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Date Description Country Analyst Download
05-Nov-2019 We like Vizione for its medium-term earnings visibility, strong catalyst from Papar Dam project in Sabah and good execution proven by double digit pre-tax margin. Recommend Strong Buy for medium term Malaysia Malaysia Research Team
30-Oct-2019 We like SAM for its steady earnings and margins reported over the years and its proven track record, especially the aerospace division, which is internationally recognised in the aviation industry as well as endorsed by major aviation players. The long gestation period, capital intensive nature and stringent quality requirements have created very high entry barriers for newcomers to penetrate into the industry. More importantly, the long-term contracts and growing market in the aerospace division provide steady earnings visibility for the Group. Valuation wise, it is trading at 14.5x forward PE. Hence, we have a BUY call on the stock. Malaysia Malaysia Research Team
14-Oct-2019 Budget 2020 remains it expansionary policy with several measures to support domestic driven consumption growth while boosting public and private investment growth. Overall, it is within our expectation as we are not anticipating any major positive surprises for the corporates since the Shared Prosperity Vision 2030 blueprint was announced just a week before the official tabling of the budget. Malaysia Malaysia Research Team
30-Aug-2019 “We like Time Dotcom for its defensive nature with consistent growth and recession proof recurring earnings. Time Dotcom is currently trading at 2019F PE of 14.7x. Recommend Buy on weakness” Malaysia Malaysia Research Team
21-Aug-2019 "We like Muhibbah for its stable yet high growth airport business, growing contribution from Favelle Favco and potential turnaround in construction division. Muhibbah is trading at undemanding 7.2x FY20F P/E. Recommend BUY." Malaysia Malaysia Research Team
05-Jul-2019 “We like Hibiscus for its i) direct beneficiary of higher crude oil price, (ii) Marigold & Sunflower fields to boost future profits and (iii) low cost of production. We have a buy call on Hibiscus as we believe Hibiscus will be the best proxy to ride on the recovery of oil prices.” Malaysia Malaysia Research Team
04-Jul-2019 We like D&O for its strategic involvement in the multi-year revolutionary change in the automotive lighting industry and more importantly the industry is on the cusp of a major technological transformation. New automotive models rollout and advancement in production expertise will enable D&O to expand its profit margin and hence earnings. While trading at 15.3x 2019F PE vs with its 5-year PE average of 25x, its earnings accretion suits investors with long-term investment horizon. Malaysia Malaysia Research Team
24-Jun-2019 “OSK is supported by bedrock dividend income from its 10% stake in RHB Bank which support its dividend yield of 5.3%. OSK is trading at 56% discount to its SOP valuation which helps to cap the downside risk but upside is uncertain, hence we recommend MEDIUM TERM BUY.” Malaysia Malaysia Research Team
06-May-2019 We like EA Techique for its defensive business which is least affected by changes in oil prices and strong recurring cash flow along with healthy orderbook of RM789m and RM1b tenderbook. Currently trading at FY19 PE of 6x, we recommend a Buy. Malaysia Malaysia Research Team
30-Apr-2019 We like DSonic for its steady earnings base from the supplies of MyKad and passport, proven track record in implementing security-enhanced identification measure and committed management team. We expect DSonic to perform better in its upcoming 4Q19 results, to be driven my resumption in MyKad orders as no order was made throughout 9MFY19. Overall, we believe that the strong recurring revenue from its existing e-Passport solutions should continue to anchor its earnings base till end 2021 and potentially be further elevated by contribution from new projects. Hence, we have a BUY call on the stock based on appealing valuation of 11.1x FY3/20 PE. Malaysia Malaysia Research Team
12-Apr-2019 We like Jaks for its strong profit from its Vietnam power plant construction over the next one year and subsequently strong recurring income from 25-year IPP concession. At an attractive FY19 PE of 3.9x, it is a BUY. Malaysia Malaysia Research Team
29-Mar-2019 We like HLI for its strong market position in the motorcycles industry and steady growth going forward. We expect total dividend of 50sen for FY19 giving it a high yield of 5%. HLI is currently trading at FY19E PE of 8x. Recommend Long Term Buy. Malaysia Malaysia Research Team
04-Jan-2019 Review of Recommended Stocks Malaysia Malaysia Research Team
31-Dec-2018 We like ELK for its potential mid-teen growth in HP receivables driven by higher value used-car financing, high effective interest rates at 13.6% - 18.2%, low NPL ratio at 1% and low gearing ratio at 0.11x as of 2Q19. Valuation wise, the stock is currently trading at FY20F PE of 10.8x, offering decent dividend yield of 6.4%. Recommend MEDIUM TERM BUY Malaysia Malaysia Research Team
30-Nov-2018 We like Mega First for its potential incomes from its 260MW Don Sahong Hydropower plant in Laos. Commercial operation is scheduled to take place in 2020 which will boost MFCB’s earnings. Assuming the plant commences on schedule, the stock is currently trading below its FY20F sum of parts valuation of 7.4x P/E. Due to a fall in earnings in FY19, we recommend to Buy on Dip. Malaysia Malaysia Research Team
05-Nov-2018 MALAYSIA BUDGET 2019 – Restoring the Malaysian Economy as an Asian Tiger Malaysia Malaysia Research Team
18-Oct-2018 LITRAK is a concession holder with steady recession-proof business. We believe the Pakatan will not privatise LITRAK as government doesn’t have sufficient funding to do so at the present moment. LITRAK share price has recently dropped to a level where it is trading near to its support level of RM4 and we think it’s a good bargain hunting opportunity. LITRAK is currently trading at 9.9x FY3/19E PE and offers dividend yield of 5.7%. Malaysia Malaysia Research Team
02-Oct-2018 Despite being a small nutraceutical company, Nova’s profit margins are head and shoulder above its peers. Even with expiry of its BioNexus tax exemption status, Nova’s margins remain the highest as bulk of its sales is derived from its house brand as the company has strong in-house R&D capability. Malaysia Malaysia Research Team
12-Sep-2018 Vizione’s outstanding construction orderbook of RM2.8b provides it with strong earnings visibility with solid revenue cover of 6.8x and healthy order book/market cap ratio of 5.6x. It is now trading at an attractive FY5/19F PER of 6.2x. We reiterate our BUY call. Malaysia Malaysia Research Team
31-Jul-2018 “MiE commands one of the best profit margins among the local ATE makers and its well-positioned in the most advanced packaging machines i.e. WLCSP, which is experiencing thriving demand from smaller and higher performance smart devices. Earnings growth momentum is expected to be muted for FY2018F due to capacity constraint but to pick up in 2019 with new factory. Valuation wise, it is now trading at 13.9x PER for FY2019F at a discount to industry average of 16.2x PER, which justifies our LONG-TERM BUY call” Malaysia Malaysia Research Team
27-Jun-2018 Ekovest Bhd (“Ekovest”) – Deep Value Buy, Medium Term Buy Malaysia Malaysia Research Team
18-Jun-2018 “Although CCM is not particularly cheap at 14.1x FY18 PE, we think investors should look beyond 2018 given the huge capacity growth potential coupled with significant reduction in finance costs from 2019. Hence, investors should accumulate CCM’s stock when there is a price weakness.” Malaysia Malaysia Research Team
30-May-2018 “KPJ as it is the largest private hospital operator in Malaysia, which is lauded with positive structural trends ranging from rising ageing population, lifestyle diseases and increasing affluence that will aid and steer organic growth continuously. We think investors with a longer-term investment horizon will be rewarded. Currently it is trading with a prospective PER of 21.9x, which remains at a discount to its 5-year PER of 28.8x and also IHH, which trades at 52.8x.” Malaysia Malaysia Research Team
14-May-2018 THE 14 TH GENERAL ELECTION – “A Political Earthquake” Malaysia Malaysia Research Team
27-Apr-2018 LCT is now set to recover strongly in 2018, driven by the improved plant utilisation. There is a possibility LCT may be included into FBMKLCI Index as a component stock, as its current market capitalisation is approaching to RM15.0bn, to be on par with YTL’s and Airport’s market capitalisation which are currently ranked 29th and 30th in FBMKLCI Index. With the attractive 2018F PE valuation of only 10.2x (vs PetChem PE of 16x) coupled with a reasonable dividend yield of 3.3%, we recommend a Medium Term Buy on LCT. Malaysia Malaysia Research Team
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