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Thursday, May 23, 2013
Prestariang - Commendable Start In 1QFY13 (OSK)
Within expectations. PRES
recorded 1QFY13 revenue of MYR26.2m (-3.2% y-o-y; +8.1% q-o-q), which we
attribute to higher contributions from its ICT training and
certification division. On a sequential basis, PBT was 9.6% lower at
MYR9.0m owing to higher operating expenses incurred during the quarter.
Overall, the company’s 1QFY13 core earnings of MYR9.0m (+12.2% y-o-y;
-13.2% q-o-q) was within our estimate, making up 19.4% of our annualised
forecast.
Attractive dividend payout.
The company declared a first interim DPS of 2.5 sen, which translates
into a payout ratio of 61.1% for the quarter under review. We continue
to expect PRES to pay out a DPS of 11.0 sen and 12.0 sen for FY13 and
FY14 respectively. These will translate into appealing yields of 6% to
7% over the next two years.
More opportunities in O&G training.
PRES recently secured a MYR2m contract from GEMS Malaysia SB to provide
ICT training for O&G industry and certification for 250 university
graduates for a period of 18 months. We understand that Management is
still in talks with a number of O&G companies to offer Autodesk and
other certification programmes. With Malaysia’s general elections
concluded, we continue to see potential growth for the company in this
lucrative industry.
Maintain BUY. Overall, we
remain positive on the company’s prospects in ICT training for O&G
industry and make no changes to our assumptions for now. We maintain
our BUY call, with our FV now at MYR2.36, as we roll over our valuations
to FY14, pegged to an unchanged 10x P/E.
Monday, May 20, 2013
Tuesday, May 14, 2013
Tambun Indah is RHB Research's 'top small cap pick' (BT)
RHB Research has initiated coverage on Tambun Indah
Land Bhd with a "buy" rating and fair value of RM1.28 while recognising
the stock as its "top small cap pick".
In a note on Thursday, RHB Research said Tambun Indah had garnered
significant investor interest since its first issued non-rated note in
October last year.
"Tambun Indah's Pearl City township is just 15 minutes away from the Penang Second Bridge. This is a growing township as it is just 50 per cent developed, with a remaining land bank of 242.81ha," it added.
RHB Research said despite the 57 per cent share price appreciation since its first report in October last year, it believes the growth prospect of Tambun Indah's 242.81ha anchor landbank in Simpang Empat has yet to be fully priced in.
"The upcoming opening of the Penang Second Bridge will also provide significant economic impact in the Batu Kawan area and visibility on the mainland property market," it added.
The research house expects Tambun Indah to record an earnings growth
of at least 20 per cent per annum over the next two years, as sales at
Pearl City would accelerate to meet its forecast of RM450 million this
year, compared with the RM400 million achieved last year. Bernama
"Tambun Indah's Pearl City township is just 15 minutes away from the Penang Second Bridge. This is a growing township as it is just 50 per cent developed, with a remaining land bank of 242.81ha," it added.
RHB Research said despite the 57 per cent share price appreciation since its first report in October last year, it believes the growth prospect of Tambun Indah's 242.81ha anchor landbank in Simpang Empat has yet to be fully priced in.
"The upcoming opening of the Penang Second Bridge will also provide significant economic impact in the Batu Kawan area and visibility on the mainland property market," it added.
Scomi order book exceeds RM5b (BT)
Scomi Group Bhd's current order book has surpassed RM5 billion with the latest contract worth RM98.5 million in Turkmenistan.
Just two months ago, its member company Scomi KMC Sdn Bhd won a RM2.1
billion job from Petronas Carigali to supply drilling fluids, barite
materials, equipment and services for five years.
Scomi Group - which recently underwent a restructuring that saw the disposal of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to its 65.65 per cent owned listed arm, Scomi Marine Bhd - has been actively bidding for new jobs worth over US$1 billion (RM3 billion) in Malaysia and internationally.
For the contract in Turkmenistan, Scomi Group's oilfield services business won a two-year contract from Dragon Oil (Turkmenistan) Ltd to provide drilling and completion fluids services.
The contract started from January this year, Scomi said in a statement yesterday.
Scomi Group - which recently underwent a restructuring that saw the disposal of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC to its 65.65 per cent owned listed arm, Scomi Marine Bhd - has been actively bidding for new jobs worth over US$1 billion (RM3 billion) in Malaysia and internationally.
For the contract in Turkmenistan, Scomi Group's oilfield services business won a two-year contract from Dragon Oil (Turkmenistan) Ltd to provide drilling and completion fluids services.
The contract started from January this year, Scomi said in a statement yesterday.
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