Company Update 6 March 2018 LBS Bina Group Berhad Opt for development of ZIC project

Size: px
Start display at page:

Download "Company Update 6 March 2018 LBS Bina Group Berhad Opt for development of ZIC project"

Transcription

1 MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Update 6 March 2018 LBS Bina Group Berhad Opt for development of ZIC project BUY Maintained Share Price Target Price RM1.03 RM1.30 Company Description LBS Bina Group Berhad is a management and investment holding company. The company, through its subsidiaries, operates property development and investment. Stock Data Bursa / Bloomberg code 5789 / LBS MK Board / Sector Main / Property Syariah Compliant status Yes Issued shares (m) Par Value (RM) 1.00 Market cap. (RMm) week price Range RM Beta (against KLCI) m Average Daily Volume 2.42m 3-m Average Daily Value^ RM2.54m Share Performance 1m 3m 12m Absolute (%) Relative (%-pts) Major Shareholders % Gaterich Sdn Bhd Kumpulan Wang Persaraan 5.21 CIMB Group Holdings Bhd 3.57 Historical Chart Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Source: Bloomberg Lee Chung Cheng , ext. 758 cclee@jfapex.com.my What s New Comment LBS Bina (LBS) announced that the Group has entered into a Heads of Agreement (HOA) with NWP Holdings Berhad (NWP) to jointly develop its 60% interests in 264-acre Zhuhai International Circuit (ZIC) land in China. Also, LBS will subscribe 1,100m of NWP Shares or representing 73.7% of the enlarged shares of NWP for RM93.5m, or 8.5 sen/share. Upon completion of the share subscription, LBS is required to make a MGO to NWP. Both parties shall enter into Definitive Agreements (DA) within 60 days from the date of this HOA. The DA shall include some condition precedents which are to be satisfied within 6 months from the date of the DA. Opt for development on ZIC. We are not overly surprised with the management s decision of developing the land in Zhuhai, China instead of outright sales of the land or listing of ZIC in HK, as the Group views the land more valuable over the long run in respect of ROI and period of payback. This is judging from the experience when LBS disposed its Lakewood golf course and the nearby development land in mid Acquiring NWP for ZIC project funding purposes. At a first glance, we are surprised with this latest development as we do not see the Group would benefit much or reaping any working synergy from this tie-up. NWP is principally involved in wood-based industry which is manufacturing of wood moulding, priming, timber and laminated timber, trading of sawn timber, plywood and veener, provision of kiln drying services, sawmilling service and trading of agricultural products and without any prior property experience either in Malaysia or China. We understand that the objective of the corporate exercise is for the funding purpose (as NWP would be the funding vehicle for the ZIC project upon completion of share subscription) and to retain control of the project (via NWP). Thus, this is to ensure that the anticipated massive funding (with estimated total investment of RMB3.5b or RM2.2b) for ZIC project would not put pressure on LBS balance sheet (NWP has zero borrowings) or any future cash call on the Group. Meanwhile, the price consideration of 8.5 sen/share for NWP shares represents 14% discount to NWP s adjusted NTA/share of 9.9 sen and 34.6% discount to current share price of 13.0 sen. Planning for a JV with a local Chinese partner for the development project. Once the Group has established its framework of funding structures (either debt or equity or mixture of both), we understand that LBS would start to Please read carefully the important disclosures at end of this publication

2 team up with a local Chinese party to co-develop the ZIC land in China under its 60% stake at a later stage. In order to ensure the success of ZIC development, the Group realised that strong execution is critical and hence opting for JV in its maiden overseas project. The Group does not rule out the possibility of paring down its 60% stake to the interested party for the land development. Operational wise, LBS next course of action is to obtain the relevant approvals from the local authorities such as Water Resources Department, Environmental Department, Land and Resources Department, etc latest by November 2019 for the West Land and November 2020 for the East Land, prior to commencement of work. Some flashback. To recall, the Group obtained an approval obtained for ZIC transformation plan in November last year. Under the approval, ZIC is divided into two plots, i.e. East Land and West Land. West Land will encompass China-Malaysia Cultural Center, racing circuit amenities (inclusive of race car servicing center, exhibition hall, R&D center, petrol kiosk, first aid center, etc), theme park, commercial area and tourist visiting tower, whilst East Land will be used for additional developments encompassing Malaysia Cultural Village, China-Malaysia Cultural Museum, Cheng-Ho Cultural Hall, Malaysia economic and trade building, themed business area, hotel block, shopping arcade and daily amenities. Earnings Outlook/Revision No change to our earnings forecasts for F. Valuation & Recommendation Maintain BUY on LBS with an unchanged target price of RM1.30, which is based on 20% discount to its RNAV/share of RM1.63. We favour LBS for its: a) strong earnings visibility with the Group s sound business strategy of concentrating in selling affordable landed housings for this year especially in Klang Valley; and b) unlocking potential landbank values in ZIC with current advocate of One belt, One Road initiative amid stronger Malaysia-China ties. 2

3 Figure 1: Financial Summary Year to 31 Dec (RMm) F 2019F Revenue Operating profit Profit before tax Net Profit Core net profit EPS (sen) DPS (sen) P/E (x) P/BV (x) Revenue growth (%) Core net profit growth (%) Operating margin (%) PBT margin (%) Dividend yield (%) Net gearing (%) ROE (%) ROA (%) Source: Company, JF Apex 3

4 Figure 2: RNAV Local Projects Location Remaining Landbank Stake GDV (Current & Future Projects) DCF Basis Acre % RMm RMm Bandar Saujana Putra Selangor % 4, Discount rate of 9% D'Island Residence Puchong % 1, Desiran Bayu Puchong % Embun Mas Selangor % Taman Greenhill Shah Alam % Bukit Cherakah Selangor % Telok Gong Selangor % Tmn Tasek Puchong Puchong % Cameron The Centrum Cameron % 2, Tengkolok Cameron % Cameron Golden Hills Cameron % Taman Royal Lily Cameron 7 100% Kpg Raja Cameron 30 61% Bdr Putera Indah Batu Pahat % 1, Chemor, Ipoh Perak % Kampar Perak % Sinaran Mahkota Kuantan % Kuantan Kuantan % Midhills, Gohtong Jaya Pahang % Midhills 2, Gohtong Jaya Pahang % Johor CBD Johor % 2, Kulai Johor % 2, Danga Bay Johor % 1, Tampoi (JDA) Johor % 1, Celebrity Residence, KK Sabah % Bukit Jalil, KL KL % 1, Dengkil Selangor % 2, Ijok Selangor % 1, Kota Tinggi Johor % 2, Seri Kembangan Selangor 8 100% Unbilled sales 1, ,201.3 Stake in MGB 54.00% Based on w eighted average MGB share price of RM1.33 for the past 1 year China Assets Stake in Zhuhai Holdings 9.70% 80.3 Based on w eighted average Zhuhai share price of HKD1.16 for the past 1 year ZIC race track % Market price of RM59psf (nearby development land sold to Zhuhai Holdings at HKD118psf) Total 3,043.3 Net Debt as of 2Q17 (425.0) RNAV 2,618.3 Warrant A proceeds 4.3 Warrant B proceeds 56.1 RCPS RNAV post warrant proceeds & RCPS 2, Enlarged share cap. 1,711.3 Fully-diluted RNAV/share 1.63 Source: Company, JF Apex 4

5 JF APEX SECURITIES BERHAD CONTACT LIST JF APEX SECURITIES BHD 6 th Floor, Menara Apex Off Jalan Semenyih Bukit Mewah Kajang Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) PJ Office: 15 th Floor, Menara Choy Fook On No. 1B, Jalan Yong Shook Lin Petaling Jaya Selangor Darul Ehsan Malaysia General Line: (603) Facsimile: (603) DEALING TEAM Kong Ming Ming (ext 3237) Shirley Chang (ext 3211) Norisam Bojo (ext 3233) Institutional Dealing Team: Lim Teck Seng Fathul Rahman Buyong (ext 741) Muhammad Syukri (ext 744) Ahmad Mansor (ext 744) Zairul Azman (ext 746) Nur Nadia (ext 741) PJ Office: Mervyn Wong (ext 363) Azfar Bin Abdul Aziz (Ext 822) Tan Heng Cheong (Ext 111) RESEARCH TEAM Lee Chung Cheng (ext 758) Lee Cherng Wee (ext 759) Low Zy Jing (ext 754) Nursuhaiza Binti Hashim (ext 752) Siau Li Shen (ext 753) JF APEX SECURITIES - RESEARCH RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS BUY : The stock s total returns* are expected to exceed 10% within the next 12 months. HOLD : The stock s total returns* are expected to be within +10% to 10% within the next 12 months. SELL : The stock s total returns* are expected to be below -10% within the next 12 months. TRADING BUY : The stock s total returns* are expected to exceed 10% within the next 3 months. TRADING SELL : The stock s total returns* are expected to be below -10% within the next 3 months. SECTOR RECOMMENDATIONS OVERWEIGHT : The industry as defined by the analyst is expected to exceed 10% within the next 12 months. MARKETWEIGHT : The industry as defined by the analyst is expected to be within +10% to 10% within the next 12 months. UNDERWEIGHT : The industry as defined by the analyst, is expected to be below -10% within the next 12 months. *capital gain + dividend yield JF APEX SECURITIES BERHAD DISCLAIMER Disclaimer: The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of JF Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report. Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of JF Apex Securities Berhad and are subject to change without notice. JF Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. JF Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against JF Apex Securities Berhad. JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad. Published & Printed By: JF Apex Securities Berhad (47680-X) (A Participating Organisation of Bursa Malaysia Securities Berhad) 5

Company Result 31 May 2018 LBS Bina Group Berhad

Company Result 31 May 2018 LBS Bina Group Berhad MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 31 May 2018 LBS Bina Group Berhad A modest start BUY Maintained Share Price Target Price RM0.89 RM1.30 Company Description

More information

Company Result 28 November 2017 LBS Bina Group Berhad

Company Result 28 November 2017 LBS Bina Group Berhad MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 28 November 2017 LBS Bina Group Berhad Stellar 9M performance BUY Maintained Share Price Target Price RM2.18 RM2.50

More information

Result Update 23 November 2017 Tambun Indah Land Berhad

Result Update 23 November 2017 Tambun Indah Land Berhad MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Result Update 23 November 2017 Tambun Indah Land Berhad Sales remain in doldrums sten HOLD Maintained Share Price Target Price RM1.01

More information

Company Result 4 December 2017 Titijaya Land Berhad

Company Result 4 December 2017 Titijaya Land Berhad JF APEX SECURITIES BERHAD (47680-X) Company Result 4 December 2017 Titijaya Land Berhad 1QFY18: No surprises BUY Maintained KLCI 1717.86 points Share Price RM1.42 Target Price RM2.06 Expected share price

More information

Company Result 3 September 2018 Titijaya Land Berhad

Company 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 information

Company Update 25 April 2018 Titijaya Land Berhad Challenging sales outlook

Company Update 25 April 2018 Titijaya Land Berhad Challenging sales outlook JF APEX SECURITIES BERHAD (47680-X) Company Update 25 April 2018 Titijaya Land Berhad Challenging sales outlook BUY Maintained KLCI 1856.20 points Share Price RM0.65 Target Price RM0.94 Expected share

More information

Company Result 25 August 2017 Oriental Food Industries Holdings Berhad On a steady path

Company Result 25 August 2017 Oriental Food Industries Holdings Berhad On a steady path JF APEX SECURITIES BERHAD (47680-X) Company Result 25 August 2017 Oriental Food Industries Holdings Berhad On a steady path HOLD Maintained KLCI 1771 points Share Price RM1.61 Target Price RM1.61 Expected

More information

Results Update 2 July 2018 Sapura Energy Bhd

Results Update 2 July 2018 Sapura Energy Bhd MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Results Update 2 July 2018 Sapura Energy Bhd Lower losses QoQ BUY Maintained Share Price Target Price RM0.64 RM0.80 Company Description

More information

Maintained. Within expectation. Company Result 20 November 2017 IOI Corporation Berhad. Result. Comment

Maintained. Within expectation. Company Result 20 November 2017 IOI Corporation Berhad. Result. Comment MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2014 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Result 20 November 2017 IOI Corporation Berhad Within expectation HOLD Maintained Share Price

More information

Company Result 1 June 2018 Titijaya Land Berhad

Company Result 1 June 2018 Titijaya Land Berhad JF APEX SECURITIES BERHAD (47680-X) Company Result 1 June 2018 Titijaya Land Berhad Steady as she goes BUY Maintained KLCI 1740.62 points Share Price RM0.37 Target Price RM0.64 Expected share price return

More information

Company Result 23 November 2017 Kuala Lumpur Kepong Buoyed by Plantation Segment

Company Result 23 November 2017 Kuala Lumpur Kepong Buoyed by Plantation Segment MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 23 November 2017 Kuala Lumpur Kepong Buoyed by Plantation Segment HOLD Maintained Share Price Target Price RM24.50

More information

Maintained. Company Result 21 February 2017 IOI Corporation. Bolstered by resource-based manufacturing segment. Result. Comment

Maintained. 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 information

Company Results 26 October 2017 Gadang Holdings Berhad Eyeing on better margin in construction segment. Results. Comments

Company 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 information

Results Update 17 August 2018 Tasco Berhad

Results Update 17 August 2018 Tasco Berhad JF APEX SECURITIES BERHAD (47680-X) Results Update 17 August 2018 Tasco Berhad A slow start for FY19 BUY Target price: RM1.96 KLCI 1777.27 points Share Price RM1.72 Target Price RM1.96 Expected share price

More information

Company Result 1 March 2016 Tambun Indah Land Berhad

Company Result 1 March 2016 Tambun Indah Land Berhad MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2014 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Result 1 March 2016 Tambun Indah Land Berhad Better year ahead sten HOLD Maintained Share Price

More information

Company Result 30 August 2018 UMW Holdings Berhad Steady margins boost earnings

Company 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 information

Company Results 27 July 2017 Gadang Holdings Berhad Marks earnings of RM100m. Results. Comments

Company 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 information

Results Update 29 June 2018 Kim Loong Resources Bhd An insipid start

Results Update 29 June 2018 Kim Loong Resources Bhd An insipid start JF APEX SECURITIES BERHAD (47680-X) Results Update 29 June 2018 Kim Loong Resources Bhd An insipid start BUY Target price: RM1.52 KLCI 1665.68 points Share Price RM1.32 Target Price RM1.52 Expected share

More information

Company Result 29 March 2017 V.S. Industry Berhad

Company Result 29 March 2017 V.S. Industry Berhad MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2014 (032022) JF APEX SECURITIES BERHAD (47680-X) S Company Result 29 March 2017 V.S. Industry Berhad On a steady path BUY Maintained Share Price Target

More information

Company Result 15 August 2018 Kuala Lumpur Kepong Fazed by unfavourable plantation segment

Company 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

Company Result 27 June 2018 Hai-O Enterprise Berhad 4QFY18: Temporary blip of MLM division. Result. Comment

Company Result 27 June 2018 Hai-O Enterprise Berhad 4QFY18: Temporary blip of MLM division. Result. Comment MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 27 June 2018 Hai-O Enterprise Berhad 4QFY18: Temporary blip of MLM division BUY Maintained Share Price Target Price

More information

2019F: A better year Maintained

2019F: A better year Maintained MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 28 February 2019 UMW Holdings Berhad Result BUY 2019F: A better year Maintained Share Price Target Price RM5.82 RM7.00

More information

Earnings Outlook/ Revision. Valuation/Recommendation

Earnings 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 information

Initiation Report 25 August 2017 HCK Capital Group Bhd

Initiation Report 25 August 2017 HCK Capital Group Bhd JF APEX SECURITIES BERHAD (47680-X) Initiation Report 25 August 2017 HCK Capital Group Bhd The new kid on the block HOLD Target price: RM1.24 KLCI 1775.50 points Share Price RM1.29 Target Price RM1.25

More information

Company Results 27 November 2014 Crest Builder Holdings Berhad 3QFY14: Below Expectations. Maintained. What s New. Comment.

Company Results 27 November 2014 Crest Builder Holdings Berhad 3QFY14: Below Expectations. Maintained. What s New. Comment. MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2013 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Results 27 November 2014 Crest Builder Holdings Berhad 3QFY14: Below Expectations HOLD Maintained

More information

Company Result 26 November 2014

Company Result 26 November 2014 MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2014 (032022) JF APEX SECURITIES BERHAD (47680-X) Company Result 26 November 2014 IJM Land Disappointing 1HFY15 HOLD Maintained Share Price Target Price

More information

Initiation Report 7 August 2017 Engtex Bhd Beneficiary of nationwide piping projects

Initiation Report 7 August 2017 Engtex Bhd Beneficiary of nationwide piping projects JF APEX SECURITIES BERHAD (47680-X) Initiation Report 7 August 2017 Engtex Bhd Beneficiary of nationwide piping projects BUY KLCI 1774.53 points Share Price RM1.27 Target Price RM1.60 Expected share price

More information

Initiating Coverage 28 July 2017 Titijaya Land Berhad Revitalise and regenerate

Initiating Coverage 28 July 2017 Titijaya Land Berhad Revitalise and regenerate JF APEX SECURITIES BERHAD (47680-X) Initiating Coverage 28 July 2017 Titijaya Land Berhad Revitalise and regenerate BUY Target Price: RM2.06 KLCI 1770 points Share Price RM1.59 Target Price RM2.06 Expected

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

IOI Properties Group Berhad Proposes rights issue

IOI 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 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

IOI Properties Group Berhad Successfully tendered for land in Singapore

IOI 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 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

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

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

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

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

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 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

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

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

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

UEM Sunrise Berhad JV with MULPHA to develop Nusajaya land

UEM 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 information

MRCB. Buy. Equity Malaysia Property. Carves out JV in Setapak. 02 Jan Price RM1.12 Target Price RM1.26

MRCB. Buy. Equity Malaysia Property. Carves out JV in Setapak. 02 Jan Price RM1.12 Target Price RM1.26 Equity Malaysia Property 02 Jan 2018 Buy Price RM1.12 Target Price RM1.26 Market Data Bloomberg Code MRC MK No. of shares (m) 4,386.8 Market cap (RMm) 4,913.2 52-week high/low (RM) 1.57 / 0.87 Avg daily

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

Maintain BUY. SP Setia Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Setia Eco Templer achieved 95% take up rate

Maintain 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 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

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

Malaysia Resources Corporation Bhd

Malaysia 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 information

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

Market Access. Results Review (2Q15) M&A Securities. Mah Sing Group Bhd. Challenging Outlook. Results Review

Market Access. Results Review (2Q15) M&A Securities. Mah Sing Group Bhd. Challenging Outlook. Results Review M&A Securities Results Review (2Q15) PP14767/09/2012(030761) Mah Sing Group Bhd Thursday, August 27, 2015 HOLD (TP: RM1.34) Results Review Challenging Outlook Current Price (RM) RM1.46 New Target Price

More information

KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES

KINDLY 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 information

UOA Development UOAD MK Sector: Property

UOA 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 information

WCT HOLDINGS. (WCTHG MK EQUITY, WCTE.KL) 03 May WCT wins in AEON Bukit Tinggi dispute. Rationale for report: Company update

WCT HOLDINGS. (WCTHG MK EQUITY, WCTE.KL) 03 May WCT wins in AEON Bukit Tinggi dispute. Rationale for report: Company update WCT HOLDINGS CONSTRUCTION (WCTHG MK EQUITY, WCTE.KL) 03 May 2018 Company report Joshua Ng ng-chin-yuing@ambankgroup.com 03-2036 2293 WCT wins in AEON Bukit Tinggi dispute Rationale for report: Company

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

TRC Synergy. Hold. Equity Malaysia Construction. Bags RM499m building job in Putrajaya. 05 Dec Price RM0.58 Target Price RM0.62 (from RM0.

TRC 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 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

JF Apex Securities Berhad Newsletter Daily As Highlights 13 February Malaysia News & Highlights. Foreign News.

JF Apex Securities Berhad Newsletter Daily As Highlights 13 February Malaysia News & Highlights. Foreign News. JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 13 February 2014 Malaysia News & Highlights CEO Tony says AirAsia in cost-cutting

More information

WCT HOLDINGS HOLD. Growing order book, paring gearing. Company report. (Maintained) CONSTRUCTION. Joshua Ng

WCT HOLDINGS HOLD. Growing order book, paring gearing. Company report. (Maintained) CONSTRUCTION. Joshua Ng WCT HOLDINGS CONSTRUCTION (WCTHG MK EQUITY, WCTE.KL) 25 Aug 2017 Company report Joshua Ng ng-chin-yuing@ambankgroup.com 03-2036 2293 Growing order book, paring gearing Rationale for report: Company update

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

WCT Holdings Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Reaffirm BUY Unchanged Target Price (TP): RM2.

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 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

KPJ Healthcare Berhad Another hospital on deck

KPJ 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 information

JF Apex Securities Berhad Newsletter Daily As Highlights 5 December Malaysia News & Highlights. Foreign News

JF Apex Securities Berhad Newsletter Daily As Highlights 5 December Malaysia News & Highlights. Foreign News JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 5 December 2013 Malaysia News & Highlights Long way to go before water impasse

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

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

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

Market Access. Company Update. M&A Securities. Mah Sing Group Bhd. Convincing Ahead. Wednesday, July 01, 2015 BUY (TP: RM1.84)

Market Access. Company Update. M&A Securities. Mah Sing Group Bhd. Convincing Ahead. Wednesday, July 01, 2015 BUY (TP: RM1.84) M&A Securities Company Update PP14767/09/2012(030761) Mah Sing Group Bhd BUY (TP: RM1.84) Wednesday, July 01, 2015 Convincing Ahead Current Price (RM) New Target Price (RM) RM1.63 RM1.84 Although property

More information

JF Apex Securities Berhad Newsletter Daily As Highlights 18 March Malaysia News & Highlights. Foreign News

JF Apex Securities Berhad Newsletter Daily As Highlights 18 March Malaysia News & Highlights. Foreign News JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 18 March 2014 Malaysia News & Highlights Kian Joo defers decision on offer, Toyota

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

SP Setia Berhad TP: RM4.10 (+15.5%) Acquiring I&P Group

SP Setia Berhad TP: RM4.10 (+15.5%) Acquiring I&P Group A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 C O M P A N Y U P D A T E Monday 17 April 2017 FBMKLCI: 1,730.99 Sector:

More information

Table 1 : Investment Statistics (SUNWAY; Code: 5211)

Table 1 : Investment Statistics (SUNWAY; Code: 5211) Malaysia PP 7767/09/2012(030475) MARKET DATELINE Corporate Highlights Briefing Note Sunway Berhad Tying Up With Khazanah RHB Research Institute Sdn Bhd A member of the RHB Banking Group Company No: 233327

More information

United Malayan Land. Results highlights. Robust sales and landbanking efforts MKT CAPITALISATION RM431.9m RECOM PRICE BOARD SECTOR INDEX COMPONENT

United Malayan Land. Results highlights. Robust sales and landbanking efforts MKT CAPITALISATION RM431.9m RECOM PRICE BOARD SECTOR INDEX COMPONENT This report has been prepared by CIMB for the CMDF-Bursa Research scheme. 3QFY11 RESULTS CIMB Research Report United Malayan Land 24 November 2011 RECOM Buy PRICE RM1.43 Robust sales and landbanking efforts

More information

Eco World International Global Property Player

Eco 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 information

LBS BINA GROUP BERHAD ( H) (Incorporated in Malaysia) Interim Financial Report

LBS BINA GROUP BERHAD ( H) (Incorporated in Malaysia) Interim Financial Report LBS BINA GROUP BERHAD (518482-H) (Incorporated in Malaysia) Interim Financial Report 31 March 2017 LBS BINA GROUP BERHAD (518482-H) (Incorporated in Malaysia) Interim Financial Report 31 March 2017 Page

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

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

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

United Malayan Land. Results highlights. Decent performance in 1H MKT CAPITALISATION RM407.9m RECOM PRICE BOARD SECTOR INDEX COMPONENT

United Malayan Land. Results highlights. Decent performance in 1H MKT CAPITALISATION RM407.9m RECOM PRICE BOARD SECTOR INDEX COMPONENT This report has been prepared by CIMB for the CMDF-Bursa Research scheme. 3QFY11 RESULTS CIMB Research Report United Malayan Land 25 August 2011 RECOM Buy PRICE RM1.35 Decent performance in 1H MKT CAPITALISATION

More information

WCT HOLDINGS HOLD. De-gearing still the key focus. Company report. (Maintained) CONSTRUCTION. Joshua Ng

WCT HOLDINGS HOLD. De-gearing still the key focus. Company report. (Maintained) CONSTRUCTION. Joshua Ng WCT HOLDINGS CONSTRUCTION (WCTHG MK EQUITY, WCTE.KL) 23 Nov 2017 Company report Joshua Ng ng-chin-yuing@ambankgroup.com 03-2036 2293 De-gearing still the key focus Rationale for report: Company update

More information

JF Apex Securities Berhad Newsletter Daily As Highlights 18 February Malaysia News & Highlights. Foreign News

JF Apex Securities Berhad Newsletter Daily As Highlights 18 February Malaysia News & Highlights. Foreign News JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 18 February 2014 Malaysia News & Highlights LBS comes to VTI's rescue, injecting

More information

Hua Yang Berhad OUTPERFORM KENANGA RESEARCH. Affordable Housing Advantage. Company Update. Target Price: RM2.91 KENANGA RESEARCH

Hua Yang Berhad OUTPERFORM KENANGA RESEARCH. Affordable Housing Advantage. Company Update. Target Price: RM2.91 KENANGA RESEARCH Company Update 29 October 2013 Hua Yang Berhad OUTPERFORM Price: RM2.11 Affordable Housing Advantage Target Price: RM2.91 HUAYANG held a briefing yesterday which reaffirmed our positive view based on these

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

WCT HOLDINGS. (WCTHG MK EQUITY, WCTE.KL) 23 Jan Straight From The New Team. Rationale for report: Company update. Investment Highlights

WCT HOLDINGS. (WCTHG MK EQUITY, WCTE.KL) 23 Jan Straight From The New Team. Rationale for report: Company update. Investment Highlights WCT HOLDINGS CONSTRUCTION (WCTHG MK EQUITY, WCTE.KL) 23 Jan 2017 Company report Joshua Ng ng-chin-yuing@ambankgroup.com 03-2036 2293 Straight From The New Team Rationale for report: Company update HOLD

More 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

GROUP FINANCIAL HIGHLIGHTS

GROUP FINANCIAL HIGHLIGHTS 040 LBS BINA GROUP BERHAD (518482-H) ANNUAL REPORT 2016 GROUP FINANCIAL HIGHLIGHTS RM993.6 million REVENUE (RM 000) RM144 million PROFIT BEFORE TAXATION (RM 000) RM85.3 million PROFIT AFTER NON- CONTROLLING

More information

Maybank IB Research PP16832/01/2013 (031128)

Maybank IB Research PP16832/01/2013 (031128) Maybank IB Research PP16832/01/2013 (031128) Company Update 15 March 2012 WCT Buy (unchanged) Share price: Target price: RM2.61 Wong Chew Hann, CA wchewh@maybank-ib.com (603) 2297 8686 Stock Information

More information

Subscribe. Fair value: RM2.07. Initial Public Offering 21 October 2013 Karex Berhad. Set to Con-Dominate. Investment Highlights

Subscribe. Fair value: RM2.07. Initial Public Offering 21 October 2013 Karex Berhad. Set to Con-Dominate. Investment Highlights MALAYSIA INVESTMENT RESEARCH REPORT KDN PP13226/04/2013 (032022) JF Apex Securities Newsletter IPO Price Stock Data Board / Sector Post-IPO issued shares Post-IPO market cap (RM)* RM1.85* Main / Industrial

More information

Sunway. Another feather to its cap

Sunway. Another feather to its cap Equity Malaysia Real Estate 20 March 2013 Buy Price RM2.74 Target price RM3.70 Market data Bloomberg code Performance 1M 3M 12M Absolute (%) 11 18 3 Rel market (%) 11 21 (0) 3.10 2.90 2.70 2.50 2.30 2.10

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

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

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

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

MRCB. Equity Malaysia Property

MRCB. 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 information

PUBLIC INVESTMENT BANK

PUBLIC INVESTMENT BANK PUBLIC INVESTMENT BANK PublicInvest Research Company Update Monday, November 02, 2015 KDN PP17686/03/2013(032117) MALAYSIA STEEL WORKS (KL) Neutral DESCRIPTION New Rolling Mill One of the smallest steelmakers

More information

Dijaya Corporation Berhad

Dijaya Corporation Berhad Quick Bites 16 April 2013 Dijaya Corporation Berhad OUTPERFORM Price: RM1.55 Landbanking in Kota Kemuning Target Price: RM2.15 News Proposed acquisition cum development of 1,172ac land in Kota Kemuning

More information

Market Thoughts. Malaysia News & Highlights. 30-Jan-15 Daily Highlights JF APEX SECURITIES

Market Thoughts. Malaysia News & Highlights. 30-Jan-15 Daily Highlights JF APEX SECURITIES JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2014 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 30 January 2015 Malaysia News & Highlights Overhaul of Air Asia X team? Shares

More information

JF Apex Securities Berhad Newsletter Daily As Highlights 3 March Malaysia News & Highlights. Foreign News

JF Apex Securities Berhad Newsletter Daily As Highlights 3 March Malaysia News & Highlights. Foreign News JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 3 March 2014 Malaysia News & Highlights 1MDB awarded Project 3B Mudajaya tipped

More information

Figure 1: Rental Index of Office Space in Central Region. Figure 2: Pipeline Supply of Office Space

Figure 1: Rental Index of Office Space in Central Region. Figure 2: Pipeline Supply of Office Space A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 COMPANY UPDATE Monday, 14 Nov 2016 FBM KLCI: 1,634.19 Sector: Property IOI

More information

JF Apex Securities Berhad Newsletter Daily As Highlights 12 December Malaysia News & Highlights. Foreign News

JF Apex Securities Berhad Newsletter Daily As Highlights 12 December Malaysia News & Highlights. Foreign News JF APEX SECURITIES BERHAD (47680-X) KDN PP13226/04/2013 (032022) JF Apex Securities Berhad Newsletter Daily As Highlights 12 December 2013 Malaysia News & Highlights Malaysia's Oct industrial production

More information