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Market Daily Report: FBM KLCI Slips 0.5 Pct, Weighed By Selling In Selected Heavyweights

KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day.  In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended.   Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion.   ...
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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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