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13-Feb-2020 “The COVID-19 outbreak has killed over 1,000 people and infected more than 45,000 people across 25 countries globally, so far. It has triggered a selloff in global equities, including Malaysia. Nevertheless, we believe the sell-off is only temporary based on the precedent SARS epidemic in 2003 when the market correction lasted for less than 2 months. Hence, we view the recent knee-jerk reaction as on opportunity to accumulate the beaten-down stocks with good fundamentals.” Malaysia Malaysia Research Team
10-Feb-2020 “Since our last recommendation in November 2017, Serba share price has done very well. We still like Serba for its recurring O&M earnings, resilience in volatile crude oil market, visible short-to-midterm growth prospects, and attractive valuation. Serba is currently trading at FY20F of 13x and we recommend still A Buy. Malaysia Malaysia Research Team
09-Jan-2020 “Overall, the stocks that we recommended in the past 3 years outperformed the benchmark FBMKLCI by a wide margin. Stocks recommended in 2019 surpassed FBMKLCI by 24.8%, while those picked in 2017 and 2018 outperformed by 31.5% and 25.4% respectively. ” Malaysia Malaysia Research Team
02-Jan-2020 2020 is the year of White Metal Rat, which is very rare and the year will be better as it progresses. Though new opportunities will appear, it is marked by speculation of material events. Therefore, will this foretell investment opportunities amidst major events ranging from the commencement of impeachment proceedings against President Trump by US Congress, Brexit by Jan 2020, US-China trade war progress, US presidential election to the transition of power in Malaysia? Malaysia Malaysia Research Team
26-Dec-2019 “Solar photovoltaics industry is on the rise in Malaysia and Solarvest, a local full-fledge solar EPCC service provider, is expected to ride on the trend and benefit from the rising demand. Solarvest is trading at 11.6x, recommend to Buy.” Malaysia Malaysia Research Team
13-Dec-2019 " We like Coastal Contract for its strong operating cash flow from its vessel chartering division and strong balance sheet. Coastal Contract is trading at a reasonable valuation of FY20 PE of 9x which will fall to 6x if we exclude its net cash of RM250m. Recommend Buy. " Malaysia Malaysia Research Team
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
08-Jan-2019 Based on Chinese horoscope, 2019 is the year of carefreeness Yin Earth Pig since it marks the end of a complete rotation cycle of the twelve Chinese zodiac signs. Since we have a Yin Earth Pig, we can expect mixed energies though there should be good news on the horizon with world events and more calming influence with huge leaps forward in relationships worldwide. Therefore, will this prophesise the rapprochement of ties between the two superpowers i.e. US and China? 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
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