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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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Brokers Report: Sime Darby - Sukuk Repurchase, Land Sale

Reiterate MARKET PERFORM with an unchanged target price (TP) of RM9.50



SIME recently announced a tender invitation for the repurchase of its 2018 and 2023 sukuk totalling USD800.0m. Meanwhile, SPSETIA announced the acquisition of 342.5 acres land in Bangi from SIME’s 40%- owned associate Seriemas for RM447.6m. We are neutral on both developments, though we upgrade FY18E NP by 6% to reflect one-off gains. Maintain MARKET PERFORM with unchanged TP of RM9.50 based on SoP.

Sukuk repurchase and associate’s land sale. Sime Darby Berhad (SIME) recently invited eligible holders of its outstanding 2018 and 2023 sukuk to tender the respective sukuk (totaling USD800.0m) for repurchase. The company also announced a consent solicitation seeking the substitution of Sime Darby Plantation Sdn. Bhd. (Plantation) as the new obligor for the said sukuk, among other adjustments to the terms and conditions. Separately, SP Setia Berhad (SPSETIA) recently announced the acquisition of 342.5 acres of land in Bangi, Selangor from Seriemas Development Sdn. Bhd. (Seriemas) for RM447.6m. Seriemas is a 40%-owned associate of SIME, with the other 60% held by Permodalan Nasional Berhad (PNB).

Limited earnings impact on sukuk repurchase. We are neutral on the tender invitation as our estimates imply only marginal positive net interest impact of <1 2.0="" 2018="" 2023="" 3.1-3.3="" 3.3="" 3.7="" 80-20="" a="" an="" and="" assuming="" be="" both="" c.rm15.0m="" closer="" cnp.="" cnp="" compared="" conventional="" core="" could="" coupon="" deadline="" debt-equity="" despite="" due="" early="" earnings="" effective="" estimate="" favorable="" figures="" financing="" for="" from="" full="" fully="" fy16.="" fy18="" fy18e="" if="" in="" interest="" is="" issuance="" its="" less="" low="" maintain="" maximum="" move="" note="" now.="" of="" on="" or="" our="" outlay="" p="" post-2013="" potential="" rate="" rates="" ratio="" relatively="" repurchase="" respectively="" result="" ringgit="" rm3.58b.="" savings="" small="" subscribed.="" subscribed="" sukuk="" tender="" that="" the="" this="" thus="" to="" we="" weakening="" with="" within="">

Associate sale of Bangi land. We are also neutral on the recently announced land sale by SIME associate Seriemas to SPSETIA (please refer to our SPSETIA report published 17-Apr for details), as we exclude one-off disposal gains from our CNP estimate. However, we calculate a gain on disposal of RM411.5m for Seriemas which translates to an associate gain of RM164.6m for SIME. The deal is expected to be completed by 4QCY17. Accordingly, we up our FY18E NP estimate by 6% to RM2.42b, while CNP is unchanged.

Increase FY17-18E CNP by 0-6%; CNP maintained. As outlined above, we increase our FY18E CNP by 6% to RM2.42b to account for one-off gains from the Seriemas land sale.

Reiterate MARKET PERFORM with unchanged TP of RM9.50 based on Sum-of-Parts. Our Plantation PER valuation is unchanged at 26.0x, implying a 5% premium to average big-cap PER of 25.0x. We believe that the market has already fully priced in the proposed listing structure of the Plantation and Property divisions based on our SoP valuations. Hence, we maintain our MARKET PERFORM call on the stock.


Source: Kenanga Research - 20 April 2017

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