Company Focus Guan Chong
|
|
- Claud Ferguson
- 5 years ago
- Views:
Transcription
1 Bloomberg: GUAN MK Reuters: GNCH.KL Malaysia Equity Research HOLD RM KLCI :,674.4 Price Target : -Month RM.9 Reason for Report : Company update Potential Catalyst: Higher sales and cocoa bean prices DBSV vs Consensus: Lower than consensus due to conservative assumptions Analyst Kevin WONG kevin@hwangdbsvickers.com.my Price Relative R M R e la t i v e In d e x. 5 M a r - 9 M a r - M a r - M a r - M a r - 3 G u a n C h o n g ( L H S ) R e la t iv e K L C I IN D E X ( R H S ) Forecasts and Valuation Research PP 758//(33) FY Dec (RM m) A 3F 4F 5F Revenue,44,74,87,983 EBITDA Pre-tax Profit Net Profit Net Pft (Pre Ex.) EPS (sen) EPS Pre Ex. (sen) EPS Gth (%) (6) EPS Gth Pre Ex (%) (6) Diluted EPS (sen) Net DPS (sen) BV Per Share (sen) PE (X) PE Pre Ex. (X) P/Cash Flow (X) nm EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) ROAE (%) Earnings Rev (%): Consensus EPS (sen sen): Other Broker Recs: B: S: H: ICB Industry : Consumer Goods ICB Sector: Food Producers Principal Business: Manufactures and sells cocoa ingredients; cocoa butter, cake, liquor and powder. Source of all data: Company, DBS Vickers, Bloomberg Finance L.P Apr 3 Refer to important disclosures at the end of this report No re-rating catalyst in sight yet Lower valuations compared to benchmarks set by Petra Foods cocoa business and JB Foods may limit share price downside Re-rating only on stronger earnings growth and measures to unlock value Maintain HOLD and RM.9 TP, pegged to 7.5x FY4FD EPS, near historical high Latest pricing benchmarks. s (GC) current market value implies 7x P/E, 8x FY EV/EBITDA, and USD.6k/MT capacity. This is cheap compared with: (a) the USD95m Petra Foods got from selling its cocoa ingredients division to Barry Callebaut (BC), which implies.5x FYF EV/EBITDA and USD.3k/MT capacity; and (b) JB Foods, which share price has risen 3% since it announced new shares placement on 3 January 3, despite its smaller market cap of S$6m and annual capacity (85k MT), and poorer earnings and valuation metrics (FY net profit S$6m; 9x EV/EBITDA; 4x P/E). Brighter H outlook. BC s decision to acquire Petra Foods cocoa business: (a) indicates vast demand potential in Asia (where GC has a presence); and (b) could benefit GC (4 th biggest post-acquisition) as major customers may diversify their supply chain in the face of industry consolidation. Meanwhile, H3 earnings visibility has improved as sales orders have been picking up on the back of rising (cocoa butter) selling prices. Offering 9.5% total potential return. We tweaked our -4F earnings 3-4% higher to factor in lower effective tax rate of % (from 4%) but offset by a slight reduction in -4F s EBITDA margins by.6%. Although the valuation disparity may limit downside, we believe a re-rating for GC could only happen on the back of visible strong earnings growth and corporate development to unlock its underlying value. Maintain HOLD with a RM.9 TP pegged to 7.5x (near its historical high) FY4F FD EPS. At A Glance Issued Capital (m shrs) 476 Mkt. Cap (RMm/US$m) 853 / 76 Major Shareholders Resources Sdn Bhd 5.4 LTAT (%) 5. Free Float (%) 3. Avg. Daily Vol.( ) 8 Refer to important disclosures at the end of this report
2 Barry Callebaut acquires Petra Foods cocoa business Fig. : Post-consolidation capacities Background. On December, Barry Callebaut (BC) announced its plan to acquire Petra Foods entire cocoa ingredients division for USD95m (c.rm3.bn) on a debt-free basis. The deal is expected to be completed before the May- August 3 deadline(s), depending on various regulatory approvals. Briefly, BC (based in Zurich and listed on the Swiss Exchange) is among the world s top manufacturers of cocoa products. It operates 45 production facilities in 3 countries. Its two global brands are Callebaut and Cacao Barry. Meanwhile, Petra Foods has decided to unlock the value of its cocoa ingredients business which profits were declining (while keeping its branded consumer products division). After taking over of Petra Foods 45k MT installed annual grinding capacity, BC s total capacity would jump from 7k MT to almost.m MT, turning it into the world s largest in the cocoa grinding industry (Figure ). Asian growth story. The acquisition is a strategic move by BC to expand into the fast-growing Asian cocoa market. It would immediately boost the group s sales volume by 65% (to almost /3 of overall sales volume), and turn it into a leading cocoa producer to tap on the demand growth potential in Asia. Back in 8, BC had made a move to gain a foothold in Asia when it acquired KL Kepong s cocoa division, KL-Kepong Cocoa Products Sdn Bhd (KLKCP), for RM7.3m [comprising RM53.6m (6% stake) in 8 and RM7.7m (4% stake) in ]. KLKCP booked c.rm5m sales in 7 driven by an estimated annual capacity of 7k MT for cocoa products and k MT for chocolate compounds in Malaysia. Source: Barry Callebaut Page
3 Impact on. BC s expansion into Asia is a sign of the strong demand for cocoa ingredients in this region. And GC, as the 4 th largest cocoa grinder in the world with an annual capacity of k MT (Fig. ) following BC s acquisition, will also be able to tap on the exciting demand growth for cocoa ingredients, given its niche in this region. It will likely be business as usual for GC for the time being as BC would need time to fully integrate Petra Foods facilities and improve operational efficiencies. In the longer run, GC could benefit from spillover orders as major clients may buy more cocoa ingredients from grinders like GC, in order to diversify supply risks following the merger of BC s and Petra Foods cocoa business. This assumes that BC after consolidating its customer portfolios in Indonesia, Thailand, Brazil, Mexico, Germany and Malaysia to derive better economies of scale would not steal market shares from the smaller industry players by pursuing aggressive pricing policy. But following BC s move, there may be more M&A activities particularly by the other top players like Cargill and Archer Daniels Midland (ADM), in order to consolidate their positions and: i) remain competitive in the business; ii) capture larger market shares; and iii) diversify business and geographical risks. Setting new pricing benchmark. More importantly, the acquisition has provided interesting insights into industry pricing yardsticks. The USD95m price tag effectively implies: (a).5x EV/EBITDA based on DBS FYF EBITDA of USD4.m for Petra Foods cocoa ingredient division; and (b) USD.3k per MT of capacity. Fig. : GC vs. Petra Foods - comparison () GC PF* Installed capacity (k MT). 45.^ Sales volume (k MT) ^ Revenue (USDm) 593,5 EBITDA (USDm) 6 4 EBITDA margin (%). 3.3 EBITDA yield (USD/MT) 39 4 EV/EBITDA (x) Price RM.79 SGD4.6 P/Diluted EPS (x) P/BVPS (x) Note: Based on 8 March 3 s closing prices * Based on Petra Food s Cocoa Ingredient division, except for pricerelated valuations which are based on group earnings ^ Assuming same as FY annualised figures JB Foods: case study. GC s valuation is also undemanding compared with JB Foods, a Singapore-listed cocoa processor that is based in Johor, Malaysia. After making a dismal debut - its share price has been languishing at close to the IPO price of S$.3 since listing on June up to January 3 the stock had surged to a high of S$.5 on February following the announcement of the placement of 8m new shares at S$.7 apiece (Fig. 3). Fig. 3: JB Foods share price In contrast, GC is currently trading at a deep discount at: (a) FY EV/EBITDA ratio of 8x; and (b) USD.6k per MT. A comparison of other financial and operating metrics between GC and PF s cocoa grinding business is captured in Fig.... -Jul- 9-Aug- 8-Sep- 8-Oct- 7-Nov- 7-Dec- 6-Jan-3 5-Feb-3 7-Mar-3 At its closing price of S$.45 yesterday, the shares are trading at: (a) ballpark 9x EV/EBITDA ratio; (b) USD,5/MT of capacity (based on its end-fy3 capacity of 85k MT); and (c) 4x FY3 P/E. By comparison, GC seems cheap considering that it is bigger in terms of: (a) market cap of RM853m (vs S$m/RM56m); (b) plant capacity of k MT p.a (vs 85k MT); (c) sales of RM,74m (vs S$69m/RM679m); and (d) net profit of RM8m (+8% y-o-y; vs S$5m/RM38m). Fig. 4 summarises these comparisons. Page 3
4 Fig. 4: JB Foods - earnings and forecasts (FYE Dec) (RMm) FY FY FY FY4F Revenue COGs (44.9) (65.) (5.6) (66.3) (65.5) Gross Profit Other inc Other exp (3.) (9.) (8.6) (.7) (3.4) EBIT Finance cost (.7) (.7) (3.3) (3.3) (3.3) PBT Tax (5.8) (6.) (4.4) (.7) (3.7) PAT Gross margin.4%.4%.7%.7%.7% EBIT margin.%.% 8.% 8.% 7.9% PBT margin.7% 9.7% 7.5% 7.5% 7.5% Fig. 5: JB Foods - operating statistics (FYE Dec) FY FY FY FY4F Capacity 6, 6, 7,5 85, 85, Utilisation 7% % 85% 8% 8% Production 43,96 6,39 6,65 68, 69,7 Revenue Cocoa powder Cocoa butter Others Total Note: Capacity, production and volume denoted in MT and Earnings prospects FY briefing: key takeaways. At the recent post-result briefing, GC revealed the following: (a) it ground 48.6k MT of beans in 4Q, taking total grinding volume to 59.5k MT for the full year (FY:6.6k MT); and (b) sold 34.k MT of ingredients in FY (FY: 8.7k MT). Despite the higher revenue last year (up 4% to RM.44bn), the Group recorded marginal EBITDA growth of 8% to RM8.5m because of lower selling prices (-5% y-o-y) as a result of excess capacity in Europe. The average EBITDA yield fell to RM,6.4/MT (FY: RM,33.9/MT) while operating margin was almost unchanged at.5% (vs.3% in FY). Meanwhile, FY net profit fell 6% y-o-y due to a higher effective tax rate (% vs. 5% in FY) in the absence of export tax incentives (amounting to RM9.m in FY). Ready to tap on expanded capacity. GC raised total installed annual capacity to k MT when it installed the nd line at the Batam plant in June. It intends to tap on the rising demand for cocoa ingredients and ramp up production going forward. We assumed only 8% average utilisation rate for FY3 and 84% for FY4 (vs 84% last year) because the new capacity will be ramped up gradually. Also, after buying the remaining 5% stake in US-based Carlyle Cocoa Co. for USD3.6m in January 3, GC plans to expand its presence in the US by doubling Carlyle s existing 6k MT capacity for cake-crushing operations. Better earnings visibility in H. GC had held back some sales orders in (to protect margins) amid depressed butter ratio and cocoa prices (which partly dampened FY results). But it has started to accept more sales contracts since H in view of better pricing (butter ratio has recovered from.93 to >.7; see Fig. 6). The earnings impact is expected to be felt mostly from H3 as these forward orders will be delivered progressively within 6- months. We have fine-tuned our financial assumptions: (a) higher revenue of RM.7bn in FY3 (+%) and RM.87bn in FY4 (+8%) supported by rising output; (b) slightly weaker operating margins of.% in FY3 and.% in FY4 (vs.5% in FY) amid competitive selling prices; and (c) -4F net profits of RM8m (+8% y-o-y) and RM39m (+8% y-o-y), respectively. Fig. 6: Cocoa bean price and butter ratio 4,5 4, 3,5 3,,5,,5, Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan- Cocoa Bean Price (USD/MT;LHS) Jul- Jan- Jul- Jan- Butter ratio (RHS) Jul- Jan Page 4
5 Valuation Maintain Hold. Our TP is intact at RM.9, pegged to 7.5x FY4F FD EPS. Downside is limited by net dividend yield of 3.4%, the current low P/E valuation (6.x FY4F earnings), and valuation merits vs Petra Foods cocoa business and JB Foods. Fig. 7a: PE Band Fig.. 7b: 7 PBV Band PE (x) SD + SD Mean - SD - SD PBV (x) SD + SD Mean - SD SD 3..5 Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Nov- Jan-3 Mar-3 Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Nov- Jan-3 Mar-3 Fig.. 8: 8 : Peer valuation Company FYE Price (local) Mkt Cap (US$m) FYA FYA PE FY4F Div Yield (%) CAGR FY- FYA 4F Net gearing ROE (x) (%) Dec %. 33 JB Foods* Dec %.6 Average Fig. 9: : Peer comparison Company Revenue (RM ( RMm) Pretax margin (%) Net profit (RM ( RMm) FYA FYA FY4F,38.8,44.5,74.3, JB Foods* * DBS Vickers estimates FYA FYA FY4F FYA FYA FY4F Page 5
6 Key Assumptions FY Dec A A 3F 4F 5F EBITDA yield (sales),439.7,46.,337.4,36.4,47.8 Production capacity 3,. 75,.,.,.,. Sales tonnage 8,. 8,. 4,848. 5,4. 55,5. Cocoa bean price 3,357.,635.3, ,43.8 3,35. Butter ratio Capturing full capacity by end-fy3 Segmental Breakdown FY Dec A A 3F 4F 5F Revenues (RM m) Cocoa Butter Cocoa Cake/ Powder 69 98,99,7,3 Others 4 (5) Total,383,44,74,87,983 Income Statement (RM m) FY Dec A A 3F 4F 5F Revenue,383,44,74,87,983 Cost of Goods Sold (,6) (,99) (,58) (,655) (,75) Gross Profit Other Opng (Exp)/Inc () (7) (3) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc (6) () (9) (9) () Exceptional Gain/(Loss) Pre-tax Profit Tax (3) (34) (36) (39) (4) Minority Interest () () () () () Preference Dividend Net Profit Net Profit before Except EBITDA Growth Revenue Gth (%) EBITDA Gth (%) Opg Profit Gth (%) Net Profit Gth (%) 5.6 (5.6) Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x) Margins Trend 3.%.%.%.% 9.% 8.% 7.% A A 3F 4F 5F Operating Margin % Net Income Margin % Margins are expected to improve gradually Page 6
7 Quarterly / Interim Income Statement (RM m) FY Dec 4Q Q Q 3Q 4Q Revenue Trend % % Revenue Other Oper. (Exp)/Inc (347) (39) (7) (3) (387) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc (3) (3) (3) () (4) Exceptional Gain/(Loss) Pre-tax Profit Tax (6) () (5) (9) (9) Minority Interest () Net Profit Net profit bef Except EBITDA Q 3 Q Q 4 Revenue Q Q 3 Q Q Q Q 4 3 Revenue Growth %(QoQ) Q 4 5% % 5% % -5% -% -5% -% Growth Revenue Gth (%) 7. (9.5) (.7).4. EBITDA Gth (%) 4..4 (3.) (9.5) (.3) Opg Profit Gth (%) (4.4) (.6).9 Net Profit Gth (%) 36.4 (.5).8 (.3) (9.4) Margins Opg Profit Margins (%) Net Profit Margins (%) Due to lower ASP and higher expenses Balance Sheet (RM m) FY Dec A A 3F 4F 5F Net Fixed Assets Invts in Associates & JVs Other LT Assets Cash & ST Invts Inventory Debtors Other Current Assets Total Assets 9,5,8,398,5 Asset Breakdown (3) Debtors - 7.4% Net Fixed Assets - 5.% Assocs'/JVs -.% ST Debt Other Current Liab LT Debt Other LT Liabilities Shareholder s Equity Minority Interests Total Cap. & Liab. 9,5,8,398,5 Inventory - 5.% Bank, Cash and Liquid Assets - 6.4% Non-Cash Wkg. Capital Net Cash/(Debt) (43) (573) (546) (53) (433) 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 (%) (.4) Z-Score (X) Page 7
8 Cash Flow Statement (RM m) FY Dec A A 3F 4F 5F Capital Expenditure Pre-Tax Profit Dep. & Amort Tax Paid (4) (3) (34) (36) (39) Assoc. & JV Inc/(loss) Chg in Wkg.Cap. (38) (48) (78) (9) (47) Other Operating CF 3 Net Operating CF (85) () Capital Exp.(net) (7) () (5) (5) 5 Other Invts.(net) (4) Invts in Assoc. & JV Div from Assoc & JV Other Investing CF Net Investing CF (7) (4) (5) (5) 5 Div Paid (6) (5) (9) (38) (4) Chg in Gross Debt 5 9 Capital Issues Other Financing CF (6) Net Financing CF 93 4 (9) (38) (4) Currency Adjustments 4 Chg in Cash Opg CFPS (sen) Free CFPS (sen) (4.) (.) A A 3F 4F 5F Capital Expenditure (-) Lower capex post- Batam plant expansion Target Price & Ratings History. RM S.No. Da te Closing Ta rge t Price Price Ra ting : Apr Buy : 4 May.8.75 Buy 3: Aug Hold 4: 3 Aug.5 3. Hold 5: 9 Nov.94. Hold 6: 6 Nov Hold 7: 8 Feb Hold 8: 7 Mar Hold.5 Mar- May- Jul- Sep- Nov- Jan-3 Mar-3 Note : Share price and Target price are adjusted for corporate actions. Source: DBS Vickers Page 8
9 This document is published by Vickers Research Sdn Bhd ( HDBSVR ), a subsidiary of Investment Bank Berhad ( HDBS ) and an associate of DBS Vickers Securities Holdings Pte Ltd ( DBSVH ). The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. HDBSVR accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBS Vickers Securities Holdings Pte Ltd is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. HDBSVR, HDBS, DBSVH, DBS Bank Ltd, and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other banking services for these companies. HDBSVR, HDBS, DBSVH, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ( DBSVUSA ), a U.S.-registered broker-dealer, may beneficially own a total of % or more of any class of common equity securities of the subject company mentioned in this document. HDBSVR, HDBS, DBSVH, DBS Bank Ltd and/or other affiliates of DBSVUSA may, within the past months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. DBS Vickers Securities (UK) Ltd is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients. Wong Ming Tek, Head of Research Published and Printed by Vickers Research Sdn Bhd (854 U) Suite 6-3, 6 th Floor Menara Keck Seng, 3, Jalan Bukit Bintang, 55 Kuala Lumpur, Malaysia. Tel.: Fax: general@hwangdbsvickers.com.my Page 9
Company Focus Guan Chong
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
More informationGuan Chong. Malaysia Company Focus
Malaysia Company Focus Bloomberg: GUAN MK Reuters: GNCH.KL DBS Group Research. Equity 19 Aug 2011 BUY RM2.63 KLCI : 1,503.30 Price Target : 12-Month RM 3.60 Reason for Report : Company update Potential
More informationCSE Global. Singapore Company Focus
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
More informationMalaysian Bulk Carriers
Bloomberg: MBC MK Equity Reuters: MBCB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 25 Aug 214 HOLD RM1.77 1.77KLCI : 1,87.99 Downgrade from BUY Price Target :12-Month
More informationAsian Pay Television Trust (LHS)
SingaporeCompany Guide Edition 1 Version 1 Bloomberg: APTT SP Reuters: ASIA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 HOLD Last Traded Price: S$0.745
More informationBursa Malaysia. Company Guide
Version 9 Bloomberg: BURSA MK Reuters: BMYS.KL Refer to important disclosures at the end of this report Malaysia Equity Research 26 Oct 2017 BUY Last Traded Price ( 25 Oct 2017): RM10.02 (KLCI : 1,739.05)
More informationNam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.44 STI : 3, Expanding presence in Indonesia. DBS Group Research. Equity 30 Sep 2014
Singapore Company Focus Bloomberg: NCL SP Reuters: NMCG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Sep 4 BUY S$.44 STI : 3,89.7 Price Target : -Month S$.5
More informationFlash Note. Bumi Armada (BAB MK) : BUY. 2Q16 in line: Recognized RM575m impairment. Malaysia Equity Research 29 Aug 2016
Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2016 Bumi Armada (BAB MK) : BUY Mkt. Cap: US$1,111m I 3m Avg. Daily Val: US$4.7m Last Traded Price : RM0.77 Price
More informationTCL Communication (LHS)
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
More informationTrendlines Group (LHS)
Singapore Company Guide Version 1 Bloomberg: TTGL SP Reuters: THET.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Feb 2016 BUY Last Traded Price: S$1 (STI : 2,619.96)
More informationSKP Resources Bhd. Malaysia Company Guide. BUY Last Traded Price: RM1.23 (KLCI : 1,668.40) Price Target : RM1.55 (26% upside) (Prev RM1.
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 :
More informationSingapore Company Focus F & N
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)
More informationTenaga Nasional. Company Guide
Version 9 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 27 Oct 2017 BUY Last Traded Price ( 26 Oct 2017): RM14.34 (KLCI : 1,736.80)
More informationElnusa. Indonesia Company Guide. FULLY VALUED Last Traded Price: Rp500 (JCI : 4,814.09) Price Target : Rp400 (-20% downside) (Prev Rp205)
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
More informationSheng Siong Group (LHS)
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
More informationCompany Focus Guan Chong
Bloomberg: GUAN MK Reuters: GNCH.KL Malaysia Equity Research PP 11272/04/2012(029344) BUY RM2.94 KLCI : 1,535.30 (Initiation coverage) Price Target : 12-Month RM 3.60 (22% upside) Potential Catalyst: Rising
More informationMalaysia Gaming. Malaysia Industry Focus. No fun, no tricks, no hypes. DBS Group Research. Equity 11 Feb 2015 KLCI :1,811.12
Malaysia Industry Focus Malaysia Gaming Refer to important disclosures at the end of this report DBS Group Research. Equity 11 Feb 2015 No fun, no tricks, no hypes Prospects to remain sluggish, dragged
More informationHartalega Holdings. Company Guide
Version 8 Bloomberg: HART MK Reuters: HTHB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 13 Mar 2017 HOLD La st Traded Price ( 10 Mar 2017): RM4.80 (KLCI : 1,717.58)
More informationSPH. Singapore Company Guide. HOLD Last Traded Price: S$4.05 (STI : 3,267.40) Price Target : S$3.98 (-2% downside)
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
More informationOverseas Education (LHS)
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
More informationCenturion Corporation (LHS)
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
More informationYonyou Network Technology
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
More informationTenaga Nasional. Company Guide
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)
More informationTenaga Nasional. Company Guide
Version 5 Bloomberg: TNB MK Reuters: TENA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 27 Oct 2016 BUY Last Traded Price ( 27 Oct 2016): RM14.32 (KLCI : 1,669.03)
More informationMayora Indah. Indonesia Company Guide. HOLD Last Traded Price: Rp40,000 (JCI : 4,743.66) Price Target : Rp39,200 (-2% downside) (Prev Rp29,500)
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
More informationCSE Global. Singapore Company Focus
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)
More informationOSIM International (LHS)
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
More informationTelekom Malaysia. Company Guide. BUY : 1,627.26) Price Target 12-mth. Stable growth in fixed-line business. Malaysia Equity Research 28 Nov 2016
Version 4 Bloomberg: T MK Reuters: TLMM.KL Refer to important disclosures at the end of this report Malaysia Equity Research 28 Nov 2016 BUY Last Traded Price ( 25 Nov 2016): RM6.22 (KLCI : 1,627.26) Price
More informationSembcorp Marine (LHS)
Singapore Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 23 Oct 2015 HOLD Last Traded Price: S$2.54 (STI : 3,038.11) Price Target
More informationIOI Corporation. Company Guide
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
More informationTop Glove Corporation
Malaysia Company Guide Version 6 Bloomberg: TOPG MK Reuters: TPGC.KL Refer to important disclosures at the end of this report DBS Group Research. Equity 19 Jun 2017 HOLD Last Traded Price ( 16 Jun 2017):
More informationEastern & Oriental. Company Guide
Version 5 Bloomberg: EAST MK Reuters: ENOB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 18 Nov 2016 FULLY VALUED Last Traded Price ( 17 Nov 2016): RM1.52 (KLCI :
More informationPadini Holdings. Company Guide. HOLD (Downgrade from Buy) : 5,122.10) Price Target 12-mth. Not everything fits well
Version 7 Bloomberg: PAD MK Reuters: PDNI.KL Refer to important disclosures at the end of this report Malaysia Equity Research 28 Nov 2016 HOLD (Downgrade from Buy) Last Traded Price ( 25 Nov 2016): RM2.82
More informationSembcorp Marine (LHS)
Singapore Company Focus Bloomberg: SMM SP Reuters: SCMN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Dec 2015 FULLY VALUED (Downgrade from HOLD) Last Traded
More informationPadini Holdings. Malaysia Company Guide
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
More informationAirAsia X. Company Guide
Version 8 Bloomberg: AAX MK Reuters: AIRX.KL Refer to important disclosures at the end of this report Malaysia Equity Research 25 Aug 2017 HOLD (Upgrade from Fully Valued) Last Traded Price ( 24 Aug 2017):
More informationMalaysia. RCE Capital Results within; proposes bonus & rights. Hold (unchanged) Results Review 15 February 2012
PP16832/01/2013 (031128) Malaysia Results Review 15 February 2012 Hold (unchanged) Share price: Target price: RM0.515 Wong Chew Hann, CA wchewh@maybank-ib.com (603) 2297 8686 Stock Information RM0.45 (unchanged)
More informationIHH Healthcare (LHS) Singapore Company Guide
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
More informationSMRT. Singapore Company Focus
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:
More informationSingapore Flash Note. StarHub (STH SP) : FULLY VALUED. Mobile, pay TV declines hit bottom line. DBS Group Research.
Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Nov 2016 StarHub (STH SP) : FULLY VALUED Mkt. Cap: US$4,223m I 3m Avg. Daily Val: US$7.5m StarHub
More informationSingapore Company Focus SATS
Singapore Company Focus Bloomberg: SP Reuters: SIAT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 5 Nov 2015 HOLD Last Traded Price: S$3.80 (STI : 3,040.48) Price
More informationCahya Mata Sarawak. Company Guide
Version 8 Bloomberg: CMS MK Reuters: CMSM.KL Refer to important disclosures at the end of this report AllianceDBS Research, Malaysia Equity 30 Nov 2017 BUY (Upgrade from Hold) Last Traded Price ( 29 Nov
More informationCafé de Coral (LHS) China / Hong Kong Company Guide
China / Hong Kong Company Guide Version 2 Bloomberg: 341 HK EQUITY Reuters: 341.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 7 July 2016 HOLD Last Traded Price:
More informationDRB-HICOM. Result Snapshot. Stronger auto earnings. Malaysia Equity Research 29 Aug Refer to important disclosures at the end of this report
Bloomberg: DRB MK Reuters: DRBM.KL Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2014 BUY RM2.10 2.10 KLCI : 1,872.38 Price Target : 12-Month RM 3.50 (Prev RM
More informationGenting Plantations. Company Guide
Version 9 Bloomberg: GENP MK Reuters: GENP.KL Refer to important disclosures at the end of this report Malaysia Equity Research 24 Nov 2016 BUY (Upgraded from HOLD) Last Traded Price ( 23 Nov 2016): RM10.52
More informationGenting Plantations. Company Guide
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
More informationEsprit Holdings (LHS)
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
More informationTower Bersama Infrastructure
Indonesia Company Guide Version 3 Bloomberg: TBIG IJ Reuters: TBIG.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Feb 2017 HOLD Last Traded Price ( 10 Feb 2017):
More informationGlobal Logistic Properties
Singapore Company Guide Version 4 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Aug 2016 BUY Last Traded Price: S$1.93 (STI :
More informationPharmaniaga MARKET PERFORM. 1Q15 Inline but Rich Valuations. Results Note. Price: RM6.91 Target Price: RM6.95. PP7004/02/2013(031762) Page 1 of 5
Pharmaniaga 1Q15 Inline but Rich Valuations By the Kenanga Research Team l research@kenanga.com.my Period 1Q15 Actual vs. Expectations 1Q15 PATAMI of RM31.8m (+21% YoY) came in at 32% and 31% of our and
More informationKimlun Corp. Company Guide
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)
More informationNam Cheong Ltd (LHS) Singapore Company Focus BUY S$0.41 STI : 3, Setting a scorching pace. DBS Group Research. Equity 12 Nov 2014
Singapore Bloomberg: NCL SP Reuters: NMCG.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Nov 2014 BUY S$0.41 STI : 3,292.15 Price Target : 12-Month S$ 0.60 (Prev
More informationIndonesia Company Guide Unilever Indonesia
Indonesia Company Guide Version 4 Bloomberg: UNVR IJ Reuters: UNVR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 9 Feb 2017 FULLY VALUED Last Traded Price ( 8 Feb
More informationKingdee. China / Hong Kong Company Focus FULLY VALUED HK$1.57 HSI: 22,100. On the right track but will take time to recover
China / Hong Kong Company Focus Bloomberg: 268 HK Equity Reuters: 0268.HK DBS Group Research. Equity 8 November 2012 FULLY VALUED HK$1.57 HSI: 22,100 Price Target : 12-Month HK$ 0.90 Reason for Report:
More informationSingapore Company Guide Keppel REIT
Singapore Company Guide Edition 1 Version 1 Bloomberg: KREIT SP Reuters: KASA.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Oct 2015 BUY Last Traded Price: S$1.00
More informationKLCCP Stapled Group. Company Guide
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)
More informationMISC. Company Guide. Working hard to stay shipshape. Malaysia Equity Research 3 Nov 2016
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
More informationFelda Global Ventures
Refer to important disclosures at the end of this report Version 14 Bloomberg: FGV MK Reuters: FGVH.KL AllianceDBS Research, Malaysia Equity 24 Nov 2017 HOLD Last Traded Price ( 23 Nov 2017): RM1.84 (KLCI
More informationPetra Energy PENB MK Sector: Oil & Gas
Small hiccup, turnaround remains in motion Petra Energy (PENB) remains a strong contender to win the upcoming modification, construction and maintenance (MCM) contract from Petronas, which is to be split
More informationGlobal Logistic Properties
Singapore Company Guide Version 6 Bloomberg: GLP SP Reuters: GLPL.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 14 Sep 2016 BUY Last Traded Price ( 13 Sep 2016):
More informationSuper Group. Singapore Company Guide. HOLD Last Traded Price: S$0.79 (STI : 2,869.82) Price Target 12-mth: S$0.87 (11% upside) (Prev S$0.
Singapore Company Guide Version 5 Bloomberg: SUPER SP Reuters: SPGP.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 12 Aug 2016 HOLD Last Traded Price: S$0.79 (STI
More informationCapitaLand Malaysia Mall Trust
Version 4 Bloomberg: CMMT MK Reuters: CAMA.KL Refer to important disclosures at the end of this report Malaysia Equity Research 20 Jul 2016 BUY Last Traded Price: RM1.60 (KLCI : 1,670.55) Price Target
More informationCNMC Goldmine Holdings
Singapore Company Guide Version 3 Bloomberg: CNMC SP Reuters: CNMC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 18 May 2017 HOLD (Downgrade from BUY) Last Traded
More informationSingapore Company Guide Japfa Ltd
Singapore Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Oct 2015 BUY Last Traded Price: S$0.39 (STI : 3,052.53)
More informationIndonesia Company Guide PT Sarana Menara Nusantara
Indonesia Company Guide Version 4 Bloomberg: TOWR IJ Reuters: TOWR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Jun 2017 BUY Last Traded Price ( 31 May 2017):
More informationSunway Berhad. OUTPERFORM Price: RM2.65 Target Price: RM3.08 KENANGA RESEARCH. Within expectations. Results Note KENANGA RESEARCH.
Results Note 02 December 2013 Sunway Berhad Within expectations Period 3Q13 / 9M13 Actual vs. Expectations Dividends None as expected. Key Results Highlights At 73% of our full-year FY13 estimates, the
More informationCompany Focus. Polyplex (Thailand) Thailand. FV Bt3.04 SET: (Downgrade from Buy)
Thailand DBS Group Research. Equity FV Bt3.04 SET: 694.09 (Downgrade from Buy) Price Target : 1-year Bt3.00 (prev. Bt5.82) Reason for Report : Company visit ANALYST Vichitr Kuladejkhuna, CFA 66 (0) 2657
More informationUMW Holdings. Company Guide
Version 4 Bloomberg: UMWH MK Reuters: UMWS.KL Refer to important disclosures at the end of this report Malaysia Equity Research 30 Aug 2016 HOLD Last Traded Price: RM5.85 (KLCI : 1,681.60) Price Target
More informationThai Airways. Thailand Company Focus. Impressive 1Q10, as expected
Thailand Company Focus Bloomberg: THAI TB Reuters: THAI.BK DBS Group Research. Equity 17 May 1 BUY Bt26. SET : 768.79 Price Target : 12-month Bt 33. Reason for Report : 1Q1 result review Potential Catalyst:
More informationKLCCP Stapled Group. Company Guide
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)
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 informationF & N. Singapore Company Guide. HOLD Last Traded Price: S$1.96 (STI : 2,550.74) Price Target : S$2.20 (12% upside) (Prev S$2.26)
Singapore Company Guide Edition 1 Version 1 Bloomberg: FNN SP Reuters: FRNM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 4 Feb 2016 HOLD Last Traded Price: S$1.96
More informationPT Link Net Tbk. Indonesia Company Guide
Indonesia Company Guide Version 1 Bloomberg: LINK IJ Reuters: LINK.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 26 Mar 2018 BUY Last Traded Price ( 23 Mar 2018):
More informationTeo Seng Capital. Equity Explorer NOT RATED RM1.25. Good long-term prospects. Malaysia Equity Research 17 Mar 2016
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 *:
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 informationFlash Note. Singapore. Keppel Corporation (KEP SP) : HOLD. Signs agreement with Borr Drilling for Transocean units
Singapore Flash Note Refer to important disclosures at the end of this report DBS Group Research. Equity 21 Mar 2017 Keppel Corporation (KEP SP) : HOLD Mkt. Cap: US$8,891m I 3m Avg. Daily Val: US$26.1m
More informationSingapore Company Guide APAC Realty
Singapore Company Guide Version 1 Bloomberg: APAC SP Reuters: APAC.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 13 Nov 2017 BUY Last Traded Price ( 10 Nov 2017):
More informationSPH. Singapore Company Guide
Singapore Company Guide Version 7 Bloomberg: SP Reuters: SPRM.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 20 Mar 2017 HOLD (Upgrade from FULLY VALUED) Last Traded
More informationLippo Karawaci (LHS) Indonesia Company Guide
Indonesia Company Guide Version 3 Bloomberg: LPKR IJ Reuters: LPKR.JK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Jul 2016 FULLY VALUED Last Traded Price: Rp1,170
More informationMarket Access. Company Note. M&A Securities. Nestle Malaysia Berhad. Steering Away From Turbulence. Tuesday, June 21, 2016 HOLD (TP: RM79.
M&A Securities Company Note PP14767/09/2012(030761) Nestle Malaysia Berhad Steering Away From Turbulence 1Q16 results review. To recap, Nestle Malaysia Berhad (Nestle) registered its 1Q16 revenue at RM1.3
More informationTotal Access Communication
Thailand Company Guide Version 11 Bloomberg: DTAC TB Reuters: DTAC.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 2 Apr 2018 HOLD (Upgrade from FULLY VALUED) Last
More informationSheng Siong Group. Singapore Company Guide. BUY Last Traded Price ( 27 Jul 2017): S$0.95 (STI : 3,354.71) Price Target 12-mth: S$1.
Singapore Company Guide Version 10 Bloomberg: SSG SP Reuters: SHEN.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 28 Jul 2017 BUY Last Traded Price ( 27 Jul 2017):
More informationSingapore Company Guide Japfa Ltd
Singapore Company Guide Edition 1 Version 1 Bloomberg: JAP SP Reuters: JAPF.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 15 Dec 2015 BUY Last Traded Price: S$0.465
More informationMarket Access. M&A Securities. Results Review (1Q15) TSH Resources Berhad HOLD (TP: RM2.38) A Tough Quarter - More Room to Grow.
M&A Securities Results Review (1Q15) PP14767/09/2012(030761) TSH Resources Berhad Thursday, May 21, 2015 HOLD (TP: RM2.38) A Tough Quarter - More Room to Grow Results Review Actual vs. expectations. TSH
More informationUchi Tech UCHI MK Sector: Technology
Still all about its yields Uchi s stock price has righfully re-rated over the past 2 years on its attractive valuations and above-average dividend yields. While the latter remains attractive at just under
More informationIndofood Agri Resources (LHS)
Singapore Company Guide Edition 1 Version 1 Bloomberg: IFAR SP Reuters: IFAR.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 27 Oct 215 HOLD Last Traded Price: S$.6
More informationDairy Farm. Singapore Company Guide. BUY Last Traded Price: US$6.68 (STI : 2,868.69) Price Target : US$7.18 (7% upside) (Prev US$7.
Singapore Company Guide Version 4 Bloomberg: DFI SP Reuters: DAIR.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 1 Aug 2016 BUY Last Traded Price: US$6.68 (STI :
More informationThe Erawan Group. Thailand Company Guide
Thailand Company Guide Version 3 Bloomberg: ERW TB Reuters: ERW.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Feb 2017 BUY Last Traded Price ( 2 Feb 2017): Bt4.42
More informationSime Darby SIME MK Sector: Plantation
9MFY17 results below expectations SIME s 9MFY17 core net profit of RM1.58bn (+64.2% yoy) came in below expectations. The variance was mainly due to a lower-thanexpected contribution from the property and
More informationMMC 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 informationChina / Hong Kong Company Guide Beijing Enterprises Clean Energy
China / Hong Kong Company Guide Version 2 Bloomberg: 1250 HK Equity Reuters: 1250.HK Refer to important disclosures at the end of this report DBS Group Research. Equity 18 Dec 2017 BUY Last Traded Price
More informationCOCOALAND HOLDINGS BUY. 9MFY15: On track for a record year. Company report. (Maintained) CONSUMER
CONSUMER COCOALAND HOLDINGS (COLA MK EQUITY, CCLD.KL) 26 Nov 2015 Company report Cheryl Tan, CFA cheryl-tan@ambankgroup.com 03-2036 2333 9MFY15: On track for a record year Rationale for report: Company
More informationMapletree Commercial Trust (LHS)
Singapore Company Guide Edition 1 Version 1 Bloomberg: MCT SP Reuters: MACT.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 22 Oct 2015 BUY (Upgrade from HOLD) Last
More informationSUNWAY BUY. FY15 operating earnings within expectations. Company report. (Maintained) CONGLOMERATE
SUNWAY CONGLOMERATE (SWB MK EQUITY, SWAY.KL) 29 Feb 2016 FY15 operating earnings within expectations Company report Thomas Soon soon-guan-chuan@ambankgroup.com 03-2036 2300 Rationale for report: Company
More informationSunningdale Tech Ltd
SMC Research Singapore Equity Explorer Bloomberg: SUNN SP Reuters: SUND.SI Refer to important disclosures at the end of this report DBS Group Research. Equity 8 Mar 2017 NOT RATED S$1.465 STI : 3,130.44
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 informationBumrungrad Hospital. Thailand Company Guide
Thailand Company Guide Version 6 Bloomberg: BH TB Reuters: BH.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 4 May 2017 HOLD (Upgrade from FULLY VALUED) Last Traded
More informationQL Resources. Company Guide
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)
More informationMalaysia. MMHE * Subdued outlook into Hold (unchanged) Results Review 22 February 2012
PP16832/01/2013 (031128) Malaysia Results Review 22 February 2012 Hold (unchanged) Share price: Target price: RM5.51 Wong Chew Hann, CA wchewh@maybank-ib.com (603) 2297 8688 RM5.70 (unchanged) * Malaysia
More informationDismal 2Q15. Results Note. Price: RM8.49 Target Price: RM8.93. By Desmond Chong l PP7004/02/2013(031762) Page 1 of 6
UMW Holdings Dismal 2Q15 By Desmond Chong l cwchong@kenanga.com.my Period 2Q15/ 1H15 Actual vs. Expectations Below expectations. The group reported 2Q15 normalised PATAMI of RM70.4m (-60% QoQ and YoY),
More information