Isnin, 10 Februari 2014

The Star Online: Business

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The Star Online: Business

Cahya Mata Sarawak shares selldown overdone; LITRAK 'buy'

Posted: 10 Feb 2014 08:00 AM PST

CMS selldown overdone


By RHB Research

Buy (Maintained)

Target price: RM9.15

THE selldown on Cahya Mata Sarawak Bhd (CMS) shares may have been overdone, according to RHB Research, as the former's businesses are expected to go on as usual.

CMS' share price declined 11.1% on rumours that Sarawak chief minister Tan Sri Abdul Taib Mahmud is stepping down. While this could happen by end-February, he could be appointed the state's new governor. The chief minister's family owns a 42.72% stake in the conglomerate.

RHB Research said the new chief minister was also likely to carry on with Sarawak Corridor of Renewal Energy (SCORE) developments, which will benefit the group.

RHB Research believes the recent selldown of CMS' stock may have been overdone. Its divisions will suffer little to no impact from the chief minister's departure, even though Mahmud Taib's family is a major shareholder. It also believe that the new chief minister will carry on with SCORE developments, which will continue to drive CMS' units forward.

RHB Research maintained a buy call and its sum-of-parts- (SOP) based RM9.15 fair value. That said, the fair value, which reflects 1.47 times FY14 forecast price-to-book value and 12.2 times FY14F price-to-earnings ratio after stripping out net cash, is still undemanding. Note that its SOP valuation does not include the value of other CMS' outfits.


By Maybank IB Research

Buy (from hold)

Target price: RM4.45

MAYBANK IB Research said Lingkaran Trans Kota Holdings Bhd (Litrak) share price has fallen 11% year-to-date as at Feb 4, likely due to concerns on substantial toll rate hikes for major toll roads in the country, impacting near-term traffic volume.

However, the Government had on Feb 5 announced that there would be no toll rate increases this year, in its efforts to help the public cushion the impact of rising cost of living.

The next toll hike for Litrak's two concessions are in (i) 2015, for SPRINT's Kerinchi and Damansara Links, and (ii) 2016, for the Lebuhraya Damansara-Puchong (LDP). The last scheduled toll hikes in 2011 for the LDP and 2008/10 for SPRINT's three links were not implemented but Litrak's concession units have been compensated accordingly, and on time.

Maybank IB said its discounted cashflow-based target price for Litrak remains intact. With the recent fall in its share price, the stock now offers an attractive 10% upside to our target price and dividend yields are more attractive at 4.2% net. Maybank IB upgraded the the stock to buy.


By Affin Research

Add (maintained)

Target price: RM6.70

YEAR-TO-DATE, MISC's share price has risen by 15%, outperforming the KLCI by 3%.

Affin Research reaffirmed its positive stance on the group with a higher target price of RM6.70, given the semblance of earnings recovery as well as renewed optimism on the shipping sector.

"We make no changes to our FY13-15 earnings forecast, pending MISC's full-year results announcement on Feb 13. Risk to our recommendation would be a prolonged depressed shipping market which would thwart a meaningful recovery in tanker rates going forward," it said.

As the last heavy bout of new capacity into the market was delivered in 2013, the research house expected outlook for the shipping sector and freight rates to continue recovering.

The new supply of petroleum tankers tonnage into the market was estimated to increase by a softer 2% of total global fleet in 2014, from 5.7% in 2013. For the first nine months of 2013, the Petroleum shipping segment contributes about 27% of MISC's total revenue.

Similarly, global new tonnage for chemical tankers was anticipated to grow by a softer 0.5% of total global fleet in 2014, from 4.4% in 2013. For the 9M13, the chemical shipping segment contributes about 10% of MISC's total revenue.

Coastal Contracts up after RM1.24bil job deal

Posted: 10 Feb 2014 07:19 PM PST

KUALA LUMPUR: Shares of Coastal Contracts rose at mid-morning on Tuesday after its unit bagged a RM1.24bil charter contract for a jack-up gas compression service unit from a group of Mexican companies.

At 11.11am, its shares rose seven sen to RM4.16 with 508,300 shares done between RM4.15 and RM4.25.

The FBM KLCI was up 3.99 points to 1,820.13. There were 321 gainers, 288 decliners and 275 counters unchanged.

Coastal Contracts said on Monday the contract, secured via Thaumas Marine Ltd is for eight years with extension option up to 12 years. The contract is expected to start by the second half of 2015.

Coastal Contracts said these Mexican companies, had in turn inked a gas compression service contract with Mexico's state-owned petroleum company Petroleos Mexicanos.

"The charter contract valued at approximately RM1.24bil is expected to contribute positively to the revenue stream, earnings and net assets of Coastal Group for the financial year ending Dec 31, 2015 and the financial periods thereafter for the duration of the charter contract," it said.

KLCI opens firmer, Petronas stocks lead

Posted: 10 Feb 2014 05:14 PM PST

KUALA LUMPUR: Malaysia's blue chips opened firmer on Tuesday, underpinned by mild buying of Petronas-related stocks after their firmer set of earnings while analysts expect the market to be supported again by local funds.

At 9.02am, the FBM KLCI was up 1.18 points to 1,817.32. Turnover was 83.87 million shares valued at RM35.62mil. There were 139 gainers, 76 losers and 129 counters unchanged.

BIMB Securities Research said Monday's stronger closing, where the KLCI closed up 7.55 points to 1,816.14 was due to continued buying support from local institutions.

"We noticed foreign funds were again the net sellers with net foreign outflow touching RM115mil yesterday.

"We were surprised with the solid performance of the local bourse yesterday and expect the market to be more subdued today with the index to hang around the 1,810/15 levels," it said.

Petronas Gas rose 38 sen to RM23.48 and Petronas Dagangan 10 sen to RM30.36.

Among plantations, United Plantations rose 38 sen to RM25.88 and KL Kepong 16 sen to RM23.68. However, PPB Group slipped six sen to RM15.42.

Coastal Contracts rose 10 sen to RM4.19 and its warrants 11 sen to RM1.33 after its unit bagged a RM1.2bil contract in Mexico.

BAT fell the most, down 20 sen to RM60.70. Among banks, AmBank shed seven sen to RM7.32 and Public Bank foreign six sen lower at RM19.06 while Affin slipped five sen to RM4.11.

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