BURSA MALAYSIA SECTORIAL INDEX SERIES Index Information
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PPB GROUP (PEP MK, PEPT.KL) 11 Dec 2020
CONSUMER PPB GROUP (PEP MK, PEPT.KL) 11 Dec 2020 Proxy to recovery in consumer sector Company report HOLD Gan Huey Ling, CFA (Initiation) [email protected] 03 2036 2305 Rationale for report: Initiation Investment Highlights Price RM18.74 Fair Value RM20.30 52-week High/Low RM19.96/RM15.00 We initiate coverage on PPB Group with a HOLD recommendation and fair value of RM20.30/share. Our fair Key Changes value of RM20.30/share for PPB is based on an FY21F PE Fair value Initiation of 22x. Although we like PPB for its sound fundamentals, EPS Initiation we believe that the group’s PE valuations are fair. YE to Dec FY19 FY20E FY21F FY22F Our PE assumption of 22x for PPB is 15% lower than the Revenue (RMmil) 4,683.8 3,952.6 4,492.0 4,691.0 FY21F PEs of 25x to 27x of some of the larger consumer Net profit (RMmil) 1,152.6 1,239.8 1,310.8 1,404.1 companies in Malaysia (Exhibit 1). We have applied a EPS (sen) 81.0 87.1 92.1 98.7 discount as PPB’s consumer operations are smaller than EPS growth (%) 7.2 7.6 5.7 7.1 the likes of F&N Holdings and Dutch Lady Milk Industries. Consensus net (RMmil) 0.0 1,152.0 1,291.0 1,345.0 DPS (sen) 31.0 33.0 34.0 35.0 PE (x) 23.1 21.5 20.3 19.0 We forecast PPB’s gross DPS to increase to 33.0 sen in EV/EBITDA (x) 58.8 78.9 55.8 51.2 FY20E from 31.0 sen in FY19 in line with the rise in the Div yield (%) 1.7 1.8 1.8 1.9 group’s net profit. -
PRESS STATEMENT Top Glove Corporation Bhd (Company No
Media Contact: Investor Contact: Michelle Voon [email protected] [email protected] +603-3362 3098 (ext.2228) +6016 668 8336 PRESS STATEMENT Top Glove Corporation Bhd (Company No. 199801018294 [474423-X]) For Immediate Release TOP GLOVE RESTATES COMMITMENT TO GOOD LABOUR PRACTICES Shah Alam, Tuesday, 30 March 2021 Top Glove refers to the Withhold Release Order Finding issued by the U.S. Customs & Border Protection (CBP) on 29 March 2021. We are currently reviewing CBP’s news release, and our US counsels are liaising with CBP’s representatives for sufficient information to meaningfully address the issuance of the recent finding. We look forward to receiving pertinent information and working with CBP to quickly resolve the matter. The Company had earlier submitted a report dated 16 March 2021 prepared by independent international UK consultant, Impactt Limited (Impactt) to CBP for review as well as having taken all the necessary measures required by CBP to ensure all concerns are addressed. Since July 2020 Top Glove has engaged Impactt to advise on measures for improving its policies and practices. Impactt issued a statement on 9 March 2021 that their findings confirmed that there is no systemic forced labour across the eleven (11) International Labour Organisation’s (ILO) Indicators in our direct operations. The full statement by Impactt may be viewed here: https://impacttlimited.com/impactt-statement-on-top-glove-status/. Top Glove understands the concerns of all our stakeholders, including CBP, to ensure that forced labour is not present in the manufacturing of gloves and personal protective equipment. This is the Company’s shared top priority, and it seeks to resolve any ongoing areas of concern immediately. -
Hong Leong Bank Berhad
April 12, 2018 Global Markets Research Fixed Income Fixed Income Daily Market Snapshot US Treasuries UST T enure C lo sing (%) C hg (bps) US Treasuries rallied going into US session before fading the 2-yr UST 2.31 0 spike towards closing, though still closed firmer. Demand was 5-yr UST 2.61 -1 mostly driven by uptick in US inflation that pushed the longer- 10-yr UST 2.78 -2 ended maturities higher; 10Y yield fell 2bps to 2.78% while 30Y 30-yr UST 3.00 -3 yield ended 3bps lower at 3.00%. The 2Y (most sensitive to interest rate outlook) pared losses from US morning after FOMC MGS GII* minutes were released, likely supported by slight improvement in T enure C lo sing (%) C hg (bps) C lo sing (%) C hg (bps) 3-yr 3.47 0 3.60 0 market expectations that the Fed is generally more optimistic on 5-yr 3.57 0 3.83 0 outlook of growth and inflation. Expect USTs to be supported by 7-yr 3.86 0 4.01 1 on-going tensions between US and Russia regarding Syrian 10-yr 3.97 0 4.16 0 conflict. Data front carries little impact amid tepid releases. 15-yr 4.43 1 4.56 1 20-yr 4.57 4 4.75 0 30-yr 4.80 0 4.92 0 MGS/GII * M arket indicative levels Trading volume in local govvies more than halved to RM 1.25b as interest dissipated on a lack of positive catalysts in regional M YR IRS Levels markets, more so when Malaysian data underperformed. -
Simplified Consolidated Statements of Financial Position
SIMPLIFIED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Expansion Consistency THE VALUE PROPOSITION STORY OF PPB GROUP is about how PPB Group’s heritage of values and culture translate to growth, Growth consistency and care. The enduring passion of everyone within the Group has helped build a strong customer base and supportive stakeholders. Today, we are equally proud and humbled to tell the story of PPB Group’s value proposition. Quality Passion Care The Corporation 001 OUR PRODUCTS, OUR VALUE PROPOSITION. CONTENTS THE CORPORATION 008 Chairman’s Statement 016 Group Financial Highlights THE 017 Simplified Consolidated Statements FINANCIALS Of Financial Position 018 Directors’ Profiles 054 5-Year Group Financial Statistics 022 Group Corporate Structure 056 Segmental Analysis 024 Corporate Information 057 Share Performance 025 PPB’s Corporate Events And Investor Relations Activities 058 Additional Financial Information 026 Financial Calendar 059 Directors’ Responsibility 027 Corporate Governance Statement Statement 036 Audit Committee Report 060 Directors’ Report 039 Statement On Risk Management And Internal Control 041 Corporate Sustainability Statement 050 Additional Compliance Information THE FINANCIAL STATEMENTS 066 Consolidated Income Statement 067 Consolidated Statement Of Comprehensive Income 068 Consolidated Statement Of Financial Position THE 070 Consolidated Statement Of Changes In Equity PROPERTIES & SHAREHOLDINGS 072 Consolidated Statement Of Cash Flows 074 Income Statement 164 Properties Owned By PPB And Its Subsidiaries 074 -
Malaysian Invited Companies Company Name Country Robecosam Industry AMMB Holdings Bhd Malaysia BNK Banks Astro Malaysia Holdings
Malaysian invited companies Company_Name Country RobecoSAM_Industry AMMB Holdings Bhd Malaysia BNK Banks Astro Malaysia Holdings Bhd Malaysia PUB Media Axiata Group Bhd Malaysia TLS Telecommunication Services Batu Kawan Bhd Malaysia CHM Chemicals British American Tobacco Malaysia Bhd Malaysia TOB Tobacco Bumi Armada Bhd Malaysia OIE Energy Equipment & Services CIMB Group Holdings Bhd Malaysia BNK Banks Dialog Group Bhd Malaysia CON Construction & Engineering Digi.com Bhd Malaysia TLS Telecommunication Services Felda Global Ventures Holdings Bhd Malaysia FOA Food Products Gamuda Bhd Malaysia CON Construction & Engineering Genting Bhd Malaysia CNO Casinos & Gaming Genting Malaysia Bhd Malaysia CNO Casinos & Gaming Hong Leong Bank Bhd Malaysia BNK Banks Hong Leong Financial Group Bhd Malaysia BNK Banks IHH Healthcare Bhd Malaysia HEA Health Care Providers & Services IJM Corp Bhd Malaysia CON Construction & Engineering IOI Corp Bhd Malaysia FOA Food Products IOI Properties Group Bhd Malaysia REA Real Estate Kuala Lumpur Kepong Bhd Malaysia FOA Food Products Lafarge Malaysia Bhd Malaysia COM Construction Materials Malayan Banking Bhd Malaysia BNK Banks Malaysia Airports Holdings Bhd Malaysia TRA Transportation and Transportation Infrastructure Maxis Bhd Malaysia TLS Telecommunication Services MISC Bhd Malaysia TRA Transportation and Transportation Infrastructure Nestle Malaysia Bhd Malaysia FOA Food Products Petronas Chemicals Group Bhd Malaysia CHM Chemicals Petronas Dagangan BHD Malaysia OIX Oil & Gas Petronas Gas BHD Malaysia GAS Gas Utilities -
Weekly Strategy
Monday, April 23, 2018 FBMKLCI: 1, 887.75 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* WWeeeekkllyy SSttrraatteeggyy Market View, News in Brief: Corporate, Economy, and Share Buybacks Kaladher Govindan Tel: +603-2167 9609 [email protected] www.taonline.com.my Market View FBMKLCI Could Undergo Healthy Consolidation The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) managed to push above 1,880 to challenge record highs last week, largely helped by a surge in heavyweight oil & gas counters as global oil markets firmed following top OPEC member Saudi Arabia’s outlook that prices may top USD100 a barrel, and fears the US may re-impose trade sanctions on Iran next month. However, profit-taking interest on small caps forced a pullback on Friday, given the absence of follow-through buying momentum ahead of the weekend. For the week, the local benchmark advanced another 19.28 points, or 1.03 percent to 1,887.75, with Petronas Dagangan (+RM2.12), Petronas Gas (+58sen), PPB Group (+52sen), Hong Leong Bank (+50sen) and HLFG (+38sen) dominating gains. Average daily traded volume and value retraced to 2.61 billion shares and RM2.33 billion last week, compared to the 3.32 billion shares and RM2.51 billion average respectively the previous week. At 1,896.03, the FBMKLCI almost surpassed the all-time high of 1896.23 last week before retreating. Although momentum indicators are showing profit taking bias in the immediate term, the healthy consolidation is necessary for the benchmark index to trend higher, especially immediately succeeding the 14 th GE, presuming there is no change in the power base. -
PRESS RELEASE Top Glove Corporation Bhd (Company No
Media Contact: Investor Contact: Michelle Voon See Sook Fong [email protected] [email protected] +603-3362 3098 (ext.2228) +603-3362 3098 (ext. 2233) +6016 668 8336 +6012 329 1119 PRESS RELEASE Top Glove Corporation Bhd (Company No. 474423-X) For Immediate Release TOP GLOVE CONCLUDES ASPION ACQUISITION Shah Alam, Wednesday, 4 April 2018 – Top Glove Corporation Bhd (Top Glove) today announced that it had completed the acquisition of Aspion Sdn Bhd, an exercise which will see Top Glove emerge as the world’s largest surgical glove manufacturer, further solidifying its leadership position as the world’s largest manufacturer of gloves. Top Glove stated that the Share Purchase Agreement (SPA) had been completed, with the payment of the cash portion of the Purchase Consideration duly rendered and 20,505,000 Top Glove Consideration Shares allotted to the vendor, Adventa Capital Pte. Ltd. The Group also appointed Mr Low Chin Guan as an Executive Director of Top Glove Corporation Bhd. The Aspion acquisition adds 3 manufacturing facilities with 75 lines and a capacity of 4.77 billion pieces of gloves per annum, which will see Top Glove now operating a total of 37 factories with 618 production lines and a capacity of 57.24 billion pieces of gloves per annum. The integration process to harness the synergies of the acquisition is ongoing, the key focus areas for which include cultural alignment and integrating the core functions of Marketing, Finance, HR, IT and Procurement. Tan Sri Dr Lim Wee Chai, Executive Chairman of Top Glove Corporation Bhd remarked, “We are very pleased to have concluded the acquisition of Aspion, our largest one yet, well on schedule. -
Financial Hegemony, Diversification Strategies and the Firm Value of Top 30 FTSE Companies in Malaysia
Asian Social Science; Vol. 12, No. 3; 2016 ISSN 1911-2017 E-ISSN 1911-2025 Published by Canadian Center of Science and Education Financial Hegemony, Diversification Strategies and the Firm Value of Top 30 FTSE Companies in Malaysia Wan Sallha Yusoff1, Mohd Fairuz Md. Salleh2, Azlina Ahmad2 & Norida Basnan2 1 School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis, Malaysia 2 School of Accounting, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia Correspondence: Wan Sallha Yusoff, School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis, Malaysia. E-mail: [email protected] Received: August 8, 2015 Accepted: January 18, 2016 Online Published: February 23, 2016 doi:10.5539/ass.v12n3p14 URL: http://dx.doi.org/10.5539/ass.v12n3p14 Abstract This study investigates the relationships between financial hegemony groups, global diversification strategies and firm value of the Malaysia’s 30 largest companies listed in FTSE Bursa Malaysia Index Series during 2009 to 2012 period. We chose Malaysia as an ideal setting because the findings contribute to the phenomenon of the diversification–performance relationship in the Southeast Asian countries. We apply hegemony stability theory to explain the importance of financial hegemony groups in deciding international locations for operations. By using panel data analysis, we find that financial hegemony groups are significantly important in international location decisions. Results reveal that the stability of financial hegemony in BRICS and G7 groups enhances the financial value of the Malaysia’s 30 largest companies, whereas the stability of financial hegemony in ASEAN groups is able to enhance the non-financial value of the firms. -
PROMOTION of ARTS & CULTURE ”Music Can Communicate in a Few Notes a Message That Would Take a Thousand Speeches to Deliver
PROMOTION OF ARTS & CULTURE ”Music can communicate in a few notes a message that would take a thousand speeches to deliver. Music is the literature of the heart and gives us joy where words cannot reach.” – Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, Managing Director of YTL Corporation Berhad 56 YTL CORPORATION BERHAD CORPORATE EVENTS 20 OCT 2016 UNVEILING OF NEW KLIA TRANSIT TRAINS Express Rail Link Sdn Bhd, a 45% associate of YTL Corporation Berhad, unveiled its new KLIA Transit train at its depot in Salak Tinggi, officiated by Malaysia’s Minister of Transport, YB Dato’ Sri Liow Tiong Lai. The six new train- sets, manufactured by CRRC Changchun Railway Vehicles Company Limited, will increase total service capacity by fifty percent. From left to right, Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, Executive Chairman of YTL Corporation Berhad; YB Dato’ Sri Liow Tiong Lai, Minister of Transport; YB Datuk Ab Aziz Kaprawi, Deputy Minister of Transport; Tan Sri Mohd Nadzmi Mohd Salleh, Executive Chairman of Express Rail Link Sdn Bhd; and Puan Noormah Mohd Noor, Chief Executive Officer of Express Rail Link Sdn Bhd. 27 OCT 2016 ISETAN’S 1ST INTERNATIONAL FLAGSHIP JAPAN STORE OPENS IN LOT 10 SHOPPING CENTRE Isetan Mitsukoshi Holdings Ltd, Japan’s largest department store group, launched its first flagship Japan Store outside of Tokyo in Lot 10 Shopping Centre. Based on the ‘Cool Japan’ concept and occupying the store’s six floors, with a total floor area of about 11,000 square meters, the store features a range of high-quality and designer products from around Japan. -
ESG Ratings of Plcs Assessed by FTSE Russell# in Accordance with FTSE Russell ESG Ratings Methodology
ESG Ratings of PLCs assessed by FTSE Russell# in accordance with FTSE Russell ESG Ratings Methodology Definition Top 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 26-50% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 51%- 75% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Bottom 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Stock Company Name Sector F4GBM ESG Grading Code (sorted By Alphabetical) Index Band 6599 AEON CO. (M) BHD CONSUMER PRODUCTS & SERVICES ** 5139 AEON CREDIT SERVICE (M) BHD FINANCIAL SERVICES Yes *** 7078 AHMAD ZAKI RESOURCES BHD CONSTRUCTION *** 5099 AIRASIA GROUP BERHAD CONSUMER PRODUCTS & SERVICES *** 5238 AIRASIA X BERHAD CONSUMER PRODUCTS & SERVICES ** 2658 AJINOMOTO (M) BHD CONSUMER PRODUCTS & SERVICES Yes *** 2488 ALLIANCE BANK MALAYSIA BERHAD FINANCIAL SERVICES Yes *** 5293 AME ELITE CONSORTIUM BERHAD CONSTRUCTION * 1015 AMMB HOLDINGS BHD FINANCIAL SERVICES Yes **** 6556 ANN JOO RESOURCES BHD INDUSTRIAL PRODUCTS & SERVICES * 6399 ASTRO MALAYSIA HOLDINGS BERHAD TELECOMMUNICATIONS & MEDIA Yes **** 6888 AXIATA GROUP BERHAD TELECOMMUNICATIONS & MEDIA Yes *** 5106 AXIS REITS REAL ESTATE INVESTMENT TRUSTS ** 3395 BERJAYA CORPORATION BHD INDUSTRIAL PRODUCTS & SERVICES ** 1562 BERJAYA SPORTS TOTO BHD CONSUMER PRODUCTS & SERVICES ** 5248 BERMAZ AUTO BERHAD CONSUMER PRODUCTS & SERVICES Yes **** 2771 BOUSTEAD HOLDINGS BHD INDUSTRIAL PRODUCTS & SERVICES ** 4162 BRITISH AMERICAN -
Top Glove Corp
GLOVE TOP GLOVE CORP (TOPG MK EQUITY, TPGC.KL) 10 Dec 2020 1QFY21 net profit surges twentyfold Company report HOLD Thong Pak Leng (Maintained) [email protected] 03-2036 2025 Rationale for report: Company results/update Investment Highlights Price RM6.84 Fair Value RM7.07 52-week High/Low RM9.77/RM1.44 We maintain our HOLD recommendation for Top Glove with an unchanged fair value of RM7.07. Our valuation is based on CY22 Key Changes EPS over its 5-year average PER of 28x. We raise our FY21F Fair value earnings forecast by 21% to RM7.9bil by increasing our average EPS selling price (ASP) assumption to US$80/1,000 pcs while reducing average utilisation rate to 70% from 80%. We make no YE to Aug FY20 FY21F FY22F FY23F changes to our FY22–23F numbers. Revenue (RM mil) 7,236.3 25,597.1 10,547.9 9,467.4 Top Glove’ s 1QFY21 net profit of RM2,375.8mil came in above Core net profit (RM mil) 1,890.6 7,920.3 2,711.8 1,523.4 expectations at 38% and 28% of our and consensus full-year FD Core EPS (sen) 23.1 96.8 33.1 18.6 estimate. 1QFY21 revenue profit leapt by 293.6% YoY attributed FD Core EPS growth (%) 4.2 3.2 (0.7) (0.4) to the strong demand for gloves in both developing and Consensus Net Profit (RM mil) - 8,614.1 3,450.5 2,488.9 emerging markets, owing to the ongoing global pandemic. -
Market Cap Gap Between Top Glove and Maybank Narrows to RM8
Headline Market cap gap between Top Glove and Maybank narrows to RM8 bil MediaTitle The Edge Date 28 Sep 2020 Language English Circulation 25,910 Readership 77,730 Section Corporate Page No 20,24 ArticleSize 606 cm² Journalist ARJUNA CHANDRAN PR Value RM 31,543 Market cap gap between Top Glove and Maybank narrows to RM8 bil BLOOMBERG BLOOMBERG BY ARJUNA CHANDRAN SHANKAR Market caps of top 10 KLCI component stocks Selldown in banking stocks (as at Sept 25) he market capitalisation of Market cap (RM bil) Malayan Banking Bhd has LAST PRICE (RM) P/B (TIMES) YTD CHANGE (%) Malayan Banking 79.59 NAME shrunk to below RM80 bil- AFFIN Bank 1.40 0.29 -26.3 lion, as the selldown of bank- Top Glove Corp Alliance Bank Malaysia 2.18 0.56 -17.1 ing stocks continued, further Tenaga Nasional -24.8 reducing the gap between the most AMMB Holdings 2.94 0.46 T Public Bank valuable company on the local stock BIMB Holdings 3.45 0.97 -21.6 Hartalega Holdings exchange and the next in line, Top CIMB Group Holdings 3.06 0.54 -40.6 IHH Healthcare Glove Corp Bhd. Maybank declined Hong Leong Bank 14.84 1.12 -14.2 0.14%, or one sen, to RM7.08 last Fri- Petronas Chemicals Group Hong Leong Financial Group 13.80 0.75 -18.3 day, valuing it at RM79.59 billion. A Maxis 0.97 -18.1 total of 4.51 million shares were trans- Malayan Banking 7.08 acted. On a year-to-date basis, the Sime Darby Plantation Public Bank 15,44 1.34 -20.6 counter has declined 18.1% (see table).