UOA Development UOAD MK Sector: Property

Size: px
Start display at page:

Download "UOA Development UOAD MK Sector: Property"

Transcription

1 Dividend play In 2016, UOA has thus far launched two projects and plans to launch a third development this year. The total estimated gross development value (GDV) of these three projects is RM3.2bn. Unbilled sales remain healthy at RM1.1bn. Given the group s net cash position, we believe UOA is able to maintain a generous payout. Based on 55% payout, the stock offers an attractive yield of 5.6%. Maintain BUY with a revised target price of RM2.64 (from RM2.57 previously). RM3.2bn of new development, RM1.1bn of unbilled sales UOA has launched two projects this year, which are Danau Kota (previously known as Setapak Development) and soft launched United Point (previously known as Kepong V). UOA also plans to launch Desa Sentul (Phase I) in The total estimated gross development value (GDV) for these three projects are RM3.2bn. As at end-march 2016, group s unbilled sales remain healthy at RM1.1bn Strong balance sheet position vast opportunities With a net cash balance of RM670m as at 30 th March 2016, we believe UOA is able to maintain at least a 50% payout ratio. In FY16, based on 55% payout, the stock offers a decent net yield of 5.6%. In addition, the group is in a strong position to leverage on the current challenging markets for any potential land banking opportunities. Maintain BUY with a higher target price of RM2.64 We make no changes to our earnings forecasts. Maintain BUY on UOA with a revised target price of RM2.64 (from RM2.57 previously) on an updated shareholders fund. Target price is still based on 30% discount to RNAV. Given the current challenging property landscape, we like UOA primarily for its strong balance sheet position, exposure to Greater KL and generous dividend payout. Risk to recommendation Risk to our view is a sharper-than-expected slowdown in Klang Valley property market and high-end residential demand as well as further delay in the development of its Jalan Ipoh project. Earnings & Valuation Summary FYE 31 Dec E 2017E 2018E Revenue (RMm) EBITDA (RMm) Pretax profit (RMm) Net profit (RMm) EPS (sen) PER (x) Core net profit (RMm) Core EPS (sen) Core EPS growth (%) Core PER (x) Net DPS (sen) Dividend Yield (%) EV/EBITDA (x) Company Update UOA Development UOAD MK Sector: Property 21 June 2016 BUY (maintain) Upside 22% Price Target: RM2.64 Previous Target: RM2.57 Price Performance 1M 3M 12M Absolute -1.8% +0.5% +1.9% Rel to KLCI -2.4% +5.4% +7.1% Stock Data Issued shares (m) 1,519.7 Mkt cap (RMm)/(US$m) 3,282.5/814.7 Avg daily vol - 6mth (m) wk range (RM) Est free float 17% BV per share (RM) 2.14 P/BV (x) 1.01 Net cash/ (debt) (RMm) ROE (2016F) 10.5% Derivatives Nil Shariah Compliant Yes Key Shareholders UOA Ltd 68.5% Source: Affin, Bloomberg Sharifah Farah (603) farah.jamalullil@affinhwang.com Chg in EPS (%) Affin/Consensus (x) , Affin estimates Page 1 of 7

2 Strong balance sheet Have launched two projects this year As planned, UOA has launched two projects to-date; Danau Kota (previously known as Setapak Development) and soft launched United Point (previously known as Kepong V). Danau Kota Suite Apartments is a residential development comprises of 285 suite apartment and 25 units of 3- storey shop offices. The project is located in Setapak, near Jalan Genting Kelang, and it is close proximity to Wangsa Maju and Melati LRT stations. The sizes of the apartment units range from 818sqft to 1,012sqft with pricing from RM517k. The project has an estimated GDV of RM230m. United Point Residence is a freehold mixed integrated project comprises of three blocks of residential and commercial units. The project is located in Kepong with an estimated GDV of RM1.5bn. UOA targets to also launch Desa Sentul (phase II) this year, which also has an estimated GDV of RM1.5bn. Fig 1: 2016 remaining launches Unbilled sales of RM1.1bn As at 30 th March 2016, UOA s unbilled sales stood at a healthy RM1.1bn. These include South View Serviced Apartments, South Bank in Old Klang Road, Desa Sentul Phase 1 and Desa Green Serviced Apartments. Fig 2: Unbilled sales breakdown by project (RMm) Page 2 of 7

3 Fig 3: Current development as at 30 th March 2016 Fig 4: Lands to be developed Strong balance sheet for potential opportunities With a net cash balance of RM670m as at 30 th March 2016, we believe UOA is in good position to weather the current challenging environment, while at the same time is able to leverage on any potential land banking opportunities. The group maintains its current strategy to focus solely on the Greater KL area. Fig 5: Net cash balance over the last six years Page 3 of 7

4 Attractive dividend yield of 5.6% Given the group s strong balance sheet position, we believe UOA is able to maintain at least a 50% payout ratio. In FY16, based on 55% payout, the stock offers a decent net yield of 5.6%. Fig 6: Dividend payout trend Source: UOA Development, Affin Hwang estimate Maintain BUY with a higher target price of RM2.64 We make no changes to our earnings forecasts. Maintain BUY on UOA with a revised target price of RM2.64 (from RM2.57 previously) on an updated shareholders fund. Target price is still based on 30% discount to RNAV. Given the current challenging property landscape, we like UOA primarily for its strong balance sheet position, exposure to Greater KL and generous dividend payout. Risk to recommendation Risk to our view is a sharper-than-expected slowdown in Klang Valley property market and high-end residential demand as well as further delay in the development of its Jalan Ipoh project. Page 4 of 7

5 Fig 7: UOA s RNAV valuation, Affin Hwang estimate Page 5 of 7

6 UOA Development FINANCIAL SUMMARY Source: UOA Development, Affin Hwang estimate Page 6 of 7

7 Equity Rating Structure and Definitions BUY Total return is expected to exceed +10% over a 12-month period HOLD Total return is expected to be between -5% and +10% over a 12-month period SELL Total return is expected to be below -5% over a 12-month period NOT RATED Affin Hwang Investment Bank Berhad does not provide research coverage or rating for this company. Report is intended as information only and not as a recommendation The total expected return is defined as the percentage upside/downside to our target price plus the net dividend yield over the next 12 months. OVERWEIGHT Industry, as defined by the analyst s coverage universe, is expected to outperform the KLCI benchmark over the next 12 months NEUTRAL Industry, as defined by the analyst s coverage universe, is expected to perform inline with the KLCI benchmark over the next 12 months UNDERWEIGHT Industry, as defined by the analyst s coverage universe is expected to under-perform the KLCI benchmark over the next 12 months This report is intended for information purposes only and has been prepared by Affin Hwang Investment Bank Berhad (14389-U) (formerly known as HwangDBS Investment Bank Berhad) ( the Company ) based on sources believed to be reliable. However, such sources have not been independently verified by the Company, and as such the Company does not give any guarantee, representation or warranty (express or implied) as to the adequacy, accuracy, reliability or completeness of the information and/or opinion provided or rendered in this report. Facts, information, views and/or opinion presented in this report have not been reviewed by, may not reflect information known to, and may present a differing view expressed by other business units within the Company, including investment banking personnel. Reports issued by the Company, are prepared in accordance with the Company s policies for managing conflicts of interest arising as a result of publication and distribution of investment research reports. Under no circumstances shall the Company, its associates and/or any person related to it be liable in any manner whatsoever for any consequences (including but are not limited to any direct, indirect or consequential losses, loss of profit and damages) arising from the use of or reliance on the information and/or opinion provided or rendered in this report. Any opinions or estimates in this report are that of the Company, as of this date and subject to change without prior notice. Under no circumstances shall this report be construed as an offer to sell or a solicitation of an offer to buy any securities. The Company and/or any of its directors and/or employees may have an interest in the securities mentioned therein. The Company may also make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in this report. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial status, risk and return preferences and hence an independent evaluation is essential. Investors are advised to independently evaluate particular investments and strategies and to seek independent financial, legal and other advice on the information and/or opinion contained in this report before investing or participating in any of the securities or investment strategies or transactions discussed in this report. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. The Company s research, or any portion thereof may not be reprinted, sold or redistributed without the consent of the Company. The Company, is a participant of the Capital Market Development Fund-Bursa Research Scheme, and will receive compensation for the participation. This report is printed and published by: Affin Hwang Investment Bank Berhad (14389-U) (formerly known as HwangDBS Investment Bank Berhad) A Participating Organisation of Bursa Malaysia Securities Bhd Chulan Tower Branch, 3rd Floor, Chulan Tower, No 3, Jalan Conlay, Kuala Lumpur. affin.research@affinhwang.com Tel : Fax : Page 7 of 7

Tropicana TRCB MK Sector: Property

Tropicana TRCB MK Sector: Property Disposal of 251 acres of land in Johor We are positive on Tropicana s announcement to dispose 251.6 acres of freehold land in Gelang Patah, as this will reduce its exposure in Johor, as well as lock in

More information

Star Media STAR MK Sector: Media

Star Media STAR MK Sector: Media Print remains under pressure We expect prospects for the print media industry to remain weak in 2016 given the challenging market environment, poor consumer sentiment as well as the structurally declining

More information

IHH Healthcare IHH MK Sector: Healthcare & Pharmaceuticals

IHH Healthcare IHH MK Sector: Healthcare & Pharmaceuticals Inpatient admissions accelerated in 1Q16 Core net profit grew by a tepid 5% yoy in 1Q16, but we deemed this in-line with expectations. Revenue and EBITDA grew by 24% yoy and 17% yoy in the quarter, driven

More information

Sime Darby SIME MK Sector: Plantation

Sime Darby SIME MK Sector: Plantation A good end to the year Sime Darby s (SIME) FY17 core net profit of RM2.69bn (+1.4% yoy) came in above expectations. The variance was mainly due to higherthan-expected contribution from the plantation and

More information

Sime Darby SIME MK Sector: Plantation

Sime Darby SIME MK Sector: Plantation 9MFY17 results below expectations SIME s 9MFY17 core net profit of RM1.58bn (+64.2% yoy) came in below expectations. The variance was mainly due to a lower-thanexpected contribution from the property and

More information

Bumi Armada BAB MK Sector: Oil & Gas

Bumi Armada BAB MK Sector: Oil & Gas Clearer skies from here on BAB reported a 2Q17 revenue of RM694.4m (+71.8% qoq, +72.4% yoy) and headline profit of RM116.6m (+142.3% qoq, +122.5% yoy). After adjusting for the one-offs (big-ticket items

More information

MMC MMC MK Sector: Utilities

MMC MMC MK Sector: Utilities Weakness continues into 2Q MMC reported a lacklustre set of earnings for 1H17, as PATAMI of RM118m (-3 yoy) was below expectations. 1H17 results constituted 22% of our and consensus full year forecast.

More information

Ta Ann TAH MK Sector: Timber

Ta Ann TAH MK Sector: Timber Plantation taking the lead We believe Ta Ann s plantation division is likely to take the lead in 2016. The rising FFB and CPO production coupled with better CPO prices should provide future earnings growth

More information

Uchi Tech UCHI MK Sector: Technology

Uchi Tech UCHI MK Sector: Technology Still all about its yields Uchi s stock price has righfully re-rated over the past 2 years on its attractive valuations and above-average dividend yields. While the latter remains attractive at just under

More information

IOI Corp IOI MK Sector: Plantation

IOI Corp IOI MK Sector: Plantation Waiting IOI has made its submissions and is awaiting an official reply from the RSPO Complaint Panel on its application to lift the certification suspension. We believe the decline in market capitalisation

More information

CIMB Group CIMB MK Sector: Banking

CIMB Group CIMB MK Sector: Banking Group s outlook stabilizing We believe that the CIMB Group is on track for an earnings recovery subsequent to being bogged down with hefty provision costs from Indonesia as well as a restructuring and

More information

CIMB Group CIMB MK Sector: Banking

CIMB Group CIMB MK Sector: Banking Indonesia a glimpse to better results ahead CIMB Niaga released a stronger set of results for 2Q16. We remain convinced that CIMB Group is on track for an earnings recovery and the Group s 2Q16 results

More information

Petra Energy PENB MK Sector: Oil & Gas

Petra Energy PENB MK Sector: Oil & Gas Small hiccup, turnaround remains in motion Petra Energy (PENB) remains a strong contender to win the upcoming modification, construction and maintenance (MCM) contract from Petronas, which is to be split

More information

Sunway Construction. BUY (maintain) Upside 28% 18 April Price Target: RM1.98 Previous Target: RM1.74. Company Update.

Sunway Construction. BUY (maintain) Upside 28% 18 April Price Target: RM1.98 Previous Target: RM1.74. Company Update. More to come Sunway Construction (Suncon) was awarded the RM1.2bn Klang Valley MRT Line 2 (MRT2) project on 29 March 2016. This lifts its order book to RM4.8bn, equivalent to 2.5x FY15 revenue, improving

More information

IOI Corp IOI MK Sector: Plantation

IOI Corp IOI MK Sector: Plantation Focused on lifting of RSPO suspension IOI is focused on taking corrective actions for early lifting of the RSPO membership suspension. We believe a prolonged suspension will have significant impact on

More information

Malaysia- Fiscal policy

Malaysia- Fiscal policy Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 22 July 2016 Higher oil prices may provide some fiscal flexibility

More information

Gabungan AQRS AQRS MK Sector: Construction & Infra

Gabungan AQRS AQRS MK Sector: Construction & Infra Affordable housing focus We upgrade our call on Gabungan AQRS (GAQRS) to a BUY from Sell previously and revise up our target price (TP) to RM1.20 from RM0.70. We believe prospects for GAQRS to grow its

More information

Sunway Bhd SWB MK Sector: Property

Sunway Bhd SWB MK Sector: Property Two is greater than one We are positive on the proposed listing of Sunway Construction Group (SCG). We foresee keen investor demand for SCG shares in view of the positive construction sector outlook and

More information

Chin Hin CHIN MK Sector: Building Materials

Chin Hin CHIN MK Sector: Building Materials Sustainability and expansion Chin Hin is the largest manufacturer of Autoclaved Aerated Concrete AAC blocks in Malaysia and management is expanding its manufacturing facilities and product range including

More information

AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL

AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL Bank Indonesia cut its reference rate by 25bps to 6.5% This was in tandem with slower global growth and Fed pause on rate Bank Indonesia (BI) unexpectedly cut BI reference rate by 25bps to 6.5% on the

More information

Sunway Construction SCGB MK Sector: Construction

Sunway Construction SCGB MK Sector: Construction Building jobs replenishment; upgrading to Buy We upgrade Sunway Construction (Suncon) to BUY from Hold with an unchanged 12M TP of RM2.45, based on a 10% discount to RNAV. We believe Suncon is an apolitical

More information

UOA Development Berhad

UOA Development Berhad KDN: PP 10744/06/2012 06 January 2012 Initiating Coverage UOA Development Berhad Thriving on fast track business model INVESTMENT HIGHLIGHTS Successful niche market developers: UOA Development Berhad (UOA)

More information

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL GENERAL

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL GENERAL 4 August ASEAN manufacturing PMI fell below 50 in July Drop in Asean s manufacturing PMI may be due to seasonal factors IHS Markit s ASEAN Manufacturing Purchasing Managers Index (PMI) fell to 49.3 in

More information

Lafarge Malaysia LMC MK Sector: Building Materials

Lafarge Malaysia LMC MK Sector: Building Materials A tough year Weak domestic demand and oversupply of cement has put pressure on average selling prices (ASPs). Coupled with disappointing 2H16 results, the year looks gloomy for Lafarge. Profit margin is

More information

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN GENERAL IMF upgraded ASEAN GDP growth forecast for ASEAN economies to benefit from strong economic growth in China The International Monetary Fund (IMF) recently upgraded ASEAN GDP growth projection for in its

More information

Small Acquisition in Bangsar South

Small Acquisition in Bangsar South UOA Development Bhd Small Acquisition in Bangsar South By Sarah Lim l sarahlim@kenanga.com.my News UOAD announced that it has acquired 2 ordinary shares of RM1.00 each in Fabullane Development S/B which

More information

OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG GENERAL

OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG GENERAL 8 September ASEAN manufacturing PMI rose above 50 in August Indonesia inflation rate slowed slightly to 3.82% ASEAN purchasing managers index (PMI) rose above 50 level to 50.4 in August, after falling

More information

Supermax. Rubber Gloves. Company Update. Bouncing back in BUY (maintain) Price Target: RM2.60 ( ) 26 January 2012

Supermax. Rubber Gloves. Company Update. Bouncing back in BUY (maintain) Price Target: RM2.60 ( ) 26 January 2012 Rubber Gloves 26 January 2012 PP 10251/07/2012(030525) Company Update Supermax SUCB MK RM2.20 BUY (maintain) Bouncing back in 2012 Bright skies ahead We recently visited Supermax to get an update on the

More information

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN BOT raised GDP growth forecasts for and 2018 BOT kept its policy rate unchanged at 1.5% for eighteen straight month Bank of Thailand (BOT) maintained its policy rate, i.e. one-day repurchase rate, at 1.5%

More information

Malaysia- GDP & BOP 1Q17

Malaysia- GDP & BOP 1Q17 Real GDP growth surprised on the upside in 1Q17 Real GDP growth rose by 5.6% in 1Q17, exceeding market expectations Malaysia s real GDP growth rose by 5.6% yoy in 1Q17 (4.5% in 4Q16), significantly higher

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Result Review Friday, February 17, 2017 KDN PP17686/03/2013(032117) I-BERHAD Outperform DESCRIPTION The developer of a soon-to-be booming ultrapolis in Shah

More information

Market Access. Results Review (4Q14) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Thursday, May 28, 2015

Market Access. Results Review (4Q14) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Thursday, May 28, 2015 M&A Securities Results Review (4Q14) PP14767/09/2012(030761) Genting Plantations Berhad Thursday, May 28, 2015 HOLD (TP: RM10.77) Hit by Plantation-Malaysia Segment Results Review Actual vs. expectations.

More information

Technology. Focus: Optical sensing & Communication. Neutral (maintain) Sector Update

Technology. Focus: Optical sensing & Communication. Neutral (maintain) Sector Update Focus: Optical sensing & Communication Our alliance partner, Daiwa, recently issued a thematic report on the Optical Sensing and Communication (OSC) sector, focusing on the sector s large market potential

More information

Eastern & Oriental Berhad

Eastern & Oriental Berhad 16 November 2017 Briefing Note Eastern & Oriental Berhad Reclamations work of STP2A is progressing well Maintain BUY Unchanged Target Price (TP): RM2.37 INVESTMENT HIGHLIGHTS Improved earnings in 1HFY18

More information

HSS Engineers HSS MK Sector: Engineering Construction

HSS Engineers HSS MK Sector: Engineering Construction Positive prospects HSS could secure more contracts like ECRL, Pan Borneo and HSR with its tender book of RM2-300m. We tweaked our FY17E earnings to reflect better timing in securing new contracts and progress

More information

Sunway Construction. BUY (maintain) Upside 17%

Sunway Construction. BUY (maintain) Upside 17% Record revenue target Sunway Construction (SunCon) expects better performance in FY17 with a revenue target of RM2bn based on its current order book of RM4.8bn. It also targets to replenish its order book

More information

Sapura Energy SAPE MK Sector: Oil & Gas

Sapura Energy SAPE MK Sector: Oil & Gas Still cautious Despite the 76% decline in SAPE s share price over the past 12 months, we believe it is still too early to revisit the stock. Downside risks remain from potential impairment, negative earnings

More information

Careplus Group CPG MK Sector: Rubber Products

Careplus Group CPG MK Sector: Rubber Products An emerging force Careplus is an emerging small-sized rubber-gloves manufacturer with an ambitious expansion plan. The company has doubled its capacity to 4bn units in the past 4 years and set its target

More information

Top Glove TOPG MK Sector: Rubber Products

Top Glove TOPG MK Sector: Rubber Products 7 June 2016 Speed bump Top Glove, a country top pick, is set to announce 3Q FY16 results next week. We project core net profit to be weaker qoq at RM8090m, on overall lower ASPs, higher raw material prices

More information

Results Review. 3QFY13: Downsizing its workforce. Technology Bloomberg Ticker: UNI MK Bursa Code: November 2013

Results 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 information

Pharmaniaga 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 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 information

Sunway Berhad Acquires Land in Wangsa Maju

Sunway Berhad Acquires Land in Wangsa Maju A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Sunway Berhad Acquires Land in Wangsa Maju THIS REPORT IS STRICTLY FOR INTERNAL

More information

Eastern & Oriental Berhad Earnings improved

Eastern & Oriental Berhad Earnings improved 15 November 2017 2QFY18 Results Review Eastern & Oriental Berhad Earnings improved Maintain BUY Unchanged Target Price (TP): RM2.37 INVESTMENT HIGHLIGHTS 1HFY18 core net income within expectations Earnings

More information

Market Access. Results Review (2Q15) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Wednesday, August 26, 2015

Market Access. Results Review (2Q15) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Wednesday, August 26, 2015 M&A Securities Results Review (2Q15) PP14767/09/2012(030761) Genting Plantations Berhad Wednesday, August 26, 2015 HOLD (TP: RM9.66) Hit by Plantation-Malaysia Segment Results Review Actual vs. expectations.

More information

MARKET PERFORM. FY15 Below Expectations. Results Note. Price: RM1.21 Target Price: RM1.39. By The Kenanga Research Team /

MARKET 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 information

Malaysian Resources Corp

Malaysian Resources Corp Malaysian Resources Corp Sunnier Days By Adrian Ng l adrian.ng@kenanga.com.my FY17 CNP of RM101.2m came in above our, but below consensus, full-year estimates, at 130%/91%. Property sales of RM1.4b also

More information

Market Access. Results Review (4Q16) M&A Securities. Scientex Berhad. Unstoppable Growth Amid Challenging Times. Tuesday, September 27, 2016

Market 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 information

Sunway Bhd. Property. Company Update. Moving big into Medini Iskandar. BUY (maintain) Price Target: RM2.79 ( ) 20 December 2011

Sunway Bhd. Property. Company Update. Moving big into Medini Iskandar. BUY (maintain) Price Target: RM2.79 ( ) 20 December 2011 Property 20 December 2011 KDN: PP 10251/07/2012(030525) Company Update Sunway Bhd SWB MK RM2.37 BUY (maintain) Price Target: RM2.79 ( ) 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Aug-11 Sep-11 Oct-11 Nov-11 Price

More information

Plantation. Inventory rises as production exceeds exports. NEUTRAL (maintain) Sector Update

Plantation. Inventory rises as production exceeds exports. NEUTRAL (maintain) Sector Update 12 September 217 Inventory rises as production exceeds exports CPO production in August decreased slightly mom on the back of lower production from the Peninsular and Sabah regions. Meanwhile, exports

More information

Sunway Berhad. OUTPERFORM Price: RM2.65 Target Price: RM3.08 KENANGA RESEARCH. Within expectations. Results Note KENANGA RESEARCH.

Sunway 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 information

Replenishes in Landbank in KL

Replenishes in Landbank in KL Sunway Berhad MARKET PERFORM Cum/Ex-Price : RM3.93/RM1.68 Replenishes in Landbank in KL Cum/Ex-Target Price : RM3.87/RM1.66 By Adrian Ng l adrian.ng@kenanga.com.my; Sarah Lim l sarahlim@kenanga.com.my

More information

UEM Sunrise Berhad Strengthening presence in Klang Valley

UEM 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 information

Above Expectations. Results Note. Price: RM1.69 Target Price: RM1.85. By Adrian Ng l

Above 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 information

Maintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES

Maintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES 18 May 2017 Corporate Update Mah Sing Group Berhad Acquiring Titiwangsa Land for RM60m INVESTMENT HIGHLIGHTS Acquiring Titiwangsa land for RM60m Valuation is fair in our view Positive on the news Earnings

More information

Sunway Berhad TP: RM3.27 (+4.0%) First Land Deal in 2017

Sunway Berhad TP: RM3.27 (+4.0%) First Land Deal in 2017 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, 13 February 2017 FBMKLCI: 1,698.94 Sector:

More information

Maintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES

Maintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES 14 September 2015 Corporate Update Mah Sing Group Berhad Strong balance sheet to weather challenges in the sector INVESTMENT HIGHLIGHTS RM1.06b sales for 7MFY15. Healthy balance sheet with net cash position.

More information

Market Access. Results Review 2Q16. M&A Securities. RHB Capital Berhad. Recovery in Decent Traction. Thursday, August 25, 2016 BUY (TP: RM5.

Market Access. Results Review 2Q16. M&A Securities. RHB Capital Berhad. Recovery in Decent Traction. Thursday, August 25, 2016 BUY (TP: RM5. M&A Securities Results Review 2Q16 PP14767/09/2012(030761) RHB Capital Berhad BUY (TP: RM5.80) Thursday, August 25, 2016 Recovery in Decent Traction Results Review Actual vs. expectations. RHB Bank Berhad

More information

George Kent (M) Bhd Broadly Within

George Kent (M) Bhd Broadly Within George Kent (M) Bhd Broadly Within 1Q19 C of RM18.9m came in broadly within expectations at 13% each of our/consensus estimates. No dividends declared, as expected. No changes to FY19-20E earnings. Upgrade

More information

Rough Start. Results Note. Price: RM5.40 Target Price: RM4.95. By Desmond Chong l

Rough Start. Results Note. Price: RM5.40 Target Price: RM4.95. By Desmond Chong l UMW Holdings Rough Start By Desmond Chong l cwchong@kenanga.com.my 1Q16 core PATAMI of RM16.9m (>100% QoQ; -90% YoY) came in way below estimates, making up only 5% of both our and consensus estimates.

More information

MEDIA PRIMA (HOLD, EPS )

MEDIA PRIMA (HOLD, EPS ) MEDIA PRIMA (HOLD, EPS ) INDUSTRY: NEUTRAL EARNINGS EVALUATION 3Q results: Cost control lift earnings Results 9MFY13 core PATAMI grew by 11% to RM150.7m (13.81 sen/share), making up 75% and 70% of ours

More information

Market Access. M&A Securities. Results Review (1Q15) TSH Resources Berhad HOLD (TP: RM2.38) A Tough Quarter - More Room to Grow.

Market Access. M&A Securities. Results Review (1Q15) TSH Resources Berhad HOLD (TP: RM2.38) A Tough Quarter - More Room to Grow. M&A Securities Results Review (1Q15) PP14767/09/2012(030761) TSH Resources Berhad Thursday, May 21, 2015 HOLD (TP: RM2.38) A Tough Quarter - More Room to Grow Results Review Actual vs. expectations. TSH

More information

A nitrile glove price war looming ahead

A nitrile glove price war looming ahead Rubber Gloves April 1 PP 151/7/1(355) Sector Update NEUTRAL (downgrade) Absolute Performance (%) 1M 3M 1M Kossan -5. -.3 -. Supermax -.5-3. -1.7 Top Glove -. -1. -13.7 Hartalega -. +3. +3. Adventa -1.3-7.

More information

Hua Yang Berhad OUTPERFORM KENANGA RESEARCH. 1 st Landbanking in FY14. Quick Bites. Price: RM3.09. Target Price: RM3.52 KENANGA RESEARCH.

Hua Yang Berhad OUTPERFORM KENANGA RESEARCH. 1 st Landbanking in FY14. Quick Bites. Price: RM3.09. Target Price: RM3.52 KENANGA RESEARCH. Quick Bites 18 June 2013 Hua Yang Berhad OUTPERFORM Price: RM3.09 1 st Landbanking in FY14 Target Price: RM3.52 News Proposed acquisition of 3.73ac in Sri Kembangan for RM56.9m or RM250psf. The land is

More information

Hua Yang Berhad TP: RM1.09 (+2.4%) Subdued Results, Timely Launch of Projects the Key

Hua Yang Berhad TP: RM1.09 (+2.4%) Subdued Results, Timely Launch of Projects the Key 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 Thursday, 19 January 2017 FBMKLCI: 1,665.02 Sector: Property Hua Yang Berhad

More information

LBS Bina Group Transformed developer

LBS Bina Group Transformed developer 12 November 2012 Small-cap highlights LBS Bina Group Transformed developer Target Price: RM1.02 Not rated INVESTMENT HIGHLIGHTS Transformed entity, more high-margin products (medium-high end residential)

More information

A Weak Quarter. Results Note. Price: RM3.70 Target Price: RM3.70. By Sarah Lim l PP7004/02/2013(031762) Page 1 of 5

A Weak Quarter. Results Note. Price: RM3.70 Target Price: RM3.70. By Sarah Lim l PP7004/02/2013(031762) Page 1 of 5 IJM Land Berhad A Weak Quarter By Sarah Lim l sarahlim@kenanga.com.my Period 3Q15/9M15 OUTPERFORM Share Price Performance Price: RM3.70 Target Price: RM3.70 Actual vs. Expectations Dividends Key Results

More information

Braving tough times. Company Update. Price: RM3.06. Target Price of RM3.23.

Braving tough times. Company Update. Price: RM3.06. Target Price of RM3.23. Sunway Berhad MARKET Price: RM3.06 Braving tough times Target Price: RM3.23 By Adrian Ng l adrian.ng@kenanga.com.my; Sarah Lim l sarahlim@kenanga.com.my Yesterday, we attended SUNWAY s briefing hosted

More information

Sunway Bhd. Property. Company Update. Doubling Iskandar Malaysia land bank. ADD (maintain) Price Target: RM2.55 ( ) 5 December 2012

Sunway Bhd. Property. Company Update. Doubling Iskandar Malaysia land bank. ADD (maintain) Price Target: RM2.55 ( ) 5 December 2012 Property 5 December 2012 KDN: PP 10251/07/2013(032736) Company Update Sunway Bhd SWB MK RM2.30 ADD (maintain) Price Target: RM2.55 ( ) RM 3.00 2.50 2.00 1.50 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Price

More information

Market Access. Results Review 1Q16. M&A Securities. Digi.Com Berhad. Equipped for Competition BUY (TP:RM5.75) Results Review

Market Access. Results Review 1Q16. M&A Securities. Digi.Com Berhad. Equipped for Competition BUY (TP:RM5.75) Results Review M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM5.75) Monday, April 25, 2016 Equipped for Competition Results Review Actual vs. expectations. Digi.Com (Digi) started

More information

Below Expectations. Results Note. Price: RM6.95 Target Price: RM4.89. By Desmond Chong l PP7004/02/2013(031762) Page 1 of 5

Below Expectations. Results Note. Price: RM6.95 Target Price: RM4.89. By Desmond Chong l PP7004/02/2013(031762) Page 1 of 5 UMW Holdings Below Expectations By Desmond Chong l cwchong@kenanga.com.my Period Actual vs. Expectations Dividends Key Result Highlights 4Q15 / FY15 Below expectations. The group reported 4Q15 normalised

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Results Review Thursday, November 26, 2015 KDN PP17686/03/2013(032117) PRESTARIANG Outperform DESCRIPTION An ICT service provider focusing on ICT training and

More information

Shaping a Sustainable Future

Shaping a Sustainable Future Sunway Berhad MARKET PERFORM Cum/Ex-Price: RM3.73/RM1.60 Shaping a Sustainable Future Cum/Ex-Target Price: RM3.87/RM1.66 By Adrian Ng l adrian.ng@kenanga.com.my; Sarah Lim l sarahlim@kenanga.com.my We

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Company Update Tuesday, May 05, 2015 KDN PP17686/03/2013(032117) UEM SUNRISE BERHAD Outperform DESCRIPTION Malaysia s largest property developer by market cap,

More information

Syarikat Takaful Malaysia Berhad Ending on a high note

Syarikat Takaful Malaysia Berhad Ending on a high note 25 January 2017 4QFY16 Results Review Syarikat Takaful Malaysia Berhad Ending on a high note Maintain BUY Unchanged Target Price (TP): RM4.84 INVESTMENT HIGHLIGHTS Syarikat Takaful Malaysia Bhd (STMB)

More information

Banking. OPR cut effect yet to be seen. Overweight (maintain) Sector Update

Banking. OPR cut effect yet to be seen. Overweight (maintain) Sector Update OPR cut effect yet to be seen July loan growth continued to trend lower as loan growth for business (+3.7% yoy, 0.1% mom) and household (+5.7% yoy, +0.3% mom) continue to struggle. The effect of the OPR

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Results Review Wednesday, February 28, 2018 KDN PP17686/03/2013(032117) PRESTARIANG Outperform DESCRIPTION An ICT service provider focusing on ICT training

More information

Tenaga Nasional New policy underpins rising dividend potential

Tenaga Nasional New policy underpins rising dividend potential 13 December 2016 Corporate Update Tenaga Nasional New policy underpins rising dividend potential Maintain BUY Unchanged (TP): RM16.80 Tenaga announced a new dividend policy of a 30%-50% earnings payout

More information

Market Access. Briefing Notes. M&A Securities. Digi.Com Berhad. 4G is the Way Forward BUY (TP:RM6.10)

Market Access. Briefing Notes. M&A Securities. Digi.Com Berhad. 4G is the Way Forward BUY (TP:RM6.10) M&A Securities Briefing Notes PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM6.10) Tuesday, September 08, 2015 4G is the Way Forward Digi hosted its Analyst s Day yesterday where the senior management

More information

UEM Sunrise Berhad Disposal of Canada land for RM373m

UEM Sunrise Berhad Disposal of Canada land for RM373m 1 14 March 2017 Corporate Update UEM Sunrise Berhad Disposal of Canada land for RM373m Maintain NEUTRAL Adjusted Target Price (TP): RM1.04 (Previously RM1.03) INVESTMENT HIGHLIGHTS Disposal of land in

More information

Eco World Development Group Berhad

Eco World Development Group Berhad 10 June 2016 Corporate Update Eco World Development Group Berhad Landbanking at Bukit Raja, Klang Maintain BUY Adjusted Target Price (TP): RM1.68 (Previously RM1.62) INVESTMENT HIGHLIGHTS Acquiring 50%

More information

Titijaya Land Bhd Fair Value: RM 1.50 A Barometer of Investors Mood in Property IPO. Not rated. Main Market Listing IPO

Titijaya Land Bhd Fair Value: RM 1.50 A Barometer of Investors Mood in Property IPO. Not rated. Main Market Listing IPO MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Friday, November 15 2013 FBM KLCI: 1,784.20 Sector: Property Titijaya Land Bhd Fair Value: RM

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Results Review Friday, February 26, 2016 KDN PP17686/03/2013(032117) PRESTARIANG Outperform DESCRIPTION An ICT service provider focusing on ICT training and

More information

Market Access. Results Review 4Q15. M&A Securities. Digi.Com Berhad. Survives the Headwinds BUY (TP:RM5.90) Results Review

Market Access. Results Review 4Q15. M&A Securities. Digi.Com Berhad. Survives the Headwinds BUY (TP:RM5.90) Results Review M&A Securities Results Review 4Q15 PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM5.90) Wednesday, February 10, 2016 Results Review Survives the Headwinds Current Price (RM) New Fair Value (RM) Previous

More information

Market Access. M&A Securities. Results Review 2Q15. Axiata Group Berhad. Satisfactory, Need to Push in 2H15. Friday, August 21, 2015 HOLD (TP:RM7.

Market Access. M&A Securities. Results Review 2Q15. Axiata Group Berhad. Satisfactory, Need to Push in 2H15. Friday, August 21, 2015 HOLD (TP:RM7. M&A Securities Results Review 2Q15 PP14767/09/2012(030761) Axiata Group Berhad Friday, August 21, 2015 HOLD (TP:RM7.10) Satisfactory, Need to Push in 2H15 Results Review Actual vs. expectations. Axiata

More information

Signature International Berhad Cooking up better growth ahead

Signature International Berhad Cooking up better growth ahead 09 May 2017 Small Cap Highlight Signature International Berhad Cooking up better growth ahead INVESTMENT HIGHLIGHTS Orderbook of RM220m Facility expansion to cater for more value-added products Tapping

More information

UEM Sunrise Berhad. Maintain NEUTRAL. 1HFY17 earnings in line

UEM Sunrise Berhad. Maintain NEUTRAL. 1HFY17 earnings in line 1 24 August 2017 2QFY17 Results review UEM Sunrise Berhad 1HFY17 earnings in line Maintain NEUTRAL Unchanged Target Price (TP): RM1.24 INVESTMENT HIGHLIGHTS 1HFY17 earnings within expectation Sales of

More information

UEM Sunrise Berhad Earnings boosted by land sales

UEM Sunrise Berhad Earnings boosted by land sales 1 21 November 2017 3QFY17 Results Review UEM Sunrise Berhad Earnings boosted by land sales Upgrade to BUY Unchanged Target Price (TP): RM1.24 INVESTMENT HIGHLIGHTS 9MFY17 earnings boosted by land sales

More information

IOI Properties Group Berhad Earnings on track

IOI Properties Group Berhad Earnings on track 23 November 2016 1QFY17 Results Review IOI Properties Group Berhad Earnings on track Maintain NEUTRAL Unchanged Target Price (TP): RM2.34 INVESTMENT HIGHLIGHTS Earnings within expectations Growing earnings

More information

Axis REIT UNDERPERFORM. Splitting for Better Liquidity. Quick Bites. Price /Ex-Price: RM3.55/RM1.78 TP/Ex-Split: RM3.27/RM1.64

Axis REIT UNDERPERFORM. Splitting for Better Liquidity. Quick Bites. Price /Ex-Price: RM3.55/RM1.78 TP/Ex-Split: RM3.27/RM1.64 Axis REIT Splitting for Better Liquidity By Sarah Lim l sarahlim@kenanga.com.my News Proposed a 1:2 share split, essentially doubling its unit base from 547.8m to 1.1b units. Comments We were positively

More information

Market Access. Briefing Notes. M&A Securities. BIMB Holdings Bhd BUY (TP:RM4.60) Shifting into High Gears

Market Access. Briefing Notes. M&A Securities. BIMB Holdings Bhd BUY (TP:RM4.60) Shifting into High Gears M&A Securities Briefing Notes PP14767/09/2012(030761) BIMB Holdings Bhd BUY (TP:RM4.60) Monday, October 12, 2015 Shifting into High Gears We attended post-1h15 results briefing organized by BIMB Holdings

More information

IOI Properties Group Berhad Ended FY18 on a weaker note

IOI Properties Group Berhad Ended FY18 on a weaker note 28 August 2018 4QFY18 Results Review IOI Properties Group Berhad Ended FY18 on a weaker note Maintain NEUTRAL Unchanged Target Price (TP): RM1.69 INVESTMENT HIGHLIGHTS FY18 earnings within our expectation

More information

Market Access. Results Review (3Q15) M&A Securities. Dutch Lady Milk Industries Berhad. Double Whammy. Wednesday, November 18, 2015 HOLD (TP: RM47.

Market 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 information

INVESTMENT HIGHLIGHTS

INVESTMENT 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 information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Results Review Tuesday, May 23, 2017 KDN PP17686/03/2013(032117) PRESTARIANG Outperform DESCRIPTION An ICT service provider focusing on ICT training and certification

More information

Market Access. M&A Securities. Results Review 1Q15. BIMB Holdings Bhd BUY (TP:RM4.84) Brilliant Beginning. Results Review

Market Access. M&A Securities. Results Review 1Q15. BIMB Holdings Bhd BUY (TP:RM4.84) Brilliant Beginning. Results Review M&A Securities Results Review 1Q15 PP14767/09/2012(030761) BIMB Holdings Bhd BUY (TP:RM4.84) Wednesday, May 27, 2015 Brilliant Beginning Results Review Actual vs. expectation. BIMB Holdings Berhad (BIMB)

More information

IOI Properties Group Berhad

IOI Properties Group Berhad 26 February 2018 2QFY18 Results Review IOI Properties Group Berhad Earnings dragged by property development division INVESTMENT HIGHLIGHTS 1HFY18 earnings below expectations Earnings dragged by property

More information

Sunway Unlocking value in construction

Sunway Unlocking value in construction Equity Malaysia Real Estate 22 September 2014 Buy Price RM3.36 Target price RM4.20 Market data Bloomberg code SWB MK No. of shares (m) 1,723.5 Market cap (RMm) 5,790.3 52-week high/low (RM) 3.36 / 2.55

More information

Gamuda Bhd Stellar quarter, construction margin peaked

Gamuda Bhd Stellar quarter, construction margin peaked KDN: PP 10744/05/2013 29 June 2012 3QFY12 Results Review Gamuda Bhd Stellar quarter, construction margin peaked Maintain BUY Revised Target Price (TP): RM4.27 (from RM4.40 previously) INVESTMENT HIGHLIGHTS

More information

UEM Sunrise Berhad New sales exceeded target in FY17

UEM Sunrise Berhad New sales exceeded target in FY17 1 28 February 2018 4QFY17 Results Review UEM Sunrise Berhad New sales exceeded target in FY17 Maintain BUY Unchanged Target Price (TP): RM1.26 INVESTMENT HIGHLIGHTS FY17 earnings below expectation Higher

More information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Company Update Friday, March 25, 2016 KDN PP17686/03/2013(032117) BERJAYA AUTO BERHAD Outperform DESCRIPTION Engaged in distribution of Mazda vehicles in Malaysia

More information