buy sell hold 

 

MAYBANK KIM ENG MAYBANK KIM ENG

Magnum Berhad (MAG MK)

The taxman goeth again

 

Raise DCF-based TP to MYR2.24 but maintain HOLD MAG is settling its second tax penalty case for MYR80.6m (6sen/shr). In addition, it was awarded 22 special draws for FY21E. The former was 7sen/shr lesser than initially expected. The latter raises our LT EPS and DPS estimates by 4% p.a. Rolling forward our valuation base year to endFY21E from end-FY20E, we raise our DCF-based TP by 12% to MYR2.24. Both developments are positive but they are minor ones and not enough to excite us. Maintain HOLD call.

 

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Malaysia Banking

Loan growth moderates in Nov

 

Industry loan growth of 3.8% for 2021E With repayments having recommenced post-loan moratorium, loan growth stalled MoM in November. Extrapolating this trend into December, 2020 industry loan growth would average 2.9% versus our 2.5% forecast. We introduce our 2021 industry loan growth forecast of 3.8%, premised on faster economic expansion and still fairly decent demand for mortgage and auto financing. Our BUYs on RHB, HLBK and BIMB are maintained.

 

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UOB KAYHIAN

CGS CIMB

Yangzijiang Shipbuilding (YZJSGD SP)

Gearing Up For A Fine 2021

 

YZJ remains one of our key stock picks for 2021 on the back of the resumption of earnings growth, undemanding valuations and strong financial position. New order wins worth nearly US$1.8b in 2020 (2019: US$0.83b) exceeded our expectations of US$1b and should set the company up to generate higher profits yoy in 2021. In 4Q20 alone, the company bought back over S$45m worth of stock, underlining its confidence in its business outlook. Maintain BUY. Target price: S$1.17.

 

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Banks Easing into the new year

 

■ Banking system loans contracted 0.7% mom in Nov 20 as 1.6% mom decline in regional loans more than offset the 0.2% mom domestic loan growth.

■ While Nov 20’s DBU loan growth marks reversal of 8-month-long contraction, sustained deposit growth (+0.7% mom) further compresses LDR to 91.9%.

■ Reiterate Overweight as we expect Singapore’s Phase 3 re-opening and start of Covid-19 vaccinations to spur business activity and credit growth in FY21F

 

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