Info Pelaburan Saham - Maybank Investment Bank Ipoh

2022-04-26 03:40:52 CORPORATE NEWS

• Capital A Bhd's wholly-owned aircraft maintenance, repair and overhaul unit Asia Digital Engineering (ADE) has announced its newly-formed board of directors. The board includes Berjaya Corp Bhd independent non-executive director Datuk Hisham Othman, who has been appointed ADE chairman to oversee the firm's future strategy of becoming a leading aircraft MRO firm in Southeast Asia.

• Sime Darby Property Bhd is ready to launch Phase 3B of the Battersea Power Station project this year.

• Telekom Malaysia Bhd (TM) has committed to expanding its fibre network to an additional six million premises by the end of 2022 under the National Digital Network (Jendela).

• PetronasDagangan Bhd (PetDag) is working closely with the Ministry of Finance (MoF) on the increase of fuel subsidy bill amid near-record high crude oil prices, according to PetDag’s managing director and chief executive officer Azrul Osman Rani.

• Ireka Corp Bhd said it received a written notice from Messrs Crowe Malaysia PLT indicating their intention to resign as the external auditors of the company.

• Urusharta Jamaah Sdn Bhd (UJSB) has disposed of its entire stake in Integrated Logistics Bhd and ceased to be a substantial shareholder of the group.

• Fraser & Neave Holdings Bhd's (F&N) subsidiary has proposed to acquire the entire equity stake in Ladang Permai Damai for a cash consideration of RM215.59 million.

• ES Ceramics Technology Bhd posted a 41.22% increase in net profit to RM11.96 million for its third quarter ended Feb 28, 2022 (3QFY22), from RM8.47 million a year earlier, helped by higher sales output from the additional production capacity.

• Press Metal Aluminium Holdings Bhd said its Sarawak subsidiary has reached an “amicable settlement” with the Inland Revenue Board, final settlement of RM26.74 million based on a letter received from the IRB dated April 22. 

• Texchem Resources Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) almost doubled or was 97.18% higher to RM13.08 million, from RM6.63 million in the same period last year, mainly on stronger contribution from its food and restaurant divisions.

• Mr DIY Group (M) Bhd has proposed a bonus issue of up to 3.14 billion shares on the basis of one bonus share for every two shares held. Mr DIY said its share price adjusted for the bonus issue will not be less than 50 sen, based on the daily volume weighted average market price (VWAMP) for the three-month period before the application date.

• IHH Healthcare Bhd said its unit Fortis Healthcare Ltd has received a final order from the Indian regulators to recover 397.12 crore rupees (RM225 million) with interest, which is said to be diverted from the Fortis group for the benefit of its former controlling shareholders. IHH said the Securities and Exchange Board of India (SEBI) also imposed a penalty of one crore rupees (RM567,000) and 50 lakh rupees (RM284,000) on Fortis and its wholly-owned unit Fortis Hospitals Ltd, respectively.

• Destini Bhd is seeking shareholders' approval to diversify into renewable energy business and related activities. Destini said it identified the renewable energy business and related activities such as solar energy as viable businesses to venture into, in line with its strategy to diversify and create an additional income stream.

• Caely Holdings Bhd said two of its independent directors, Datuk Seri Mazlan Lazim and Noor Azri Azerai, have resigned from the board to pursue other opportunities.

• TWL Holdings Bhd, formerly Tiger Synergy Bhd, is buying a 8,479 sq m piece of land in Seri Kembangan, Selangor for RM13.9 million, with a view to develop the land into a residential project with a gross development value of RM84.26 million.

• CTOS Digital Bhd has upped its shareholding in RAM Holdings Bhd to 17.23% by buying out the collective 9.1% stakes owned by OCBC Bank (M) Bhd, Affin Bank Bhd and Affin Hwang Investment Bank Bhd (Affin Hwang IB) for RM25.06 million, cash. Open / Comment

2022-04-26 03:35:02 Maybank IBG Kopi-O (26 Apr 2022)

Nikkei 26590.8 -1.90%
Kospi 2657.1 -1.76%
SSE 2928.5 -5.13%
HSI 19869.3 -3.73%
TWSE 16620.9 -2.37%
SET 1675.3 -0.90%
JCI 7216.0 -0.13%
STI 3339.6 -0.64%
KLCI 1590.0 -0.75%

MIBG Key Calls
Thailand Banks - Banks: reaffirm positive
Despite perceived macro headwinds, we double down on our positive sector view and expect it to outperform the SET due to improving earnings in 2022. KTB now adds to our top BUYs along with KBANK and KKP following its ratings upgrade. We expect to re-rate in the next few weeks given its depressed valuation at 0.5x FY22E PBV and 7x PER. We also expect KBANK to benefit from the interest rate uptrend and see potential to unlock value in its subsidiaries. We still like KKP for its strong revenue growth, improving asset quality and attractive valuation.

MY
o The KLCI may rebound after Wall Street ended firmer overnight. Sentiment, however, will remain cautious ahead of the US GDP data, which will be released later this week. Locally, O&G stocks may continue to face selling pressure after oil price dipped further. Technically, we expect the benchmark index to range between 1,570pts and 1,600pts today, with supports at 1,577 and 1,554.

o CTOS Digital Berhad (CTOS MK): Following the analyst briefing, we remain upbeat on CTOS’ earnings trajectory in the coming quarters ahead. The subsiding Omicron could translate to accelerating new activations for its Commercial segment, while ARPU across its segments may trend better on VAS upselling. Expectation on the final decision of its pioneer tax status application, however, has been pushed back to 2H22. We maintain our earnings forecast and MYR2.17 TP, based on 2.3x PEG multiple.

o Texchem Resources (TEX MK): Reported a net profit of MYR13.1m (+97% YoY) in 1Q22. Excluding one-offs (mainly forex effect), its 1Q22 core PATMI rose 91% YoY. The stronger 1Q22 results were mainly attributable to higher contribution from its restaurant and food divisions as well as a lower effective tax rate of 21.9% (1Q21: 26.4%). In 1Q22, the restaurant business reported a 102% YoY jump in segmental PBT amid higher sales, higher operational efficiency and healthier cost structure at its Sushi King operations. Meanwhile, its food division also recorded a segmental PBT of MYR5.2m on better sales mix and favourable forex movement. Likewise, its industrial PBT climbed 22% YoY on better profit mix. TEX was in the red in FY17-20 before returning to profitability in FY21. Stock trades at 6.9x annualized 1QFY22 core EPS.

o Hextar Industries (HEXIND MK): Hextar Industries returned to the black in 2QFY8/22 with a PATMI of MYR1.9m, which brought 1HFY8/22 PATMI to MYR4m (+743% YoY). The stronger YoY results were on the back of the higher revenue (+155.6% YoY), attributable to the recovery from the enhanced movement control order (EMCO) imposed last year. No dividend was declared for the quarter. YTD, share price has risen 141%. Stock is trading at 55.9x annualized 1HFY8/22 EPS.

For more stock ideas and market flows, access Market Insight on Maybank Trade on Apple Store and Google Play now.

Stay Ahead, Trade Smart. Open / Comment

2022-04-25 03:54:56 Indonesia Bans Exports Of Its Palm Oil

From 28th Apr onwards, Indonesia will begin to ban exports of its palm oil which is anticipated to have a great impact on the global edible oils and fats market. The ban is expected to push up the price of palm oil and its competing oils in the global market.

Indonesia being the top producer and exporter of palm oil, accounts for 30% of the global edible oils and fats exports.

Since Malaysia is the next in line in producing and exporting palm oil, the ban is expected to *boost demand* for Malaysia's palm oil.

Maybank IB has a wide array of Call Warrants over companies in the Palm Oil sector such as BPLANT-CC, TSH-CV, SOP-CJ, UTDPLT-CB, SIMEPLT-C6, GENP-CJ, KLK-C12 and IOICORP-C40. These Call Warrants have ample effective gearing ranging from 2.3x to as high as 6.1x to provide the needed leverage! Open / Comment

2022-04-25 03:52:15 Maybank IBG Kopi-O (25 Apr 2022)

Nikkei 27105.3 -1.63%
Kospi 2704.7 -0.86%
SSE 3086.9 0.23%
HSI 20638.5 -0.21%
TWSE 17025.1 -0.60%
SET 1690.6 0.00%
JCI 7225.6 -0.70%
STI 3361.1 0.38%
KLCI 1602.0 0.23%

MIBG Key Calls
Regional Utilities - Geopolitics accelerating transition to renewables
We turn bullish on regional electric utilities as they offer a multi-year transformation theme, aided by a large-scale shift to renewables replacing fossil fuel. This is being triggered by the rapid change in climate, geopolitics and need for energy security. All major climate pathways forecasting to keep temperature change at less than 2ºC by 2100 suggest electricity needs to replace fossil fuel to a great extent in transport, buildings and the industrial sector through clean energy. Within ASEAN+India electric utilities, our Top Picks are TPWR in India, AP in the Philippines, and BGRIM in Thailand. These companies are taking leadership in setting net-zero targets, investing in renewable ecosystems to cut risk of stranded assets and staying on growth courses. These stocks offer 20-27% upside based on our latest TPs.

MY
o The market is set for a cautious start after Wall Street fell last Friday while the fall in crude oil prices will also weigh on sentiment. All eyes will also be on the US GDP data, which will be released later this week. That said, interest on plantation companies may stay elevated after Indonesia announced export ban on palm oil. Technically, we expect the KLCI to range between 1,570 pts and 1,610 pts today, with supports at 1,577 and 1,554.

o CTOS Digital Berhad (CTOS MK): 1Q22 PBT growth was strong at +63% YoY, but net earnings were up just 7% due to higher tax rate incurred. Despite 1Q22 results making up just 15% of our full-year estimates, we maintain our forecast as we still expect a tax write-back upon the pioneer tax status extension, whilst the coming quarters could see higher associate contribution. Maintain BUY rating with an unchanged TP of MYR2.17.

o Axiata Group (AXIATA MK): Y22-23 earnings could potentially come under pressure with the LKR devaluation, and the initial dilution upon completion of the Philippines towers acquisition. Nevertheless, the longer-term growth thesis remains intact with management still striving to deliver a 20sen DPS in 2024. Maintain BUY with a lower MYR4.50 TP (-4%, SOP-based).

o Econframe (EFRAME MK): 2QFY8/22 PATMI grew 53% YoY to MYR2.6m, which brought 1HFY8/22 PATMI to MYR5.2m (+58% YoY). The stronger 1HFY8/22 results were mainly attributable to: 1) higher revenue (+19% YoY) driven by higher selling prices for metal door frames; and 2) lower operating costs. Consequently, PBT margin expanded 5.1ppts YoY to 25.2% (1HFY8/21 PBT margin: 20.1%). A first interim dividend of 3sen/sh was declared for the quarter. Stock is trading at 15.5x annualized 1HFY8/22 EPS.

o Fitters Diversified (FIT MK): Entered into a letter of intent with (1) Molecor Tecnologia for the disposal its entire 72.3% stake in Molecor SEA; and (2) United Sapphire S/B for the disposal of a 369,824 sq ft land together with buildings erected thereon in Kuantan, Pahang for an aggregate MYR30m consideration. Note that both transactions are inter-conditional. According to management, the dismal performance of the pipe business was due to delayed tender activities and contract awards during the MCO period. Most of Molecor’s contracts consist of government-driven projects. The HYPRO@PVC-O pipe manufacturing business incurred a segmental loss of MYR11.2m in 12MFY12/22. Stock trades at a PB of 0.2x. Net gearing stood at below 0.1x at end-Dec 2021.

For more stock ideas and market flows, access Market Insight on Maybank Trade on Apple Store and Google Play now.

Stay Ahead, Trade Smart. Open / Comment

2022-04-25 03:48:27 Maybank IBG "Regional Trader's Almanac" 25 Apr 2022

ASEAN Equities: New Higher Low Structure in Place

https://mkefactsettd.maybank-ke.com/PDFS/259264.pdf

A reversal signal of the “engulfing” pattern appeared within the 72% AWJ line…

The FTSE ASEAN 40 Index has traded lower and tested the immediate support zones between 10,470 and 10,540 last week. The selling pressure was halted mid-week in line with our expectation as the index formed a reversal pattern of engulfing and bounced off to challenge the 50-day EMA line and the immediate resistance at 10,970. However, the recovery move lacks enough firepower as we expect the index to form a new base and a higher low structure before eventually re-challenging the upper resistance ahead.

Against the backdrop of a rising interest rate environment and a stronger dollar, we highlight attractive stocks that could benefit from thematic plays across the ASEAN region.

MALAYSIA – PETRONAS Chemicals & Hong Leong Bank
INDONESIA – PT Timah & Gozco Plantation
PHILIPPINES – Aboitiz Equity Ventures & BDO Unibank
SINGAPORE – DBS Group Holdings & Overseas China Bank
THAILAND – Central Retail & Plan B Media
VIETNAM – Mobile World Investment & Hoa Phat Group Open / Comment

2022-04-25 03:21:13 CORPORATE NEWS

• GIIB Holdings Bhd said on Friday it has engaged independent consulting firm PKF Covenant Sdn Bhd to help GIIB's investigative committee in its probe into GIIB's suspended executive director Wong Weng Yew's management and handling of the group's glove business and accounts. GIIB said PKF will examine the relevant evidence and information pertaining to the charges against Wong.

•Property developer Sunsuria Bhd is buying a 60.81-acre piece of land in Ijok, Selangor for RM74.17 million as part of its plan to accumulate strategic industrial land for property investment and/or development. Sunsuria is buying the 99-year leasehold land from Superjet Revenue Sdn Bhd. The land is currently an agricultural plot but zoned for industrial use.

•The share price of Petronas' retail arm, Petronas Dagangan Bhd (PetDag), jumped on Friday to its highest since November 2020, as its foreign shareholding rebounded from its lowest on record. PetDag’s share price, which hit a high of RM22.20, later pared some gains to settle at RM21.92 — still up 22 sen or 1.01% — giving PetDag a market capitalisation of RM21.78 billion.

• CTOS Digital Bhd’s net profit soared 62.3% to RM12.48 million for its first quarter ended March 31, 2022 (1QFY22) from RM7.69 million last year, as it recorded stronger revenue on improved performance across all business segments and an increase in share of profits of associates. Revenue rose 12.4% to RM42.7 million, from RM38 million. CTOS declared a first interim dividend of 0.325 sen per share that will be paid out on June 10, 2022.

•Urusharta Jamaah Sdn Bhd (UJSB) has ceased to be a substantial shareholder in Practice Note 17 (PN17) company Brahim’s Holdings Bhd, after selling 44.55 million shares equivalent to a 19.28% stake in the loss-making in-flight caterer on April 8. UJSB is an investment holding and asset management company wholly owned by the Minister of Finance Inc (MoF Inc).

•Safety equipment manufacturer Fitters Diversified Bhd is selling its entire 72.27% stake in Molecor (SEA) Sdn Bhd, which manufactures PVC-O pipes, to Spain-based Molecor Tecnologia SI. Molecor Tecnologia currently owns 2.73% in Molecor SEA; the remaining 25% stake is held by Sanlens Sdn Bhd. At the same time, Fitters is selling a 369,824 sq ft piece of land and an industrial premises in Gebeng II, Kuantan, Pahang to United Sapphire Sdn Bhd. Molecor Tecnologia and United Sapphire have collectively offered a purchase consideration of RM30 million in aggregate for the proposed transactions.

• Can maker Can-One Bhd is partnering with a local private developer to build factories and a hostel on two freehold plots of land it owns via a subsidiary in Mukim Kapar, Klang, Selangor, that will have an estimated gross development value of RM478.8 million. Can-One's wholly-owned TOGO Greenland Sdn Bhd (TGSB) inked a development agreement with WorldKlang Group Property Development Sdn Bhd (WKGPD) for the proposed project — dubbed Excellent Technology Park — on the lands, which measure a total of 2.96 million sq ft, its bourse filing showed. Under the deal, TGSB is entitled to an estimated share of profit of over RM120 million over the five-year development period, subject to completion of the development and the sale of developed units.

25-04-2022. Open / Comment

2022-04-22 03:37:48 UOBKH

US stocks were lower after the close on Thursday, as losses in the Oil & Gas, Technology and Basic Materials sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average fell 1.05%, while the S&P 500 index lost 1.48%, and the NASDAQ Composite index lost 2.07%. Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2563 to 600 and 100 ended unchanged; on the Nasdaq Stock Exchange, 2995 fell and 919 advanced, while 143 ended unchanged. (Source: Investing.Com)

Stocks to watch:

1) MKH (6114); Technical BUY with +12.1% potential return
*Last: RM1.41 Target: RM1.54, RM1.58 Stop: RM1.32
*Timeframe: 2 weeks to 2 months
*Syariah: YES

2) CARIMIN (5257); Technical BUY with +23.9% potential return
*Last: RM0.71 Target: RM0.835, RM0.88 Stop: RM0.615
*Timeframe: 2 weeks to 2 months
*Syariah: YES

3) RL (0219); Technical BUY with +31.3% potential return
*Last: RM0.48 Target: RM0.58, RM0.63 Stop: RM0.41
*Timeframe: 2 weeks to 2 months
*Syariah: YES Open / Comment

2022-04-22 03:31:06 Trading Stocks today
Malaysia:

Bonia Corporation (9288) (RM2.20): Technical Buy
Targets: RM2.40, RM2.50
Stop: RM2.04

Hwa Tai Industries (8478) (RM0.72): Technical Buy
Targets: RM0.805, RM0.86, RM0.90
Stop: RM0.605

Fundamental Report(s):

Axis REIT - Back on a recovery axis in 1QFY22 (Maintain Add with a TP of RM2.34)

Media – Overall - Netflix’s pivot a potential win (Maintain Overweight)


22nd Apr 2022
CGS-CIMB Open / Comment

2022-04-22 03:23:05 Maybank IBG Traders’ Almanac (22 Apr 2022)
https://mkefactsettd.maybank-ke.com/PDFS/259001.pdf

Technical Trading Ideas for today:
FOCUS LUMBER - 5197 (MYR1.50)
ACCUMULATE (TECHNICAL)
STOP-LOSS: Below MYR1.37
RESISTANCE: R1: MYR1.59, R2: MYR1.72

HIBISCUS PETROLEUM - 5199 (MYR1.29)
REENTRY (NEW TARGET) Shariah
STOP-LOSS: Below MYR1.16
RESISTANCE: R1: MYR1.38, R2: MYR1.48

KAWAN FOOD - 7216 (MYR1.67)
REENTRY (NEW TARGET) Shariah
STOP-LOSS: Below MYR1.57
RESISTANCE: R1: MYR1.76, R2: MYR1.90

MKH - 6114 (MYR1.41)
ACCUMULATE (TECHNICAL) Shariah
STOP-LOSS: Below MYR1.32
RESISTANCE: R1: MYR1.48, R2: MYR1.58

PERAK TRANSIT - 0186 (MYR0.635)
ACCUMULATE (TECHNICAL) Shariah
STOP-LOSS: Below MYR0.590
RESISTANCE: R1: MYR0.670, R2: MYR0.730

CRUDE PALM OIL (MYR6,307)
Buying interest starting to dissipate
SUPPORT: S1: MYR6,060, S2: MYR5,080
RESISTANCE:R1: MYR6,560, R2: MYR7,010

KLCI INDEX FUTURES (1,599.00)
Buying interest remains elevated
SUPPORT: S1: 1,575.50, S2: 1,558.00
RESISTANCE: R1: 1,610.00, R2: 1,635.00 Open / Comment