Maybank IBG Kopi-O (2 Mar 2022) Nikkei 26844.7 1.20% | Info Pelaburan Saham - Maybank Investment Bank Ipoh

Maybank IBG Kopi-O (2 Mar 2022)

Nikkei 26844.7 1.20%
Kospi 2699.2 -
SSE 3488.8 0.77%
HSI 22761.7 0.21%
TWSE 17898.3 1.39%
SET 1694.3 0.54%
JCI 6921.4 0.48%
STI 3278.6 1.12%
KLCI 1596.4 -0.74%

Maybank IBG Key Calls
Gamuda - A step closer towards its regional goal
Gamuda’s MYR6.5b new tunnel project in Australia, its single largest overseas contact secured, has lifted its outstanding E&C orderbook to MYR10.4b. Gamuda is now a step closer towards its ambition to become a regional tunnelling contractor. Tenders will continue; the internal target is a MYR20b orderbook by end-FY23. We maintain our earnings estimates for now. Our TP of MYR4.00 is based on 1x RNAV. Maintain BUY.

MY
o Expect selling pressure to intensify amid concerns over external headwinds such as the Russia-Ukraine conflicts. Higher commodity prices, however, may lend support to the O&G sector as well as plantation stocks. Technically, we expect the KLCI to range between 1,570pts and 1,620pts today, with supports at 1,570 and 1,530.

o Bank Islam Malaysia (BIMB MK): Bank Islam’s FY21 earnings were below expectations largely on account of higher provisions against a lumpy corporate financing that defaulted during the period. Pending a briefing today, we lower our FY22/23E earnings forecasts by 8%/6%. Nevertheless, we roll forward valuations to FY23 and peg on a PBV of 1x for a TP of MYR3.40 (+20sen), supported by an estimated ROE of 10%. BUY maintained.

o Tan Chong Motor (TCM MK): FY21 core results were within our FY estimate, on stronger 4Q21 showings, especially at its MY ops. The sub-par FY21 is well-flagged and we remain positive of its recovery in FY22, on stronger consumer spending postpandemic. Our TP is pegged to 16x FY22 PER (mean valuations).

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