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Date Description Country Analyst Download
27-Aug-2021 Airport will benefit from post-pandemic retaliatory spending. We believe it has not fully recouped its potential price increase from the inevitable border reopening as a result of expected incoming booming domestic and foreign tourism. We recommend to BUY Airport as It is currently trading at 20x PE of 2019 EPS whereas in 2019, it was traded at 25x PE. Malaysia Malaysia Research Team
25-Aug-2021 We recommend investors to look through the COVID-19 impact and Buy GDB, because GDB is able to grow its orderbook remarkably since 2017 but without compromising on its margin. With its outstanding track record of delivering projects ahead of time, GDB has found a niche in the competitive construction industry. It is now trading at 2022 PE of 7.6x which is lower than its historical PE of 10x. Malaysia Malaysia Research Team
28-Jul-2021 We believe Gtronics is undervalued at current share price with its positive growth prospects stem from 1) high demand in products due to rapid adoption of multi-function sensors in smart devices, namely from a leading US-based brand, 2) ramp-up in laser automotive headlamps to boost its LED/ SSL segment and 3) potential opportunities from the US – China trade war that will lead to customer diversification and revenue enhancement. Malaysia Malaysia Research Team
21-Jun-2021 We recommend to Buy Lagenda in view of its capability to outshine other developers amid a challenging property sector by tapping on the affordable housing in the less competitive 2nd tier states but still with remarkable margin and strong growth ahead. Lagenda is expected to deliver dividend yields of 4.4% to 5.5% in the coming 2 years. Valuation wise, it is trading at FY2022 PE of 5.5x. Malaysia Malaysia Research Team
04-Jun-2021 The main target market of SKP’s key customer is of the more affluent homeowners where they tend to follow through on their buying decisions. Hence, this may provide some resiliency to the demand especially the aftermath of Covid-19. Valuation wise, SKP is now trading at 15x PE based on EPS 11.2sen FY3/22F and we have a BUY call. Malaysia Malaysia Research Team
16-Apr-2021 “We recommend to Buy LITRAK in view of the gradual recovery in traffic volume along with the vaccination programme and a very attractive forward dividend yield of 6.4%. Valuation wise, it is trading at an undemanding valuation of RM3.88 compared with our fair value of RM5.30.” Malaysia Malaysia Research Team
09-Apr-2021 “We recommend to Buy HPP as we expect steady revenue and earnings growth to be backed by renewed capacity alongside greater sales order flow from customers. It is trading at a more compelling valuation of 15.4x PE FY5/22 compared with EMS industry average of approx. 20x PE.” Malaysia Malaysia Research Team
22-Mar-2021 “We recommend investors seeking for exposures on diversified industrial properties with strong asset quality, sustainably price appreciation over long term and a decent dividend yield of 4.8% to accumulate AXReit.” Malaysia Malaysia Research Team
11-Mar-2021 We recommend investor to accumulate Panamy as it is suitable for long-term investors seeking reputable, resilient, decent dividend yielding and sizeable market capitalisation stocks with stable earnings track record. There is further room for growth since the group is expanding its capacities and its overseas sales. Panamy is undervalued at the current price. Excluding net cash per share of RM8.01, it is trading at 10.8x FY3/22 PE, which is a huge discount to regional peer average of 18.4x. Malaysia Malaysia Research Team
08-Mar-2021 “We like BAuto for its asset light business model and appealing brand among youngsters. BAuto is trading at an undemanding FY4/22 PE of 9.5x, which is below its historical average of 15x. Also, we have not incorporated any potential value from the new auto franchises. We have a Buy recommendation for BAuto.” Malaysia Malaysia Research Team
04-Jan-2021 Though year 2020 was dominated by Covid-19 outbreak and other material events, it did bring new opportunities with many stocks and sectors indices recorded all-time highs, thanks to the robust liquidity conditions. In fact, more than half of our recommendations garnered outstanding performance with some stocks achieved returns as high as over 100%. Malaysia Malaysia Research Team
04-Jan-2021 “2021 is the year of White Metal Ox. In the Chinese zodiac, the Ox is hardworking and methodical. Hence, success will come to those who work hard and it is a year when all the problems are solved with discipline. Therefore, will this foretell with vaccines mass availability and supportive stimuli, recovery in global economies is on its way and we will eventually return to normality?” Malaysia Malaysia Research Team
21-Dec-2020 YTD ChinWell share price has corrected 22.5%. Its share price is recovering gradually due to improving demand and ASP for its products, thanks to increasing demand from its North America customers due to US-China trade war as well as countries opening up for shipment again. Valuation wise it is now trading at 9.4X PE FY6/21F which is compelling compared with its peer of 12x PE. Hence, we have a BUY call on the stock. Malaysia Malaysia Research Team
18-Dec-2020 We are encouraged by the government initiatives to curb the illegal cigarettes market. We reckon that the new measures may bode well in putting BAT back onto a recovery path. BAT is trading at FY21E PE of 15x, offering 6.4% dividend yield. Hence, warrant a Buy under the current low deposit rate environment. Malaysia Malaysia Research Team
25-Nov-2020 With current market cap of RM156m, we believe TCS has ample room to grow. It fits right into the key metrics that we evaluate including committed and ambitious owner-operator, high ROE and in net cash position. We also like the idea of TCS venturing into infra projects for further growth. Although share price has recovered, it is still trading at reasonable FY21 PE of 7.7x, we recommend a Buy on TCS. Malaysia Malaysia Research Team
25-Nov-2020 KESM share price has corrected 14.3% from its 52-week high and its share price recovered gradually on anticipation that global car sales have come off the bottom with recovery signs, as evident from its earnings turnaround in 1QFY7/21. We like KESM for its solid balance sheet and ability to tap into the growing need for burn-in and test services. We believe it is an exciting proxy for automotive semiconductor demand growth, driven by rising electronics content in the automotive industry. Accommodative regulations and incentives from governments of major automotive markets to enhance EV penetration will provide further impetus growth potential. Excluding its net cash position, KESM is trading at 19.5x PE which remains compelling compared with industry average of 25x PE and hence we recommend BUY. Malaysia Malaysia Research Team
09-Nov-2020 "To counter the negative effects of the covid-19 pandemic, rebooting domestic driven consumption and stimulating public investments measures were tabled in order to revitalise the economy. Nonetheless, Budget 2021 is not an overly exciting budget given that it fails to introduce material stimulus measures to assist many affected sectors impacted by the pandemic." Malaysia Malaysia Research Team
21-Oct-2020 “We believe Hibiscus will be the good proxy to ride on the recovery of oil demand and we view the RM2b fund raising exercise positively as we are confident in Hibiscus management in striking a “home run” for the potential producing assets. Hence we recommend Buy. ” Malaysia Malaysia Research Team
18-Sep-2020 “Based on past track records, Dialog is an excellent growth stock for long term investment. It has strong recurring incomes from its tank terminal business and the high capex business will benefit further from the recent fall in interest rates. It still has much room for growth as its immediate competitor in Singapore does not have any space to expand their tank storage business. Recommend Long Term Buy” Malaysia Malaysia Research Team
18-Sep-2020 “Based on past track records, Dialog is an excellent growth stock for long term investment. It has strong recurring incomes from its tank terminal business and the high capex business will benefit further from the recent fall in interest rates. It still has much room for growth as its immediate competitor in Singapore does not have any space to expand their tank storage business. Recommend Long Term Buy” Malaysia Malaysia Research Team
10-Sep-2020 "We like SWKPLNT for its strong growth potential, hands-on management and attractive valuations. The bumper increase in FFB output is timely to capture the strong uptrend in CPO prices. At 2021F PER of only 8.8x, the stock is trading at a huge discount compared to the industry average of more than 20x. Recommend Buy." Malaysia Malaysia Research Team
26-Aug-2020 "By investing in Allianz, investors are exposed to one of the most efficient and largest general insurers in Malaysia, growth potential from life insurance and affiliation to a solid international player. Allianz would be one of the beneficiaries of the pandemic due to lower claims ratio from its motor insurance. Allianz is trading below our sum-of-parts valuation. Recommend Buy." Malaysia Malaysia Research Team
11-Aug-2020 KPower is targeting RM2bn of order book in FY6/21, implying 6.8x order book to market cap ratio. Furthermore, KPower intends to become asset owner by owning power plant in the future, which will provide recurring incomes. With market cap of only RM291m, the potential upside is huge. KPower is trading at FY21F PE of 7.3x. Recommend Buy. Malaysia Malaysia Research Team
23-Jul-2020 The selling pressure in Genting Berhad is overdone as the impact of COVID-19 is only short-to-medium term. We see value in the casino operators despite the cloudy near-term outlook as downside risk is limited. We recommend Long Term Buy Malaysia Malaysia Research Team
22-Jul-2020 YTD KGB’s share price has corrected 15% on anticipation of weak 1H2020 results that have been impacted by lockdowns in China, Malaysia and Singapore. Consequently, the delays in works delivery have affected revenue recognition from these countries. Nonetheless, KGB is poised for continuous growth to be driven by 5G, IoT and Industrial 4.0. Its huge presence in China will enable it to capitalise “Made in China” masterplan and US-China trade war. We have a BUY call on the stock and valuation wise it is now trading at 18.9x PE, which is more compelling than most technology stocks that are trading between 20x-40x PE Malaysia Malaysia Research Team
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