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Boustead Holdings MARKET PERFORM Price: RM4.85 Mixed Prospects but Offers a Good Dividend Yield Target Price: RM4.90

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Boustead Holdings MARKET PERFORM Price: RM4.85 Mixed Prospects but Offers a Good Dividend Yield Target Price: RM4.90 KENANGA RESEARCH Initiating Coverage 05 February 2013 Boustead Holdings MARKET PERFORM Price: RM4.85 Mixed prospects but offers a good dividend yield Target Price: RM4.90 Boustead Holdings is a GLC-linked conglomerate with a well- Share Price Performance diversified portfolio of assets, which include businesses in 5.50 plantations, property, finance & investment, trading & 5.30 manufacturing, heavy industries and pharmaceutical. We believe its prospects are bound to be mixed due to the 5.10 different business models employed in its respective diverse segments. However, the saving grace is the group’s current 4.90 dividend yield of 5.4%. We are initiating coverage on 4.70 Boustead Holdings with a MARKET PERFORM recommendation and a sum-of-parts (SOP) based target price of RM4.90. 4.50 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Prime investment properties which can be monetised. Boustead’s KLCI 1,634.55 property investment division has four office buildings under its belt namely YTD KLCI chg -3.2% Menara Boustead Penang, Menara Affin, Menara Boustead KL and Wisma YTD stock price chg -6.7% Boustead. In the retail segment, it has The Curve and its annexe, e@Curve, Curve NX and a luxury condominium development known as 183 Ampang. It Stock Information also has a portfolio of hotels which carries the brand name of Royale Bintang. Bloomberg Ticker BOUS MK Equity These hotels are The Royale Bintang Curve, The Royale Bintang Kuala Lumpur, Market Cap (RM m) 5,015.8 and The Royale Bintang Resort & Spa in Seremban. Based on our RNAV Issued shares 1,034.2 estimates, these investment property assets are worth RM1.7b. 52-week range (H) 5.77 52-week range (L) 4.82 Prospects are expected to be mixed. For the remaining of FY12 and 3-mth avg daily vol: 804,249 looking ahead into FY13, Boustead prospects are expected to be mixed. We Free Float 37% expect its trading & manufacturing, and pharmaceutical divisions to show Beta 0.8 growth and sustainable recurring incomes. Growth for trading & manufacturing is underpinned by their solid captive income from Boustead Petroleum Major Shareholders Marketing Sdn Bhd’s marketing and distribution of petroleum products from LTAT 61.4% retailing via a network of more than 300 service stations under the BHPetrol DIMENSIONAL FUND ADV 0.9% brand. Earnings from the pharmaceutical division are led by Pharmaniaga CAPITAL DYNAMICS ASS 0.7% Logistics' concession-driven agreement with the government. Meanwhile, the plantation earnings are expected to hinge largely on CPO price movements, the Summary Earnings Table outlook of which is not looking promising since 91% of its plantations have FYE Dec (RM m) 2012E 2013E 2014E already matured and there have been no increases in the past few years. In Turnover 9660.3 10303.4 11292.7 the property division, the earnings growth here is likely to be flat as no new EBIT 601.0 657.1 722.8 large-scale property projects were launched. PBT 565.2 628.9 692.9 Net Profit (NP) 349.2 389.1 425.4 Selling low yielding Indonesia plantation to unlock value. Boustead Core Net Profit 349.2 389.1 425.4 has at end-Dec 2012 sold off its remaining 14,800 ha of Indonesian plantations Consensus (NP) 347.4 426.4 439.3 for RM104m (about US$34m), which works out to 10 sen/Boustead share, due Earnings Revision N.A. N.A. to the difficulties in managing those plantations. This removed a drag on its EPS (sen) 33.8 37.6 41.1 plantation business bottom line earnings as the Indonesian plantations had EPS growth (%) (42.8) 11.4 9.3 been loss-making (at the operating level) over the last few years. The sale NDPS (sen) 28.0 26.0 29.0 rationale was also to enable the group to focus on improving its FFB yields in BVPS (RM) 4.4 4.5 4.6 Malaysia, where the overall group’s yield had been dragged down by PER (x) 14.3 12.8 11.7 Indonesia’s extremely low single digit MT/ha yields. PBV (x) 1.1 1.1 1.0 Net Gearing (x) 0.7 0.7 0.7 Saving grace is 5.4% dividend yield. Boustead has declared a single tier Net Div. Yield (%) 5.8 5.4 6.0 DPS of 10 sen in 3Q12, bringing its 9M YTD DPS to 25 sen, which is in line with our FY12 net DPS forecast of 28 sen. we expect FY13 and FY14 net DPS numbers of 26 sen and 29 sen respectively, translating to an average yield of >5%. The Research Team [email protected] We are initiating coverage on Boustead Holdings with a MARKET Tel: 603-2713 2292 PERFORM recommendation and a sum-of-parts (SOP) based target price of RM4.90. PP7004/02/2013(031762) KENANGA RESEARCH Boustead Holdings Berhad 05 February 2013 1. SNAPSHOT OF FINANCIAL AND VALUATION METRICS Key financial data FY Dec FY10 FY11 FY12F FY13F FY14F Revenue (RM m) 6,181.8 8,555.8 9,660.3 10,303.4 11,292.7 EBITDA (RM m) 700.8 778.5 781.7 852.8 933.7 Pretax profit (RM) 726.2 831.0 565.2 628.9 692.9 Reported net profit (RM m) 537.5 610.6 349.2 389.1 425.4 EPS (sen) 52.0 59.0 33.8 37.6 41.1 EPS growth (%) NM 13.6 (42.8) 11.4 9.3 P/E (x) 9.3 8.2 14.3 12.8 11.7 Net DPS (sen) 39.0 39.0 28.0 26.0 29.0 Dividend yield (%) 8.1 8.1 5.8 5.4 6.0 Net gearing (%) 58.3 76.0 72.0 66.3 66.4 BVPS (RM) 4.09 4.30 4.41 4.52 4.64 P/BV (x) 1.2 1.1 1.1 1.1 1.0 Source: Company, Kenanga Research Segmental breakdown assumption FY Dec 2009 2010 2011 2012F 2013F 2014F Revenue (RM m) Plantation 634.0 806.5 1,031.3 874.9 870.5 879.2 Heavy Industries 1,044.5 1,166.0 1,094.5 1,502.0 1,546.1 1,693.3 Property 372.7 398.8 448.7 439.7 448.5 585.3 Finance & Investment 282.7 190.0 105.0 106.1 107.1 108.2 Pharmaceutical NA 93.4 1,257.7 1,672.7 1,786.5 1,947.3 Trading 3,057.8 3,527.1 4,618.6 5,064.8 5,544.7 6,079.5 Total 5,392 6,182 8,556 9,660 10,303 11,293 EBIT (RM m) Plantation 19.7 155.0 245.2 177.1 189.3 189.1 Heavy Industries 178.5 188.9 46.7 12.2 18.7 42.3 Property 80.5 103.0 102.7 119.6 122.0 132.9 Finance & Investment 31.7 (3.9) (8.0) 29.2 29.5 29.7 Pharmaceutical NA 25.5 92.0 130.5 149.2 162.6 Trading 95.1 113.5 130.7 132.5 148.4 166.2 Total 432.3 582.0 609.3 601.0 657.1 722.8 % Margin Plantation 3.1% 19.2% 23.8% 20.2% 21.8% 21.5% Heavy Industries 17.1% 16.2% 4.3% 0.8% 1.2% 2.5% Property 21.6% 25.8% 22.9% 27.2% 27.2% 22.7% Finance & Investment 11.2% -2.1% -7.6% 27.5% 27.5% 27.5% Pharmaceutical NA 27.3% 7.3% 7.8% 8.4% 8.4% Trading 3.1% 3.2% 2.8% 2.6% 2.7% 2.7% Source: Company, Kenanga Research 9M 2012 revenue and EBIT breakdown 9M 2012 Revenue 9M 2012 EBIT 9% Revenue EBIT 25% Plantation 27% Plantation Heavy Industries Heavy Industries Property 16% Property Finance & Investment Finance & Investment Pharmaceutical Pharmaceutical Trading and manufacturing Trading and manufacturing 51% 2% 5% 1% 18% 22% 24% 0% Source: Company, Kenanga Research Page 2 of 16 KENANGA RESEARCH Boustead Holdings Berhad 05 February 2013 2013 revenue and EBIT breakdown 2013 Revenue 2013 EBIT 8% Revenue EBIT Plantation 23% Plantation Heavy Industries 28% Heavy Industries 15% Property Finance & Investment Property Pharmaceutical Finance & Investment Trading and manufacturing Pharmaceutical Trading and manufacturing 4% 55% 1% 3% 23% 17% 19% 4% Source: Company, Kenanga Research Sum-of-parts valuation Listed entities no. of shares effective Current share price Value (RM m) Comments stakes (m) (RM/share) Affin Holdings 309.2 4.40 1,360 Based on house target price Boustead Heavy Industries 161.5 2.20 355 Mark to market UAC 74.4 4.30 320 Based on takeover price Al-Hadharah Boustead REIT 335.9 1.94 652 Mark to market Pharmaniaga 64.4 8.05 518 Mark to market Property development Remaining land bank Market value psf Market Value (acres) (RM) (RM m) Mutiara Rini (Johor) 980 30 1,281 Mutiara Damansara 24 200 209 Mutiara Hills Semenyih 125 25 136 Bukit Raja (30% stake) 500 30 196 Jalan Chochrane 118 Bukit Rajah (Astacanggih) 160 Net lettable area (NLA) Market value psf Value (RM m) (RM) Property investments Curve 680,000 800 528 e@Curve 200,000 800 160 Curve NX 80,000 800 74 Menara Boustead KL & Wisma 277,174 700 195 Boustead Menara Affin 200,756 700 140 Menara Boustead Penang 210,083 350 74 Menara UAC 45 183 Jalan Ampang 142 43 units @ RM3m indicative pricing Hotels No of rooms Estimated average price/room (RM) Royale Bintang Kuala Lumpur 400 400,000 160 Royale Bintang Curve 150 300,000 45 Royale Bintang Seremban 300 100,000 30 Royale Bintang Damansara 370 250,000 93 Plantation 2,130 Based on 15x FY13 earnings Trading and manufacturing (excl UAC) 920 Based on 10x FY 13 earnings Indonesian listed (PT Millenium Pharmacon International TBK) 12 Based on market price and 55% stake Net debt as at 30 Sept 2012 (4,979) Total RNAV less net debt 5,072 no.
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