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Market Daily Report: Bursa Malaysia Ends Lower as Investors Eye US Data, BOJ Decision

KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day.  The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
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Brokers Report: Mitrajaya Holdings - Santa Delivers

Maintain BUY with target price (TP) of RM1.95






News

  • Wins contract at Iskandar. Mitrajaya announced that it has been awarded a RM159.4m contract for superstructure works for an office tower development at Medini, Iskandar. The job was awarded by Medini Development with a contract duration of 2 years, to be completed by Jan 2019.

Comments

  • Good end to the year. With this job in the bag, Mitrajaya’s YTD job wins currently stands at RM736m, which has surpassed last year’s sum of RM469m. We estimate its orderbook balance to stand at RM1.5bn now, translating to a cover ratio of 2x on FY15 construction revenue.
  • In the running for another job. It was recently reported in The Edge that Mitrajaya is in the running for a RM400m condo job in Ara Damansara. Mitrajaya is said to have submitted the most competitive bid for the job. Should this materialise, the contract would boost Mitrajaya’s orderbook by +27% to RM1.9bn.
  • Compulsory land acquisition. Last week, Mitrajaya announced that it will be disposing 6 acres of its land at Pengarang, Johor. The disposal is on a compulsory acquisition basis for the development of the RAPID project. As compensation, Mitrajaya will receive RM31.4m. Based on the land’s book value of RM10.4psf, the disposal gains are estimated at RM28.8m. The disposal will reduce Mitrajaya’s net gearing from 35% to 30%. We are positive on this disposal as (i) there is no development plans for the said land; and (ii) it highlights the deep value of Mitrajaya’s land bank.

Risks

  • Lower than expected orderbook replenishment could slow down its earnings growth potential that has been robust over the last 3 years.

Forecasts

  • As YTD job wins of RM736m are still within our FY16 target of RM800m, we leave our earnings forecast unchanged. Rating Maintain BUY, TP: RM1.95
  • Despite its earnings growing at a CAGR of 69% over the last 3 years, Mitrajaya continues to deliver commendable results. We continue to envisage growth, albeit at a slower pace now with CAGR of 11% given its significantly higher earnings base.

Valuation

  • Our SOP based TP of RM1.95 implies FY16-17 P/E of 13.2x and 12.0x respectively.



Source: Hong Leong Investment Bank Research - 22 December 2016
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