♦ 1QFY03/11 results actually missed consensus. Having excluded US$24.1m (RM76m) forex gains (that was only revealed during the briefing), MISC’s normalised 1QFY03/11 net profit of RM352m actually came in below market expectation.
MISC Berhad : Still Cautious On Shipping Business, Technip To Emerge A Strategic Investor Of MMHE - 23/08/2010
Showing posts with label MISC. Show all posts
Showing posts with label MISC. Show all posts
Monday, August 23, 2010
MISC Berhad : Still Cautious On Shipping Business, Technip To Emerge A Strategic Investor Of MMHE - 23/08/2010
Corporate Highlights - 23/08/2010
♦ Sensitivity Analysis
Market Update : The Stronger Ringgit And The Equity
Market
♦ MISC
Briefing Note / News Update : Still Cautious On Shipping Business,
Technip To Emerge A Strategic Investor Of
MMHE
Corporate Highlights - 23/08/2010
Market Update : The Stronger Ringgit And The Equity
Market
♦ MISC
Briefing Note / News Update : Still Cautious On Shipping Business,
Technip To Emerge A Strategic Investor Of
MMHE
Corporate Highlights - 23/08/2010
Friday, August 20, 2010
MISC Berhad : 1QFY03/11 Net Profit Jumps 83% YoY On Reduced Container Liner Losses - 20/08/2010
♦ Earnings recovery driven by reduced container liner losses.
1QFY03/11 net profit came in within expectations at 27-29% of our full-year
forecast and the full-year market consensus. The container liner division
remained in the red with RM134.7m losses. However, the losses were a lot
smaller vis-à-vis about RM300m per quarter over the last four quarters as
the continued efforts to restructure the operation of the division finally bore
fruit.
MISC Berhad : 1QFY03/11 Net Profit Jumps 83% YoY On Reduced Container Liner Losses - 20/08/2010
1QFY03/11 net profit came in within expectations at 27-29% of our full-year
forecast and the full-year market consensus. The container liner division
remained in the red with RM134.7m losses. However, the losses were a lot
smaller vis-à-vis about RM300m per quarter over the last four quarters as
the continued efforts to restructure the operation of the division finally bore
fruit.
MISC Berhad : 1QFY03/11 Net Profit Jumps 83% YoY On Reduced Container Liner Losses - 20/08/2010
Monday, July 26, 2010
Corporate Highlights
♦ Banking
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
1.6bn share base for MMHE. Upon listing, Malaysia Marine & Heavy Engineering (MMHE) will have a share base of 1.6bn shares, of which MISC will retain 1.19bn shares or 74.5%. The initial public offering (IPO) will entail a public issue of 262m new MMHE shares and an offer for sale by MISC of 146m vendor shares.
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
MISC Berhad : Divulging More Details On MMHE’s Listing - 26/07/2010
Corporate Highlights - 26/7/2010
♦ Banking
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights - 26/7/2010
Sector Update : Revisiting FRS139 - Overweight
♦ MISC
Company Update : Divulging More Details On MMHE’s Listing
Corporate Highlights - 26/7/2010
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
Sector Update
- We have looked at the recent experience of the Singaporean banks to serve as a rough guide on the potential impact ahead of FRS139 on the local banks.
- The experience there suggest that the current loan loss model is procyclical, which would help lend support to our view that credit cost should remain relatively benign if economic conditions hold up.
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
- We have looked at the recent experience of the Singaporean banks to serve as a rough guide on the potential impact ahead of FRS139 on the local banks.
- The experience there suggest that the current loan loss model is procyclical, which would help lend support to our view that credit cost should remain relatively benign if economic conditions hold up.
RHB Equity 360° - 26 July 2010 (Banks, MISC; Technical: MMC, Scomi Marine)
Wednesday, July 21, 2010
MISC Berhad ; Buying Four VLCCs For US$430m - 21/7/2010
Four new VLCCs. MISC has placed an order for four new 320,000-dwt Very Large Crude Carriers (VLCCs) with Daewoo Shipbuilding & Marine Engineering Co for US$430m (RM1.4bn), to be delivered by Dec 2012 - Oct 2013. This is on the heels of its last month’s order for four new 158,500- dwt Suezmax petroleum tankers with Samsung Heavy Industries Co Ltd for US$271.2m (RM868m), to be delivered in Apr-Oct 2012.
MISC Berhad ; Buying Four VLCCs For US$430m - 21/7/2010
MISC Berhad ; Buying Four VLCCs For US$430m - 21/7/2010
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
Visit Note
- MRCB is actively “assisting” parent Employees Provident Fund (EPF) in drawing up the masterplan for the 3,300-acre Rubber Research Institutue (RRI) land in Sungai Buloh.
- The race for the 150-acre Federal land along Jalan Cochrane has now been thrown wide open as it appears that the Government may auction the land.
- The key KL Sentral components currently under construction, i.e. CIMB Tower (Lot A), Nu Sentral, hotel & office towers (Lot G), GSB Sentral (Lot 348) and KL Sentral Park (Lot E) are progressing well.
- FY12/10-12 net profit forecasts are reduced by 5-16% largely to reflect slower profit recognition from certain external construction jobs as well as slower construction orderbook replenishment.
- Fair value is reduced by 7% from RM2.10 to RM1.96. Maintain Trading Buy.
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
- MRCB is actively “assisting” parent Employees Provident Fund (EPF) in drawing up the masterplan for the 3,300-acre Rubber Research Institutue (RRI) land in Sungai Buloh.
- The race for the 150-acre Federal land along Jalan Cochrane has now been thrown wide open as it appears that the Government may auction the land.
- The key KL Sentral components currently under construction, i.e. CIMB Tower (Lot A), Nu Sentral, hotel & office towers (Lot G), GSB Sentral (Lot 348) and KL Sentral Park (Lot E) are progressing well.
- FY12/10-12 net profit forecasts are reduced by 5-16% largely to reflect slower profit recognition from certain external construction jobs as well as slower construction orderbook replenishment.
- Fair value is reduced by 7% from RM2.10 to RM1.96. Maintain Trading Buy.
RHB Equity 360° - 21 July 2010 (MRCB, Motor, Public Bank, Digi, MISC, Zhulian; Technical: MyEG)
Monday, June 28, 2010
Corporate Highlights...-28/06/2010
Telecommunications
Sector Update : Non-Voice Revenue The Key Driver;
Upside Potential To Dividends Too
Insurance
Sector Update : Strong Growth Drivers For The Life Insurance Business
Gamuda
Company Update : A “Tactical” Construction Play In A News
Flow Driven Market
MISC
News Update : Buying Four Suezmax Petroleum Tankers For RM880m
Berjaya Sports Toto : BCorp Aborts Sports Betting Deal
Hai-O Enterprise
Results Note : MLM Division Slows Down
Corporate Highlights...-28/06/2010
Sector Update : Non-Voice Revenue The Key Driver;
Upside Potential To Dividends Too
Insurance
Sector Update : Strong Growth Drivers For The Life Insurance Business
Gamuda
Company Update : A “Tactical” Construction Play In A News
Flow Driven Market
MISC
News Update : Buying Four Suezmax Petroleum Tankers For RM880m
Berjaya Sports Toto : BCorp Aborts Sports Betting Deal
Hai-O Enterprise
Results Note : MLM Division Slows Down
Corporate Highlights...-28/06/2010
MISC Berhad : Buying Four Suezmax Petroleum Tankers For RM880m -28/06/2010
Four new Suezmax. MISC has placed an order for four new 158,500-dwt Suezmax petroleum tankers with Samsung Heavy Industries Co Ltd for US$271.2m (RM880m) or US$67.8m (RM220m) each, to be delivered in Apr-Oct 2012. These will be the first Suezmax-class petroleum tankers owned by MISC, complementing its existing fleet comprising Aframax tankers and Very Large Crude Carriers (VLCC). MISC said that the new Suezmax petroleum tankers will enable it “to deliver a more comprehensive global oil transportation services to its customers”.
MISC Berhad : Buying Four Suezmax Petroleum Tankers For RM880m -28/06/2010
MISC Berhad : Buying Four Suezmax Petroleum Tankers For RM880m -28/06/2010
RHB Equity 360° (Telecom, Insurance, Gamuda, B-Toto, MISC, Hai-O; Technical: Berjaya Corp, Genting Msia) - 28/06/2010
Top Story : Telecom – Non-voice revenue the key driver; upside potential to dividends too Overweight
Sector Update:
- Looking forward, we expect voice revenue growth to continue to decline, as voice minutes are increasingly becoming commoditised and tariffs would continue to be under pressure. However, we see strong growth ahead for the non-voice services.
- We expect EBITDA margins to remain stable mainly due to: 1) mid-to-high single digit revenue growth; 2) greater economies of scale; 3) players’ ongoing cost management initiatives; and 4) the shift in players’ focus towards the provision of non-voice services, in particular, the wireless broadband and data valueadded
services, which would help mitigate pricing pressures and higher subscriber/retention costs.
- We are keeping our view that with the exception of Axiata, the telcos will continue to offer generous dividend yields to investors on the back of: 1) stable EBITDA margins; 2) capex spending likely to trend down further; and 3) clean balance sheets. On top of regular dividends, we believe there is a strong chance that the telcos would supplement these further with specials.
- The current Mandatory Standard on Access Pricing is expiring on 30 Jun 2010 and we believe the review may see the gap between mobile and fixed termination rates narrow further.
RHB Equity 360°( Telecom, Insurance, Gamuda, B-Toto, MISC, Hai-O; Technical: Berjaya Corp, Genting Msia) - ...
Sector Update:
- Looking forward, we expect voice revenue growth to continue to decline, as voice minutes are increasingly becoming commoditised and tariffs would continue to be under pressure. However, we see strong growth ahead for the non-voice services.
- We expect EBITDA margins to remain stable mainly due to: 1) mid-to-high single digit revenue growth; 2) greater economies of scale; 3) players’ ongoing cost management initiatives; and 4) the shift in players’ focus towards the provision of non-voice services, in particular, the wireless broadband and data valueadded
services, which would help mitigate pricing pressures and higher subscriber/retention costs.
- We are keeping our view that with the exception of Axiata, the telcos will continue to offer generous dividend yields to investors on the back of: 1) stable EBITDA margins; 2) capex spending likely to trend down further; and 3) clean balance sheets. On top of regular dividends, we believe there is a strong chance that the telcos would supplement these further with specials.
- The current Mandatory Standard on Access Pricing is expiring on 30 Jun 2010 and we believe the review may see the gap between mobile and fixed termination rates narrow further.
RHB Equity 360°( Telecom, Insurance, Gamuda, B-Toto, MISC, Hai-O; Technical: Berjaya Corp, Genting Msia) - ...
Wednesday, May 19, 2010
Corporate Highlights - 19/5/2010
♦ Hock Seng Lee
Visit Note : Poised To Top RM500m Orderbook Target In FY12/10
♦ MISC
Briefing Note : VTTI Does Not Come Cheap
♦ Motor
Sector Update : Apr TIV increased 16.8% YoY
♦ M’sian Resources Corp
Results Note : Construction And Property Development Activities Gather Momentum In 1QFY12/10
♦ AEON Co
Results Note : Earnings Impact From 1U Contract Well Buffered
♦ Parkson Holdings
News Update : PRG 1QFY12/10 Results In Line
Corporate Highlights - 19/5/2010
Visit Note : Poised To Top RM500m Orderbook Target In FY12/10
♦ MISC
Briefing Note : VTTI Does Not Come Cheap
♦ Motor
Sector Update : Apr TIV increased 16.8% YoY
♦ M’sian Resources Corp
Results Note : Construction And Property Development Activities Gather Momentum In 1QFY12/10
♦ AEON Co
Results Note : Earnings Impact From 1U Contract Well Buffered
♦ Parkson Holdings
News Update : PRG 1QFY12/10 Results In Line
Corporate Highlights - 19/5/2010
MISC Berhad : VTTI Does Not Come Cheap - 19/5/2010
Not a bargain on a stand-alone basis. The 50% stake in VTTI does not come cheap at an estimated 1-year forward acquisition PER of 24x, vis-àvis 12-15x for listed tank terminal companies. Also, MISC is paying a US$185m or 25% premium over the 50% stake’s NTA of US$550m as at 31 Dec 2009.
MISC Berhad : VTTI Does Not Come Cheap - 19/5/2010
MISC Berhad : VTTI Does Not Come Cheap - 19/5/2010
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Visit Note:
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Tuesday, May 18, 2010
MISC Berhad : Acquiring A 50% Stake In An International Tank Terminal Business For US$735m - 18/5/2010
A major acquisition. MISC is acquiring a 50% stake in VTTI B.V. (VTTI), an owner/operator of oil product storage terminals with a combined capacity of about 6m cbm and refineries in various locations including Amsterdam and Rotterdam in Holland, Fujairah in UEA and Port Canaveral in Florida, USA, for US$735m (RM2.35bn) cash.
MISC Berhad : Acquiring A 50% Stake In An International Tank Terminal Business For US$735m - 18/5/2010
MISC Berhad : Acquiring A 50% Stake In An International Tank Terminal Business For US$735m - 18/5/2010
RHB Equity 360° - 18 May 2010 (LPI, EON Cap, Sunway, Kencana, MISC, Evergreen, MAHB, KLCCP, Sino Hua-An, MAS;Technical: KLK)
Visit Note
♦ We believe that LPI will be able to grow its gross premium by 21%, underpinned by the improvement in the property market, further expansion of its agency force and continued premium contribution from its bancassurance tie-up with Public Bank.
♦ For FY10, we are not expecting significant changes from FY09’s gross premium breakdown as management indicated that they expect to maintain the composition of its business portfolio.
♦ Number of agents has increased from 1,388 in FY09 to 1,400 currently. LPI has also introduced three different classes of elite agents that are determined by the respective agent’s ability to achieve and maintain a minimum level of profitable premium income.
♦ We believe LPI may undertake a corporate exercise in FY12/10 to increase the liquidity of its stock. The options include a bonus issue or a share split, both of which would not require any more capital commitments by investors. We estimate that it could potentially issue bonus shares of 3-for-4 based on its reserves as at the latest quarterly results.
♦ We have changed our forecast assumptions to incorporate: 1) higher gross premium growth of 21%; 2) higher claims ratio of 48%; and 3) lower management expense ratio of 18.5%. As a result, we have raised our FY10-12 earnings forecast by 0.3-3.6% p.a..
♦ Maintain Outperform, with a new fair value of RM16.70 (RM16.65 previously)
RHB Equity 360° - 18 May 2010 (LPI, EON Cap, Sunway, Kencana, MISC, Evergreen, MAHB, KLCCP, Sino Hua-An, MA...
♦ We believe that LPI will be able to grow its gross premium by 21%, underpinned by the improvement in the property market, further expansion of its agency force and continued premium contribution from its bancassurance tie-up with Public Bank.
♦ For FY10, we are not expecting significant changes from FY09’s gross premium breakdown as management indicated that they expect to maintain the composition of its business portfolio.
♦ Number of agents has increased from 1,388 in FY09 to 1,400 currently. LPI has also introduced three different classes of elite agents that are determined by the respective agent’s ability to achieve and maintain a minimum level of profitable premium income.
♦ We believe LPI may undertake a corporate exercise in FY12/10 to increase the liquidity of its stock. The options include a bonus issue or a share split, both of which would not require any more capital commitments by investors. We estimate that it could potentially issue bonus shares of 3-for-4 based on its reserves as at the latest quarterly results.
♦ We have changed our forecast assumptions to incorporate: 1) higher gross premium growth of 21%; 2) higher claims ratio of 48%; and 3) lower management expense ratio of 18.5%. As a result, we have raised our FY10-12 earnings forecast by 0.3-3.6% p.a..
♦ Maintain Outperform, with a new fair value of RM16.70 (RM16.65 previously)
RHB Equity 360° - 18 May 2010 (LPI, EON Cap, Sunway, Kencana, MISC, Evergreen, MAHB, KLCCP, Sino Hua-An, MA...
Monday, May 10, 2010
Corporate Highlights - 10/5/2010
♦ Kurnia Asia
Visit Note : Business Strategy Still On Track
♦ Insurance
Sector Update : BNM Seeks Feedback From The Public
♦ CSC Steel
Results Note : 1QFY12/10 Net Profit Soars On Improved Margins; Near-term Outlook Remains Positive
♦ MISC
News Update : President/CEO Replaced
♦ Market Technical Reading
Daily Trading Strategy : “Sell Into Strength” Before A Major “Sell” Wave Ahead...
♦ Multi-Purpose Holdings
Weekly Trading Idea : Potential Reversal Of The Recent “Sell” Mode...
Corporate Highlights - 10/5/2010
Visit Note : Business Strategy Still On Track
♦ Insurance
Sector Update : BNM Seeks Feedback From The Public
♦ CSC Steel
Results Note : 1QFY12/10 Net Profit Soars On Improved Margins; Near-term Outlook Remains Positive
♦ MISC
News Update : President/CEO Replaced
♦ Market Technical Reading
Daily Trading Strategy : “Sell Into Strength” Before A Major “Sell” Wave Ahead...
♦ Multi-Purpose Holdings
Weekly Trading Idea : Potential Reversal Of The Recent “Sell” Mode...
Corporate Highlights - 10/5/2010
MISC Berhad: President/CEO Replaced - 10/5/2010
Amir to resign as President/CEO. MISC announced that its current President/CEO, Amir Hamzah bin Azizan, will be resigning from his current position “to assume a senior leadership position within (parent) Petronas”. He will however remain as a non-independent non-executive director of MISC. Datuk Nasarudin bin Md Idris, currently a non-independent nonexecutive director of MISC will take over the helm of MISC as the newPresident/CEO effective 15 June 2010. Datuk Nasarudin has been on the Board of Directors of MISC since October 2004.
MISC Berhad: President/CEO Replaced - 10/5/2010
MISC Berhad: President/CEO Replaced - 10/5/2010
Friday, May 7, 2010
Misc Berhad : FY03/10 A Washout - 7/5/2010
Container liner business the key culprit, again. Normalised FY03/10 net profit of RM703.3m missed our forecast and the market consensus by a whopping 13% and 32% respectively. The variance came largely from the wider-than-expected losses at the container liner division of RM1.2bn, against our forecast of RM1bn on the back of the persistent triple-whammy of reduced volumes and freight rates, but increased operating cost.
Misc Berhad : FY03/10 A Washout - 7/5/2010
Misc Berhad : FY03/10 A Washout - 7/5/2010