RM1.36 (Previously RM1.26) INVESTMENT HIGHLIGHTS Acquiring land in Kepong
More informationVerizon Communications Inc. Sector: Telecommunication Services Hold
Applied Portfolio Management Analysts: Travis Hirt, Brandon Holle and Mark Latimer VZ Verizon Communications Inc. Sector: Telecommunication Services Hold Report Date: 4/4/25 Market Cap (mm) $85,94 Annual
More information