Berli Jucker Public is involved in manufacturing, distribution and other service activities. Co. operates through three groups. The Packaging Supply Chain group manufactures, markets and distributes glass containers, aluminum can and rigid plastic containers. The Consumer Supply Chain group manufactures, markets and distributes various consumer products, such as tissue paper, personal products including soaps, shampoos and cosmetics, snack foods, beverage and confectionery. The Healthcare and Technical Supply Chain group imports and distributes various products, such as stationery, industrial chemicals, food ingredients, pharmaceuticals, imaging products and hospital supplies.
Jumbo is a trading company based in Greece. Co.'s main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery. A part of its operations is wholesale of toys and similar items to third parties. Co. and its subsidiaries have four geographical segments: Greece, Cyprus, Bulgaria and Romania. At June 30 2015, Co. operated 72 stores in Greece, Cyprus, Bulgaria and in Romania and the on line store e-jumbo.
Tenaga Nasional is an electricity utility operating primarily in Malaysia. Co. and its subsidiaries are primarily involved in the business of the generation, transmission, distribution and sales of electricity. Co. and its subsidiaries provide electricity for all residents of Peninsular Malaysia, Sabah and Labuan. Through its subsidiaries, Co. is also involved in energy-related operations such as the manufacture of transformers, high-voltage switchgears and cables; the provision of professional consultancy services; architectural, civil, electrical engineering works and services; and repair and maintenance.
HEADLINES: • MMK: 4Q19 trading update - steel sales down 4% qoq, prices down 13% qoq • Jumbo: July-December 2019 sales growth +7.5% yoy, EUR 0.22 DPS approved • Russia macro: budget spending accelerates, as Finance Minister risks demotion • Bank Pekao: CEO considers mBank a very attractive asset NEGATIVE • Short News (LWB, PL banks, PKO)
Relative and absolute trade – The Athens benchmark index surged c+50% during 2019, a year which brought the most impressive annual returns for Greek equities in the last 2 decades. Performance was propelled by the banking sector (+101%) but with non-financials also registering notable returns (over 30%). Underpinning the Greek equity thesis during the year were domestic political developments coupled with easing global recession fears and loose monetary policy by major central banks. Looking ahead, we expect the modest fiscal stimulus embedded in the Greek state budget (incl. the 4pps reductio...
JUMBO SA (GR), a company active in the Specialty Retailers industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date January 14, 2020, the closing price was EUR 18.01 and its expected value was estimated at EUR 18.36.
Slot machine distributor and concession operator RGB’s growth visibility will remain high through 2020-21, riding on the burgeoning casinos in the emerging ASEAN countries (mainly new concessions in the Philippines and Indochina). RGB is expected to deliver net profit growth of 10-20% p.a. in 2020-22, with the lucrative concession division expected to grow 23.3% in the three-year period. It currently trades at 6.0x FY20F PE and offers a lush yield of 4.5-5.0%. Maintain OVERWEIGHT on the sector.
The cement industry is on track for a recovery in 2020, evident from the easing of the price war and we expect demand to pick up gradually. On the other hand, the outbreak of the coronavirus will exert greater pressure on steel prices as there are concerns of a further slowdown in China’s economy, the world’s biggest steel producer and consumer. Maintain MARKET WEIGHT on the building materials sector but OVERWEIGHT on the cement segment. Our top pick is Hume.
KEY HIGHLIGHTS Sector Update Building Materials –Malaysia: Cement recovery progressing well; coronavirus weighing on steel segment. Gaming – Malaysia: Sold-down RGB provides an excellent opportunity to accumulate. A proxy for thriving ASEAN gaming jurisdictions, RGB trades at a prospective PE of only 6x and yield of >5%. TRADERS’ CORNER MKH (MKH MK): Technical BUY Gadang Holdings (GADG MK): Technical BUY
Top-line improved in 9M19 but earnings declined slightly due to higher marketing and maintenance expenses. Positively, efforts to turn around DaMen are yielding results. Pavilion KL Mall and Elite Pavilion are still thriving with decent rental reversion. We continue to like Pavilion REIT for its high-quality assets. We adjust our forecasts, reflecting the higher expenses. Maintain BUY. We trim our target price to RM1.90.
Company Results Pavilion REIT (PREIT MK/BUY/RM1.73/Target: RM1.90) Page 2 2019: Earnings were hit by higher expenses. We continue to like Pavilion REIT for its high-quality assets. Company Update British American Tobacco (ROTH MK/HOLD/RM11.94/Target: RM12.92) Page 5 Upgrade to HOLD as valuation has fallen to unprecedented lows. It fairly prices in the multiple headwinds plaguing the industry and BAT. UOBKH Highlights KLCCP Stapled Group (KLCCSS MK/HOLD/RM7.98/Target: RM8.16) Page 8 2019: Results Within Expectations TRADERS’ CORNER Page 9 Success Transformer Corporation (STC MK): Te...
GREATER CHINA Update MicroPort Scientific Corporation (853 HK/BUY/HK$8.91/Target: HK$11.00): 2019 results preview: Domestic growth accelerates, weak overseas businesses may regain growth momentum in 2020. INDONESIA Update Waskita Karya (WSKT IJ/BUY/ Rp1,305/ Target: Rp1,720): Rp43.7t cash inflow received; expect 66% yoy core earnings growth in 2020. MALAYSIA Results Pavilion REIT (PREIT MK/BUY/RM1.73/Target: RM1.90): 2019: Earnings were hit by higher expenses. We continue to like Pavilion REIT for its high-quality assets. Update British American Tobacco (ROTH MK/HOLD/RM11.94/Target: RM12.92): ...
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