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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: 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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