By Kenanga Research
28th Feb 2013
OUTPERFORM ↔
Price: RM12.22
Target Price: RM15.00 ↑
Personal archive only.
Thursday, February 28, 2013
Genting - Savouring The Singapore Sling
By Maybank IB Research
28th Feb 2013
Buy (from Hold)
Share price: MYR9.42
Target price: MYR11.50 (from MYR8.95)
28th Feb 2013
Buy (from Hold)
Share price: MYR9.42
Target price: MYR11.50 (from MYR8.95)
Tuesday, February 19, 2013
Estate workforce issue revisited
By Star Online: Business
19th Feb 2013
19th Feb 2013
OVER the past five years, oil palm planters' cost of production (COP) has been on a steady rise.
Of the total COP, labour costs can take up as much as 30%, depending on the degree of mechanisation in place to harvest the palm fresh fruit bunches (FFB) at the estates.
The COP normally covers the upkeep or cultivation expenses, fertiliser application, harvesting, transportation, other estate charges and labour costs.
Friday, February 15, 2013
Iskandar Waterfront IPO hopes to lock in some global property, investment names
By Star Online: Business
15th Feb 2013
15th Feb 2013
PETALING JAYA: The impending mega initial public offering (IPO) of Iskandar Waterfront Holdings Sdn Bhd (IWH) is hoping to lock in some global names in the property and investment world as cornerstone investors, people familiar with the process told StarBiz.
Among possible candidates are Singapore's Temasek Holdings Pte Ltd as well as its associate company CapitaLand Ltd, one of Asia's largest real estate companies.
Tuesday, February 12, 2013
AirAsia - Sturdy 4Q Earnings Seen
By OSK Research
12th Feb 2013
Buy
Target MYR3.39
Previous MYR3.39
Price MYR2.66
We expect AirAsia’s 4Q earnings to soar on the back of strong RPK growth and load factor amid seasonally higher yields and flat jet fuel price. We maintain our BUY call on the stock, with our FV unchanged at RM3.39, premised on 11x FY13 earnings.
Incorporating the market caps of Asia Aviation and the group’s insurance arm, AirAsia is trading at a cheap 7.4x PE vs its historical and peers average of 10x and 12x respectively.
Encouraging numbers so far. In 4QFY12, Malaysia AirAsia (MAA), Thai AirAsia (TAA) and Indonesia AirAsia (IAA) reported that revenue passenger kilometres (RPK) grew by 7.8%/22.5%/10.9% respectively y-o-y. The encouraging numbers were due to seasonally stronger year-end air travel demand. Meanwhile, the full-year RPKs of MAA/TAA/IAA jumped 8.1%/16.6%/5.2% respectively, with load factors coming in at 79.5%/82.3%/77.1%.
Overall, the numbers from all three of the group’s country hubs came in well within our estimates. Following the introduction of five new routes in 4Q amid high seasonal demand, MAA’s load factor during that period hit 82.1%, its highest quarterly number since the 82.3% recorded in 4Q2011. The new routes are all international destinations – three to China (Kunming, Guangzhou and Nanning) and two to Indonesia (Solo and Lombok). We gather from management that the December 2012 load factor was also an all-time high.
We note that the q-o-q air travel momentum in 2012’s final quarter had remained resilient.
Robust 4Q results likely. We expect overall yields in 4Q, typically the strongest quarter, to jump 5%-6% y-o-y to 21.4-21.6 sen/RPK, propelled by seasonally higher airfares and take-up of ancillary services. We expect AirAsia to post revenue of RM1.48bn for 4Q (up by 16% y-o-y and 20% q-o-q), boosting its FY12 revenue to RM5.07bn (+12.7% y-o-y). With jet fuel price being relatively flat q-o-q and only up by 1.7% y-o-y in 4Q, the company’s 4Q core earnings, including those from non-equity accounted associates, may
touch RM334m (q-o-q: >100%, y-o-y: +7% y-o-y). For the full year, AirAsia’s core earnings could potentially meet our FY12 estimate for RM797.8m. AirAsia - together with Asia Aviation, the Thailand listed holding company of Thai AirAsia - are expected to report their 4Q earnings on 27 Feb. We do not expect any major upside in cost as the losses from its Philippines and Japan associates may be mitigated by higher earnings contributions from AirAsia Expedia, TAA and IAA.
MAINTAIN BUY. Threat from Malindo overblown. We maintain our BUY call on AirAsia
and our RM3.39 FV, premised on 11x FY13 EPS. The stock is currently trading at an 8.6x
FY13 PE, representing a 27% discount to its peers’ average multiple. Taking into account
the market caps of Asia Aviation and its insurance arm, AirAsia is trading at a cheap 7.4x
PE versus its historical and peer averages of 10x and 12x respectively. Elsewhere, we
expect the group’s upcoming IPOs (AirAsia X and IAA) to crystallize its valuations. That
being said, we feel that in view of the budget carrier’s strong network and fleet as well as
low cost structure, investor concerns over potential threat from new entrant Malindo
pressuring AirAsia’s yields and market share have been exaggerated.
[Source]
12th Feb 2013
Buy
Target MYR3.39
Previous MYR3.39
Price MYR2.66
We expect AirAsia’s 4Q earnings to soar on the back of strong RPK growth and load factor amid seasonally higher yields and flat jet fuel price. We maintain our BUY call on the stock, with our FV unchanged at RM3.39, premised on 11x FY13 earnings.
Incorporating the market caps of Asia Aviation and the group’s insurance arm, AirAsia is trading at a cheap 7.4x PE vs its historical and peers average of 10x and 12x respectively.
Encouraging numbers so far. In 4QFY12, Malaysia AirAsia (MAA), Thai AirAsia (TAA) and Indonesia AirAsia (IAA) reported that revenue passenger kilometres (RPK) grew by 7.8%/22.5%/10.9% respectively y-o-y. The encouraging numbers were due to seasonally stronger year-end air travel demand. Meanwhile, the full-year RPKs of MAA/TAA/IAA jumped 8.1%/16.6%/5.2% respectively, with load factors coming in at 79.5%/82.3%/77.1%.
Overall, the numbers from all three of the group’s country hubs came in well within our estimates. Following the introduction of five new routes in 4Q amid high seasonal demand, MAA’s load factor during that period hit 82.1%, its highest quarterly number since the 82.3% recorded in 4Q2011. The new routes are all international destinations – three to China (Kunming, Guangzhou and Nanning) and two to Indonesia (Solo and Lombok). We gather from management that the December 2012 load factor was also an all-time high.
We note that the q-o-q air travel momentum in 2012’s final quarter had remained resilient.
Robust 4Q results likely. We expect overall yields in 4Q, typically the strongest quarter, to jump 5%-6% y-o-y to 21.4-21.6 sen/RPK, propelled by seasonally higher airfares and take-up of ancillary services. We expect AirAsia to post revenue of RM1.48bn for 4Q (up by 16% y-o-y and 20% q-o-q), boosting its FY12 revenue to RM5.07bn (+12.7% y-o-y). With jet fuel price being relatively flat q-o-q and only up by 1.7% y-o-y in 4Q, the company’s 4Q core earnings, including those from non-equity accounted associates, may
touch RM334m (q-o-q: >100%, y-o-y: +7% y-o-y). For the full year, AirAsia’s core earnings could potentially meet our FY12 estimate for RM797.8m. AirAsia - together with Asia Aviation, the Thailand listed holding company of Thai AirAsia - are expected to report their 4Q earnings on 27 Feb. We do not expect any major upside in cost as the losses from its Philippines and Japan associates may be mitigated by higher earnings contributions from AirAsia Expedia, TAA and IAA.
MAINTAIN BUY. Threat from Malindo overblown. We maintain our BUY call on AirAsia
and our RM3.39 FV, premised on 11x FY13 EPS. The stock is currently trading at an 8.6x
FY13 PE, representing a 27% discount to its peers’ average multiple. Taking into account
the market caps of Asia Aviation and its insurance arm, AirAsia is trading at a cheap 7.4x
PE versus its historical and peer averages of 10x and 12x respectively. Elsewhere, we
expect the group’s upcoming IPOs (AirAsia X and IAA) to crystallize its valuations. That
being said, we feel that in view of the budget carrier’s strong network and fleet as well as
low cost structure, investor concerns over potential threat from new entrant Malindo
pressuring AirAsia’s yields and market share have been exaggerated.
[Source]
Thursday, February 7, 2013
[转贴] 你究竟有多想成功
“当你对成功的欲望足以与对呼吸的欲望媲美的时候，你就会成功。”
曾经有一个年轻人，他想赚很多很多的钱 。
所以他找到了一位他视为偶像的大师，并告诉大师他想成为像大师一样强大的人。
大师说，如果你想成为像我一样的人，那么明天早晨来海滩见我。
曾经有一个年轻人，他想赚很多很多的钱 。
所以他找到了一位他视为偶像的大师，并告诉大师他想成为像大师一样强大的人。
大师说，如果你想成为像我一样的人，那么明天早晨来海滩见我。
Saturday, February 2, 2013
Mah Sing has the eye for big deals
From Star Online: Business
2nd Feb 2013
2nd Feb 2013
MAH Sing Group Bhd group managing director Tan Sri Leong Hoy Kum has just come back from a four-day retreat in Koh Samui. He's looking dapper and his eyes are gleaming with energy.
He apologises for being unable to take us out for lunch as he wants to continue fasting for the remaining week. His holiday wasn't a typical food feast dotted with long periods of winding down.
“I lost 2 kgs! See how loose my pants are,” says Leong as he shows how his pants now hangs copiously on his new slimmer waistline.
For Leong, being healthy is just as important as realising his vision of making Mah Sing the next Cheung Kong Holdings of Malaysia. Cheung Kong belongs to Hong Kong tycoon Li Ka-shing and is one of the largest property developers in Hong Kong.
As it is, Mah Sing currently has 40 projects and is Malaysia's second-largest developer by sales value.
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