TA Securities. Maxwell Int l Holdings Berhad Shoes Shoes Shoes DO NOT SUBSCRIBE. New Listing
|
|
- Peter Cook
- 5 years ago
- Views:
Transcription
1 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 525 KUALA LUMPUR, MALAYSIA TEL: / FAX: I P O Tuesday, December 28, 21 FBM KLCI: 1, Sector: Consumer Maxwell Int l Holdings Berhad Shoes Shoes Shoes THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Fair value: RM.55(+2%) New Listing DO NOT SUBSCRIBE TA Research Team Coverage ext:1635 farhana@ta.com.my Maxwell International Holdings Berhad is another newcomer in the sports shoes related industry, based in China. The company is involved in the design and manufacturing of sports shoes for the domestic and overseas market. Maxwell does not have its own brand but produces for big brands such as Yonex, Fila, Kappa and more. In recent years, Maxwell experienced robust growth in sales thanks to the increasing demand in sports shoes locally and abroad. Share Information Listing Main Market Enlarged Share Capital (mn) 4 Market RM.4 (mn) 216 Par Value.4 Issue Price.54 Oversubscription rate NA Thus, Maxwell plans on utilising its IPO proceeds for expansion and R&D in design and product development. Maxwell will raise RM34.4mn with 63mn new shares offered at RM.54 each. Going forward, Maxwell intends to pay at least 2% dividend. We believe the sports shoe related industry in China is highly competitive with more than 2 players and that China based companies listed on the KLCI trades within 2 4x PER. Hence, our fair value of RM.55 is based on 3x CY11 PER. Including 5.6% dividend yield, the stock offers a total upside of 7.6%, below our 15% benchmark. Do not subscribe. Tentative Listing Date Tentative Listing Dates Event Opening of the IPO Closing of the IPO Balloting of Applications Allotment of Shares Listing Tentative Date 21 Dec 1 28 Dec 1 3 Dec 1 4 Jan 11 6 Jan 11 Company background The company s history can be traced back to June 1999 under the name Zhenxing Shoes by Li Kwai Chun and her husband Li Chun Tak. Zhenxing Shoes engaged in the manufacturing and sale of sports shoes to domestic and overseas markets mainly through trading houses and brand distributors in the PRC and abroad. Zhenxing Shoes started with a single production line and an annual production capacity of approximately 1mn pairs of shoes. By the year 2, the company expanded its annual production to 2mn shoes by adding a second line. In 21, the company began participating in various trade fairs and exhibitions in the PRC and abroad including the Global Shoes trade show organised by Dusseldorf GmbH Germany and WSA Show organised by the World Shoe Association in Las Vegas. By 26, the company established business relationships with procurement agents for various brands in the USA. As sales volume increased, Zhenxing Shoes established a third production line and had to outsource production to a third party. Ratio & Analysis NTA per share (post IPO)(sen).5 Price to NTA (x) 1.1 Proforma ROE (%) 36.5 Proforma ROA (%) 27.6 Proforma Net Gearing (x) Net cash Utilisation of Proceeds RMmn % D&D Expansion Capex Working Capital Est. listing expenses TOTAL 34.4 Page 1 of 5
2 Business Overview The company is involved in the designing and manufacturing of sports shoes for domestic and overseas customers, which comprise mainly trading houses and brand distributors. The company manufacture shoes on an OEM and ODM basis. The company is capable of developing 1, designs in house for domestic and overseas clients. Shoes are customised according to customer s preferences. Production process are as below: The company produces for leading global brands such as Yonex, Kappa, Diadora, Fila and more. Financials Revenue contribution from court sports shoes products represented approximately 97%, 98%, 85% and 86% to total revenue for the period FY6 9 respectively. The overall increase in sports shoes was believed to be due to changing consumers taste. Sports shoes are now no longer regarded as just functional/practical apparel, but have also increased in popularity as fashionable wear. Figure 1: Revenue Breakdown by Type 1% Court shoes Casual/leisure Running shoes 9% 8% 7% 6% Casual/leisure : Comprise of boots, shoes for children, hiking, retro and leather 5% FY26 FY27 FY28 FY29 1H21 Page 2 of 5
3 Maxwell s sports shoes are sold through trading houses and brand distributors based in the PRC and overseas. A big chunk of its revenue is from domestic sales. Contribution from exports for FY6 9 accounted for 2%, 12%, 8% and 3% respectively. The increase in domestic sales was mainly due to increasing foreign shoe related companies setting up base in the PRC in recent years. Despite the decrease in export sales, the company managed to procure new direct sales export orders for the America region thanks to participation in WSA Show. Figure 2: Sales Breakdown 6 RMB'mn Domestic Exports FY6 FY7 FY8 FY9 1H9 1H1 Figure 3: EBITDA & PAT Trend % 25.1% 16.2% 17.5% % 19.1% % 27.6% 2.3% 2.2% % 25% 2% 15% 1% 5% FY26 FY27 FY28 FY29 1H21 % EBITDA RMB mn EBITDA RM mn PAT RMB mn PAT RM mn EBITDA margin PAT margin Outsourcing The company began outsourcing some of its orders to external contract manufacturers in FY6. Revenue contribution from outsourced production visà vis in house production increased from 24% to 42% between FY6 to 1H1. This is due to increasing demand coupled with management s strategy to focus more on D&D and sales and marketing activities through participation in trade fairs and exhibitions. Page 3 of 5
4 Figure 4: Production 'mn In house production Outsourced production FY6 FY7 FY8 FY9 1H9 1H1 Moving forward, the proportion of production volume to be outsourced would depend on the availability and ability of the external contract manufacturer. Note however the decision to outsource is reviewed periodically on a case bycase basis. The company does not outsource for export markets as the overseas customers are generally stricter with product design specifications and product quality requirements. Statistics of the IPO Authorised Share Capital : 125mn Shares Paid Up Share Capital at the date of the prospectus: mn shares Shares to be issued : 63.75mn shares Market Cap based on IPO listing: RM216mn Utilisation of Proceeds from the Public Issue: To raise funds for continued operations and expansion To enhance business profile and future prospects To gain access to capital markets To enhance the liquidity in the shares INVESTMENT SWOT Strengths Diversified range of product designs Located close to raw materials Not reliant on one or two major customers. Weaknesses Fairly reliant on external contract manufacturers Absence of long term contracts Opportunities The PRC is a big market on its own Expansion of capacity to meet increasing demand Due to high number of players in the industry, the company could expand through acquisitions, joint ventures or strategic alliances Threats Low barriers to entry the industry has more than 2 players Exposed to rising production costs in the PRC Growing competition from abroad with the loss of cost advantage from Southeast Asian economies such as Vietnam and Cambodia. Page 4 of 5
5 Figure 5: Peers Comparison Market cap (RM'mn) Est CY11 PBT margin (%) Est. CY11 PAT margin (%) CY11 Est. PER Multisports Xingquan K Star Market capital weighted average 3. Valuation At the IPO price, Maxwell is trading at 3.2x FY1 PER and 3.x FY11 PER. The weighted average of market capitalisation of other China based in the same industry listed in KL is estimated 3.x CY11 PER. Therefore, we derive a fair value of RM.55 for Maxwell based on 3.x FY11 PER. The company intends to pay at least 2% dividend for FY1 11, which would translate into a dividend yield of 5.6%. Earnings Summary YE'Dec (RM'mn) FY6 FY7 FY8 FY9 FY1e FY11e Revenue Gross profit EBITDA PBT Tax PAT EPS PER Gross margin PBT margin PAT margin Tax rate Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 525 KUALA LUMPUR, MALAYSIA TEL: / FAX: (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan Head of Research Page 5 of 5
Dancomech Holdings Berhad Expansion to Cater for RAPID and East Malaysia. Fair Value: RM0.78 Main Market Listing. Not Rated
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Monday, July 04, 2016 FBM KLCI: 1,646.22 Sector: Plantation Dancomech
More informationInta Bina Group Berhad Fair Value: RM 0.25 Facing Headwinds. Not rated. Ace Market Listing
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Friday, 12 May 2017 FBM KLCI: 1,775.39 Sector: Construction Inta Bina
More informationTitijaya 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 informationWegmans the Carpenter NOT RATED. Ace Market Listing
I P O Monday, February 19, 2018 FBMKLCI: 1,838.28 Sector: Consumer THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Wegmans Holdings Berhad TP: RM0.31 (+6.9%) Wegmans the Carpenter Ace Market Listing
More informationNot Rated Thiam Chiann Wen ext:1664
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Monday, 3 September 2012 FBM KLCI: 1,646.11 Sector: REIT IGB Real Estate Investment Trust Fair
More informationMClean Technologies Berhad FV: RM 0.29 Growth Intact but Pricey Valuations
TA Securities A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 NEW LISTING Wednesday, April 27, 2011 FBM KLCI: 1,527.34 Sector:
More informationGas Malaysia Berhad FV: RM 2.40(+7.9%) Gas In Gas Out
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 I P O Tuesday, May 22, 2012 FBM KLCI: 1538.91 Sector: Oil & Gas Gas Malaysia
More informationCompany Note New Listing. Fibon Berhad. Not to Subscribe. Par Value. RM2.20 (cum-bonus issue) (-19.4%) RM0.68 (ex-bonus issue) (-20.
Company Note New Listing Friday, 05 December 2008 For Internal Circulation Only KLCI : 846.86 Sector : INDUSTRIAL 05 December 2008 Bloomberg : FIBON MK Fair Value RM2.20 (cum-bonus issue) (-19.4%) RM0.68
More informationRamping-up its AAC Production. Hold. Last Traded: RM0.75 C O M P A N Y U P D A T E
C O M P A N Y U P D A T E Friday, October 05, 2018 FBMKLCI: 1,790.11 Sector: Building Materials THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chin Hin Group Bhd TP: RM0.79 (+5.3%) Ramping-up its
More informationPCBA Expansion On Track BUY. Last Traded: RM2.00 C O M P A N Y U P D A T E
C O M P A N Y U P D A T E Tuesday, November 07, 2017 FBMKLCI: 1,742.29 Sector: Technology THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* SKP Resources Berhad TP: RM2.20 (+10.0%) PCBA Expansion
More informationSunway 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 informationSunway Berhad TP: RM3.27 (+4.0%) First Land Deal in 2017
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 C O M P A N Y U P D A T E Monday, 13 February 2017 FBMKLCI: 1,698.94 Sector:
More informationNot rated TA Research Tel:
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Perak Transit Berhad The Only Gazetted Bus Terminal in Ipoh THIS REPORT IS STRICTLY FOR INTERNAL
More informationNot Rated Paul Yap Tel:
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 NEW LISTING Friday, December 16, 2016 FBM KLCI: 1,636.99 Sector: Technology
More informationStuck at Low Growth SELL. Last Traded: RM9.00. mn % 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Jan-15. Jul-16. Jul-17.
C O M P A N Y U P D A T E Wednesday, April 11, 218 FBMKLCI: 1,86.98 Sector: Transportation THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Malaysia Airports Holdings Berhad TP: RM8.61 (-4.3%) Stuck
More informationCompany Note Company Update. Sime Darby Berhad. Meet The Enlarged Sime Darby. Target Price Raised to RM12.40.
Company Note Company Update Monday, 13 August 2007 For Internal Circulation Only KLCI : 1,287.70 Sector : PLANTATIONS 13 Aug 2007 Bloomberg : SDY MK Analyst : James Ratnam E- : james@ta.com.my : 20721277
More informationSP 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 informationUMW Oil & Gas Corporation Bhd Expensive Acquisition Aborted
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 UMW Oil & Gas Corporation Bhd Expensive Acquisition Aborted THIS REPORT
More informationCYPARK Resources Berhad Fair value: RM1.35 (22%) Profiting From Waste
ta securities holdings berhad(14948-m) A member of the ta group NEW LISTING Tuesday, October 05, 2010 Sector: MERA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
More informationCareplus Group Berhad FV: RM 0.29 Top Tier 2 Glove Player
ta securities holdings berhad(14948-m) A member of the ta group NEW LISTING Tuesday, November 23, 2010 Sector: Technology MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277
More informationFV: RM1.48 Main Market Listing. Tanah Makmur Berhad A Value Buy. NEW LISTING Tuesday, July 01, 2014 FBM KLCI: 1, Sector: Plantation
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Tanah Makmur Berhad A Value Buy NEW LISTING Tuesday, July 01, 2014 FBM KLCI:
More informationDemerger Is a Smart Move? HOLD. Last Traded: RM9.01 C O M P A N Y U P D A T E
C O M P A N Y U P D A T E Friday, September 29, 2017 FBMKLCI: 1,758.06 Sector: Plantation THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Sime Darby Berhad TP: RM9.80 (+8.8%) Demerger Is a Smart
More informationPetronas Gas Berhad TP: RM16.10 (-16.1%)
C O M P A N Y U P D A T E Wednesday, January 02, 2019 FBMKLCI: 1,690.58 Sector: Power & Utilities THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Petronas Gas Berhad TP: RM16.10 (-16.1%) Lower than
More informationTaking the Digital Leap BUY. Last Traded: RM18.60
C O M P A N Y U P D A T E Monday, April 09, 2018 FBMKLCI: 1,837.01 Sector: Finance THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Hong Leong Bank Berhad TP: RM21.30 (+14.5%) Taking the Digital
More informationHua 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 informationIPO Report KIM TECK CHEONG BERHAD MERCURY SECURITIES SDN BHD SUBSCRIBE ACE MARKET. Initial Public Offering ACE Market TRAD/SERV
MERCURY SECURITIES SDN BHD (A Participating Organisation of Bursa Malaysia Securities Berhad) KIM TECK CHEONG BERHAD Initial Public Offering ACE Market IPO Report Monday, 2 November, 2015 ACE MARKET TRAD/SERV
More informationFigure 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 informationTelekom Malaysia Berhad TP: RM7.22 (+16%) Acquires Last Piece of the Puzzle
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 Friday, March 28, 2014 FBMKLCI: 1,846.9 Sector: Telecommunication
More informationBanking Sector Financial System Well Buffered to Withstand Potential Shocks
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 S E C T O R R E P O R T Thursday, March 20, 2014 FBM KLCI: 1,817.44 Sector:
More informationTopline Driven Growth BUY. Last Traded: RM4.19
C O M P A N Y U P D A T E Wednesday, March 14, 2018 FBMKLCI: 1,864.03 Sector: Finance THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* AMMB Holdings Berhad TP: RM4.70 (+12.2%) Topline Driven Growth
More informationCIMB Group Holdings Berhad TP: RM7.50 (+8.4%) Sluggishness All Around
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 Wednesday, August 13, 2014 FBM KLCI: 1,850.39 Sector: Finance
More informationFair Value: RM0.26. Inspection, Test & Measurement Equipment Player. Not Rated. ACE Market Listing N E W L I S T I N G. Company Background
N E W L I S T I N G Tuesday, February 20, 2018 FBMKLCI: 1,857.32 Sector: Technology THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* QES Group Berhad Inspection, Test & Measurement Equipment Player
More informationNot Rated Thiam Chiann Wen Tel:
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Thursday, 10 Sept 2015 FBM KLCI: 1,603.36 Sector: REIT Al-Salam Real Estate Investment Trust
More informationTenaga Nasional Berhad TP: RM17.38 (+16.5%)
COMPANY UPDATE Wednesday, December 20, 2017 FBMKLCI: 1,736.95 Sector: Power & Utilities THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Tenaga Nasional Berhad TP: RM17.38 (+16.5%) RP2 Uncertainty
More informationPerisai Petroleum Teknologi Bhd TP: RM0.24 (-5.7%) Weathering the Storm
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 Thursday, January 28, 2016 FBMKLCI: 1,631.54 Sector:
More informationStar Media STAR MK Sector: Media
Print remains under pressure We expect prospects for the print media industry to remain weak in 2016 given the challenging market environment, poor consumer sentiment as well as the structurally declining
More informationTenaga Nasional Berhad TP: RM15.50 (+16.9%)
C O M P A N Y U P D A T E Monday, December 17, 2018 FBMKLCI: 1,661.96 Sector: Power & Utilities THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Tenaga Nasional Berhad TP: RM15.50 (+16.9%) Higher
More informationIHH Healthcare Berhad TP: RM6.65 (+10.8%) 1QFY17 Weighed by Pre-operating & Start-up Costs
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 RESULTS UPDATE Monday, May 22, 2017 FBM KLCI: 1,768.28 Sector: Healthcare
More informationSELL. Last Traded: RM6.75. Acquiring the World s Second Largest Surgical Glove Player
C O M P A N Y U P D A T E Monday, November 27, 2017 FBMKLCI: 1,717.23 Sector: Healthcare THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Top Glove Corporation Berhad TP: RM6.30 (-6.7%) Acquiring
More informationFY18: Challenged by Headwinds and Higher D&A HOLD. Last Traded: RM4.25
R E S U L T S U P D A T E Monday, February 25, 2019 FBMKLCI: 1,721.42 Sector: Telecommunications THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Axiata Group Berhad TP: RM4.50 (+5.9%) FY18: Challenged
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 informationSJ Securities Sdn. Bhd. Fair Value RM0.65 (+25.0%) Investment Highlights
Update Report 25 March 2010 PP7084/11/2006 Strictly for internal circulation only Rexit Berhad SJ Securities Sdn. Bhd. Buy Fair Value RM0.65 (+25.0%) Stock Data Price (RM) 0.52 Stock code 0106 Bloomberg
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 informationPecca Group Berhad TP: RM1.69 (+15.0%) In Expansion Mode Post IPO
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 INITIATION Thursday, September 07, 2017 FBM KLCI: 1,772.48 Sector: Automotive
More informationCarimin Petroleum Bhd FV: RM1.12 (+2%) Orderbook Replenishment is Key
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO NOTE Tuesday, October 28, 2014 FBM KLCI: 1,823.15 Sector: Oil & Gas
More informationMarket Access. Results Review 1Q FY17. M&A Securities. Hartalega Holdings Berhad. Record Sales with Lower Margins BUY (TP:RM4.
M&A Securities Results Review 1Q FY17 PP14767/09/2012(030761) Hartalega Holdings Berhad BUY (TP:RM4.78) Wednesday, August 03, 2016 Record Sales with Lower Margins Results Review Current Price (RM) New
More informationOverweight Fair Value RM1.80 (+17.6%) Guan Chong Berhad. Company Visit. SJ Securities Sdn. Bhd. Strictly for internal reference only.
Company Visit 13 January 2014 Guan Chong Berhad Venturing Downstream, Industrial Chocolate SJ Securities Sdn. Bhd. Strictly for internal reference only Overweight Fair Value RM1.80 (+17.6%) Stock Data
More informationMarket Access. M&A Securities. Results Review 3Q15. Telekom Malaysia Berhad. Hampered by Forex Translation Loss. Friday, November 27, 2015
M&A Securities Results Review 3Q15 PP14767/09/2012(030761) Telekom Malaysia Berhad Friday, November 27, 2015 HOLD (TP:RM6.87) Hampered by Forex Translation Loss Results Review Actual vs. expectation. Telekom
More informationHigh-Rise Specialist NOT RATED. Ace Market Listing I P O
I P O Friday, March 09, 2018 FBMKLCI: 1,839.62 Sector: Construction THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* GDB Holdings Berhad TP: RM0.545 (+55.7%) High-Rise Specialist Ace Market Listing
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 informationMarket Access. Results Review 4Q FY16. M&A Securities. Hartalega HoldingsBerhad. Double-Digit Growth amid Challenging Times BUY (TP:RM4.
M&A Securities Results Review 4Q FY16 PP14767/09/2012(030761) Hartalega HoldingsBerhad BUY (TP:RM4.78) Wednesday, May 04, 2016 Double-Digit Growth amid Challenging Times Results Review Current Price (RM)
More informationMarket Access. Results Review (1Q16) M&A Securities. Tan Chong Motor Holdings Bhd. Lacking the X-Factor SELL (TP: RM1.
M&A Securities Results Review (1Q16) PP14767/09/2012(030761) Tan Chong Motor Holdings Bhd Wednesday, May 11, 2016 SELL (TP: RM1.87) Lacking the X-Factor Results Review Actual vs. expectations. Tan Chong
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 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 informationMarket Access. M&A Securities. Results Review 1Q15. Axiata Group Berhad. Slow in Recovery. Wednesday, May 20, 2015 HOLD (TP:RM7.
M&A Securities Results Review 1Q15 PP14767/09/2012(030761) Axiata Group Berhad Wednesday, May 20, 2015 HOLD (TP:RM7.40) Slow in Recovery Results Review Actual vs. expectations. Axiata Group Bhd (Axiata)
More informationMarket Access. M&A Securities. Company Update. Tenaga Nasional Berhad. A Look into Debt. Tuesday, July 14, 2015 BUY (TP: RM15.20) Latest Development
M&A Securities Company Update PP14767/09/2012(030761) Tenaga Nasional Berhad BUY (TP: RM15.20) Tuesday, July 14, 2015 A Look into Debt Latest Development Debt position. Tenaga Nasional Bhd (TNB) core business
More informationAxiata Group Berhad TP: RM5.40 (+9.5%) XL Looking Better, but Celcom Still Needs Time
A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 R E S U L T S U P D A T E Tuesday, September 05, 2017 FBMKLCI: 1,773.16
More informationMarket Access. Results Review (4Q14) M&A Securities. Genting Plantations Berhad. Hit by Plantation-Malaysia Segment. Thursday, May 28, 2015
M&A Securities Results Review (4Q14) PP14767/09/2012(030761) Genting Plantations Berhad Thursday, May 28, 2015 HOLD (TP: RM10.77) Hit by Plantation-Malaysia Segment Results Review Actual vs. expectations.
More informationMarket Access. Company Update. M&A Securities. UMW Oil and Gas Corporation Bhd. Awards for NAGA 7 SELL (TP: RM0.90)
M&A Securities Company Update PP14767/9/212(3761) Friday, October 3, 215 UMW Oil and Gas Corporation Bhd Awards for NAGA 7 SELL (TP: RM.9) Current Price (RM) New Target Price (RM) Previous Target Price
More informationMarket Access. M&A Securities. Results Review 1Q15. Malayan Banking Bhd BUY (TP: RM10.70) Stabilizing Period. Results Review
M&A Securities Results Review 1Q15 PP14767/09/2012(030761) Malayan Banking Bhd BUY (TP: RM10.70) Friday, May 29, 2015 Stabilizing Period Results Review Actual vs. expectation. Malayan Banking Berhad (Maybank)
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 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 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 informationMalaysia. Padini Holdings Strong earnings momentum. Buy (unchanged) Results Review 30 November 2011
PP16832/01/2012 (029059) Malaysia Results Review 30 November 2011 Buy (unchanged) Share price: Target price: RM1.05 Kang Chun Ee chunee@maybank-ib.com (603) 2297 8675 Stock Information RM1.16 (unchanged)
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 informationSupermax Corporation Bhd
Equity Research Supermax Corporation Bhd 24 Aug 2010 KDN: PP10837/03/2011 (029371) BUY Current Price RM5.50 New Target Price RM6.80 Previous Target Price - Previous Recommendation - Upside To Target +23.6%
More informationMarket Access. Briefing Notes. M&A Securities. Digi.Com Berhad. 4G is the Way Forward BUY (TP:RM6.10)
M&A Securities Briefing Notes PP14767/09/2012(030761) Digi.Com Berhad BUY (TP:RM6.10) Tuesday, September 08, 2015 4G is the Way Forward Digi hosted its Analyst s Day yesterday where the senior management
More informationMarket Access. M&A Securities. Results Review 1Q15. BIMB Holdings Bhd BUY (TP:RM4.84) Brilliant Beginning. Results Review
M&A Securities Results Review 1Q15 PP14767/09/2012(030761) BIMB Holdings Bhd BUY (TP:RM4.84) Wednesday, May 27, 2015 Brilliant Beginning Results Review Actual vs. expectation. BIMB Holdings Berhad (BIMB)
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 informationSERBA DINAMIK HLDGS BHD
MERCURY SECURITIES SDN BHD (A Participating Organisation of Bursa Malaysia Securities Berhad) SERBA DINAMIK HLDGS BHD Initial Public Offering Main Market IPO Report Tuesday, 17 January, 2017 MAIN MARKET
More informationCSC Steel Holdings Bhd TP: RM1.70 (+19.7%)
I N I T I A T E C O V E R A G E Thursday, March 22, 2018 FBMKLCI: 1,865.80 Sector: Building Materials, THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* CSC Steel Holdings Bhd TP: RM1.70 (+19.7%)
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 informationA Little Tense in 4Q18 Results SELL. Last Traded: RM3.09
C O M P A N Y U P D A T E Tuesday, January 9, 19 FBMKLCI: 1,697.50 Sector: Transportation THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* AirAsia Group Berhad TP: RM3. (+3.7) A Little Tense in 4Q18
More informationUOA Development UOAD MK Sector: Property
Dividend play In 2016, UOA has thus far launched two projects and plans to launch a third development this year. The total estimated gross development value (GDV) of these three projects is RM3.2bn. Unbilled
More 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 (3Q15) Padini Holdings Berhad. A good Quarter BUY (TP: RM1.80) Wednesday, May 20, 2015.
Market Access M&A Securities PP14767/04/2012(029607) [ Padini Holdings Berhad Results Review (3Q15) BUY (TP: RM1.80) Wednesday, May 20, 2015 A good Quarr Results Review Actual vs. expectations. Padini
More informationTa Ann TAH MK Sector: Timber
Plantation taking the lead We believe Ta Ann s plantation division is likely to take the lead in 2016. The rising FFB and CPO production coupled with better CPO prices should provide future earnings growth
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 informationMarket 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 informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
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 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 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 information4QFY18 Better than Expected BUY. Last Traded: RM0.50
R E S U L T S U P D A T E Thursday, March 29, 2018 FBMKLCI: 1,857.87 Sector: Oil & Gas THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Sapura Energy Bhd TP: RM0.65 (+31%) 4QFY18 Better than Expected
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. 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 informationMarket Access. M&A Securities. Company Update. MMHE Holdings Berhad. Multiple Awards worth RM527 million. Monday, December 28, 2015 HOLD (TP: RM1.
M&A Securities Company Update PP14767/9/212(3761) MMHE Holdings Berhad Monday, December 28, 215 HOLD (TP: RM1.4) Multiple Awards worth RM527 million Malaysia Marine and Heavy Engineering Berhad (MMHE)
More informationMarket Access. Results Review (3Q15) M&A Securities. Dutch Lady Milk Industries Berhad. Double Whammy. Wednesday, November 18, 2015 HOLD (TP: RM47.
Market Access M&A Securities Results Review (3Q15) PP14767/4/212(296 Dutch Lady Milk Industries Berhad Double Whammy Results Review Actual vs. expectations. Dutch Lady Milk Industries Berhad (Dutch Lady)
More informationTropicana 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 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 informationM&A Research. Company Visit. M&A Securities. KPJ Healthcare Bhd. Prepared For Next Phase of Growth. Tuesday, June 28, 2016 HOLD (TP: RM4.
M&A Research M&A Securities Company Visit PP14767/09/2012(030761) Tuesday, June 28, 2016 KPJ Healthcare Bhd HOLD (TP: RM4.27) Prepared For Next Phase of Growth We made a visit to KPJ Healthcare Berhad
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 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 informationPUBLIC INVESTMENT BANK
PUBLIC INVESTMENT BANK PublicInvest Research IPO Note Monday, July 11, 2016 KDN PP17686/03/2013(032117) DANCOMECH HOLDINGS BERHAD Fair Value: RM0.80 DESCRIPTION Process Control Equipment Distributor Primarily
More informationResults 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 informationMarket Access. M&A Securities. Results Review (2Q16) SapuraKencana Petroleum Berhad. Solid Orderbook as a Shield BUY (TP: RM2.
M&A Securities Results Review (2Q16) PP14767/09/2012(030761) SapuraKencana Petroleum Berhad Thursday, September 17, 2015 BUY (TP: RM2.55) Solid Orderbook as a Shield Results Review Actual vs. expectations.
More informationPublic Bank Group. Presentation to Investors J.P. Morgan Asia Financials Conference Hong Kong March 2011
Public Bank Group Presentation to Investors J.P. Morgan Asia Financials Conference Hong Kong 10-11 March 2011 Disclaimer The materials and information in the presentations and other documents are for informational
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 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 informationMarket Access. Company Update. M&A Securities. Public Bank Berhad. Wednesday, April 27, BUY (Target Price: RM21.38) Proves to be Bellwether
M&A Securities Company Update PP14767/09/2012(030761) Public Bank Berhad Wednesday, April 27, 2016 BUY (Target Price: RM21.38) Proves to be Bellwether We recommend investors to accumulate Public Bank Bhd
More information