RHB Research 07 March THAILAND EQUITY Investment Research. Company Update. Major Cineplex. Massive Investment Ahead
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1 THAILAND EQUITY Investment Research Wanida Geisler Sell Target Previous Price THB18.5 THB16.0 THB21.7 Entertainment Major Cineplex is Thailand's largest cinema operator with a market share of around 80%. It is also engaged in related businesses like bowling/karaoke, rental, cinema media and film distribution. Stock Statistics Bloomberg Ticker MAJOR TB Market Cap THB19,260m USD646m 52 wk H/L price m ADT THB104m YTD Returns (%) 14.2 Beta (x) 0.71 Major Shareholders (%) Vicha Poonwaralak 36.1 Thai NVDR 9.4 Share Price Performance (%) Month Absolute Relative 1m m 11.9 (4.6) 6m 22.6 (3.0) 12m month Share Price Performance 23 Price Close Relative to Stock Exchange of Thailand Index (RHS) 132 Company Update Major Cineplex Massive Investment Ahead MAJOR s performance was lackluster last year due to a weak core business and a loss from MPIC. Although revenue for 2013 is anticipated to improve due to more potential box office hits, bottomline growth will be modest as a nationwide wage hike, its aggressive expansion as well as weak rental, bowling and MPIC businesses will add to cost pressures. Maintain SELL Expect some improvements in was a disappointing year, with the operating profit plunging 28% y-o-y from flat cinema income, declining margins and a loss incurred by subsidiary MPIC. To support its bottom line, MAJOR had to realize a gain of THB219m from the sale of shares in its associate, Siam Future (SF TB). This year, we expect some improvements, particularly from cinema income given more potential box office hits, while cinema media income will continue to grow along with new screens. MAJOR s other businesses like rental, bowling and film distribution are set for another tough year, and will take time to turn around. Massive investment. MAJOR spent almost THB700m last year to add 30 cinema screens in Thailand and 70 bowling lanes in India. This year it will invest over THB1bn in 120 and seven new cinema screens in Thailand and Cambodia respectively, and 60 bowling lanes in India. It will certainly take some time for the new assets to become profitable. The aggressive increase in cinema screens from the current 413 to 600 in 2015 and 1000 in 2020 will heighten the risk of cannibalization. Moreover, the average ticket price (ATP) is likely to soften as most new cinema screens will be opened in the upcountry where ticket prices are approximately 10% lower than that of Bangkok and its vicinity. Maintain SELL with a new target price of THB We finetune our earnings forecast by only 2%-3% for The value of MAJOR s core business based on its DCF (WACC 10%, Terminal growth 2%) is maintained at THB12/share but the value of its investment in listed companies such as MPIC, SF and MJLF has now increased to THB6.5/share Mar May-12 Source: Bloomberg 06-Jul Sep Nov Jan Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover (THBm) 5,935 6,730 6,966 7,742 8,011 Recurring net profit (THBm) ,050 Recurring net profit growth 188.4% 9.6% (15.9%) 42.9% 12.8% Core EPS (THB) Core EPS growth 188.4% 9.6% (16.2%) 42.4% 12.8% DPS (THB) Dividend Yield 3.7% 3.8% 4.0% 4.3% 4.9% Core P/E (x) Return on average equity 14.1% 13.7% 13.3% 14.6% 16.2% P/B (x) EV/EBITDA (x) Net debt to equity 50.2% 40.9% 37.1% 36.0% 36.4% RHBRI vs consensus EPS (11.1%) (14.0%) Source: Company data, RHBRI estimates 1
2 Improvements in the cinema business Among its five major businesses, the cinema business which comprises ticket sales and food/beverage (concessions) is a main revenue contributor, bringing in over 60% of total turnover. Over the past two years, ticket sales were flat at around THB3.4bn but concession sales grew at a five-year CAGR of 11.5%. The ratio of concession to ticket sales has increased from 20% in 2007 to 27% currently. MAJOR expects such ratios to continue to increase to above 30% soon. The company is also upbeat on ticket sales this year on the back of many potential box office hits from both Thailand and Hollywood. Figure 1: Breakdown of revenue Figure 2: Revenue per cinema screen 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% F Film distribution Cinema Media Rental fee Bowling Cinema THBm 6,000 5,000 4,000 3,000 2,000 1,000 - THBm f Cinema income Revenue per screen Source: MAJOR, RHBRI Source: MAJOR, RHBRI Despite the company s optimism, several factors may dampen its bullish outlook: i) box office income for the first two months of 2012 did not show improvement, ii) revenue per screen will continue to be under pressure given its aggressive expansion, iii) the average ticket price (net complimentary) dipped in 4Q12. Going forward, with more new cinemas in the upcountry, it will be hard for the average ticket price to increase as ticket prices in the upcountry is about 10% less than that of Bangkok and its vicinity. A reduction in film hire costs from 50% to 49% for Bangkok cinemas last year did not help to lessen cost pressures. Hence, another reduction in film hire costs, from 50% to 48% for upcountry cinemas this year, is unlikely to be effective as well. Figure 3: Quarterly weekend box office indicator Figure 4: Average ticket price (net complimentary) trend Weekend Gross US$ 35,000,000 30,000,000 25,000,000 20,000,000 +1% yo y, 15,000,000 10,000,000 5,000, Q10 1Q11 1Q12 Jan-Feb 13 THB Q10 4 Q10 3 Q11 2 Q12 4Q12 Source: Boxofficemojo, RHBRI Source: MAJOR, RHBRI Consistent growth for cinema media income Cinema media income (13% of total revenue) has grown most consistently, at around 14%-15% p.a. According to The Nielsen Company, cinema media was one of the fastest-growing media, at 68% in 2012 and around 18%-20% p.a. growth in Given MAJOR s aggressive branch expansion of two new cinema screens per week on average, its cinema media business will continue to grow impressively as well. 2
3 Bowling, rental and film distribution businesses still in trouble Revenue from these three businesses accounted for 25% of total revenue in 2012, and is expected to fall to 22% in 2013 and 20% in Bowling is a sunset business in Thailand. MAJOR closed 60 bowling lanes last year and will continue to shut down unprofitable venues this year. MAJOR s rental business used to be strong. Since 2011, however, its growth rate softened to single-digits because one of its major tenants, California Wow Fitness, which had several branches occupying large areas got into serious financial trouble. MAJOR has yet to settle the case with the fitness company, and thus, is unable to lease the unprofitable rental space to new tenants. MAJOR s subsidiary, MPIC, distributes films. Last year, MPIC incurred a loss of THB315m mainly from a huge impairment loss of movie rights and provisions on its inventory. MAJOR is looking to restructure MPIC to focus only on movie production (M39) and international movie distribution (MPIC), and gradually write off its loss-ridden VCD/DVD production business (MVD). However, MPIC s transformation will take time and probably be done towards the year-end. In the near term, any improvements will highly dependent on the success of 5-6 new movies to be released this year. A new investment upcycle MAJOR s previous investment upcycle was in , when the company launched 30 new cinema screens per year. In 2011 and 2012, MAJOR launched 22 and 30 new cinema screens respectively. This year, it plans to add 119 new cinema screens and 77 bowling lanes. Together with Japan s AEON Mall, it plans to open a new Cineplex (seven cinema screens, 14 bowling lanes) in Phnom Penh in mid MAJOR s investment budget for 2013 is set at THB1bn, up from THB700m for last year. Figure 5: Expansion plan Source: MAJOR 3
4 Investment portfolio Its investment portfolio consists of the MJLF Property Fund, Siam Future, MPIC and PVRL. Unrealized gains stand at around THB2.4bn (THB2.7/share). Figure 6: Investment portfolio Source: MAJOR FINANCIAL Profit & Loss (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover 5,935 6,730 6,966 7,742 8,011 Cost of sales (3,906) (4,405) (4,717) (5,074) (5,157) Gross profit 2,029 2,325 2,249 2,668 2,854 Other operating costs (1,505) (1,517) (1,667) (1,781) (1,883) Operating profit Operating EBITDA 1,655 1,812 1,788 2,229 2,412 Depreciation of fixed assets (1,131) (1,004) (1,206) (1,342) (1,440) Operating EBIT Net income from investments Other recurring income Interest expense (139) (144) (133) (116) (122) Other non-recurring income Pre-tax profit 898 1,020 1,038 1,128 1,235 Taxation (125) (217) (282) (217) (206) Minority interests (11) (21) Profit after tax & minorities ,050 Net income to ord equity ,050 Recurring net profit ,050 Source: Company data, RHBRI 4
5 Balance Sheet (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total cash and equivalents Inventories Accounts receivable 798 1,090 1,453 1,598 1,758 Total current assets 1,556 1,992 2,302 2,581 2,877 Other current assets Total investments 2,205 1,977 1,884 2,072 2,280 Tangible fixed assets 5,406 5,181 5,332 5,078 4,765 Total other assets 1,866 1,838 1,984 2,000 2,200 Total non-current assets 9,477 8,996 9,200 9,151 9,244 Total assets 11,033 10,988 11,502 11,731 12,121 Short-term debt 656 2,019 1,682 1,400 1,550 Accounts payable 539 1,261 1,527 1,527 1,527 Other current liabilities Total current liabilities 2,016 3,505 3,473 3,217 3,396 Total long-term debt 2, ,170 1,500 1,500 Other liabilities Total non-current liabilities 3,343 1,426 1,644 2,000 2,050 Total liabilities 5,359 4,931 5,117 5,217 5,446 Share capital Retained earnings reserve 1,139 1,020 1,142 1,268 1,427 Other reserves 3,516 3,998 4,268 4,268 4,268 Shareholders' equity 5,537 5,900 6,298 6,424 6,583 Minority interests Total equity 5,674 6,057 6,385 6,514 6,675 Total liabilities & shareholders' equity 11,033 10,988 11,502 11,731 12,121 Source: Company data, RHBRI Cashflow (THBm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Operating profit Depreciation & amortisation 1,131 1,004 1,206 1,342 1,440 Change in working capital 316 (30) (105) (176) (200) Other operating cashflow (446) Operating cashflow 1,524 1,905 1,760 2,243 2,412 Interest paid (139) (144) (133) (116) (122) Tax paid (125) (217) (282) (217) (206) Cashflow from operations 1,260 1,544 1,345 1,910 2,084 Capex 34 (259) (404) (700) (700) Other new investments (733) (188) (207) Other investing cashflow (155) (81) (342) (218) (420) Cashflow from investing activities (854) (112) (653) (1,106) (1,327) Dividends paid to ordinary shareholders (463) (884) (689) (805) (892) Proceeds from issue of shares Increase in debt (198) (556) (134) Other financing cashflow (26) Cashflow from financing activities (687) (1,172) (722) (731) (692) Cash at beginning of period Total cash generated (281) 260 (30) Implied cash at end of period Source: Company data, RHBRI 5
6 RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this research report. RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise from any reliance based on this report or further communication given in relation to this report. The term RHB shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies. All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect. Malaysia This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd ( M), Level 11, Tower One, RHB Centre, Jalan Tun Razak, Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. As of 05 Mar 2013, RHBIB does not have proprietary positions in the subject companies, except for: As of 05 Mar 2013, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for: Singapore This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No N), a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank Berhad, Malaysia ( OSKIB ) and Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited and is a subsidiary of OSKIB, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report. As of 05 Mar 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions in the subject companies, except for: As of 05 Mar 2013, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for: 6
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Jan-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Company Update, Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD0.45 Market Cap: USD527m Price: SGD0.32 A Lunar New Year Gift
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Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Preview, Buy (Maintained) Financial Services - Insurance Target Price: MYR2.40 Market Cap: USD413m Price: MYR1.83 Beneficiary Of Potential Recovery
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Results / Briefing Note, 13 November 2013 Maxis (MAXIS MK) Sell (Maintained) Communications - Telecommunications Target Price: MYR5.90 Market Cap: USD16,667m Price: MYR7.12 Cost Discipline Cushions CTS
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Apr-13 Jul-13 Aug-13 Oct-13 Jan-14 Mar-14 Vol m Company Update, WCT (WCTHG MK) Neutral (Maintained) Construction & Engineering - Construction Target Price: MYR2.23 Market Cap: USD751m Price: MYR2.25 Only
More informationBuy (from Neutral) Replicating Utropolis At Batu Kawan. Property - Real Estate Target Price: MYR1.88 Market Cap: USD161m Price: MYR1.
Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Vol m Company Update, Paramount Corp (PAR MK) Buy (from Neutral) Property - Real Estate Target Price: MYR1.88 Market Cap: USD161m Price: MYR1.58 Replicating Utropolis
More informationBUY. NetDragon (777 HK) Partnering with Amazon and Microsoft. Technology - Internet Target Price: HKD14.72 Market Cap: USD796m Price: HKD12.
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 Vol m Company Update, NetDragon (777 HK) BUY Technology - Internet Target Price: HKD14.72 Market Cap: USD796m Price: HKD12.22 Partnering with Amazon and Microsoft
More informationBuy (Maintained) Little Impact From Petronas Capex Cut
Dec-13 Jan-14 Apr-14 Jun-14 Aug-14 Oct-14 Vol m Corporate News Flash, Nam Cheong (NCL SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD0.61 Market Cap: USD538m Price:
More informationTambun Indah Land Bhd
PP 7767/09/2012 (030475) 6 March 2013 Loong Kok Wen, CFA 603 9280 2237 loong.kok.wen@rhb.com.my NOT RATED Target Previous Price Property RM1.08 RM0.95 RM0.80 Stock Statistics Bloomberg Ticker TILB MK Market
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Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results/Briefing Note, 6 February 2014 Digi.com (DIGI MK) Buy (from Sell) Communications - Telecommunications Target Price: MYR5.60 Market Cap: USD11,359m
More informationBuy (Maintained) Tune Ins (TIH MK) Catching The Philippines Market. Financial - Insurance Target Price: MYR2.40 Market Cap: USD431m Price: MYR1.
Feb-13 Apr-13 May-13 Jul-13 Aug-13 Oct-13 Vol m Results Preview, Tune Ins (TIH MK) Buy (Maintained) Financial - Insurance Target Price: MYR2.40 Market Cap: USD431m Price: MYR1.84 Catching The Philippines
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5 April 2013 THAILAND EQUITY Investment Research Thailand Research Team 66 2862 9999 ext 2030 Unrated Target Price THB12.60 Infrastructure Fund BTSGIF is a close-ended infrastructure fund with initial
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Vol m Jul-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Results Review, Buy (Maintained) Consumer Non-cyclical - Household Product & Wares Target Price: SGD2.38 Market Cap: USD1,175m Price: SGD2.06 Cashes In On
More informationBuy (Maintained) Writebacks Help Lift Results. Financial - Banks Target Price: MYR16.60 Market Cap: USD7,947m Price: MYR14.22
Nov12 Jan13 Mar13 May13 Jul13 Oct13 Vol m Results Review, Hong Leong Bank (HLBK MK) Buy (Maintained) Financial Banks Target Price: MYR16.6 Market Cap: USD7,947m Price: MYR14.22 Writebacks Help Lift Results
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US, China to Again Attempt Negotiating Over Trade Rates & FX Market Update Global Markets: The DXY was relatively unchanged overnight while increases in 2y and 10y UST yields were limited to within 1bps,
More informationEvergreen Fibreboard
PP10551/09/2011(028936) 09 November 2010 The Research Team +60 (3) 9207 7663 Research2 @my.oskgroup.com Company Update Evergreen Fibreboard MALAYSIA EQUITY Investment Research Daily Softer Second Half
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HONG KONG EQUITY Investment Research Ethel Ng +852 2103 9415 ethel.ng@hk.oskgroup.com 1H12 Results Review China Lilang (1234 HK) Strong growth amidst the storm BUY Target Price Previous Price HKD7.94 HKD8.73
More informationNeutral (from Buy) Concerns On New Product Delays?
Oct-12 Nov-12 Jan-13 Apr-13 Jun-13 Aug-13 Vol m Company Update, Malaysia Building Society (MBS MK) Neutral (from Buy) Financial - Diversified Financial Services Target Price: MYR3.10 Market Cap: USD1,544m
More informationBuy (from Neutral) SGX (SGX SP) Timely To Relook At This Monopoly With Net Cash
Sep-14 Dec-14 Jan-15 Apr-15 Jun-15 Aug-15 Vol m Company Update, SGX (SGX SP) Buy (from Neutral) Financial Services - Exchanges Target Price: SGD8.13 Market Cap: USD5,390m Price: SGD7.19 Timely To Relook
More informationNeutral (Maintained) Entering New Growth Area In Penang Mainland. Property - Real Estate Target Price: MYR2.44 Market Cap: USD947m Price: MYR2.
Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Vol m Company Update, Mah Sing (MSGB MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.44 Market Cap: USD947m Price: MYR2.20 Entering New Growth
More informationUEM Sunrise (UEMS MK) Neutral (Maintained) Mega Projects But Neutral To Short-term Earnings
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Briefing Note, UEM Sunrise (UEMS MK) Neutral (Maintained) Property - Real Estate Target Price: MYR2.73 Market Cap: USD2,866m Price: MYR2.10 Mega Projects
More informationDBS (DBS SP) Buy (Maintained) Down, But Still Solid. Financial - Banks Target Price: SGD18.70 Market Cap: USD33,098m Price: SGD17.
Results Review, DBS (DBS SP) Buy (Maintained) Financial - Banks Target Price: SGD18.70 Market Cap: USD33,098m Price: SGD17.20 Down, But Still Solid Macro Risks Growth Value Vol m DBS (DBS SP) Price Close
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Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.30 Market Cap: USD1,413m Price: MYR2.65 Temporarily Overshadowed By Negative Sentiment Macro Risks Growth Value
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Sector Update, 12 September 2013 Oil & Gas Stock Picking At The Forefront Overweight (Maintained) Macro Risks Growth Value Except for Alam Maritim, most of the companies under our coverage reported earnings
More informationBuy (Maintained) Sunway (SWB MK) Unexpected 5 Sen Interim Dividend. Property - Real Estate Target Price: MYR3.52 Market Cap: USD1,421m Price: MYR2.
Aug-12 Oct-12 Dec-12 Mar-13 May-13 Jul-13 Vol m Results Review, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.52 Market Cap: USD1,421m Price: MYR2.75 Unexpected 5 Sen Interim
More informationBuy (Maintained) Hungry For Growth. Consumer Cyclical - Retail Target Price: SGD1.10 Market Cap: USD917m Price: SGD0.85
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Results Review, 26 October 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD1.10 Market Cap: USD917m Price: SGD0.85
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More informationProperty - Real Estate Target Price: MYR3.60 Market Cap: USD1,708m Price: MYR3.21
Company Update, Sunway (SWB MK) Buy (Maintained) Property - Real Estate Target Price: MYR3.60 Market Cap: USD1,708m Price: MYR3.21 Right Strategies To Counter Negative Sentiment Macro Risks Growth Value
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More informationProperty - Real Estate Target Price: MYR2.19 Market Cap: USD426m Price: MYR1.30
Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR2.19 Market Cap: USD426m Price: MYR1.30 Strong Growth Ahead
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Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Vol m Company Update, Buy (Maintained) Agriculture - Plantation Target Price: MYR5.00 Market Cap: USD5,132m Price: MYR4.54 Sights And Sounds Of Lahad Datu Macro
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4 August 2017 Neutral (Maintained) DBS Target Price: Price: SGD20.50 SGD22.08 Sequentially Flat NIM Market Cap: USD41,512m Bloomberg Ticker: DBS SP DBS 2Q17 results (announced this morning) were in line
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Jul-14 Sep-14 Nov-14 Jan-15 Apr-15 Jun-15 Vol m Results Review, 24 July 2015 SATS Ltd (SATS SP) Neutral (Maintained) Transport - Transportation Target Price: SGD3.35 Market Cap: USD2,990m Price: SGD3.68
More informationIslamic Capital Markets Strategy. Shariah-Compliant Securities Semi-Annual Review. Strategy, 15 May Macro Risks Growth Value
Strategy, 15 May 2014 Islamic Capital Markets Strategy Shariah-Compliant Securities Semi-Annual Review Macro Risks Growth Value Shariah-Compliant Top Picks FV (MYR) Coastal Contracts 5.6 Tenaga Nasional
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Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Vol m Corporate News Flash, 2 April 2015 Keppel Corp (KEP SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD11.10 Market Cap:
More informationNeutral (Maintained) Lands Another Massive USD1bn Fish
Sep-14 Oct-14 Jan-15 Mar-15 May-15 Jul-15 Vol m Company Update, 1 September 2015 Sembcorp Marine (SMM SP) Neutral (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD2.60 Market
More informationSell (from Neutral) A Massive Miss. Energy & Petrochemicals - Oil & Gas Services Target Price: SGD2.00 Market Cap: USD3,808m Price: SGD2.
Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, 23 October 2015 Sembcorp Marine (SMM SP) Sell (from Neutral) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD2.00 Market Cap:
More informationTropicana Corp (TRCB MK) Buy (Maintained) Still On Track. Property - Real Estate Target Price: MYR2.19 Market Cap: USD450m Price: MYR1.
Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR2.19 Market Cap: USD450m Price: MYR1.34 Still On Track Macro Risks Growth Value 2.4 2.2 2.0 Price Close
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Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m 1 Results Review, CapitaLand Commercial Trust (CCT SP) Sell (Maintained) Property REITS Target Price: SGD1.15 Market Cap: USD3,041m Price: SGD1.44 A Pessimistic
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Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Vol m Company Update, 16 December 2015 SGX (SGX SP) Buy (Maintained) Financial Services - Exchanges Target Price: SGD8.13 Market Cap: USD5,769m Price: SGD7.57
More informationNot Rated. The Best Of Times. Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17
Jan-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Vol m Trading Idea, Marco Holdings (MARC MK) Not Rated Consumer Cyclical - Home & Office Products Target Price: MYR0.22 Market Cap: USD43.5m Price: MYR0.17 The
More information26 April 2018 Consumer Non-cyclical Education
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Vol m 26 April 2018 Consumer Non-cyclical Education Buy (Maintained) MindChamps Preschool Target Price: Price: SGD1.00 SGD0.82 Adding Four More Preschools In Sydney
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Sep-17 Nov-17 Dec-17 Jan-18 Mar-18 Apr-18 Vol m 1Q18 results announced on 9 May were in line Buy (Maintained) APAC Realty Target Price: Price: SGD1.35 SGD1.03 A Better Bet On Singapore Property Market
More informationTDM (TDM MK) Neutral. Decent Mid-Sized Planter With Long Term Potential
Company Update, TDM (TDM MK) Neutral Consumers Staples - Consumer Products Target Price: MYR0.97 Market Cap: USD425m Price: MYR0.91 Decent Mid-Sized Planter With Long Term Potential Macro Risks Growth
More informationResults Review. 3QFY13: Downsizing its workforce. Technology Bloomberg Ticker: UNI MK Bursa Code: November 2013
Results Review (Member of Alliance Bank group) PP7766/03/2013 (032116) 8 November 2013 Analyst Toh Woo Kim wookim@alliancefg.com +603 2604 3917 12-month upside potential Previous target price 0.89 Revised
More information24 February 2016 Consumer Non-cyclical Food & Beverage Products
Feb-15 Apr-15 Jun-15 Aug-15 Nov-15 Jan-16 Vol m 4Q15: in line Sell (Maintained) Petra Foods Target Price: Price: SGD2.00 SGD2.46 Small Sweetener For Shareholders Market Cap: USD1,072m Bloomberg Ticker:
More informationSell (Maintained) In a Tough Spot. Consumer Non-cyclical - Food & Beverage Products Target Price: SGD2.00 Market Cap: USD1,145m Price: SGD2.
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Results Review, 13 November 2015 Petra Foods (PETRA SP) Sell (Maintained) Consumer Non-cyclical - Food & Beverage Products Target Price: SGD2.00 Market Cap:
More informationBuy (Maintained) Expect More Margin Improvements. Consumer Cyclical - Retail Target Price: SGD0.97 Market Cap: USD882m Price: SGD0.
Sep-14 Nov-14 Jan-15 Mar-15 Jun-15 Jul-15 Vol m Company Update, 28 September 2015 Sheng Siong (SSG SP) Buy (Maintained) Consumer Cyclical - Retail Target Price: SGD0.97 Market Cap: USD882m Price: SGD0.84
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Results Review, 28 June 2013 Gamuda (GAM MK) Buy (Maintained) Industrial - Engineering & Construction Target Price: MYR5.45 Market Cap: USD3,226m Price: MYR4.56 3QFY13 Results Hurt By Arbitration Losses
More informationBuy (Maintained) Occupancy Levels Stable. Property - Real Estate Target Price: SGD0.57 Market Cap: USD227m Price: SGD0.43
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Results Review, 11 November 2015 Centurion Corp (CENT SP) Buy (Maintained) Property - Real Estate Target Price: SGD0.57 Market Cap: USD227m Price: SGD0.43
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Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Vol m 8 March 2017 Buy (Maintained) Sheng Siong Target Price: Price: SGD1.21 SGD0.94 Irrational Bidding For HDB Sites Has Perhaps Eased Market Cap: USD1,002m Bloomberg
More information15 February 2016 Transport Transportation
Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Vol m Neutral (Maintained) SATS Ltd Target Price: Price: SGD3.70 SGD3.84 Defensive Stock Despite Expensive Valuations Market Cap: USD3,055m Bloomberg Ticker: SATS
More informationBuy (Maintained) Island Of Calm. Energy & Petrochemicals - Oil & Gas Services Target Price: SGD10.00 Market Cap: USD9,475m Price: SGD7.
Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, Keppel Corp (KEP SP) Buy (Maintained) Energy & Petrochemicals - Oil & Gas Services Target Price: SGD10.00 Market Cap: USD9,475m Price: SGD7.29
More informationTake Profit (from Neutral) SIA Offers To Buy Tigerair s Minorities. Transport - Aviation Target Price: SGD0.41 Market Cap: USD727m Price: SGD0.
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m Corporate News Flash, 9 November 2015 Tiger Airways (TGR SP) Take Profit (from Neutral) Transport - Aviation Target Price: SGD0.41 Market Cap: USD727m Price:
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Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Jun-15 Vol m Results Review, 23 July 2015 CapitaLand Mall Trust (CT SP) Buy (Maintained) Property REITS Target Price: SGD2.42 Market Cap: USD5,423m Price: SGD2.14 Repositioning
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Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Vol m Company Update, 22 October 2015 XMH Holdings (XMH SP) Buy (Maintained) Property - Real Estate Target Price: SGD0.24 Market Cap: USD48.1m Price: SGD0.15 Vietnam
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Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Vol m n Company Update, 12 November 2015 Dairy Farm (DFI SP) Buy (from Neutral) Consumer Cyclical - Retail Target Price: USD7.80 Market Cap: USD8,370m Price: USD6.19
More information8 January 2018 Property Real Estate
Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Vol m Buy (from Neutral) CapitaLand Target Price: Price: SGD4.20 SGD3.65 Making The Right Moves Market Cap: USD11,679m Bloomberg Ticker: CAPL SP We are positive
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Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Vol m Initiating Coverage, Evergreen Fibreboard (EVF MK) Buy Agriculture - Timber Target Price: MYR1.11 Market Cap: USD104m Price: MYR0.73 Set To Resume Its Glory
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May-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Vol m FY17 results announced on 25 May 2017 were in line 31 May 2017 Neutral (from Buy) Valuetronics Target Price: Price: SGD0.81 SGD0.80 A Superb FY17 Market
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Nov-13 Jan-14 Apr-14 Jun-14 Aug-14 Oct-14 Vol m Results Review, Tropicana Corp (TRCB MK) Buy (Maintained) Property - Real Estate Target Price: MYR1.84 Market Cap: USD505m Price: MYR1.23 Disappointing Results
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Oct-14 Dec-14 Feb-15 Apr-15 Jul-15 Sep-15 Vol m Results Review, Ascendas REIT (AREIT SP) Buy (Maintained) Property - REITS Target Price: SGD2.55 Market Cap: USD4,234m Price: SGD2.45 Stellar Quarterly Results
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Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Vol m Buy (Maintained) United Overseas Bank Target Price: Price: SGD33.30 SGD25.92 Still a Play On Rising Interest Rates Market Cap: USD31,764m Bloomberg Ticker:
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Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Vol m 3 July 2018 Buy (Maintained) Kimly Target Price: Price: SGD0.46 SGD0.37 Moving Into Beverages Market Cap: USD313m Bloomberg Ticker: KMLY SP Maintain BUY,
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Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Vol m Results Review, KLCC Stapled Group (KLCCSS MK) Neutral (Maintained) Property - REITS Target Price: MYR7.06 Market Cap: USD3,352m Price: MYR7.29 Earnings
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Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Vol m 9 January 2017 Buy (Maintained) Spackman Target Price: Price: SGD0.32 SGD0.19 Next Hit - Golden Slumber in 2Q17 Market Cap: USD52.0m Bloomberg Ticker: SEG
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