Tenaga Nasional. Company Guide
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- Lucinda Dennis
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1 Version 8 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 28 Jul 2017 BUY Last Traded Price ( 27 Jul 2017): RM14.24 (KLCI : 1,770.07) Price Target 12-mth: RM16.00 (12% upside) (Prev RM15.80) Shariah Compliant: Yes Analyst QUAH He Wei, CFA hewei@alliancedbs.com What s New 3QFY17 results missed expectations Dragged by lower-than-expected power demand growth, higher finance cost and tax expenses Cut FY17-19F earnings by 2%-4% Maintain BUY with revised TP of RM16.00 Price Relative RM Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 (LHS) Relative KLCI (RHS) Relative Index Forecasts and Valuation FY Aug (RM m) 2016A 2017F 2018F 2019F Revenue 44,532 45,963 46,712 47,474 EBITDA 14,919 15,254 15,731 16,089 Pre-tax Profit 8,067 8,212 8,350 8,464 Net Profit 7,368 7,147 7,600 7,535 Net Pft (Pre Ex.) 7,758 7,147 7,600 7,535 Net Pft Gth (Pre-ex) (%) 24.8 (7.9) 6.3 (0.9) EPS (sen) EPS Pre Ex. (sen) EPS Gth Pre Ex (%) 25 (8) 6 (1) Diluted EPS (sen) Net DPS (sen) BV Per Share (sen) 928 1,017 1,111 1,205 PE (X) PE Pre Ex. (X) P/Cash Flow (X) EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) ROAE (%) Earnings Rev (%): (4) (2) (3) Consensus EPS (sen): Other Broker Recs: B: 18 S: 3 H: 4 Source of all data on this page: Company, AllianceDBS, Bloomberg Finance L.P Smooth sailing Steady electricity demand. After experiencing stronger electricity demand growth of 4% in Peninsular Malaysia in FY16 due to the El-Niño phenomenon, consumption is set to normalise in FY17, growing in tandem with the relatively healthy economic expansion in Malaysia which is projected at 4%-5% in We believe electricity consumption will continue to grow steadily. Energy reform remains on track. The government is fully committed to the implementation of the Imbalance Cost Pass- Through (ICPT) which has removed the burden of fuel cost volatility and ensures strong earnings clarity for (TNB). More importantly, the gradual increase in piped gas price has quashed concerns over the government s commitment to address the gas subsidy rationalisation issue. TNB s revised dividend payout policy of 30%-50% is the result of improved earnings clarity after the implementation of ICPT. Where we differ. We project a 6% EPS growth in FY18 compared to consensus flattish EPS forecast. We expect any fuel cost increase to be fully passed through and electricity demand to continue to grow healthily, albeit at a moderated pace. Potential catalyst. TNB will be commissioning 3,000 MW worth of new power plants over the next two years, translating into a 25% increase in its existing generation capacity. These more efficient power plants will allow TNB to gain a higher market share. Also, a successful tariff adjustment to reflect higher generation cost could remove any doubts that TNB will remain earnings-neutral in an environment of rising fuel cost. Valuation: We have revised our DCF-derived TP to RM16.00 (WACC 7.6%, 1.5% terminal growth) after incorporating our earnings revision and rolling forward our valuation base to FY18. TNB is trading at an undemanding valuation despite improving earnings visibility arising from the incentive-based regulatory framework. Key Risks to Our View: Operational breakdown. Unplanned outages may result in the shortage of electricity which may necessitate expensive overseas procurement. At A Glance Issued Capital (m shrs) 5,659 Mkt. Cap (RMm/US$m) 80,584 / 18,839 Major Shareholders (%) Khazanah Nasional 28.3 EPF 15.7 Skim ASB 6.8 Free Float (%) m Avg. Daily Val (US$m) 29.7 ICB Industry : Utilities / Electricity Refer to important disclosures at the end of this report ed: JC / sa: BC
2 WHAT S NEW Weaker electricity consumption 3QFY17 below expectations. Excluding RM191m forex translation loss, TNB s 3QFY17 core earnings came in at RM1.77bn on the back of RM12.5bn in revenue. This takes 9MFY17 core profit to RM5.2bn, comprising 70% and 69% of our and consensus initial forecasts, respectively. The-lower-than-expected 9MFY17 earnings are largely attributable to: 1) weaker electricity sales growth of 0.7% for 9MFY17 (vs our 2.2% assumption), 2) substantially higher finance cost (+53% y-o-y) due to one-off recognition of interest payable to the government for the PPA savings fund held by TNB since 2013, and 3) higher effective tax rate of 15.5% (vs our 10% assumption). Low electricity sales. TNB s 3QFY17 electricity demand in Peninsular Malaysia dipped 2.4% y-o-y the first negative quarterly growth in recent years due to the high base effect in 3QFY16, when the El Nino-induced heat wave boosted sales by 6.2%. Coal-fired power generation remains high. While the coalfired generation mix remained high at 53% in 3QFY17, it moderated from 56% in 3QFY16 due to power outages at some coal-fired plants. Therefore, gas-fired generation mix improved to 41% in 3QFY17 from 40% in 3QFY16. Minimal contribution from overseas ventures. TNB s share of results of associates registered RM11m in losses in 3QFY17, compared to a RM19m profit in 3QFY16. We understand that its 30% associate, GAMA Enerji (Turkey) incurred losses during the quarter, and is only expected to perform better from FY18 onwards. ICPT to buffer increases in fuel cost. TNB reiterated during the results conference call that the expected higher fuel cost, especially arising from coal prices, will be earnings-neutral to the group as per the adjustment under the ICPT mechanism. The government still has RM500m in the PPA savings fund (from RM1.8bn as at May 2017) as it will be utilising RM1.3bn for the tariff subsidy of 2.54/kWh for Jul-Dec Therefore, there will be limited leeway for the government to subsidise subsequent increases in fuel costs in the future, if any. Healthy financials. TNB incurred RM7.54bn in capex in 9MFY17, 45% of which was utilised for new generation capacity. This is also the lowest amount spent over the past two years which reinforces our view that the peak capex cycle is over, which will then give management further leeway to increase TNB s dividend payout. Meanwhile, its balance sheet remains very healthy with a net gearing level of 37%. Earnings revision. We have revised down our FY17-19F earnings by 4%/2%/3% after imputing higher effective tax rate for FY17 as well as slower growth in electricity sales across those years. We have revised our DCF-derived TP (7.6% WACC, 1.5% TG) to RM16.00 after incorporating the earnings changes and rolling forward our valuation base to FY18. Page 2
3 Quarterly / Interim Income Statement (RMm) FY Aug 3Q2016 2Q2017 3Q2017 % chg yoy % chg qoq Revenue 12,129 11,162 12, Cost of Goods Sold (9,570) (9,342) (10,039) Gross Profit 2,559 1,821 2,511 (1.9) 37.9 Other Oper. (Exp)/Inc Operating Profit 2,747 1,979 2,713 (1.2) 37.1 Other Non Opg (Exp)/Inc (31.9) Associates & JV Inc (5.3) nm (107.8) Net Interest (Exp)/Inc (231) (384) (485) (109.8) (26.4) Exceptional Gain/(Loss) (39.8) nm Pre-tax Profit 2,532 1,700 2,435 (3.8) 43.2 Tax (225) (259) (486) Minority Interest (67.0) Net Profit 2,309 1,482 1,962 (15.0) 32.4 Net profit bef Except. 2,349 1,453 1,771 (24.6) 21.9 EBITDA 4,271 3,563 4, Margins (%) Gross Margins Opg Profit Margins Net Profit Margins Source of all data: Company, AllianceDBS Page 3
4 CRITICAL DATA POINTS TO WATCH 4.3 Electricity sales growth (%) 4.21 Critical Factors Electricity demand. This is the key earnings driver for TNB. Historically, the growth in electricity sales has been highly correlated with the country s GDP growth. Industrial and commercial users typically account for ~75% of TNB s electricity usage, and therefore a healthy economy is of utmost importance to TNB Transparent tariff-setting mechanism. The implementation of the Incentive-Based Regulation (IBR) framework will have a base tariff that reflects: 1) capex as well as opex of transmission and distribution business, 2) return on regulated assets, and 3) power purchase cost charged by generators. The implementation of the imbalance cost pass-through (ICPT) mechanism, which is a part of IBR, will offer strong earnings clarity going forward with a tariff revision every six months. We believe the government is committed to the energy reform that kicked off on 1 Jan New power plants coming on-stream. TNB is set to benefit from the new generation capacity that is under construction which will progressively increase its capacity by ~25% by The new power plants will be completed progressively to boost its generation capacity. Ultimately, the new power plants will help reduce generation cost due to the more efficient technology. The new additions will also help replace expiring power purchase agreements/service level agreements which tend to be costlier. Balanced generation mix. TNB s coal-based generation mix has improved to 53% in 3QFY17, from 38% three years ago, due to the contribution of new coal-fired power plants in recent years. This enables TNB to consume less LNG for power generation which is more expensive. Overseas expansion. TNB s overseas footprint is still minimal at this juncture, though it intends to expand into energy-related businesses overseas such as project management, operation and maintenance, as well as power generation. Its 100%-owned Liberty Power Ltd, which operates a 235-MW combined-cycle natural gas power plant, currently contributes ~1% of TNB s revenue. We understand the group will focus on the Middle East and ASEAN regions as its target markets Coal price (US$/MT) Gas price (RM/mmbtu) Gas-based generation (%) Coal-based generation (%) Source: Company, AllianceDBS Page 4
5 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 Company Guide Appendix 1: A look at Company's listed history what drives its share price? Share price vs FBM KLCI TNB FBM KLCI Remarks TNB s share price generally underperformed prior to 2014 due to the sustained period of high coal prices, which resulted in high fuel cost. Fuel cost was a major earnings determinant back then due to the lack of transparency on tariff revision. Since 2014, the government has implemented the imbalance cost-pass-through mechanism that incorporates a tariff revision every six months to reflect the actual generation cost on a lagged basis. Fuel cost volatility will be earnings-neutral to the company. Source: Bloomberg L.P., AllianceDBS Share price vs power demand in Peninsular Malaysia Remarks There is a positive correlation between share price performance and electricity consumption in Peninsular Malaysia as TNB holds a monopoly of transmission and distribution, and accounts for the lion s share of power generation. Higher power consumption will translate into better earnings growth for TNB TNB Power demand Source: Bloomberg L.P., AllianceDBS Share price vs coal price Remarks Prior to the implementation of the Incentive- Based Regulation framework for the power industry in 2014, the changes in coal prices had an inverse relationship with TNB s share price as it formed a major component of fuel cost. The negative correlation has been less apparent since the IBR framework was smoothly implemented. TNB 1-month Aus coal futures Source: Bloomberg L.P., AllianceDBS Page 5
6 Balance Sheet: More debt headroom to gear up. TNB s net gearing stood at 37% as at end-may 17. This is after taking into consideration its total capex spending of RM11.4bn in FY16. The construction of the 2,000-MW Jimah East Power has already achieved 56% progress, and this could be the last of its series of major expansion of power-generation capacity. Share Price Drivers: Strong power consumption. Higher-than-expected electricity consumption will be TNB s key earnings driver, given the implementation of the ICPT mechanism which insulates the company from fuel-cost volatility. Government s commitment to ICPT. There have always been doubts about TNB's ability to implement ICPT fully, due to the government s intervention. We believe the government is committed to energy reform, as evidenced by the latest hike in the price of piped gas. A smooth implementation of ICPT will be a strong re-rating catalyst for TNB, as ICPT will remove the burden of volatility in its energy procurement. Key Risks: Increase in fuel costs. Gas and coal account for more than 90% of TNB's fuel mix and a hike in the costs of these inputs would reduce TNB's profitability. Tariff revision is subject to the government s approvals, but TNB has historically been fully compensated for any fuel cost increase by tariff hikes. Demand weakness. TNB's earnings are sensitive to power demand growth, which is affected by overall economic conditions. Company Background Berhad (TNB) is the largest electricity provider in Malaysia. Its core business comprises the generation, transmission and distribution of electricity. It has a total installed generation capacity of 12,000MW. Leverage & Asset Turnover (x) Gross Debt to Equity (LHS) Asset Turnover (RHS) Capital Expenditure RMm 11, , , , , , , , , , ,400.0 Capital Expenditure (-) ROE (%) 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 13.8 Forward PE Band (x) (x) sd: 12.5x sd: 11.5x 10.8 Avg: 10.6x 9.8-1sd: 9.7x 8.8-2sd: 8.8x Jul-13 Jul-14 Jul-15 Jul-16 Source: Company, AllianceDBS PB Band (x) (x) Jul-13 Jul-14 Jul-15 Jul-16 +2sd: 1.82x +1sd: 1.68x Avg: 1.55x -1sd: 1.41x -2sd: 1.28x Page 6
7 Key Assumptions FY Aug Electricity sales growth (%) Coal price (US$/MT) Gas price (RM/mmbtu) Gas-based generation (%) Coal-based generation (%) Segmental Breakdown FY Aug Revenues (RMm) Electricity sales 41,721 43,100 45,409 46,141 46,887 Goods and services 411 1, Customer's contributions 739 (401) Release of deferred income Lifted by heat wave Total 43,287 44,532 45,963 46,712 47,474 Income Statement (RMm) FY Aug Revenue 43,287 44,532 45,963 46,712 47,474 Cost of Goods Sold (35,483) (36,171) (37,337) (37,852) (38,489) Gross Profit 7,803 8,361 8,626 8,860 8,986 Other Opng (Exp)/Inc Operating Profit 8,628 9,072 9,352 9,600 9,741 Other Non Opg (Exp)/Inc (833) Associates & JV Inc Net Interest (Exp)/Inc (663) (740) (1,236) (1,349) (1,379) Exceptional Gain/(Loss) (99.3) (390) Pre-tax Profit 7,134 8,067 8,212 8,350 8,464 Tax (1,073) (746) (1,136) (825) (1,003) Minority Interest Preference Dividend Net Profit 6,118 7,368 7,147 7,600 7,535 Net Profit before Except. 6,218 7,758 7,147 7,600 7,535 EBITDA 13,190 14,919 15,254 15,731 16,089 Growth Revenue Gth (%) EBITDA Gth (%) Opg Profit Gth (%) Net Profit Gth (Pre-ex) (%) (7.9) 6.3 (0.9) Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x) Expecting steady growth Source: Company, AllianceDBS Page 7
8 Quarterly / Interim Income Statement (RMm) FY Aug 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 Revenue 12,129 11,237 11,242 11,162 12,549 Cost of Goods Sold (9,570) (9,355) (9,086) (9,342) (10,039) Gross Profit 2,559 1,882 2,156 1,821 2,511 Other Oper. (Exp)/Inc Operating Profit 2,747 2,085 2,340 1,979 2,713 Other Non Opg (Exp)/Inc Associates & JV Inc (3.0) 68.2 (5.3) Net Interest (Exp)/Inc (231) (130) (116) (384) (485) Exceptional Gain/(Loss) (39.8) (115) (231) Pre-tax Profit 2,532 1,872 1,995 1,700 2,435 Tax (225) (136) (207) (259) (486) Minority Interest (48.0) Net Profit 2,309 1,762 1,741 1,482 1,962 Net profit bef Except. 2,349 1,877 1,972 1,453 1,771 EBITDA 4,271 3,634 3,796 3,563 4,311 Induced by El-Nino phenomenon Growth Revenue Gth (%) 15.6 (7.4) 0.0 (0.7) 12.4 EBITDA Gth (%) 31.2 (14.9) 4.5 (6.1) 21.0 Opg Profit Gth (%) 49.2 (24.1) 12.2 (15.4) 37.1 Net Profit Gth (Pre-ex) (%) 56.8 (20.1) 5.0 (26.3) 21.9 Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%) Balance Sheet (RMm) FY Aug Net Fixed Assets 90,300 96, , , ,428 Invts in Associates & JVs 758 1,838 1,934 2,033 2,135 Other LT Assets 7,282 7,796 7,796 7,796 7,796 Cash & ST Invts 8,910 17,154 19,417 20,093 21,466 Inventory Debtors 8,639 8,277 8,730 8,872 9,017 Other Current Assets Total Assets 117, , , , ,242 ST Debt 1,986 1,489 1,582 1,576 1,570 Creditor 10,412 11,409 11,298 11,402 11,553 Other Current Liab 3,195 3,186 4,272 3,961 4,139 LT Debt 22,713 32,818 34,880 34,742 34,604 Other LT Liabilities 31,363 31,401 31,401 31,401 31,401 Shareholder s Equity 47,208 52,389 57,391 62,711 67,986 Minority Interests (9.5) Total Cap. & Liab. 117, , , , ,242 Non-Cash Wkg. Capital (3,721) (4,994) (5,460) (5,102) (5,276) Net Cash/(Debt) (15,789) (17,153) (17,045) (16,225) (14,707) Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) Net Debt/Equity ex MI (X) Capex to Debt (%) Z-Score (X) Solid balance sheet Source: Company, AllianceDBS Page 8
9 Cash Flow Statement (RMm) FY Aug Pre-Tax Profit 7,134 8,067 8,212 8,350 8,464 Dep. & Amort. 5,294 5,722 5,806 6,032 6,246 Tax Paid (811) (721) (50.6) (1,136) (825) Assoc. & JV Inc/(loss) (96.1) (99.0) (102) Chg in Wkg.Cap ,412 (619) (46.5) (4.9) Other Operating CF (1,152) (1,188) Net Operating CF 11,439 13,293 13,252 13,101 13,778 Capital Exp.(net) (10,774) (11,143) (11,000) (10,000) (10,000) Other Invts.(net) Invts in Assoc. & JV Div from Assoc & JV Other Investing CF (2,052) (7,253) Net Investing CF (12,826) (18,396) (11,000) (10,000) (10,000) Div Paid (1,637) (1,806) (2,144) (2,280) (2,260) Chg in Gross Debt (1,775) 9,063 2,156 (144) (144) Capital Issues Other Financing CF (840) (664) Net Financing CF (4,252) 6, (2,424) (2,405) Currency Adjustments (2.6) Chg in Cash (5,641) 1,500 2, ,373 Opg CFPS (sen) Free CFPS (sen) Capex to come down after aggressive expansion in recent years Source: Company, AllianceDBS Target Price & Ratings History RM S.No. Date of Report Closing Price 12-mth T arget Price Rating 1: 29 Jul BUY 2: 05 Aug BUY 3: 02 Sep BUY 4: 06 Oct BUY 5: 21 Oct BUY 6: 24 Oct BUY 7: 28 Oct BUY 8: 07 Nov BUY : 06 Dec BUY 10: 13 Dec BUY 11: 15 Dec BUY : 09 Jan BUY Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 13: 10 Jan BUY 14: 25 Jan BUY Note : Share price and Target price are adjusted for corporate actions. 15: 28 Apr BUY 16: 04 May BUY 17: 03 Jul BUY 17 Source: AllianceDBS Analyst: QUAH He Wei, CFA Page 9
10 DISCLOSURE Stock rating definitions STRONG BUY - > 20% total return over the next 3 months, with identifiable share price catalysts within this time frame BUY - > 15% total return over the next 12 months for small caps, >10% for large caps HOLD - -10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps FULLY VALUED - negative total return > -10% over the next 12 months SELL - negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame Commonly used abbreviations Adex = advertising expenditure EPS = earnings per share PBT = profit before tax bn = billion EV = enterprise value P/B = price / book ratio BV = book value FCF = free cash flow P/E = price / earnings ratio CF = cash flow FV = fair value PEG = P/E ratio to growth ratio CAGR = compounded annual growth rate FY = financial year q-o-q = quarter-on-quarter Capex = capital expenditure m = million RM = Ringgit CY = calendar year M-o-m = month-on-month ROA = return on assets Div yld = dividend yield NAV = net assets value ROE = return on equity DCF = discounted cash flow NM = not meaningful TP = target price DDM = dividend discount model NTA = net tangible assets trn = trillion DPS = dividend per share NR = not rated WACC = weighted average cost of capital EBIT = earnings before interest & tax p.a. = per annum y-o-y = year-on-year EBITDA = EBIT before depreciation and amortisation PAT = profit after tax YTD = year-to-date Page 10
11 DISCLAIMER This report has been prepared for information purposes only by AllianceDBS Research Sdn Bhd ( ADBSR ), a subsidiary of Alliance Investment Bank Berhad ( AIBB ) and an associate of DBS Vickers Securities Holdings Pte Ltd ( DBSVH ). DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. This report is strictly confidential and is meant for circulation to clients of ADBSR, AIBB and DBSVH only or such persons as may be deemed eligible to receive such research report, information or opinion contained herein. Receipt and review of this report indicate your agreement not to distribute, reproduce or disclose in any other form or medium (whether electronic or otherwise) the contents, views, information or opinions contained herein without the prior written consent of ADBSR. 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Additional information is, subject to the overriding issue of confidentiality, available upon request to enable an investor to make their own independent evaluation of the information contained herein. Wong Ming Tek, Executive Director Published by AllianceDBS Research Sdn Bhd ( U) 19th Floor, Menara Multi-Purpose, Capital Square, 8 Jalan Munshi Abdullah, Kuala Lumpur, Malaysia. Tel.: Fax: general@alliancedbs.com Page 11
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Bloomberg: UEMS MK Reuters: UEMS.MK Refer to important disclosures at the end of this report Malaysia Equity Research 27 Nov 2015 HOLD Last Traded Price: RM1.18 (KLCI : 1,683.09) Price Target : RM1.20
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Version 9 Bloomberg: IOI MK Reuters: IOIB.KL Refer to important disclosures at the end of this report AllianceDBS Research, Malaysia Equity 13 Mar 2018 HOLD Last Traded Price ( 12 Mar 2018): RM4.85 (KLCI
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Singapore Bloomberg: CSE SP Reuters: CSES.SI DBS Group Research. Equity 14 Nov 2012 HOLD S$0.855 STI : 3,007.57 (Downgrade from BUY) Price Target : 12-month S$ 0.85 (Prev S$ 0.90) Reason for Report : Change
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Version 10 Bloomberg: KICB MK Reuters: KICB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 24 Jul 2017 BUY Last Traded Price ( 21 Jul 2017): RM2.29 (KLCI : 1,759.16)
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Version 5 Bloomberg: KLCCSS MK Reuters: KCCP.SI Refer to important disclosures at the end of this report Malaysia Equity Research 23 Jan 2017 HOLD Last Traded Price ( 20 Jan 2017): RM7.82 (KLCI : 1,664.89)
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Version 4 Bloomberg: MK Reuters:.KL Refer to important disclosures at the end of this report Malaysia Equity Research 3 Nov 2016 HOLD Last Traded Price ( 2 Nov 2016): RM7.50 (KLCI : 1,659.60) Price Target
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Version 4 Bloomberg: KLCCSS MK Reuters: KCCP.SI Refer to important disclosures at the end of this report Malaysia Equity Research 4 Nov 2016 HOLD Last Traded Price ( 3 Nov 2016): RM7.80 (KLCI : 1,648.08)
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Refer to important disclosures at the end of this report Version 11 Bloomberg: GENP MK Reuters: GENP.KL AllianceDBS Research, Malaysia Equity 23 Nov 2017 HOLD Last Traded Price ( 22 Nov 2017): RM10.48
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Indonesia Company Guide Version 1 Bloomberg: ELSA IJ Reuters: ELSA.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Apr 2016 FULLY VALUED Last Traded Price: Rp500
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Singapore Company Guide Version 2 Bloomberg: OEL SP EQUITY Reuters: OVER.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 17 Feb 2016 HOLD Last Traded Price: S$0.49
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Bloomberg: GUAN MK Reuters: GNCH.KL Malaysia Equity Research PP 11272/04/2012(029344) 29 Jul 2011 BUY RM2.71 KLCI : 1,551.91 Price Target : 12-Month RM 3.60 Reason for Report : Company update and 2Q11
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Malaysia Company Guide Version 2 Bloomberg: SKP MK Reuters: SKPR.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 BUY Last Traded Price: RM1.23 (KLCI :
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China / Hong Kong Company Focus Bloomberg: 2618 HK EQUITY Reuters: 2618.HK DBS Group Research. Equity 13 August 2015 Refer to important disclosures at the end of this report HOLD Last Traded Price: HK$5.73
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Company Update (Member of Alliance Bank group) PP7766/03/2013 (032116) 3 May 2013 Analyst Arhnue Tan arhnue@alliancefg.com +603 2604 3909 12-month upside potential Target price 2.70 Current price (as at
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Singapore Company Guide Edition 1 Version 1 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report BS Group Research. Equity 10 Jul 2015 HOLD Last Traded Price: S$4.05
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Singapore Company Guide Edition 1 Version 2 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.84
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China / Hong Kong Company Focus Bloomberg: 600588 CH Equity Reuters: 600588.SS DBS Group Research. Equity 31 August 2015 Refer to important disclosures at the end of this report FULLY VALUED Last Traded
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Malaysia Company Guide Version 8 Bloomberg: PAD MK Reuters: PDNI.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Feb 2017 BUY (Upgrade from hold) Last Traded Price
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Version 10 Bloomberg: MAHB MK Reuters: MAHB.KL Refer to important disclosures at the end of this report AllianceDBS Research, Malaysia Equity 27 Nov 2017 HOLD Last Traded Price ( 24 Nov 2017): RM8.24 (KLCI
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Version 6 Bloomberg: QLG MK Reuters: QLRES.KL Refer to important disclosures at the end of this report Malaysia Equity Research 30 May 2017 HOLD Last Traded Price ( 29 May 2017): RM4.96 (KLCI : 1,764.89)
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Version 9 Bloomberg: MMC MK Reuters: MMCB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2017 BUY Last Traded Price ( 28 Aug 2017): 2.38 (KLCI : 1,769.49) Price
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SMC Research Equity Explorer Bloomberg: TSCB MK Reuters: TSCP.KL Refer to important disclosures at the end of this report Malaysia Equity Research 17 Mar 2016 NOT RATED RM1.25 KLCI : 1,693.43 Return *:
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Singapore Company Focus Bloomberg: CSE SP Reuters: CSES.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 May 2013 BUY S$0.825 STI : 3,449.30 (Upgrade from HOLD)
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Singapore Company Guide Edition 1 Version 1 Bloomberg: CENT SP Reuters: CNCL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 BUY Last Traded Price: S$0.42
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China / Hong Kong Company Guide Version 4 Bloomberg: 33 HK EQUITY Reuters: 33.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Feb 217 HOLD (Upgrade from Fully
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Singapore Company Focus Bloomberg: MRT SP Reuters:.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED (Downgrade from HOLD) Last Traded Price:
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Singapore Version 5 Bloomberg: OSIM SP Reuters: OSIL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Mar 2016 HOLD Last Traded Price: S$1.39 (STI : 2,880.17) Price
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Singapore Company Guide Version 2 Bloomberg: IHH SP Reuters: IHH.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 HOLD Last Traded Price: RM6.53/ S$2.10
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Singapore Company Focus Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Nov 2015 HOLD Last Traded Price: S$2.17 (STI : 3,010.47)
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Indonesia Company Guide Version 3 Bloomberg: MYOR IJ Reuters: MYOR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 24 May 2016 HOLD Last Traded Price: Rp40,000 (JCI
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