Gamuda Bhd Stellar quarter, construction margin peaked
|
|
- Bathsheba Maxwell
- 5 years ago
- Views:
Transcription
1 KDN: PP 10744/05/ June QFY12 Results Review Gamuda Bhd Stellar quarter, construction margin peaked Maintain BUY Revised Target Price (TP): RM4.27 (from RM4.40 previously) INVESTMENT HIGHLIGHTS Slightly above expectation. Gamuda Berhad (Gamuda) s net profit of RM406.8m in 3QFY12 came slightly above ours and consensus expectations, accounting for 79% and 78% of ours and consensus forecasts. The variance was mainly due to the higher-than-expected margin of its construction segment (3QFY12: 15%). An interim dividend of 6 sen was declared. Stellar quarter. Cumulative 3QFY12 net profit jumped 36%yoy to RM406.8m driven by higher contributions from the construction and property divisions. Management updated that construction margin peaked at 15% in 3QFY12 as the Ipoh-Padang Besar Double Tracking project has reached its tail end. Meanwhile, the property division s cumulative pre-tax profit surged by 89%yoy to RM210.2m in 3QFY12 on the back of strong sales at home coupled with a second booking of Celadon City s land sale to Aeon Japan worth RM10m RM12m. Order book at RM5.5b. Gamuda s outstanding orderbook stood at RM5.5b of which 76% comprise the tunnelling portions of the Sungai Buloh - Kajang Line (MRT1). The outstanding orderbook should sustain Gamuda s earnings for the next 4 5 years. Unbilled sales of RM1.3b. YTD, Gamuda s unbilled sales stood at RM1.3b. Cumulative new property sales for 3QFY12 also stood at RM1.3b of which RM920m came from domestic and the remaining RM370m from the Vietnam operations. To be conservative, management mentioned that the targeted annual property sales of RM2b for FY12 may fall short by 20% to RM1.6b due to slower sales in Vietnam operation. Bought 4.86 acres land in Kelana Jaya. Management also updated that it has entered into a sale and purchase agreement 2 weeks ago to acquire 4.86 acres piece of freehold commercial land in Kelana Jaya for a cash consideration of RM95m. It intends to develop Small office/home office (SoHo) units with a gross development value (GDV) of RM600m. We view this positively as Kelana Jaya is strategically located: i) 250,000 population catchment, ii) next to Lebuhraya Damansara Puchong (LDP) expressway, iii) public transport of LRT and iv) the new retail Paradigm Mall recently launched in May RETURN STATS Price (28 th June 2012) RM3.46 Target Price RM4.27 Expected Share Price Return +23.4% Expected Dividend Yield +3.5% Expected Total Return +26.9% STOCK INFO KLCI 1, Bursa / Bloomberg 4235/GAM MK Board / Sector Main/Cons Syariah Compliant Yes Issued shares (mil) Par Value (RM) 1.00 Market cap. (RM m) Price over NA wk price Range RM2.63-RM3.97 Beta (against KLCI) mth Avg Daily Vol( 000) 4.40m 3-mth Avg Daily Value( 000) 15.35m Major Shareholders Skim ASB 8.31% KWAP 7.72% KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
2 2 INVESTMENT STATISTICS FYE Jul FY10 FY11 FY12F FY13F Revenue (RM m) 2, , , ,458.2 EBIT (RM m) Pre-tax Profit (RM m) Net Profit (RM m) EPS (sen) EPS growth (%) PER(x) Net Dividend (sen) Net Dividend Yield (%) Sources: Company, MIDF Research Eyeing at least RM10b worth of rail-related projects As previously highlighted, Gamuda is eyeing at least RM10b orderbook replenishment going forward which consists of railway-related projects namely the MRT2 and MRT3 tunnelling portions and the Southern Gemas-JB Electric Double Tracking Project (EDTP). It is expected that tenders for the MRT2 and MRT3 tunnelling portions will be called next year and the award should materialize at the end of Gamuda is also currently awaiting the tender result for the RM8b Southern EDTP Gemas JB railway project (in partnership with China Railway Construction Corporation). The award of the project is expected after the 13 th General Election. We believe that Gamuda would have a higher chance to win those projects given its local contractor status as well as strong track record in undertaking rail-related projects. However, we have not imputed either EDTP Gemas JB or MRT2 and MRT3 underground project in our FY13 assumed orderbook. We have only imputed in RM2.5b of new projects in our FY13 numbers. MRT1 updates: Management updated that MRT1 project has been progressing well with MRT Corp so far having awarded 31 out of 91 packages worth about RM13.8b or 69% of RM20b total estimated project value. There are more tenders in the pipeline which would see another 31 packages yet to be called. Very soon, V2 (K. Damansara - Dataran Sunway) and V3 (Dataran Sunway - Section 16) of viaduct packages will be awarded which we believe it is worth at around RM900m - RM1.0b. Meanwhile, it is expected that V8 and stations packages will be awarded in August Forecasts. Although we have lowered our FY12 revenue forecast by -7% due to lower-than-expected construction turnover in 3QFY12, we have jacked up Gamuda s PBT margin by +2%pts to 23% after adjusting for better-than expected margins for its construction division in 3QFY12. This results in very minimal change in our FY12F earnings. We have also tweaked our FY13 net profit forecast by -4% as we are not expecting Gamuda to get higher construction margin as was the case in FY12. The remaining Ipoh- Padang Besar works are only system and M&E jobs which MMC:Gamuda will sub-contract out. Hence the margin will be rather low. BUY Gamuda with a TP of RM4.27. Post earnings revision, we reaffirm our BUY call with revised year-end target price of RM4.27, pegging 17x PER to calendarised 2012 EPS. Gamuda is one of our sector s top picks as we believe Gamuda is a direct proxy to robust construction outlook this year or even years ahead given its status as one of the leading contractors in the country. We expect Gamuda s earnings to remain intact in the foreseeable future on the back of its healthy orderbook of RM5.5b, higher unbilled sales of RM1.3b, higher margins as well as its higher chance of securing new contracts.
3 3 3QFY12 RESULTS SUMMARY Quarterly Results Cumulative Comments FYE Jul(RM m) 3QFY12 YoY QoQ 3QFY12 YoY Revenue % -8% % EBIT % 6% % Operating margin 22.6% 2% 3% 22.6% 2% Pre-tax profit % 4% % As above Tax (52.11) 33% 27% (52.11) 33% Net Profit % 1% % As above EPS (sen) % 0% % EBIT Segmental Breakdown Engineering & Construction % -5% % Strong property sales from domestic and Vietnam Margin of property and construction segment improved Higher margin from EDTP Ipoh - Padang Besar (+15% in 3QFY12) Property deveopment % 13% % Strong property sales and margin Water & Expressway Concessions % 27% % CONSTRUCTION ORDERBOOK Completion Status Major Projects Major Ongoing Balance GDV (RM b) % now Completion Date Double Tracking Recently Secured MRT1 Tunnelling Completing soon Yenso Park STP North Doha International Airport Total 5.5 Source: Gamuda, MIDF Research
4 4 PROPERTY LANDBANK AND GDV PROJECTS Area Unsold (acres) Remaining GDV (RM m) PROJECTED SALES FY10A FY11A FY12F FY13F MALAYSIA Kota Kemuning Valencia Bandar Botanic Horizon Hills Jade Hills Madge Mansion Jalan Robertson TOTAL (MALAYSIA) VIETNAM Gamuda City (Hanoi) Celadon City (HCMC) TOTAL (VIETNAM) TOTAL EBIT MARGIN TREND 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 EBIT Construction EBIT Property EBIT
5 5 Sources: Bloomberg, MIDF Research SUNGAI BULOH -KAJANG MRT1 LINE ALIGNMENT DAILY PRICE CHART Zulkifli Hamzah Iqbal Zainal
6 MIDF RESEARCH is part of MIDF Amanah Investment Bank Berhad ( X). (Bank Pelaburan) (A Participating Organisation of Bursa Malaysia Securities Berhad) DISCLOSURES AND DISCLAIMER This report has been prepared by MIDF AMANAH INVESTMENT BANK BERHAD (23878-X). It is for distribution only under such circumstances as may be permitted by applicable law. Readers should be fully aware that this report is for information purposes only. The opinions contained in this report are based on information obtained or derived from sources that we believe are reliable. MIDF AMANAH INVESTMENT BANK BERHAD makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of the information contained therein and it should not be relied upon as such. This report is not, and should not be construed as, an offer to buy or sell any securities or other financial instruments. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. All opinions and estimates are subject to change without notice. The research analysts will initiate, update and cease coverage solely at the discretion of MIDF AMANAH INVESTMENT BANK BERHAD. The directors, employees and representatives of MIDF AMANAH INVESTMENT BANK BERHAD may have interest in any of the securities mentioned and may benefit from the information herein. Members of the MIDF Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein This document may not be reproduced, distributed or published in any form or for any purpose. MIDF AMANAH INVESTMENT BANK : GUIDE TO RECOMMENDATIONS STOCK RECOMMENDATIONS BUY TRADING BUY NEUTRAL SELL Total return is expected to be >15% over the next 12 months. Stock price is expected to rise by>15% within 3-months after a Trading Buy rating has been assigned due to positive newsflow. Total return is expected to be between -15% and +15% over the next 12 months. Total return is expected to be <15% over the next 12 months. TRADING SELL Stock price is expected to fall by>15% within 3-months after a Trading Sell rating has been assigned due to negative newsflow. SECTOR RECOMMENDATIONS POSITIVE NEUTRAL NEGATIVE The sector is expected to outperform the overall market over the next 12 months. The sector is to perform in line with the overall market over the next 12 months. The sector is expected to underperform the overall market over the next 12 months. 6
WCT Holdings Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Reaffirm BUY Unchanged Target Price (TP): RM2.
21 October 2014 Corporate Update WCT Holdings Berhad Acquiring another piece of land in Bandar Serendah Reaffirm BUY Unchanged Target Price (TP): RM2.59 INVESTMENT HIGHLIGHTS Acquiring 220.74 acres of
More informationMMC Corporation Berhad Recovery continues in ports segment
23 November 2017 3QFY17 Results Review MMC Corporation Berhad Recovery continues in ports segment INVESTMENT HIGHLIGHTS 9MFY17 earnings above estimates PTP and Johor Port continues to recover Malakoff
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
28 November 2016 1QFY17 Results Review Sime Darby Berhad FFB production affected by El Nino INVESTMENT HIGHLIGHTS 1QFY17 core earnings below expectation Plantation division FFB volume is lower than expected
More informationIOI 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 informationTelekom Malaysia Berhad Unifi customer base crossed one million
30 August 2017 2QFY17 Results Review Telekom Malaysia Berhad Unifi customer base crossed one million INVESTMENT HIGHLIGHTS 2Q17 normalised earnings grew by +24.2%yoy due to healthier normalised PATAMI
More informationMalaysia Resources Corporation Bhd
24 February 2015 4QFY14 Results Review Malaysia Resources Corporation Bhd Well positioned to regain its upward earnings trajectory Reaffirm BUY Adjusted Target Price (TP): RM2.24 (previously RM2.59) INVESTMENT
More informationIOI 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 informationSyarikat 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 informationIOI 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 informationEastern & 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 informationDeleum Berhad. Maintain BUY Revised Target Price (TP): RM1.18 (previously RM1.25) Earnings visibility intact
28 February 2017 4QFY16 Results Review Deleum Berhad Earnings visibility intact INVESTMENT HIGHLIGHTS Deleum Berhad s (Deleum) 4QFY16 reported earnings rose two folds quarter-over-quarter to RM9.9m Margin
More informationMaintain BUY Revised Target Price (TP): RM8.72 (previously RM8.18)
21 February 2018 4QFY17 Results Review Petronas Chemicals Group Berhad Strong earnings delivered as expected INVESTMENT HIGHLIGHTS Petronas Chemicals Group Bhd s (PChem) 4QFY17 earnings expanded by +1.8%yoy
More informationMarket Access. Company Update. M&A Securities. Gamuda Berhad. Thursday, April 14, 2016 BUY (TP: RM5.94) Strong Job Flow in the Pipeline
M&A Securities Company Update PP14767/09/2012(030761) Gamuda Berhad Thursday, April 14, 2016 BUY (TP: RM5.94) Strong Job Flow in the Pipeline The long-term outlook on Gamuda Berhad (Gamuda) remains intact,
More informationINVESTMENT HIGHLIGHTS
28 August 2014 2QFY14 results review UMW Holdings Berhad Dragged by non-profitable legacy businesses INVESTMENT HIGHLIGHTS Poor set of 2Q14 results as core earnings declined -18% over sequential and on-year
More informationEastern & 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 informationUEM 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 informationCIMB Group Holdings Bhd
01 March 2018 4QFY17 Results Review CIMB Group Holdings Bhd Stellar ending INVESTMENT HIGHLIGHTS Exceeded our expectations, with strong NII and NOII growth, while cost contained NIM dipped in 3QFY17 due
More informationUOA 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 informationUEM 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 informationTenaga Nasional Berhad Solid finish
28 October 2016 4QFY16 Result Review Tenaga Nasional Berhad Solid finish Maintain BUY Unchanged (TP): RM16.80 Tenaga s 4QFY16 beat estimates Volumes remained steady but average tariffs lower Our forecasts
More informationTenaga 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 informationAMMB Holdings Berhad. Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55)
01 June 2017 4QFY17 Results Review AMMB Holdings Berhad Earnings growth due to NOII Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55) INVESTMENT HIGHLIGHTS FY17 earnings were within expectations
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
04 January 2016 Corporate Update Sunway Berhad Management sales target at RM1.4b for FY16 Maintain NEUTRAL Unchanged Target Price: RM3.20 INVESTMENT HIGHLIGHTS Management sales target at RM1.4b for FY16
More informationGabungan AQRS Berhad Flurry of Projects Could Improve Operational Margin
11 January 2018 Corporate Update Gabungan AQRS Berhad Flurry of Projects Could Improve Operational Margin INVESTMENT HIGHLIGHTS News influx injected fresh interest Beneficiary of buoyant activities in
More informationTenaga Nasional Bonus earnings not sustainable
29 January 2018 1QFY18 Results Review Tenaga Nasional Bonus earnings not sustainable 1QFY18 within estimates RP1 earnings inflated by favourable customer mix Bonus regulated earnings not sustainable in
More informationUEM 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 informationPetronas Chemicals Group Berhad
22 May 2018 1QFY18 Results Review Petronas Chemicals Group Berhad Strong PUR and sales volume growth INVESTMENT HIGHLIGHTS Petronas Chemicals Group Bhd s (PChem) 1QFY18 earnings expanded by +6%qoq to RM1.1b
More informationHong Leong Bank Berhad Surprised provisions but better to be prudent
25 August 2017 4QFY17 Results Review Hong Leong Bank Berhad Surprised provisions but better to be prudent Revert to NEUTRAL Unchanged Target Price (TP): RM15.70 INVESTMENT HIGHLIGHTS FY17 was slightly
More informationMalaysia Airports Holdings
02 May 2017 1QFY17 Results Review Malaysia Airports Holdings Promising start to the year INVESTMENT HIGHLIGHTS MAHB had a promising start to the year International traffic drove up PSC, retail and rental
More informationMaintain Buy. MISC Berhad
6 November 2017 3QFY17 Results Review MISC Berhad Pickup in the third quarter INVESTMENT HIGHLIGHTS 9MFY17 earnings above expectations LNG PBT improved with new-builds coming on stream Losses recorded
More informationUEM 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 informationBermaz Auto Darkest before dawn
14 June 2017 4QFY17 Results Review Bermaz Auto Darkest before dawn Maintain BUY Unchanged Target Price (TP):RM2.50 INVESTMENT THESIS 4QFY17 within our expectation, below consensus Impacted by weak RM but
More informationAirAsia X Berhad. Maintain BUY. Showing its mettle
22 February 2018 4QFY17 Results Review AirAsia X Berhad Showing its mettle Maintain BUY Adjusted Target Price(TP): RM0.46 (from: RM0.43) INVESTMENT HIGHLIGHTS AAX earned commendable net profit of RM98.9m
More informationMaintain NEUTRAL. MISC Berhad
15 May 2018 1QFY18 Results Review MISC Berhad Petroleum segment remains challenging INVESTMENT HIGHLIGHTS 1QFY18 earnings below estimates Long term contracts to sustain LNG segment Petroleum segment to
More informationUEM Sunrise Berhad Strengthening presence in Klang Valley
1 16 April 2018 Corporate Update UEM Sunrise Berhad Strengthening presence in Klang Valley Maintain BUY Revised Target Price (TP): RM1.36 (Previously RM1.26) INVESTMENT HIGHLIGHTS Acquiring land in Kepong
More informationIOI Properties Group Berhad Proposes rights issue
21 November 2016 Corporate Update IOI Properties Group Berhad Proposes rights issue Maintain NEUTRAL Revised Target Price (TP): RM2.34 (Previously: RM2.65) INVESTMENT HIGHLIGHTS Proposes rights issue to
More informationMalaysia Airports Holdings Berhad
11 August 017 Corporate Update Malaysia Airports Holdings Berhad International pax growing strong Maintain BUY Unchanged Target Price (TP): RM9.98 INVESTMENT HIGHLIGHTS Pax growth remains robust in July
More informationUEM Sunrise Berhad JV with MULPHA to develop Nusajaya land
17 February 2016 Corporate Update UEM Sunrise Berhad JV with MULPHA to develop Nusajaya land Maintain NEUTRAL Unchanged Target Price (TP): RM1.11 INVESTMENT HIGHLIGHTS JV with MULPHA to develop Nusajaya
More informationMalaysia Airports Holdings Dampened by higher depreciation and amortisation
18 February 2016 4QFY15 Results Review Malaysia Airports Holdings Dampened by higher depreciation and amortisation Maintain NEUTRAL Unchanged Target Price (TP): RM6.35 INVESTMENT HIGHLIGHTS FY15 earnings
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
16 August 2018 2QFY18 Results Review Public Bank Berhad Higher than expected interim dividend Maintain BUY Unchanged Target Price (TP): RM27.30 INVESTMENT HIGHLIGHTS Earnings within expectations Net profit
More informationBIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments
28 November 2013 3QFY13 Results Update BIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments Maintain NEUTRAL Target Price (TP): RM4.40 INVESTMENT HIGHLIGHTS BHB scored with
More informationMaintain 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 informationAirAsia Bhd Expect brighter prospects ahead
20 November 2014 3QFY14 Results Review AirAsia Bhd Expect brighter prospects ahead Maintain BUY Unchanged Target Price (TP): RM2.94 INVESTMENT HIGHLIGHTS Results slightly below expectations but we expect
More informationBermaz Auto Strong comeback
13 March 2018 3QFY18 Result Review Bermaz Auto Strong comeback INVESTMENT THESIS 3Q18 results in-line Earnings gapped up 82%qoq and 61%yoy MMSB volumes/earnings hit record high Re-affirm BUY at unchanged
More informationTenaga Nasional Maiden surcharge pass-through for 2H18
02 July 2018 Corporate Update Tenaga Nasional Maiden surcharge pass-through for 2H18 Maintain BUY Unchanged Target Price: RM16.30 ICPT pass-through for non-residential consumers Decision for narrower scope
More informationMaintain 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 informationIOI Properties Group Berhad Successfully tendered for land in Singapore
14 November 2016 Corporate Update IOI Properties Group Berhad Successfully tendered for land in Singapore Maintain NEUTRAL Unchanged Target Price (TP): RM2.65 INVESTMENT HIGHLIGHTS Successfully tendered
More informationKPJ Healthcare Berhad Higher operating expenses a drag on earnings
24 November 2017 3QFY17 Results Review KPJ Healthcare Berhad Higher operating expenses a drag on earnings INVESTMENT HIGHLIGHTS 3QFY17 earnings below expectations at RM30.6m Revenue boosted by organic
More informationMarket Access. M&A Securities. Results Review (1Q16) Gamuda Berhad. Strong Job Flow in the Pipeline BUY (TP: RM5.80)
M&A Securities Results Review (1Q16) PP14767/09/2012(030761) Thursday, December 17, 2015 Gamuda Berhad BUY (TP: RM5.80) Strong Job Flow in the Pipeline Results Review Actual vs. expectations. Gamuda (Gamuda
More informationKossan Rubber Industries Berhad Higher dividend in the horizon
09 November 2012 Visit Note Kossan Rubber Industries Berhad Higher dividend in the horizon HIGHLIGHTS New plant focusing on surgical gloves production expected to commence operation in December 2012. Product
More informationV. S. Industry Berhad Non-rated Preparing for higher growth in 2HFY17
27 December 2016 1QFY17 Results Review and Visit Note V. S. Industry Berhad Non-rated Preparing for higher growth in 2HFY17 Fair Value (FV): RM1.42 INVESTMENT HIGHLIGHTS 1QFY17 results within expectations
More informationSyarikat Takaful Malaysia Berhad Family Takaful leader
21 November 2013 Initiating Coverage Syarikat Takaful Malaysia Berhad Family Takaful leader BUY Target Price (TP): RM10.90 INVESTMENT HIGHLIGHTS Leader in the group Family Takaful business, with a 40%
More informationSignature 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 informationRHB Capital Berhad Provisions likely to be higher moving forward
29 Feb 2016 4QFY15 Results Review RHB Capital Berhad Provisions likely to be higher moving forward INVESTMENT HIGHLIGHTS 12MFY15 normalised net profit of RM1.74b was below our expectation accounting for
More informationEco 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 informationKPJ Healthcare Berhad Another hospital on deck
13 September 2012 Corporate Update KPJ Healthcare Berhad Another hospital on deck Maintain BUY Unchanged Target Price (TP): RM6.98 INVESTMENT HIGHLIGHTS Hospital acquired. KPJ s subsidiary, Ipoh Specialist
More informationCIMB Group Holdings Bhd
31 October 2016 CIMB Niaga 3QFY16 Results Review CIMB Group Holdings Bhd Prospect brightening up in Indonesia Maintain BUY Unchanged Target Price (TP): RM5.50 INVESTMENT HIGHLIGHTS Strong quarter for CIMB
More informationYTL Corporation Berhad Taking YTLE private
26 July 2016 Corporate Update YTL Corporation Berhad Taking YTLE private Maintain NEUTRAL Maintain Target Price (TP): RM1.50 INVESTMENT HIGHLIGHT YTL is proposing to take 74% owned YTLE private To be satisfied
More informationYTL Corporation Berhad Implications from Brexit
28 June 2016 Corporate Update YTL Corporation Berhad Implications from Brexit Maintain NEUTRAL Maintain Target Price (TP): RM1.50 INVESTMENT HIGHLIGHT Weak GBP means translation losses for YTL Power Attains
More informationKPJ Healthcare Berhad Moving on cautiously into FY16
14 January 2016 Corporate Update KPJ Healthcare Berhad Moving on cautiously into FY16 INVESTMENT HIGHLIGHTS Cautious outlook for FY16 Expansion plan to resume Overseas operation to remain subdued in FY16
More informationSupermax Corporation Berhad Super value on offer
PP 10745/05/2013/032438 19 July 2012 Initiating coverage Supermax Corporation Berhad Super value on offer BUY Target Price (TP): RM2.48 INVESTMENT HIGHLIGHTS World class latex glove producer. SUPERMAX
More informationNotion VTec Berhad Brighter days ahead
13 February 2017 Small Cap Highlight Notion VTec Berhad Brighter days ahead INVESTMENT HIGHLIGHTS Set for a rebound Higher gear in the automotive segment Stronger balance sheet allows it to expand capacity
More informationUEM Edgenta Berhad New ventures to sustain growth
05 May 2016 Corporate Update UEM Edgenta Berhad New ventures to sustain growth INVESTMENT HIGHLIGHTS Post-M&A so far Sustaining the current business Plugging in the leakage Venturing into township management
More informationMaintain BUY. SP Setia Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Setia Eco Templer achieved 95% take up rate
03 June 2016 Corporate Update SP Setia Berhad Setia Eco Templer achieved 95% take up rate Maintain BUY Unchanged Target Price: RM3.70 INVESTMENT HIGHLIGHTS Setia Eco Templer in Rawang has achieved excellent
More informationUEM Edgenta Berhad Expanding IFM presence to Singapore and Taiwan
27 September 2016 Corporate Update UEM Edgenta Berhad Expanding IFM presence to Singapore and Taiwan INVESTMENT HIGHLIGHTS Proposed acquisition of AIFS Expanding IFM business to Singapore and Taiwan A
More informationLBS 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 informationNew Hoong Fatt Holdings Berhad One-stop automotive replacement parts seller
05 April 2017 Small Cap Highlight New Hoong Fatt Holdings Berhad One-stop automotive replacement parts seller INVESTMENT HIGHLIGHTS Auto parts trader and maker with a good track record Strategic venture
More informationAbove Expectations. Results Note. Price: RM1.69 Target Price: RM1.85. By Adrian Ng l
WCT Holdings Bhd Above Expectations By Adrian Ng l adrian.ng@kenanga.com.my 1Q16 core net profit (C) of RM32.0m came in above our but within consensus expectations accounting for 37% and 22% of estimates,
More informationCompany Results 27 July 2017 Gadang Holdings Berhad Marks earnings of RM100m. Results. Comments
MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2013 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Results 27 July 2017 Gadang Holdings Berhad Marks earnings of RM100m BUY Maintained Share Price
More informationBermaz Auto Implications of Mazda s supply chain transplant
21 November 2016 Corporate Update Bermaz Auto Implications of Mazda s supply chain transplant INVESTMENT THESIS APM-Delta JV reflects Mazda s move to transplant its supply chain and transform its Malaysian
More informationGlomac Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Recommend BUY Target Price (TP): RM1.46
14 June 213 Initiating Coverage Glomac Berhad Landbanking strategy paying off INVESTMENT HIGHLIGHTS Landed township development to become core developments Robust sales of RM519m in 9MFY13 and unbilled
More informationMarket 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 informationMarket Access. Results Review (4Q16) M&A Securities. Scientex Berhad. Unstoppable Growth Amid Challenging Times. Tuesday, September 27, 2016
Market Access M&A Securities Results Review (4Q16) PP14767/04/2012(029 Tuesday, September 27, 2016 Scientex Berhad Unstoppable Growth Amid Challenging Times BUY (TP: RM8.33) Current Price (RM) New Target
More informationGlomac Berhad. Reiterate BUY KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Focusing on a resilient market segment
23 July 2013 Visit Note Glomac Berhad Focusing on a resilient market segment Reiterate BUY Target Price (TP): RM1.46 INVESTMENT HIGHLIGHTS Saujana Utama and Saujana Rawang offering affordable homes Lakeside
More informationMarket 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 informationEco World International Global Property Player
20 March 2017 IPO Note Eco World International Global Property Player Non Rated Fair Value: RM1.30 INVESTMENT HIGHLIGHTS Solid sales of RM6.49b due to strong management team Strategic location and innovative
More informationGamuda Berhad. KVMRT Firmly in the Driving Seat. Q INVESTORS BRIEFING 28 March 2012
Gamuda Berhad KVMRT Firmly in the Driving Seat Q2 2012 INVESTORS BRIEFING 28 March 2012 INCOME STATEMENT SUMMARY (RMmil) HY 2012 HY 2011 Change (%) Revenue 1411.3 1241.4 +14 rofit from operations (EBIT)
More informationSupermax Corporation Berhad OBM expenses pressuring on profit margin
06 November 2015 Initiate Coverage Supermax Corporation Berhad OBM expenses pressuring on profit margin Initiate with NEUTRAL Target Price (TP): RM2.09 INVESTMENT HIGHLIGHTS Pioneer of OBM gloves in Malaysia
More informationCompany Result 30 August 2018 UMW Holdings Berhad Steady margins boost earnings
MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 30 August 2018 UMW Holdings Berhad Steady margins boost earnings HOLD Maintained Share Price Target Price RM6.05 RM6.72
More informationMARKET PERFORM. FY15 Below Expectations. Results Note. Price: RM1.21 Target Price: RM1.39. By The Kenanga Research Team /
MRCB FY15 Below Expectations By The Kenanga Research Team / research@kenanga.com.my Period Actual vs. Expectations 4Q15/FY15 FY15 core net loss of RM74.7m was below market and our core net profit expectations
More informationMRCB. Equity Malaysia Property
Equity Malaysia Property 30 August 2017 Buy Price RM1.19 Target price RM1.40 (from RM1.48) Market data Bloomberg code MRC MK No. of shares (m) 2,192.6 Market cap (RMm) 2,609.2 52-week high/low (RM) 1.74
More informationUOA Development UOAD MK Sector: Property
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
More informationSime 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 informationMaintained. Company Result 21 February 2017 IOI Corporation. Bolstered by resource-based manufacturing segment. Result. Comment
MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2014 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Result 21 February 2017 IOI Corporation Bolstered by resource-based manufacturing segment HOLD
More informationTRC Synergy. Hold. Equity Malaysia Construction. Bags RM499m building job in Putrajaya. 05 Dec Price RM0.58 Target Price RM0.62 (from RM0.
Equity Malaysia Construction 05 Dec 2018 Hold Price RM0.58 Target Price RM0.62 (from RM0.59) Market Data Bloomberg Code TRC MK No. of shares (m) 480.5 Market cap (RMm) 276.3 52-week high/low (RM) 0.79
More informationGeorge 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 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 informationCompany Results 26 October 2017 Gadang Holdings Berhad Eyeing on better margin in construction segment. Results. Comments
MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Results 26 October 2017 Gadang Holdings Berhad Eyeing on better margin in construction segment BUY Maintained Share Price
More informationCompany Result 3 September 2018 Titijaya Land Berhad
JF APEX SECURITIES BERHAD (47680-X) Company Result 3 September 2018 Titijaya Land Berhad Disappointing 4QFY18 BUY Maintained KLCI 1819.66 points Share Price RM0.345 Target Price RM0.41 Expected share price
More informationReach Energy Berhad Reaching a tipping point
08 August 2016 Corporate Update Reach Energy Berhad Reaching a tipping point Trading Idea Fair Value (FV): RM0.98 INVESTMENT HIGHLIGHTS Compelling valuation of assets Further potential upside from prospects
More informationMarket Access. Results Review (1Q16) M&A Securities. Dayang Enterprise Holdings Bhd. A Quiet Quarter. Thursday, May 26, 2016 HOLD (TP: RM1.
M&A Securities Results Review (1Q16) PP14767/9/212(3761) Dayang Enterprise Holdings Bhd Thursday, May 26, 216 HOLD (TP: RM1.16) Results Review A Quiet Quarter Current Price (RM) New Target Price (RM) Previous
More informationGamuda Berhad KVMRT2 ALL SYSTEMS GO! Q INVESTORS BRIEFING 26 September 2013
Gamuda Berhad KVMRT2 ALL SYSTEMS GO! Q4 2013 INVESTORS BRIEFING 26 September 2013 INCOME STATEMENT SUMMARY (RMmil) FYE July 2013 FYE July 2012 Change (%) Revenue 3,883.1 3,087.0 +26 rofit from operations
More informationSunway 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 informationGamuda Berhad. Short-Term Project Uncertainties. Q INVESTORS BRIEFING 27 June 2018
Gamuda Berhad Short-Term Project Uncertainties Q3 2018 INVESTORS BRIEFING 27 June 2018 1 INCOME STATEMENT SUMMARY (RMmil) 9 months to Apr 18 9 months to Apr 17 Change (%) Revenue 3,012.2 2,198.2 +37 Profit
More informationIHH Healthcare Berhad Promising secular growth despite near-term challenges
28 April 2016 Corporate Update IHH Healthcare Berhad Promising secular growth despite near-term challenges Maintain NEUTRAL Unchanged Target Price (TP): RM7.10 INVESTMENT HIGHLIGHTS Singapore to continue
More informationEarnings Outlook/ Revision. Valuation/Recommendation
MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2013 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Results 24 February 2016 Ikhmas Jaya Group Berhad Looking beyond FY15 BUY Maintained Share Price
More informationMarket 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 informationGamuda Berhad. MRT On the verge of take-off. Q3 `11 INVESTORS BRIEFING 23 June 2011
Gamuda Berhad MRT On the verge of take-off Q3 `11 INVESTORS BRIEFING 23 June 2011 1 INCOME STATEMENT SUMMARY (RMmil) 9 mths to 30 Apr 2011 9 mths to 30 Apr 2010 (restated) Change (%) Revenue 1,862.6 1,740.4
More informationMarket Access. M&A Securities. Results Review (3Q15) Padini Holdings Berhad. A good Quarter BUY (TP: RM1.80) Wednesday, May 20, 2015.
Market Access M&A Securities PP14767/04/2012(029607) [ Padini Holdings Berhad Results Review (3Q15) BUY (TP: RM1.80) Wednesday, May 20, 2015 A good Quarr Results Review Actual vs. expectations. Padini
More informationCompany Result 15 August 2018 Kuala Lumpur Kepong Fazed by unfavourable plantation segment
MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 15 August 2018 Kuala Lumpur Kepong Fazed by unfavourable plantation segment HOLD Maintained Share Price Target Price
More information