Company Update
- The rights to purchase Allianz ICPS will start trading on 9 Jul and will cease trading at 5pm 16 Jul. We estimate the rights will trade at an estimated price of 61 sen.
- Based on our estimates of 35% and the assumption that the ICPS are worth the same as the ordinary shares, together with the 1.2x dividend payout for the ICPS, we believe the ICPS should trade at a premium of 20% from the ordinary share, or at RM4.55 after neutralizing the yield impact. This implies that the rights could trade up to RM1.37.
- We are maintaining our earnings forecast while adjusting our fair value after taking into account: 1) the fully diluted EPS after adjusting for ICPS; 2) the rollover of our base valuation year to FY11. Our new fair value for Allianz is RM5.32
RHB Equity 360° - 9 July 2010 (Allianz, Banks, KNM, LPI; Technical: Magna Prima)
Showing posts with label Magna Prima. Show all posts
Showing posts with label Magna Prima. Show all posts
Friday, July 9, 2010
Monday, March 8, 2010
Magna Prima Berhad : The Gem Under The Radar Screen - 08/03/2010
Owner of prime Jalan Ampang, KL land. Magna Prima owns a piece of strategic land along Jalan Ampang which houses the Lai Meng Primary and Kindergarden schools. The 1.05 ha prime land is about 0.6km from KLCC Twin Tower and management has plans for a massive iconic development to the tune of RM1.3bn. Such sizeable development land at such close proximity to KLCC is scarce and it is fortunate that the company had managed to purchase that land at very cheap valuations in 1Q09, during the peak of the global economic confidence meltdown.
Magna Prima Berhad : The Gem Under The Radar Screen - 08/03/2010
Magna Prima Berhad : The Gem Under The Radar Screen - 08/03/2010
RHB Equity 360° (Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010
Top Story : Property – Expect imminent re-rating on Malaysian REITs Overweight
Sector Note
♦ We like M-REITs due to their natural defensive qualities and solid property market fundamentals. Thesemake them excellent asset class in the current volatile market environment. On top of that, M-REITs is currently trading at attractive FY10 spread 10-year MGS, 10-year Cagamas bond and even its regional peer, S-REITs.
♦ The emergence of a new sector leader i.e. Suncity REIT in the M–REITS arena will help to inject excitement and interest into the sector. The REIT is expected to have an asset size of more than RM3.0bn. Given its size, it is expected to be the bellwether for the M–REITs industry and help to inject interest and excitement.
♦ We expect REIT players to renew their focus on portfolio expansion and growth in distributable income. Further acquisitions are likely in the coming year. We advocate that investors with lower risk appetite and longer-term investment horizon should position themselves in the M-REITs given their high yield and defensive nature. In addition, as the industry grows, liquidity will improve and we expect a sustainable narrowing of yield gap with S-REITs. Our current top pick for the sector is Axis REIT.
RHB Equity 360° Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010
Sector Note
♦ We like M-REITs due to their natural defensive qualities and solid property market fundamentals. Thesemake them excellent asset class in the current volatile market environment. On top of that, M-REITs is currently trading at attractive FY10 spread 10-year MGS, 10-year Cagamas bond and even its regional peer, S-REITs.
♦ The emergence of a new sector leader i.e. Suncity REIT in the M–REITS arena will help to inject excitement and interest into the sector. The REIT is expected to have an asset size of more than RM3.0bn. Given its size, it is expected to be the bellwether for the M–REITs industry and help to inject interest and excitement.
♦ We expect REIT players to renew their focus on portfolio expansion and growth in distributable income. Further acquisitions are likely in the coming year. We advocate that investors with lower risk appetite and longer-term investment horizon should position themselves in the M-REITs given their high yield and defensive nature. In addition, as the industry grows, liquidity will improve and we expect a sustainable narrowing of yield gap with S-REITs. Our current top pick for the sector is Axis REIT.
RHB Equity 360° Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010