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Date Description Country Analyst Download
03-Jan-2022 Will the Water Tiger Emerge Stronger? Malaysia Malaysia Research Team
03-Jan-2022 Review of Recommended Stocks Malaysia Malaysia Research Team
29-Dec-2021 OCK Group Bhd (“OCK”) – “A Beneficiary of the Digital Economy” Malaysia Malaysia Research Team
28-Dec-2021 Malayan Flour Mills Bhd (“MFlour”) – Turning Poultry Business into Black Malaysia Malaysia Research Team
30-Nov-2021 Telekom is a key player in transforming Malaysia into a digital economy. The JENDELA initiative will allow it to expand the base of conversion for more subscribers. Currently, its 17.1x forward earnings multiples is lower than the 5-yr average PE of 20.5x, we recommend to BUY Telekom for its roles in the nation’s fiberisation plan and 5G deployment. The sell down on the stock in the past few weeks is an opportunity to accumulate the share. Malaysia Malaysia Research Team
29-Nov-2021 We recommend long-term investors seeking exposure to the property sector to accumulate Matrix, because Matrix adopts a stable business model by selling the correct products (landed properties) at fair pricing within a matured self-sustaining Sendayan township but Matrix still commands an above-industry margin. Hence, Matrix is able to consistently deliver investors a decent dividend yield of >5.0% over the years. Valuation wise, it is trading at FY03/2023 PE of 7.0x and at 6.0% forward dividend yield. Malaysia Malaysia Research Team
31-Oct-2021 A generous and people-friendly but tax oriented on the corporates. Overall, we are not overly thrilled with the budget as the new windfall tax and higher stamp duty on share trading are sentiment dampeners. Malaysia Malaysia Research Team
27-Oct-2021 The recently completed Mexico JV plant to produce milk products allows AbleGlob to widen its customer base in surrounding regions. Given the strategic location and cost advantage, export to large supermarket chains such as Walmart in the regions. At 2022 PE of 10x, it is trading at lower than its peers and historical PE of 12x Malaysia Malaysia Research Team
28-Sep-2021 Sime Darby is an inexpensive blue chip trading at 12.3x forward PE with an attractive 6.4% dividend yield. Its business is backed by robust demand for luxury cars in China as well as solid industrial orderbook in Australia. We recommend a BUY for Sime Darby. Malaysia Malaysia Research Team
24-Sep-2021 Despite recent share price weakness, Dpharma, being the largest generic drug manufacturer with highest sales volume in Malaysia, remains fundamentally sound and provides a compelling Buy for investors. At 23.4x 2022 PER it is at a discount to its 5-year average PER of 32.9x Malaysia Malaysia Research Team
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
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