malaysia property - i3investor · 2015. 10. 2. · october 1, 2015 5 malaysia property latest...
TRANSCRIPT
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October 1, 2015
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SEE PAGE 14 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS PP16832/01/2013 (031128)
Malaysia Property
Lackluster outlook Developers turning more cautious/negative – cuts in sales
targets, delays in new launches, and rescission of land deals
are the order of the day.
Sector lacks strong re-rating catalysts. Our strategy remains a defensive one. Maintain NEUTRAL. Top pick – SPSB.
What’s New The Aug-Sep 2015 results season proved to be a mixed bag, with SP
Setia (SPSB) beating expectations while Eco World (ECW)
underperformed. As for other developers under our coverage,
results were in line, backed by huge unbilled sales accumulated
over the last two years (1-2x of our FY15F/16F revenue forecasts).
Key trends we observed in 2Q-3Q 2015 include: 1) higher marketing
costs (hence, lower operating margin), 2) lackluster sales
performance (most failed to meet/cut sales target except for ECW)
and delays in property launches and 3) rescission of land deals (i.e.
Mah Sing and Tropicana). Elsewhere, ECW took us by surprise by
acquiring >2,000 acres of landbank in Selangor despite its highly-
geared balance sheet (e.0.66x by end-FY10/16).
What’s Our View Our ongoing discussions with industry players point to property
sales remaining slow. While some projects have shown some signs
sales stabilization, there are no signs of a pick-up. Most developers
are cautious and are switching to a defensive mode. Sunway and
Glomac would likely revise down their sales targets, we think.
We have lowered UEMS’ FY15/16 profit forecasts by 6-7% but raised
its TP by +11% to MYR1.10 when it replaced its new share
placement plan with RCPS. We maintain HOLD rating on UEMS.
The rise in living costs, alongside the weaker stock market and
currency, are factors that will continue to weigh on buying
sentiment, and thus property demand, which we think will only
recover towards 2H16.
Analyst
(Unchanged)NEUTRAL
Wong Wei Sum, CFA
(603) 2297 8679
Stock Mkt cap Rating Price TP Upside
(USD'm) (LC) (LC) (%) 16E 17E 16E 17E 16E 17E
SP Setia 1,904.9 Buy 3.23 4.07 26 17.3 7.8 1.0 0.9 4.6 10.3
Sunway 1,279.8 Hold 3.19 3.48 9 10.1 10.2 0.8 0.9 4.0 3.9
UEM Sunrise 1,272.7 Hold 1.25 1.10 (12) 13.3 14.0 0.8 0.8 2.4 2.3
Eco World Development (BLACKOUT)742.7 Buy 1.40 1.69 21 38.7 19.5 0.9 0.9 0.3 0.7
Mah Sing Group 713.7 Hold 1.32 1.39 5 7.9 7.5 0.9 0.9 6.8 7.1
Glomac 133.9 Hold 0.82 0.96 17 5.5 4.9 0.6 0.5 7.3 8.1
P/E (x) P/B (x) Dividend yld (%)
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October 1, 2015 2
Malaysia Property
2Q 2015 results round-up
The Aug-Sep 2015 results season was a mixed bag with ECW under-
performing our expectations and consensus due to higher-than-expected
administrative and marketing costs incurred on new property
launches/sales galleries, while SPSB beat expectations thanks to the
better-than-expected operating margin from its just-completed Fulton
Lane project in Melbourne. As for other developers under our coverage,
results were in line backed by huge unbilled sales accumulated over the
last two years (1x to 2x of our FY15F/FY16F revenue forecasts).
Most developers’ balance sheets remained healthy with net gearing of
0.25x-0.38x (Mah Sing has net cash of 0.8sen/share) except for ECW,
whose net gearing could hit 0.66x by end-FY10/16, from 0.3x as at July
2015, due to aggressive landbanking and the lack of significant earnings
contributions from its projects, as most were launched from mid-2014
onwards.
We have cut our earnings forecasts by 6-47% (for Mah Sing, Sunway and
ECW) while maintaining forecasts for Glomac. We have also adjusted
SPSB’s earnings 2015-2017 earnings forecasts by -43% to +25% as Battersea
Power Station phase 1 will only be completed by 1Q 2017, instead of end-
2016, we were told.
Table 1: Developers under our coverage: Results round-up, latest sales and unbilled sales
Co FYE Results FY15 sales target
(MYRm)
Actual sales
(MYRm)
% of FY15 sales target
Unbilled sales (MYRm)
Remarks
Mah Sing
Dec 2Q15/in line
3,430 1,063.3 31% MYR4.8b as at end-June 2015, or 2.0x of our FY15F revenue
Management cut its 2015 sales target by 33% to MYR2.3b. We cut FY15/16/17 net profit forecasts by -7.4%/-14.7%/-19.4% and sales assumption by -23% to MYR2.37b.
Sunway Dec 2Q15/in line
1,200 353.0 29% MYR1.7b as at end-June 2015, or 1.1x of our FY15F revenue
We trimmed our FY15/16/17 earnings forecasts by -5.6%/-9.5%/-7.4% and sales assumption for FY15 by -18% to MYR1.07b.
UEMS Dec 2Q15/in line
2,000 600.0 30.0% MYR3.8b as at end-June 2015, or 2.6x of our FY15F revenue
We maintained our earnings forecasts and sales assumption of MYR2.06b but lower our TP by 22% to factor in lower land price assumptions in our RNAV estimates (-11% to -33%) for its landbank in Nusajaya given the weaker property outlook in Iskandar Malaysia.
Eco World
Oct 3Q15/below expectation
3,000 2,371.5 79.1% MYR4.0b as at end-Aug 2015, or 2.9x of our FY10/15F revenue
We cut our FY15/16/17 earnings forecasts by -38%/-47%/-40%. We have also lowered our sales assumption for FY10/15 by -13% to MYR2.98b.
Glomac Apr 1Q16/in line
680 30.0 4.4% MYR737m as at end-July 2015, or 1.0x of our FY4/16F revenue
We maintained our earnings forecasts and sales assumption but lowered our TP to MYR0.96 (-7sen) to factor in the latest landbank status.
SP Setia Dec 3Q15/above expectation
4,000 2,537.0 63.4% MYR9.9b as at end-July 2015, or 1.7x of our FY15F revenue
We adjusted our FY15/16/17 earnings forecasts by +10%/-43%/+25% to factor in: 1) change in FYE, 2) the slower construction progress at Battersea Power Station phase 1 and 3) better-than-expected profit margin from its Fulton Lane project.
Source: Companies, Maybank KE
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October 1, 2015 3
Malaysia Property
Key trends we observed in 2Q – 3Q15
Hit by high marketing expenses, margins to stay subdued
Some developers’ (eg ECW, Glomac and Mah Sing) earnings were dragged
down by the surge in marketing / administrative expenses in 2Q-3Q15,
resulting in a -1ppt to - 17ppt YoY decline in operating margins. We expect
margins to stay subdued in the coming period in anticipation of more
discounts/rebates/marketing incentives given to attract property buyers,
given the softness in property demand.
As ECW is still at its infant stage, it has been very aggressive in promoting
and creating brand awareness (via concerts, media, windmill fair, etc).
Unlike other developers which have delayed most of their property
launches to 4Q15/2016, ECW launched three new projects in Selangor (Eco
Sanctuary), Penang (Eco Terraces) and Johor (Eco Tropics) in June 2015
and opened six to seven new sales galleries YTD, including one in
Singapore.
ECW’s net margins are likely to be unexciting in the short term (2015F: 3%,
2016F:3.5%) due to high administrative (new staff hired for new projects
such as Bukit Bintang City Centre project [redevelopment of ex-Pudu Jail
land] and marketing costs (ongoing A&P expenses for new and existing
projects) but they should improve gradually from 2017 onwards as the
developments mature and when Ecoworld’s brandname gains traction.
Sales prospect remains challenging
Except for ECW whose sales driven by three new projects launched in June
2015, most developers under our coverage saw weaker-than-expected
locked-in sales. They (including WCT) cut sales targets by -10% to -33%,
delayed new property launches to 4Q15/2016, continued to focus on
affordable housing and put their high-rise/high-end projects on the
backburner.
We expect sales to stay weak in 3Q-4Q15 in view of the macro headwinds
(higher living expenses post-GST implementation, volatile crude oil prices,
weakening Ringgit, volatile equity market) and prolonged tightening
property and lending measures to continue weighing on buyers’ sentiment.
Judging from the planned launches and current market conditions, we
think Sunway and Glomac’s sales targets are rather aggressive and there is
the likelihood that they may have to cut targets. Presently, our FY15F and
FY4/16F sales assumptions for Sunway (MYR1.08b) and Glomac (MYR586m)
are 11% and 14% below management’s targets of MYR1.2b and MYR680m
respectively.
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October 1, 2015 4
Malaysia Property
Developers under our coverage: Revise in sales targets in 2Q-3Q15
Co Initial sales target (MYRm)
New sales target (MYRm)
Change in sales target (%)
Remarks
Mah Sing 3,430 2,300 -33% Cut sales target, delayed some new launches to 2016 and canceled two land deals given the weak property market outlook.
Sunway 1,200 1,200 (?) NA Likely to revise down its sales target due to the delay in new property launches.
UEMS 2,000 2,000 NA Management remains confident of its FY15 sales target given strong responses to its new Melbourne project - Conservatory.
Eco World 3,000 3,000 NA
Management remains confident of its FY15 sales target.
Glomac 680 680 NA Management remains confident of its FY4/16 sales target and expects sales to pick up in 2HFY4/16 supported by MYR802m worth of new launches.
SP Setia 4,600 4,000 -13% Cut sales target due to the slower-than-expected take-up rate for Battersea Power Station phase 3.
WCT 650 584 -10% Cut sales target due to the delay in launching its Sabah project.
Source: Companies, Maybank KE
Cash is king; most are on defensive mode
Our ongoing discussions with developers revealed that developers are
cautious on the property market outlook and are on a defensive mode.
They prefer to conserve cash in times of uncertainty and reduce sales risks
by delaying some projects (especially for high-rise/high-end). Focus is also
on clearing the existing unsold properties in hand.
Mah Sing has recently rescinded two land deals worth MYR16.8b in total
GDV – Puchong (89 acres of industrial land with potential GDV of MYR9.3b)
and Seremban (960 acres of agricultural land worth MYR7.5b in GDV) given
the challenging economy outlook. Elsewhere, Tropicana (TRCB MK; not
rated) has cancelled its proposed 85-acre of land acquisition (with
e.MYR3.7b in GDV) in Mukim Plentong, Iskandar Malaysia.
Having said that, ECW took us by surprise by acquiring 2,198.4 acres of
leasehold land in Mukim Ijok, Selangor for MYR1.2b cash or MYR12.34psf).
To avoid overstretching its balance sheet (estd.0.66x end-FY10/16), ECW is
seeking JV partners for this project whereby ECW will hold at least a 30%
stake in the SPV. A similar SPV/JV structure will be used for future
landbanking given its highly-geared position.
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October 1, 2015 5
Malaysia Property
Latest statistics show no signs of picking up
The latest Aug 2015 banking statistics point to ongoing weakness in
mortgage demand. Residential property loan growth remains buoyant,
driven by loan stockpile from previous years that are currently being drawn
down. Nevertheless, the growth has since moderated from a peak of 13.9%
YoY end-Aug 2014 to 12.2% YoY end-Aug 2015.
YoY residential property loan growth (Jan 2010 – Aug 2015)
Source: BNM, Maybank KE
Expectations are for residential property loan growth to slip further,
especially since mortgage applications on a 3-month moving average (3M
MA) basis have been contracting for 18 consecutive months now (barring a
slight 0.5% YoY increase in Jun 2014) and due to tighter credit risk
assessment processes, mortgage loan approval rates on a 3M MA basis are
hovering at a fairly low rate of 50% end-Aug 2015.
To lower the incidence of cancellations in unit bookings upon loan
rejection, developers have started conducting brief checks with the
potential buyers on their credit backgrounds, prior to purchase
commitments. One developer even has plans to commence money lending
business to assist home buyers in their purchases.
3M MA (YoY chg in mortgage applications) 3M MA (mortgage approval rates)
Source: BNM, Maybank KE Source: BNM, Maybank KE
-40%
-20%
0%
20%
40%
60%
80%
100%
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
3M MA (YoY chg mortgage applications)
(% YoY Chg)
40%
45%
50%
55%
60%
65%
70%
Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
3M MA approval rate - mortgages
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October 1, 2015 6
Malaysia Property
Policy easing seems unlikely but there could be
incentives
While the property sector has started showing signs of weakness, we do not
expect any policy easing on mortgage lending to happen in the short term
especially when household (HH) debt has remained high at 85% of nominal
GDP at end 2014.
Household debt has trended up since 2008
Source: CEIC
Having said that, the government has recently set up a ‘Special Economic
Committee’ to ensure the country’s continued growth in the face of global
financial and economic uncertainties. Potential incentives (especially for
affordable housing) for the property sector could be proposed/introduced
during Budget 2016 as one of the committee members, Tan Sri Mohamed
Azman Yahya is currently the non-independent executive Chairman of a
listed property company, Symphony Life Bhd (a developer with property
projects include Star Residences, TWY@Mont Kiara, Tijani UKAY, etc).
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
(%)
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October 1, 2015 7
Malaysia Property
Stress test
We recently conducted a stress test on all developers under our coverage
(please see our Malaysia strategy report dated 10 Sep 2015). The
parameters across two scenarios were as follows:
Scenario 1: A 5% decline in gross development values, 5% depreciation in
foreign currencies and 50bps hike in interest rates,
Scenario 2: A 10% decline in gross development values, 10% depreciation in
foreign currencies and 100bps hikes in interest rate.
Under the more stringent Scenario 2, the aggregate earnings of our
property companies declined by 23% in 2016, but their fundamentals
remained intact.
Property developers under our coverage should generally be resilient as
earnings are backed by considerable unbilled sales accumulated over the
past three years, which provide near-term earnings visibility. The risk to
earnings lean towards shortfalls in future locked-in sales which would
impact earnings from late-2016/early-2017 onwards.
Balance sheets are healthy as most developers’ net gearing are below 0.5x
except for Eco World’s. Eco World’s earnings are more sensitive to interest
rate changes than its peers due to its relatively higher net gearing, which
could hit 0.66x by end FY10/16. However, our stress test still suggests
earnings resilience for ECW thanks to its huge unbilled sales of MYR4b (2.9x
of our FY10/15F revenue)
Property developers: YTD price performance vs. KLCI and Bursa Malaysia Property Index, net gearing, debt structure
% Change in share price
% Change in KLCI
% Change in BMPI Net gearing (x) #
Any foreign currency denominated loans? # Remarks
Eco World -18.8
-9.0 -9.9
0.30 NA All loans in MYR. 58% short term debt, 42% long-term debt.
Glomac -14.3 0.38 NA All loans in MYR. 54% short term debt, 46% long-term debt.
Mah Sing -20.2 Net cash 0.6% in rupiah, 0.2% in USD
All foreign currency denominated debt relate to its plastic division.
SP Setia 0.8 0.25 6% in SGD, 2% in AUD, 0.4% in USD
All overseas projects are funded in local currencies, hence providing a natural hedge.
Sunway 9.8 0.35 42.3% in USD, 5.8% in SGD, 1.2% in RMB, 0.1%
in AUD
All USD and SGD loans are fully hedged.
UEM Sunrise -8.9 0.29 4.9% in CAD All overseas projects are funded in local currencies, hence, providing a natural hedge.
# latest quarterly results
Source: Companies, Bloomberg
http://factsettd.maybank-ke.com/TD_PORT_FactSetPartners/iredirect?wop=0001340000c022f9
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October 1, 2015 8
Malaysia Property
Valuations and recommendations
The sector’s lacklustre short-term outlook has resulted in a 9.9% fall in
Bursa Malaysia Property Index (BMPI) since Jan 2015. While the valuations
of some property stocks appear attractive, we advise investors to be
selective, focusing on those with healthy balance sheets and low exposure
to Iskandar Malaysia hotspots. The sector lacks a strong re-rating catalyst
and the slowdown in property demand could last for another nine months
till 2H16, we believe. The negative lag impact on earnings could start to
feature from 2H16-FY17, we estimate.
From a top-down approach, we maintain our NEUTRAL call on the sector.
Stock wise, property stocks under our coverage are presently trading at an
average 39-57% discount to our RNAV estimates. We advocate investors to
go defensive in stock selection. SP Setia (SPSB MK; BUY; MYR4.07 TP) is our
top pick for the property sector.
SP Setia (SPSB MK; BUY; MYR4.07 TP) We like SPSB for its: i) earnings defensiveness backed by MYR9.9b of
unbilled sales as at end-July 2015 (1.7x of our FY10/15 revenue forecast)
and strategically located landbank secured at cheap land cost (which
allows it to be more flexible in pricing and product launches in times of
uncertainty), and ii) dividend payout policy of 50% (which offers a 5.2% net
yield for the current year, based on our earnings estimates). SPSB has been
paying more than 60% of its net profit over the last few years.
UEM Sunrise (UEMS MK; HOLD; MYR1.10 TP) As for UEMS, we have lowered our FY15F/16F/17F earnings forecasts by
7.3%/6.2%/6.4% but raised EPS by 3.5%/4.6%/4.4% to factor in the abortion
of its proposed new share placement to Khazanah involving 524.4m of new
shares at MYR1.47/share issue price. Instead, the new share placement
will be replaced by 793m of new UEMS-RCPS at MYR1.00/share.
To recap, proceeds from the UEMS RCPS will be used to redeem the RCPS
issued by its subsidiary, Bandar Nusajaya Development S/B (BNDSB) in 2005
as part settlement of an outstanding loan previously granted by Khazanah
Nasional Bhd. The redemption of the RCPS, due in Nov 2015, will turn
BNDSB into a fully-owned subsidiary of UEMS. BNDSB currently owns the
majority of the land in Nusajaya including East Ledang, Puteri Harbour,
Gerbang Nusajaya and Nusa Bayu via its subsidiaries.
Consequently, our RNAV estimate for UEMS is raised to MYR2.82/sh (+11%).
Pegging it to an unchanged 0.39x P/RNAV, we value UEMS at MYR1.10.
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October 1, 2015 9
Malaysia Property
Valuations
Stocks
Price
(MYR/share)*
(a)
RNAV
(MYR/share) (b)
P/RNAV TP
(MYR/sh)
(b) x (c )
Upside
(%)
Rating
Our valuation basis -
P/RNAV Current
P/RNAV (x)
Our valuations
- P/RNAV (x) (
c)
Eco World
(ECW MK)
1.40 2.68 0.52 0.63 1.69 20.6 BUY We value Eco World at 0.63x P/RNAV (-0.2x below SPSB's historical P/RNAV mean). The discount is to reflect its relatively high net gearing ratio. Also, since most of the land was acquired during the property upcycle in 2012-2013, it would have less flexibility in pricing/product during times of uncertainty.
Glomac
(GLMC MK)
0.82 1.91 0.43 0.50 0.96 16.5 HOLD We value Glomac at its historical P/RNAV mean of 0.5x.
Mah Sing
(MSGB MK)
1.32 2.18 0.61 0.64 1.39 5.5 HOLD We value Mah Sing at 0.64x P/RNAV (-0.15x below its historical mean). The discount is to reflect its considerable exposure to the high-rise property segment e.g. Icon City, Southville City (offices), Southbay City and KKCC. Mah Sing has the highest foreign shareholdings (17.2% as at early Sep 2015) among the stocks under our coverage.
SP Setia
(SPSB MK)
3.23 5.57 0.58 0.73 4.07 25.9 BUY We value SP Setia at a discounted valuation - 0.73x P/RNAV, which is 0.1x below its historical mean. Potential re-rating catalysts include more clarity from PNB on management succession and asset injections plans.
Sunway
(SWB MK)
3.45 5.89 0.59 0.59 3.48 0.7 HOLD Large exposure to the luxury property segment and Iskandar Malaysia, which is currently facing stiff competition with the entry of Chinese developers. We value Sunway at its historical P/RNAV mean of 0.59x. As compared to UEMS, Sunway has a more diversified and recurring earnings base.
UEM
Sunrise
(UEMS MK)
1.25 2.82 0.44 0.39 1.10 -12.0 HOLD Large exposure to the increasingly crowded Iskandar Malaysia while its Klang Valley projects are mostly high-end products. We value UEM Sunrise at 0.39x P/RNAV (-0.2x below its historical mean).
* as at 29 Sep 2015
Source: Maybank KE
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October 1, 2015 10
Malaysia Property
Foreign shareholdings for stocks under our coverage remain flat / declining
Source: Companies
6.2 6.16.1
5.95.9 5.5 5.5 5.4
21.420.8
20.519.9 19.9
19.519.3
17.2
8.2
8.2
8.1 8.0 7.8 7.6 7.7 7.48.4 8.4 8.8 8.7 8.9
9.09.5 8.9
12.77 12.812.85 13.01
12.05
11.22 11.1
0.7 0.6 0.6 0.6
2.6 1.91
1.8
1.9
0.0
5.0
10.0
15.0
20.0
25.0
Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15
Glomac Mah Sing SP Setia Sunway^ UEM Sunrise Eco World
(%)
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October 1, 2015 11
Malaysia Property
Peer comparison 1 Company Eco World UEMS SP Setia Sunway Mah Sing Glomac
FYE Oct Dec Dec Dec Dec Apr
Share price (MYR/sh) @
29 Sep 2015
1.40 1.25 3.23 3.45 1.32 0.82
Number of shares ( m
shares)
2,364 726 2,409 2,628 1,784 4,537
Market capitalisation
(MYR m)
3,310.0 907.8 7,782.4 9,067.3 2,355.3 3,720.7
Beta 1.6 0.6 0.5 0.5 0.7 1.1
Target price (MYR/sh) 1.69 1.10 4.07 3.48 1.39 0.96
RNAV (MYR/sh) 2.68 2.82 5.57 5.89 2.18 1.91
Our TP: premium /
discount to RNAV (%) -
historical mean
-37 -61 -27 -41 -36 -50
Current disc/ premium
to RNAV (%)
-48 -56 -42 -41 -39 -57
Potential upside (%) 20.6 -12.0 25.9 0.7 5.5 16.5
Recommendation BUY HOLD BUY HOLD HOLD HOLD
Business background A fast-growing property group
built up by former SP Setia
directors and executives
One of the largest
developers in Malaysia and land owner in Iskandar
Malaysia
One of the leading property
players in Malaysia; It is the
developer of reputable Setia Alam and Setia
Eco Park projects;
Currently, it has property projects
in Malaysia, Singapore,
Australia, UK, China and
Vietnam
One of the leading property and construction
groups in Malaysia. It is
also the sponsor of SunREIT. Reputable
projects including Bandar
Sunway township. It is
one of the largest land owners in
Iskandar Malaysia
Developer of Southville City, Icon City and M
City. It is famous with its fast-
turnaround strategy
Small cap bumi-developer. Key
projects include Lakeside
Residences and Bandar Saujana Utama. Close to
50% of its remaining GDV is from affordable
township developments
Remaining GDV (MYR b) 60.3 103.3 73.6 30.3 26.4 7.8
Remaining landbank
(acres)
4,516 14,594.5 4,610.5 2,200.3 2,546 926.9
Company sales target
(MYR m ) - 2012
- 2,000.0 4,000.0 1,200.0 2,500.0 500.0
- 2013 - 3,000.0 5,500.0 1,400.0 3,000.0 800.0
- 2014 2,000.0 2,000.0 5,000.0 1,300.0 3,600.0 500.0
- 2015 3,000.0 2,000.0 4,000.0 1,200.0 2,300.0 600.0
- 2016 - - - - - 680.0 Actual sales (MYR m)
- 2012 - 2,460.0 4,230.0 1,560.0 2,503.0 663.0
- 2013 - 2,989.1 8,241.0 1,400.0 3,001.0 802.0
- 2014 3,186.5 2,443.0 4,623.0 1,300.0 3,432.5 504.0
- 2015 2,371.5 600.4 2,537.0 353.0 1,063.3 506.0
- 2016 - - - - - 30.0 % achieved - 2013 - 100% 150% 100% 100% 100%
- 2014 159% 122% 92% 100% 95% 101%
- 2015 79% 30% 63% 29% 46% 84%
- 2016 - - - - - 4%
Sales growth (%) – 2013 - 23% 28% -13% 11% 59%
- 2014 - 22% 95% -10% 20% 21%
- 2015 - -18% -44% -7% 14% -37%
Source: Companies, Maybank KE
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October 1, 2015 12
Malaysia Property
Peer comparison 2 Company Eco World UEMS SP Setia Sunway Mah Sing Glomac
Unbilled sales MYR4.0b unbilles sales as
at Aug 15, or 2.9x of our
FY10/15F revenue
MYR3.8b as at end-June 2015,
or 2.6x of our FY15F revenue
MYR9.9b as at end-July 2015, or 1.7x of our
FY15F revenue
MYR1.7b as at end-June 2015,
or 1.1x of our FY15F revenue
MYR4.8b as at end-June 2015,
or 2.0x of our FY15F revenue
MYR737m as at end-July 2015, or
1.0x of our FY4/16F revenue
Foreign shareholdings (%)
##
1.9 11.1 7.4 8.9 17.2 5.4
Official/unofficial div
payout policy (%)
NA 20-40% 50.0 20-30 40.0 Unofficial 40%
Forecasts EPS - 2013A 7.7 13.0 17.8 30.6 20.2 14.8
- 2014A 2.8 10.6 16.2 34.2 23.4 12.9
- 2015F 1.9 8.2 28.1 32.7 15.7 12.0
- 2016F 3.6 9.4 18.7 31.6 16.7 14.9
NDPS - 2013A 0.4 4.0 10.6 10.0 8.0 4.2
- 2014A 0.0 3.0 9.7 11.0 6.5 4.9
- 2015F 0.0 2.6 16.9 34.8 6.3 4.3
- 2016F 0.4 3.0 11.2 9.5 6.7 4.5
NTA* 1.33 1.40 2.55 3.55 1.23 1.34
Valuation Earnings growth (%) - 2013 544% 26% -6% 13% -1% 14%
- 2014 -63% -19% -9% 12% 16% -13%
- 2015F -34% -23% 73% -5% -33% -7%
- 2016F 95% 15% -33% -3% 7% 25%
PER (x) - 2013 18.3 9.6 18.1 11.3 6.5 5.5
- 2014 49.5 11.8 19.9 10.1 5.6 6.4
- 2015F 46.6 15.3 11.5 10.6 8.4 6.9
- 2016F 23.9 13.3 17.3 10.9 7.9 5.5
Net div yield (%) - 2013 0.3 3.2 3.3 2.9 6.1 5.1
- 2014 0.0 2.4 3.0 3.2 4.9 6.0
- 2015F 0.0 2.1 5.2 10.1 4.8 5.2
- 2016F 0.4 2.4 3.5 2.8 5.1 5.5
P/NTA (x) 1.1 0.9 1.3 1.0 1.1 0.6
P/RNAV (x) 0.52 0.44 0.58 0.59 0.61 0.43
Net gearing (x)* 0.30 0.29 0.25 0.35 Net cash 0.38
Major shareholders @ Liew Tian Xiong
(13.5%), EW Dev Holdings (7.8%)
Khazanah (66.1%), EPF (5.2%), LTH
(5.0%)
PNB (68%), KWAP (9.4%)
Cheah family (51.4%), PNB
(7.0%)
Tan Sri Leong (43.2%), PNB (10.5%), EPF
(8.7%)
Tan Sri Dato' Mohamed Mansor
bin Fateh Din (19.9%), Dato'
Fateh Iskandar bin Tan Sri Dato'
Mohamed Mansor (15.6%), Datuk
Fong Loong Tuck (16.0%)
Source: Companies, Maybank KE
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Research Offices
REGIONAL
Sadiq CURRIMBHOY
Regional Head, Research & Economics
(65) 6231 5836 [email protected]
WONG Chew Hann, CA
Regional Head of Institutional Research
(603) 2297 8686 [email protected]
ONG Seng Yeow
Regional Head of Retail Research
(65) 6231 5839 [email protected]
TAN Sin Mui
Director of Research
(65) 6231 5849 [email protected]
ECONOMICS
Suhaimi ILIAS Chief Economist Singapore | Malaysia (603) 2297 8682 [email protected]
Luz LORENZO Philippines (63) 2 849 8836 [email protected]
Tim LEELAHAPHAN Thailand (66) 2658 6300 ext 1420 [email protected]
JUNIMAN Chief Economist, BII Indonesia (62) 21 29228888 ext 29682
STRATEGY
Sadiq CURRIMBHOY
Global Strategist
(65) 6231 5836 [email protected]
Willie CHAN
Hong Kong / Regional
(852) 2268 0631 [email protected]
MALAYSIA
WONG Chew Hann, CA Head of Research (603) 2297 8686 [email protected] • Strategy
Desmond CH’NG, ACA (603) 2297 8680 [email protected] • Banking & Finance
LIAW Thong Jung (603) 2297 8688 [email protected] • Oil & Gas Services- Regional
ONG Chee Ting, CA (603) 2297 8678 [email protected] • Plantations - Regional
Mohshin AZIZ (603) 2297 8692 [email protected] • Aviation - Regional • Petrochem
YIN Shao Yang, CPA (603) 2297 8916 [email protected] • Gaming – Regional • Media
TAN Chi Wei, CFA (603) 2297 8690 [email protected] • Power • Telcos
WONG Wei Sum, CFA (603) 2297 8679 [email protected] • Property
LEE Yen Ling (603) 2297 8691 [email protected] • Building Materials • Glove • Ports • Shipping
CHAI Li Shin, CFA (603) 2297 8684 [email protected] • Plantation • Construction & Infrastructure
Ivan YAP (603) 2297 8612 [email protected] • Automotive • Semiconductor • Technology
Kevin WONG (603) 2082 6824 [email protected] • REITs • Consumer Discretionary
LIEW Wei Han
(603) 2297 8676 [email protected] • Consumer Staples
LEE Cheng Hooi Regional Chartist (603) 2297 8694 [email protected]
Tee Sze Chiah Head of Retail Research (603) 2297 6858 [email protected]
Cheah Chong Ling (603) 2297 8767 [email protected]
HONG KONG / CHINA
Howard WONG Head of Research (852) 2268 0648 [email protected] • Oil & Gas - Regional
Benjamin HO (852) 2268 0632 [email protected] • Consumer & Auto
Jacqueline KO, CFA (852) 2268 0633 [email protected] • Consumer Staples & Durables
Ka Leong LO, CFA (852) 2268 0630 [email protected] • Consumer Discretionary & Auto
Mitchell KIM (852) 2268 0634 [email protected] • Internet & Telcos
Osbert TANG, CFA (86) 21 5096 8370 [email protected] • Transport & Industrials
Steven ST CHAN (852) 2268 0645 [email protected] • Banking & Financials - Regional
Warren LAU (852) 2268 0644 [email protected] • Technology – Regional
INDIA
Jigar SHAH Head of Research
(91) 22 6623 2632 [email protected]
• Oil & Gas • Automobile • Cement
Anubhav GUPTA
(91) 22 6623 2605 [email protected]
• Metal & Mining • Capital Goods • Property
Vishal MODI
(91) 22 6623 2607 [email protected]
• Banking & Financials
Abhijeet KUNDU
(91) 22 6623 2628 [email protected]
• Consumer
Neerav DALAL
(91) 22 6623 2606 [email protected]
• Software Technology • Telcos
SINGAPORE
Gregory YAP (65) 6231 5848 [email protected] • SMID Caps • Technology & Manufacturing • Telcos
YEAK Chee Keong, CFA (65) 6231 5842 [email protected] • Offshore & Marine
Derrick HENG, CFA (65) 6231 5843 [email protected] • Transport • Property • REITs (Office)
Joshua TAN (65) 6231 5850 [email protected] • REITs (Retail, Industrial)
John CHEONG (65) 6231 5845 [email protected] • Small & Mid Caps • Healthcare
TRUONG Thanh Hang (65) 6231 5847 [email protected] • Small & Mid Caps
INDONESIA
Isnaputra ISKANDAR Head of Research (62) 21 2557 1129 [email protected] • Strategy • Metals & Mining • Cement
Rahmi MARINA (62) 21 2557 1128 [email protected] • Banking & Finance
Aurellia SETIABUDI (62) 21 2953 0785 [email protected] • Property
Pandu ANUGRAH (62) 21 2557 1137 [email protected] • Infra • Construction • Transport• Telcos
Janni ASMAN (62) 21 2953 0784 [email protected] • Cigarette • Healthcare • Retail
Adhi TASMIN (62) 21 2557 1209 [email protected] • Plantations
PHILIPPINES
Luz LORENZO Head of Research (63) 2 849 8836 [email protected] • Strategy • Utilities • Conglomerates • Telcos
Lovell SARREAL (63) 2 849 8841 [email protected] • Consumer • Media • Cement
Rommel RODRIGO (63) 2 849 8839 [email protected] • Conglomerates • Property • Gaming • Ports/ Logistics
Katherine TAN (63) 2 849 8843 [email protected] • Banks • Construction
Michael BENGSON (63) 2 849 8840 [email protected] • Conglomerates
Jaclyn JIMENEZ (63) 2 849 8842 [email protected] • Consumer
Arabelle MAGHIRANG (63) 2 849 8838 [email protected] • Banks
THAILAND
Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] • Consumer • Materials • Ind. Estates
Sittichai DUANGRATTANACHAYA (66) 2658 6300 ext 1393 [email protected] • Services Sector • Transport
Sukit UDOMSIRIKUL Head of Retail Research (66) 2658 6300 ext 5090 [email protected]
Mayuree CHOWVIKRAN (66) 2658 6300 ext 1440 [email protected] • Strategy
Padon VANNARAT (66) 2658 6300 ext 1450 [email protected] • Strategy
Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 [email protected] • Auto • Conmat • Contractor • Steel
Suttatip PEERASUB (66) 2658 6300 ext 1430 [email protected] • Media • Commerce
Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 [email protected] • Energy • Petrochem
Termporn TANTIVIVAT (66) 2658 6300 ext 1520 [email protected] • Property
Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404 [email protected] • Transportation • Small cap
VIETNAM
LE Hong Lien, ACCA Head of Institutional Research (84) 8 44 555 888 x 8181 [email protected] • Strategy • Consumer • Diversified • Utilities
THAI Quang Trung, CFA, Deputy Manager, Institutional Research (84) 8 44 555 888 x 8180 [email protected] • Real Estate • Construction • Materials
Le Nguyen Nhat Chuyen (84) 8 44 555 888 x 8082 [email protected] • Oil & Gas
NGUYEN Thi Ngan Tuyen, Head of Retail Research (84) 8 44 555 888 x 8081 [email protected] • Food & Beverage • Oil&Gas • Banking
TRINH Thi Ngoc Diep (84) 4 44 555 888 x 8208 [email protected] • Technology • Utilities • Construction
PHAM Nhat Bich (84) 8 44 555 888 x 8083 [email protected] • Consumer • Manufacturing • Fishery
NGUYEN Thi Sony Tra Mi (84) 8 44 555 888 x 8084 [email protected] • Port operation • Pharmaceutical • Food & Beverage
TRUONG Quang Binh (84) 4 44 555 888 x 8087 [email protected] • Rubber plantation • Tyres and Tubes • Oil&Gas
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October 1, 2015 14
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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.
This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.
US
This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations.
UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
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October 1, 2015 15
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Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.
Singapore: As of 1 October 2015, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
As of 1 October 2015, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.
Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.
DISCLOSURES
Legal Entities Disclosures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.
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Malaysia Property
Malaysia Maybank Investment Bank Berhad
(A Participating Organisation of
Bursa Malaysia Securities Berhad)
33rd Floor, Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
Tel: (603) 2059 1888;
Fax: (603) 2078 4194
Singapore Maybank Kim Eng Securities Pte Ltd
Maybank Kim Eng Research Pte Ltd
50 North Canal Road
Singapore 059304
Tel: (65) 6336 9090
London Maybank Kim Eng Securities
(London) Ltd
5th Floor, Aldermary House
10-15 Queen Street
London EC4N 1TX, UK
Tel: (44) 20 7332 0221
Fax: (44) 20 7332 0302
New York Maybank Kim Eng Securities USA
Inc
777 Third Avenue, 21st Floor
New York, NY 10017, U.S.A.
Tel: (212) 688 8886
Fax: (212) 688 3500
Stockbroking Business: Level 8, Tower C, Dataran Maybank,
No.1, Jalan Maarof
59000 Kuala Lumpur
Tel: (603) 2297 8888
Fax: (603) 2282 5136
Hong Kong Kim Eng Securities (HK) Ltd
Level 30,
Three Pacific Place,
1 Queen’s Road East,
Hong Kong
Tel: (852) 2268 0800
Fax: (852) 2877 0104
Indonesia PT Maybank Kim Eng Securities
Plaza Bapindo
Citibank Tower 17th Floor
Jl Jend. Sudirman Kav. 54-55
Jakarta 12190, Indonesia
Tel: (62) 21 2557 1188
Fax: (62) 21 2557 1189
India Kim Eng Securities India Pvt Ltd
2nd Floor, The International 16,
Maharishi Karve Road,
Churchgate Station,
Mumbai City - 400 020, India
Tel: (91) 22 6623 2600
Fax: (91) 22 6623 2604
Philippines Maybank ATR Kim Eng Securities Inc.
17/F, Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200
Tel: (63) 2 849 8888
Fax: (63) 2 848 5738
Thailand Maybank Kim Eng Securities
(Thailand) Public Company Limited
999/9 The Offices at Central World,
20th - 21st Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)
Vietnam Maybank Kim Eng Securities Limited
4A-15+16 Floor Vincom Center Dong
Khoi, 72 Le Thanh Ton St. District 1
Ho Chi Minh City, Vietnam
Tel : (84) 844 555 888
Fax : (84) 8 38 271 030
Saudi Arabia In association with
Anfaal Capital
Villa 47, Tujjar Jeddah
Prince Mohammed bin Abdulaziz
Street P.O. Box 126575
Jeddah 21352
Tel: (966) 2 6068686
Fax: (966) 26068787
South Asia Sales Trading Kevin Foy
Regional Head Sales Trading
Tel: (65) 6336-5157
US Toll Free: 1-866-406-7447
North Asia Sales Trading Andrew Lee
Tel: (852) 2268 0283
US Toll Free: 1 877 837 7635
Malaysia Rommel Jacob [email protected] Tel: (603) 2717 5152
Thailand Tanasak Krishnasreni [email protected] Tel: (66)2 658 6820
Indonesia Harianto Liong [email protected] Tel: (62) 21 2557 1177
New York Andrew Dacey [email protected] Tel: (212) 688 2956
India Manish Modi [email protected] Tel: (91)-22-6623-2601
Vietnam Tien Nguyen [email protected]
Tel: (84) 44 555 888 x8079
Philippines Keith Roy [email protected] Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com
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