MMC Corporation Berhad Recovery continues in ports segment
|
|
- Gilbert Ball
- 5 years ago
- Views:
Transcription
1 23 November QFY17 Results Review MMC Corporation Berhad Recovery continues in ports segment INVESTMENT HIGHLIGHTS 9MFY17 earnings above estimates PTP and Johor Port continues to recover Malakoff performed better in 3QFY17 Impairments hampered construction division Maintain BUY with adjusted TP of RM2.67 Earnings above estimates. MMC registered 3QFY17 core PATAMI of RM133.8m (+143%yoy) which contributed to a 9MFY17 core PATAMI of RM254.9m (+17%yoy). The results exceeded ours estimates, representing 81% of the full year forecasts while street estimates were within expectations at 75% of full year forecasts, respectively. We added back the one-off provision for impairment on SMART worth RM98.0m. PTP and Johor Ports recovering. In 3QFY17, PBT for the ports and logistics segment advanced +22%yoy to RM127m, pushing 9MFY17 PBT higher by to +5%yoy or RM16m. Higher PBT in the segment was driven by higher container volumes and conventional cargo at PTP and Johor Port coupled with contribution from MMC s initial 49% stake Penang Port which concluded on 27 th March Meanwhile, the acquisition of the remaining 51% stake in Penang Port is still in progress. Better quarter for Malakoff. Malakoff s PATMI recorded a +25%yoy increase in 3QFY17, bringing 9MFY17 PATMI slightly higher by +0.4%yoy (from -6%yoy in 2QFY17). The lower SEV contribution due to the newly revised PPA effective 1 July 2017 was offset by the compensation from the settlement of dispute between TBP and IHI. Impairments hampered construction division. Construction PBT fell - 93%yoy in 2QFY17 (-57%yoy in 9MFY17). The substantial decline was largely attributed to the one-off provision for impairment on SMART due to lower forecasted traffic volume. However, this was cushioned by higher progress billings from the KVMRT2 and the Langat Sewerage Projects. Maintain BUY with adjusted TP of RM2.63, based on our sum-ofparts (SOP) valuation. We revise our FY18 and FY19 earnings forecast upwards by +9.5% and +11.8% respectively, factoring in higher earnings from the ports and logistics divisions. Subsequent to our earnings revisions, we tweaked our SOP valuation to incorporate 1) revised fair values for Malakoff and Gas Malaysia, 2) higher ascribed value for the ports and logistics division due to increase in earnings from the RAPID Material Offloading Facilities ( RAPID MOLF ) at Johor Port. Maintain BUY Adjusted Target Price (TP): RM2.67 (From: RM2.63) RETURN STATS Price (22 Nov 2017) Target Price Expected Share Price Return RM1.98 RM % Expected Dividend Yield +2.0% Expected Total Return +36.8% STOCK INFO KLCI 1, Bursa / Bloomberg Board / Sector Syariah Compliant 5238 / MMC MK Main/ Trading Services Yes Issued shares (mil) 3, Market cap. (RM m) 6, Price over NA wk price Range RM RM2.65 Beta (against KLCI) mth Avg Daily Vol 0.67m 3-mth Avg Daily Value Major Shareholders RM1.35m Seaport Terminal 51.76% PNB 18.16% LTH 7.63% MIDF RESEARCH is a unit of MIDF AMANAH INVESTMENT BANK Kindly refer to the last page of this publication for important disclosures
2 INVESTMENT STATISTICS FYE Dec FY15A FY16A FY17F FY18F FY19F Revenue (RM m) 5, , , , ,387.1 EBIT (RM m) 2, Pre-tax Profit (RM m) 1, Core PATAMI (RM m) EPS (sen) EPS growth (%) (47) 22 (41) 22 2 PER (x) Net Dividend (sen) Net Dividend Yield (%) DAILY PRICE CHART Source: Bloomberg Adam Mohamed Rahim adam.mrahim@midf.com.my
3 MMC: 9MFY17 RESULTS SUMMARY FYE Dec (RM m, unless otherwise stated) Quarterly Results Cumulative 3QFY17 %YoY %QoQ 9MFY17 %YoY Revenue 1, % 12% 2, % COGS (639.5) 21% 8% (1,796.6) 9% Gross profit % 18% 1, % Operating expenses (213.9) 31% -6% (655.4) 12% EBIT % 60% % Finance expenses (120.7) -2% 2% (359.7) 2% Share of results from JV and Associates (11.8) -123% -112% % PBT % -33% % Tax expense (36.1) 301% 19% (93.4) 79% PAT % -55% % PATAMI % -65% % CORE PATAMI % 103% % Segmental Breakdown Quarterly Results Cumulative 3QFY17 %YoY %QoQ 9MFY17 %YoY Ports & Logistics Revenue % 3% 2, % PBT % 8% % Malakoff (37.6% associate) Revenue 1, % 5% 5, % PATMI % -38% % Gas Malaysia (30.9% associate) Revenue 1, % 9% 3, % PATMI % 14% % Engineering & Construction Revenue % 39% % PBT % -88% % 3
4 Assets Total Value (RM mil) % Stake Value Value per share Remarks Energy & Utilities Malakoff 5, , Consensus Fair Value of RM1.16 Gas Malaysia 4, , MIDF Fair Value of RM3.50 Aliran Ihsan Resources Berhad Takeover price Ports & Logistics PTP 2, , Johor Port 2, , NCB Holdings Berhad 2, , Penang Port Acquisition price SMART Tunnel WACC: 7%, Perpetual Senai airport Acquisition 2009 Engineering & Construction Construction services 1, , x FY18 PAT MMC-Gamuda MRT2 (PDP) DCF Phase 1 Pan Borneo Sabah (PDP) DCF Zelan Berhad Current market capitalisation Others Senai Development Land - Airport City 2, , ,718 RM18 psf Tanjung Bin Land 1, , ,255 RM18 psf Net Debt (Estimate) (4,587.84) (1.51) Company level debt Total Value (RM mil) 26, , No of shares 3, Value per Share 4.45 Discount (%) 40% Conglomerate discount Fair Value per Share (RM)
5 MIDF RESEARCH is part of MIDF Amanah Investment Bank Berhad ( X). (Bank Pelaburan) (A Participating Organisation of Bursa Malaysia Securities Berhad) DISCLOSURES AND DISCLAIMER This report has been prepared by MIDF AMANAH INVESTMENT BANK BERHAD (23878-X). It is for distribution only under such circumstances as may be permitted by applicable law. Readers should be fully aware that this report is for information purposes only. The opinions contained in this report are based on information obtained or derived from sources that we believe are reliable. MIDF AMANAH INVESTMENT BANK BERHAD makes no representation or warranty, expressed or implied, as to the accuracy, completeness or reliability of the information contained therein and it should not be relied upon as such. This report is not, and should not be construed as, an offer to buy or sell any securities or other financial instruments. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. All opinions and estimates are subject to change without notice. The research analysts will initiate, update and cease coverage solely at the discretion of MIDF AMANAH INVESTMENT BANK BERHAD. The directors, employees and representatives of MIDF AMANAH INVESTMENT BANK BERHAD may have interest in any of the securities mentioned and may benefit from the information herein. Members of the MIDF Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein This document may not be reproduced, distributed or published in any form or for any purpose. MIDF AMANAH INVESTMENT BANK : GUIDE TO RECOMMENDATIONS STOCK RECOMMENDATIONS BUY TRADING BUY NEUTRAL SELL TRADING SELL Total return is expected to be >10% over the next 12 months. Stock price is expected to rise by >10% within 3-months after a Trading Buy rating has been assigned due to positive newsflow. Total return is expected to be between -10% and +10% over the next 12 months. Total return is expected to be <-10% over the next 12 months. Stock price is expected to fall by >10% within 3-months after a Trading Sell rating has been assigned due to negative newsflow. SECTOR RECOMMENDATIONS POSITIVE NEUTRAL NEGATIVE The sector is expected to outperform the overall market over the next 12 months. The sector is to perform in line with the overall market over the next 12 months. The sector is expected to underperform the overall market over the next 12 months. 5
KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
28 November 2016 1QFY17 Results Review Sime Darby Berhad FFB production affected by El Nino INVESTMENT HIGHLIGHTS 1QFY17 core earnings below expectation Plantation division FFB volume is lower than expected
More informationMalaysia Airports Holdings
02 May 2017 1QFY17 Results Review Malaysia Airports Holdings Promising start to the year INVESTMENT HIGHLIGHTS MAHB had a promising start to the year International traffic drove up PSC, retail and rental
More informationMaintain Buy. MISC Berhad
6 November 2017 3QFY17 Results Review MISC Berhad Pickup in the third quarter INVESTMENT HIGHLIGHTS 9MFY17 earnings above expectations LNG PBT improved with new-builds coming on stream Losses recorded
More informationMalaysia Airports Holdings Dampened by higher depreciation and amortisation
18 February 2016 4QFY15 Results Review Malaysia Airports Holdings Dampened by higher depreciation and amortisation Maintain NEUTRAL Unchanged Target Price (TP): RM6.35 INVESTMENT HIGHLIGHTS FY15 earnings
More informationSyarikat Takaful Malaysia Berhad Ending on a high note
25 January 2017 4QFY16 Results Review Syarikat Takaful Malaysia Berhad Ending on a high note Maintain BUY Unchanged Target Price (TP): RM4.84 INVESTMENT HIGHLIGHTS Syarikat Takaful Malaysia Bhd (STMB)
More informationKPJ Healthcare Berhad Higher operating expenses a drag on earnings
24 November 2017 3QFY17 Results Review KPJ Healthcare Berhad Higher operating expenses a drag on earnings INVESTMENT HIGHLIGHTS 3QFY17 earnings below expectations at RM30.6m Revenue boosted by organic
More informationMaintain NEUTRAL. MISC Berhad
15 May 2018 1QFY18 Results Review MISC Berhad Petroleum segment remains challenging INVESTMENT HIGHLIGHTS 1QFY18 earnings below estimates Long term contracts to sustain LNG segment Petroleum segment to
More informationTelekom Malaysia Berhad Unifi customer base crossed one million
30 August 2017 2QFY17 Results Review Telekom Malaysia Berhad Unifi customer base crossed one million INVESTMENT HIGHLIGHTS 2Q17 normalised earnings grew by +24.2%yoy due to healthier normalised PATAMI
More informationEastern & Oriental Berhad Earnings improved
15 November 2017 2QFY18 Results Review Eastern & Oriental Berhad Earnings improved Maintain BUY Unchanged Target Price (TP): RM2.37 INVESTMENT HIGHLIGHTS 1HFY18 core net income within expectations Earnings
More informationMalaysia Resources Corporation Bhd
24 February 2015 4QFY14 Results Review Malaysia Resources Corporation Bhd Well positioned to regain its upward earnings trajectory Reaffirm BUY Adjusted Target Price (TP): RM2.24 (previously RM2.59) INVESTMENT
More informationPetronas Chemicals Group Berhad
22 May 2018 1QFY18 Results Review Petronas Chemicals Group Berhad Strong PUR and sales volume growth INVESTMENT HIGHLIGHTS Petronas Chemicals Group Bhd s (PChem) 1QFY18 earnings expanded by +6%qoq to RM1.1b
More informationBIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments
28 November 2013 3QFY13 Results Update BIMB Holdings Berhad Sturdy quarter backed by growth in banking and takaful segments Maintain NEUTRAL Target Price (TP): RM4.40 INVESTMENT HIGHLIGHTS BHB scored with
More informationINVESTMENT HIGHLIGHTS
28 August 2014 2QFY14 results review UMW Holdings Berhad Dragged by non-profitable legacy businesses INVESTMENT HIGHLIGHTS Poor set of 2Q14 results as core earnings declined -18% over sequential and on-year
More informationCIMB Group Holdings Bhd
01 March 2018 4QFY17 Results Review CIMB Group Holdings Bhd Stellar ending INVESTMENT HIGHLIGHTS Exceeded our expectations, with strong NII and NOII growth, while cost contained NIM dipped in 3QFY17 due
More informationTenaga Nasional New policy underpins rising dividend potential
13 December 2016 Corporate Update Tenaga Nasional New policy underpins rising dividend potential Maintain BUY Unchanged (TP): RM16.80 Tenaga announced a new dividend policy of a 30%-50% earnings payout
More informationMalaysia Airports Holdings Berhad
11 August 017 Corporate Update Malaysia Airports Holdings Berhad International pax growing strong Maintain BUY Unchanged Target Price (TP): RM9.98 INVESTMENT HIGHLIGHTS Pax growth remains robust in July
More informationDeleum Berhad. Maintain BUY Revised Target Price (TP): RM1.18 (previously RM1.25) Earnings visibility intact
28 February 2017 4QFY16 Results Review Deleum Berhad Earnings visibility intact INVESTMENT HIGHLIGHTS Deleum Berhad s (Deleum) 4QFY16 reported earnings rose two folds quarter-over-quarter to RM9.9m Margin
More informationIOI Properties Group Berhad Ended FY18 on a weaker note
28 August 2018 4QFY18 Results Review IOI Properties Group Berhad Ended FY18 on a weaker note Maintain NEUTRAL Unchanged Target Price (TP): RM1.69 INVESTMENT HIGHLIGHTS FY18 earnings within our expectation
More informationUEM Edgenta Berhad New ventures to sustain growth
05 May 2016 Corporate Update UEM Edgenta Berhad New ventures to sustain growth INVESTMENT HIGHLIGHTS Post-M&A so far Sustaining the current business Plugging in the leakage Venturing into township management
More informationAMMB Holdings Berhad. Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55)
01 June 2017 4QFY17 Results Review AMMB Holdings Berhad Earnings growth due to NOII Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55) INVESTMENT HIGHLIGHTS FY17 earnings were within expectations
More informationTenaga Nasional Bonus earnings not sustainable
29 January 2018 1QFY18 Results Review Tenaga Nasional Bonus earnings not sustainable 1QFY18 within estimates RP1 earnings inflated by favourable customer mix Bonus regulated earnings not sustainable in
More informationKPJ Healthcare Berhad Moving on cautiously into FY16
14 January 2016 Corporate Update KPJ Healthcare Berhad Moving on cautiously into FY16 INVESTMENT HIGHLIGHTS Cautious outlook for FY16 Expansion plan to resume Overseas operation to remain subdued in FY16
More informationMaintain BUY Revised Target Price (TP): RM8.72 (previously RM8.18)
21 February 2018 4QFY17 Results Review Petronas Chemicals Group Berhad Strong earnings delivered as expected INVESTMENT HIGHLIGHTS Petronas Chemicals Group Bhd s (PChem) 4QFY17 earnings expanded by +1.8%yoy
More informationYTL Corporation Berhad Taking YTLE private
26 July 2016 Corporate Update YTL Corporation Berhad Taking YTLE private Maintain NEUTRAL Maintain Target Price (TP): RM1.50 INVESTMENT HIGHLIGHT YTL is proposing to take 74% owned YTLE private To be satisfied
More informationMMC Group. Quarterly Financial Results Ended 31 March 2017 (1Q2017)
MMC Group Quarterly Financial Results Ended 31 March 2017 (1Q2017) May 2017 RM million RM million KEY HIGHLIGHTS Higher profitability 1.2%YoY 936 925 1QFY16 1QFY17 4.2%YoY * 7.8%YoY 96 92 51 55 Revenue
More informationEastern & Oriental Berhad
16 November 2017 Briefing Note Eastern & Oriental Berhad Reclamations work of STP2A is progressing well Maintain BUY Unchanged Target Price (TP): RM2.37 INVESTMENT HIGHLIGHTS Improved earnings in 1HFY18
More informationGamuda 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 informationWCT 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 informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
16 August 2018 2QFY18 Results Review Public Bank Berhad Higher than expected interim dividend Maintain BUY Unchanged Target Price (TP): RM27.30 INVESTMENT HIGHLIGHTS Earnings within expectations Net profit
More informationHong Leong Bank Berhad Surprised provisions but better to be prudent
25 August 2017 4QFY17 Results Review Hong Leong Bank Berhad Surprised provisions but better to be prudent Revert to NEUTRAL Unchanged Target Price (TP): RM15.70 INVESTMENT HIGHLIGHTS FY17 was slightly
More informationIOI Properties Group Berhad
26 February 2018 2QFY18 Results Review IOI Properties Group Berhad Earnings dragged by property development division INVESTMENT HIGHLIGHTS 1HFY18 earnings below expectations Earnings dragged by property
More informationAirAsia X Berhad. Maintain BUY. Showing its mettle
22 February 2018 4QFY17 Results Review AirAsia X Berhad Showing its mettle Maintain BUY Adjusted Target Price(TP): RM0.46 (from: RM0.43) INVESTMENT HIGHLIGHTS AAX earned commendable net profit of RM98.9m
More informationUEM Sunrise Berhad Earnings boosted by land sales
1 21 November 2017 3QFY17 Results Review UEM Sunrise Berhad Earnings boosted by land sales Upgrade to BUY Unchanged Target Price (TP): RM1.24 INVESTMENT HIGHLIGHTS 9MFY17 earnings boosted by land sales
More informationTenaga Nasional Maiden surcharge pass-through for 2H18
02 July 2018 Corporate Update Tenaga Nasional Maiden surcharge pass-through for 2H18 Maintain BUY Unchanged Target Price: RM16.30 ICPT pass-through for non-residential consumers Decision for narrower scope
More informationIOI Properties Group Berhad Earnings on track
23 November 2016 1QFY17 Results Review IOI Properties Group Berhad Earnings on track Maintain NEUTRAL Unchanged Target Price (TP): RM2.34 INVESTMENT HIGHLIGHTS Earnings within expectations Growing earnings
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
04 January 2016 Corporate Update Sunway Berhad Management sales target at RM1.4b for FY16 Maintain NEUTRAL Unchanged Target Price: RM3.20 INVESTMENT HIGHLIGHTS Management sales target at RM1.4b for FY16
More 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 informationYTL Corporation Berhad Implications from Brexit
28 June 2016 Corporate Update YTL Corporation Berhad Implications from Brexit Maintain NEUTRAL Maintain Target Price (TP): RM1.50 INVESTMENT HIGHLIGHT Weak GBP means translation losses for YTL Power Attains
More informationBermaz Auto Darkest before dawn
14 June 2017 4QFY17 Results Review Bermaz Auto Darkest before dawn Maintain BUY Unchanged Target Price (TP):RM2.50 INVESTMENT THESIS 4QFY17 within our expectation, below consensus Impacted by weak RM but
More informationUEM Sunrise Berhad New sales exceeded target in FY17
1 28 February 2018 4QFY17 Results Review UEM Sunrise Berhad New sales exceeded target in FY17 Maintain BUY Unchanged Target Price (TP): RM1.26 INVESTMENT HIGHLIGHTS FY17 earnings below expectation Higher
More informationUEM Sunrise Berhad. Maintain NEUTRAL. 1HFY17 earnings in line
1 24 August 2017 2QFY17 Results review UEM Sunrise Berhad 1HFY17 earnings in line Maintain NEUTRAL Unchanged Target Price (TP): RM1.24 INVESTMENT HIGHLIGHTS 1HFY17 earnings within expectation Sales of
More informationTenaga Nasional Berhad Solid finish
28 October 2016 4QFY16 Result Review Tenaga Nasional Berhad Solid finish Maintain BUY Unchanged (TP): RM16.80 Tenaga s 4QFY16 beat estimates Volumes remained steady but average tariffs lower Our forecasts
More informationBermaz Auto Strong comeback
13 March 2018 3QFY18 Result Review Bermaz Auto Strong comeback INVESTMENT THESIS 3Q18 results in-line Earnings gapped up 82%qoq and 61%yoy MMSB volumes/earnings hit record high Re-affirm BUY at unchanged
More informationRHB Capital Berhad Provisions likely to be higher moving forward
29 Feb 2016 4QFY15 Results Review RHB Capital Berhad Provisions likely to be higher moving forward INVESTMENT HIGHLIGHTS 12MFY15 normalised net profit of RM1.74b was below our expectation accounting for
More informationUEM Edgenta Berhad Expanding IFM presence to Singapore and Taiwan
27 September 2016 Corporate Update UEM Edgenta Berhad Expanding IFM presence to Singapore and Taiwan INVESTMENT HIGHLIGHTS Proposed acquisition of AIFS Expanding IFM business to Singapore and Taiwan A
More informationCIMB Group Holdings Bhd
31 October 2016 CIMB Niaga 3QFY16 Results Review CIMB Group Holdings Bhd Prospect brightening up in Indonesia Maintain BUY Unchanged Target Price (TP): RM5.50 INVESTMENT HIGHLIGHTS Strong quarter for CIMB
More informationAirAsia Bhd Expect brighter prospects ahead
20 November 2014 3QFY14 Results Review AirAsia Bhd Expect brighter prospects ahead Maintain BUY Unchanged Target Price (TP): RM2.94 INVESTMENT HIGHLIGHTS Results slightly below expectations but we expect
More informationUEM Sunrise Berhad Disposal of Canada land for RM373m
1 14 March 2017 Corporate Update UEM Sunrise Berhad Disposal of Canada land for RM373m Maintain NEUTRAL Adjusted Target Price (TP): RM1.04 (Previously RM1.03) INVESTMENT HIGHLIGHTS Disposal of land in
More informationSyarikat Takaful Malaysia Berhad Family Takaful leader
21 November 2013 Initiating Coverage Syarikat Takaful Malaysia Berhad Family Takaful leader BUY Target Price (TP): RM10.90 INVESTMENT HIGHLIGHTS Leader in the group Family Takaful business, with a 40%
More informationBermaz Auto Implications of Mazda s supply chain transplant
21 November 2016 Corporate Update Bermaz Auto Implications of Mazda s supply chain transplant INVESTMENT THESIS APM-Delta JV reflects Mazda s move to transplant its supply chain and transform its Malaysian
More informationIOI Properties Group Berhad Proposes rights issue
21 November 2016 Corporate Update IOI Properties Group Berhad Proposes rights issue Maintain NEUTRAL Revised Target Price (TP): RM2.34 (Previously: RM2.65) INVESTMENT HIGHLIGHTS Proposes rights issue to
More informationUEM Sunrise Berhad JV with MULPHA to develop Nusajaya land
17 February 2016 Corporate Update UEM Sunrise Berhad JV with MULPHA to develop Nusajaya land Maintain NEUTRAL Unchanged Target Price (TP): RM1.11 INVESTMENT HIGHLIGHTS JV with MULPHA to develop Nusajaya
More informationMaintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
18 May 2017 Corporate Update Mah Sing Group Berhad Acquiring Titiwangsa Land for RM60m INVESTMENT HIGHLIGHTS Acquiring Titiwangsa land for RM60m Valuation is fair in our view Positive on the news Earnings
More informationV. S. Industry Berhad Non-rated Preparing for higher growth in 2HFY17
27 December 2016 1QFY17 Results Review and Visit Note V. S. Industry Berhad Non-rated Preparing for higher growth in 2HFY17 Fair Value (FV): RM1.42 INVESTMENT HIGHLIGHTS 1QFY17 results within expectations
More informationIOI Properties Group Berhad Successfully tendered for land in Singapore
14 November 2016 Corporate Update IOI Properties Group Berhad Successfully tendered for land in Singapore Maintain NEUTRAL Unchanged Target Price (TP): RM2.65 INVESTMENT HIGHLIGHTS Successfully tendered
More informationUEM Sunrise Berhad Strengthening presence in Klang Valley
1 16 April 2018 Corporate Update UEM Sunrise Berhad Strengthening presence in Klang Valley Maintain BUY Revised Target Price (TP): RM1.36 (Previously RM1.26) INVESTMENT HIGHLIGHTS Acquiring land in Kepong
More informationEco World Development Group Berhad
10 June 2016 Corporate Update Eco World Development Group Berhad Landbanking at Bukit Raja, Klang Maintain BUY Adjusted Target Price (TP): RM1.68 (Previously RM1.62) INVESTMENT HIGHLIGHTS Acquiring 50%
More informationMaintain NEUTRAL. Mah Sing Group Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
14 September 2015 Corporate Update Mah Sing Group Berhad Strong balance sheet to weather challenges in the sector INVESTMENT HIGHLIGHTS RM1.06b sales for 7MFY15. Healthy balance sheet with net cash position.
More informationKPJ Healthcare Berhad Another hospital on deck
13 September 2012 Corporate Update KPJ Healthcare Berhad Another hospital on deck Maintain BUY Unchanged Target Price (TP): RM6.98 INVESTMENT HIGHLIGHTS Hospital acquired. KPJ s subsidiary, Ipoh Specialist
More informationNotion VTec Berhad Brighter days ahead
13 February 2017 Small Cap Highlight Notion VTec Berhad Brighter days ahead INVESTMENT HIGHLIGHTS Set for a rebound Higher gear in the automotive segment Stronger balance sheet allows it to expand capacity
More informationKossan Rubber Industries Berhad Higher dividend in the horizon
09 November 2012 Visit Note Kossan Rubber Industries Berhad Higher dividend in the horizon HIGHLIGHTS New plant focusing on surgical gloves production expected to commence operation in December 2012. Product
More informationMaintain BUY. SP Setia Berhad KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES. Setia Eco Templer achieved 95% take up rate
03 June 2016 Corporate Update SP Setia Berhad Setia Eco Templer achieved 95% take up rate Maintain BUY Unchanged Target Price: RM3.70 INVESTMENT HIGHLIGHTS Setia Eco Templer in Rawang has achieved excellent
More informationNew Hoong Fatt Holdings Berhad One-stop automotive replacement parts seller
05 April 2017 Small Cap Highlight New Hoong Fatt Holdings Berhad One-stop automotive replacement parts seller INVESTMENT HIGHLIGHTS Auto parts trader and maker with a good track record Strategic venture
More informationGabungan AQRS Berhad Flurry of Projects Could Improve Operational Margin
11 January 2018 Corporate Update Gabungan AQRS Berhad Flurry of Projects Could Improve Operational Margin INVESTMENT HIGHLIGHTS News influx injected fresh interest Beneficiary of buoyant activities in
More informationSignature International Berhad Cooking up better growth ahead
09 May 2017 Small Cap Highlight Signature International Berhad Cooking up better growth ahead INVESTMENT HIGHLIGHTS Orderbook of RM220m Facility expansion to cater for more value-added products Tapping
More informationUOA Development Berhad
KDN: PP 10744/06/2012 06 January 2012 Initiating Coverage UOA Development Berhad Thriving on fast track business model INVESTMENT HIGHLIGHTS Successful niche market developers: UOA Development Berhad (UOA)
More informationIHH Healthcare Berhad Promising secular growth despite near-term challenges
28 April 2016 Corporate Update IHH Healthcare Berhad Promising secular growth despite near-term challenges Maintain NEUTRAL Unchanged Target Price (TP): RM7.10 INVESTMENT HIGHLIGHTS Singapore to continue
More informationSupermax Corporation Berhad Super value on offer
PP 10745/05/2013/032438 19 July 2012 Initiating coverage Supermax Corporation Berhad Super value on offer BUY Target Price (TP): RM2.48 INVESTMENT HIGHLIGHTS World class latex glove producer. SUPERMAX
More informationMMC Corporation Berhad
24 November 2015 Initiate Coverage MMC Corporation Berhad Unearthing an undervalued conglomerate INVESTMENT HIGHLIGHTS At MMC s current price, our valuation shows that investors are only paying for its
More informationMarket Access. M&A Securities. Company Note. Cahya Mata Sarawak Berhad. Secured RM1.36 billion Pan Borneo Highway Project HOLD (TP: RM3.
M&A Securities Company Note PP14767/09/2012(030761) Cahya Mata Sarawak Berhad HOLD (TP: RM3.70) Wednesday, Jul 27, 2016 Secured RM1.36 billion Pan Borneo Highway Project Secured Phase 1 Pan Borneo Highway
More informationMarket Access. M&A Securities. Result Review (2Q16) Cahya Mata Sarawak Berhad. Good Recovery Seen BUY (TP: RM4.66) Result Review
M&A Securities Result Review (2Q16) PP14767/09/2012(030761) Cahya Mata Sarawak Berhad Thursday, Sept 1, 2016 BUY (TP: RM4.66) Good Recovery Seen Result Review Actual vs. expectation. Cahya Mata Sarawak
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 informationMarket Access. M&A Securities. Result Review (3Q16) Cahya Mata Sarawak Berhad. Loss-Making Business Turns Into Black BUY (TP: RM4.
M&A Securities Result Review (3Q16) PP14767/09/2012(030761) Cahya Mata Sarawak Berhad Thursday, Dec 1, 2016 BUY (TP: RM4.66) Loss-Making Business Turns Into Black Result Review Actual vs. expectation.
More informationMarket Access. M&A Securities. Results Review (1Q16) Gamuda Berhad. Strong Job Flow in the Pipeline BUY (TP: RM5.80)
M&A Securities Results Review (1Q16) PP14767/09/2012(030761) Thursday, December 17, 2015 Gamuda Berhad BUY (TP: RM5.80) Strong Job Flow in the Pipeline Results Review Actual vs. expectations. Gamuda (Gamuda
More informationReach Energy Berhad Reaching a tipping point
08 August 2016 Corporate Update Reach Energy Berhad Reaching a tipping point Trading Idea Fair Value (FV): RM0.98 INVESTMENT HIGHLIGHTS Compelling valuation of assets Further potential upside from prospects
More 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 informationSupermax Corporation Berhad OBM expenses pressuring on profit margin
06 November 2015 Initiate Coverage Supermax Corporation Berhad OBM expenses pressuring on profit margin Initiate with NEUTRAL Target Price (TP): RM2.09 INVESTMENT HIGHLIGHTS Pioneer of OBM gloves in Malaysia
More informationMarket Access. Results Review 1Q16. M&A Securities. Digi.Com Berhad. Equipped for Competition BUY (TP:RM5.75) Results Review
M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM5.75) Monday, April 25, 2016 Equipped for Competition Results Review Actual vs. expectations. Digi.Com (Digi) started
More informationNew Silk Road Beneficiary INVESTMENT HIGHLIGHTS
28 January 2016 Smallcap Highlight Vivocom International Holdings Berhad New Silk Road Beneficiary INVESTMENT HIGHLIGHTS Non-Rated Fair Value (FV): RM0.59 Vivocom International Holdings Berhad (VIHB) is
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 informationEco World International Global Property Player
20 March 2017 IPO Note Eco World International Global Property Player Non Rated Fair Value: RM1.30 INVESTMENT HIGHLIGHTS Solid sales of RM6.49b due to strong management team Strategic location and innovative
More informationMalaysia Bulk Carriers Banking on a recovery in dry bulk shipping
30 June 2016 Dry Bulk Shipping Update Malaysia Bulk Carriers Banking on a recovery in dry bulk shipping Maintain BUY Unchanged Target Price (TP): RM1.04 INVESTMENT HIGHLIGHTS BDI has improved to 640 since
More informationLBS Bina Group Transformed developer
12 November 2012 Small-cap highlights LBS Bina Group Transformed developer Target Price: RM1.02 Not rated INVESTMENT HIGHLIGHTS Transformed entity, more high-margin products (medium-high end residential)
More informationMarket Access. M&A Securities. Briefing Note. Cahya Mata Sarawak Berhad. Stop Bleeding, Keep Going BUY (TP: RM4.66)
M&A Securities Briefing Note PP14767/09/2012(030761) Cahya Mata Sarawak Berhad Wednesday, Sept 7, 2016 BUY (TP: RM4.66) Stop Bleeding, Keep Going We attended analyst briefing session of Cahya Mata Sarawak
More informationGeorge Kent (M) Bhd Broadly Within
George Kent (M) Bhd Broadly Within 1Q19 C of RM18.9m came in broadly within expectations at 13% each of our/consensus estimates. No dividends declared, as expected. No changes to FY19-20E earnings. Upgrade
More informationMarket Access. Results Review (4Q16) M&A Securities. Scientex Berhad. Unstoppable Growth Amid Challenging Times. Tuesday, September 27, 2016
Market Access M&A Securities Results Review (4Q16) PP14767/04/2012(029 Tuesday, September 27, 2016 Scientex Berhad Unstoppable Growth Amid Challenging Times BUY (TP: RM8.33) Current Price (RM) New Target
More informationMarket Access. Results Review (4Q14) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Thursday, May 28, 2015
M&A Securities Results Review (4Q14) PP14767/09/2012(030761) Genting Plantations Berhad Thursday, May 28, 2015 HOLD (TP: RM10.77) Hit by Plantation-Malaysia Segment Results Review Actual vs. expectations.
More informationAbove Expectations. Results Note. Price: RM1.69 Target Price: RM1.85. By Adrian Ng l
WCT Holdings Bhd Above Expectations By Adrian Ng l adrian.ng@kenanga.com.my 1Q16 core net profit (C) of RM32.0m came in above our but within consensus expectations accounting for 37% and 22% of estimates,
More informationCompany 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 informationMarket Access. Results Review (2Q15) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Wednesday, August 26, 2015
M&A Securities Results Review (2Q15) PP14767/09/2012(030761) Genting Plantations Berhad Wednesday, August 26, 2015 HOLD (TP: RM9.66) Hit by Plantation-Malaysia Segment Results Review Actual vs. expectations.
More informationMarket Access. M&A Securities. Results Review 1Q16. Malayan Banking Berhad. Hampered by Loan Loss. Monday, May 30, 2016 HOLD (TP: RM9.
M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Malayan Banking Berhad Monday, May 30, 2016 HOLD (TP: RM9.10) Hampered by Loan Loss Results Review Actual vs. expectations. Malayan Banking Bhd
More informationIHH Healthcare IHH MK Sector: Healthcare & Pharmaceuticals
Inpatient admissions accelerated in 1Q16 Core net profit grew by a tepid 5% yoy in 1Q16, but we deemed this in-line with expectations. Revenue and EBITDA grew by 24% yoy and 17% yoy in the quarter, driven
More informationMarket Access. Company Update. M&A Securities. Gamuda Berhad. Thursday, April 14, 2016 BUY (TP: RM5.94) Strong Job Flow in the Pipeline
M&A Securities Company Update PP14767/09/2012(030761) Gamuda Berhad Thursday, April 14, 2016 BUY (TP: RM5.94) Strong Job Flow in the Pipeline The long-term outlook on Gamuda Berhad (Gamuda) remains intact,
More informationMalaysian Resources Corp
Malaysian Resources Corp Sunnier Days By Adrian Ng l adrian.ng@kenanga.com.my FY17 CNP of RM101.2m came in above our, but below consensus, full-year estimates, at 130%/91%. Property sales of RM1.4b also
More informationMEDIA PRIMA (HOLD, EPS )
MEDIA PRIMA (HOLD, EPS ) INDUSTRY: NEUTRAL EARNINGS EVALUATION 3Q results: Cost control lift earnings Results 9MFY13 core PATAMI grew by 11% to RM150.7m (13.81 sen/share), making up 75% and 70% of ours
More informationMarket Access. M&A Securities. Results Review 2Q15. Axiata Group Berhad. Satisfactory, Need to Push in 2H15. Friday, August 21, 2015 HOLD (TP:RM7.
M&A Securities Results Review 2Q15 PP14767/09/2012(030761) Axiata Group Berhad Friday, August 21, 2015 HOLD (TP:RM7.10) Satisfactory, Need to Push in 2H15 Results Review Actual vs. expectations. Axiata
More informationCompany Result 15 August 2018 Kuala Lumpur Kepong Fazed by unfavourable plantation segment
MALAYSIA INVESTMENT RESEARCH REPORT JF APEX SECURITIES BERHAD (47680-X) Company Result 15 August 2018 Kuala Lumpur Kepong Fazed by unfavourable plantation segment HOLD Maintained Share Price Target Price
More informationSime Darby Plantation Welcoming The Pure FBMKLCI Planters
29 November 2017 Initiate Coverage Sime Darby Plantation Welcoming The Pure FBMKLCI Planters Initiate with NEUTRAL Target Price (TP): RM5.60 INVESTMENT HIGHLIGHTS Pure plantation company post demerger
More informationMMC Corporation. Company Guide
Version 9 Bloomberg: MMC MK Reuters: MMCB.KL Refer to important disclosures at the end of this report Malaysia Equity Research 29 Aug 2017 BUY Last Traded Price ( 28 Aug 2017): 2.38 (KLCI : 1,769.49) Price
More informationMarket Access. Results Review 4Q15. M&A Securities. Digi.Com Berhad. Survives the Headwinds BUY (TP:RM5.90) Results Review
M&A Securities Results Review 4Q15 PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM5.90) Wednesday, February 10, 2016 Results Review Survives the Headwinds Current Price (RM) New Fair Value (RM) Previous
More information