Company Update
26 January 2017
Genting Malaysia Bhd
OUTPERFORM ↑
Price:
Target Price:
A World-class Family Holiday Destination
RM4.97
RM5.66
↑
By Teh Kian Yeong l [email protected]
We are upgrading GENM to OUTPERFORM as the GITP
expansion program will escalate the sole casino operator’s
earnings to a new high and transform the hill-top resort to a
world-class family holiday destination. With much
anticipation, it is now time for GENM to show results as early
phase of the projects have started. And, we believe the
group should be able to bear fruitful results given what they
are offering in the store. We also revised our price target for
GENM to RM5.66/SoP share.
A day at the hilltop. Last week, we went for a walk-about at Genting
Highlands following the new openings of Awana SkyWay and
SkyAvenue recently. The tour reinforced our positive view on the
RM10.4b Genting Integrated Tourism Plan (GITP) expansion program
which we believe is a game changer to make the hill-top resort a
destination for exciting family holidays and leisure pursuits from merely
being perceived as just a casino operation with tired-looked hotels and
th
outdated theme park facilities. This is especially so when the 20
Century Fox Theme Park is ready to open latest by this year-end if not
early next year.
“New way” of going up the hill. The GITP could make changes to the
way of commuting to the highlands. Ample parking bays at the new
Awana SkyWay building allow visitors to park their cars at the mid-hill for
shopping at Genting Highlands Premium Outlet (GHPC), or to take a 10minute cable car to the new SkyAvenue Building for shopping and dining
th
and the new 20 Century Fox Theme Park and other existing facilities
are just at the doorstep. More importantly, the highland offers something
other competitors in the region are unable to offer, the cool highland
climate. With all these offerings, Genting Highlands will become one of
the world-class holiday destinations.
Earnings to be felt by 2H17. We see three key points from the GITP.
Firstly, as there will be only a 100-suite premium hotel in SkyAvenue and
the two new brand new hotels by three years’ time, day-trippers are
expected to take up the new capacity. Secondly, the new theme park
should attract more local Muslims to frequent the hilltop resorts from
previously being a casino-centric holiday destination. Lastly, the new
gaming capacity will be a long-term earnings growth driver and make
GITP a successful project. Nonetheless, we expect earnings start to
contribute from 2H17 onwards and more meaningful impact is likely to
be felt in 2018 as most of the key projects will only kick start later.
Upgrade to OUTPERFORM. While keeping estimates for now, we
decided to upgrade CY17 EV/EBITDA valuation for the local operations
to 11.2x, at a 10% premium to its 3-year average of 10.2x, from 9.2x
previously as it is expected to re-rate further as GITP started opening
their doors recently. Thus, our new price target is raised to RM5.66/SoP
share from RM4.80/SoP share previously. As such, we are upgrading
the stock to OUTPERFORM from MARKET PERFORM. Downside risks
to our upgrading call are depressed earnings on lower business volume
and hold percentages as well as delay in the key GITP projects such as
theme park and new casino capacity.
PP7004/02/2013(031762)
Share Price Performance
5.20
5.00
4.80
4.60
4.40
4.20
4.00
Jan-16
Feb-16 Mar-16 Apr-16 May-16 Jun-16
Jul-16
Aug-16 Sep-16 Oct-16 Nov-16 Dec-16
Jan-17
KLCI
YTD KLCI chg
YTD stock price chg
1683.93
2.6%
8.5%
Stock Information
Shariah Compliant
Bloomberg Ticker
Market Cap (RM m)
Issued shares
52-week range (H)
52-week range (L)
3-mth avg daily vol:
Free Float
Beta
No
GENM MK
28,172.1
5,668.4
4.98
4.09
4,863,602
46%
1.2
Major Shareholders
GENTING BHD
MASSACHUSETTS MUTUAL
INTERNATIONAL VALUE
Summary Earnings Table
FY Dec (RM m)
2015A
Turnover
8396
EBIT
1325
PBT
1530
Net Profit (NP)
1258
Core Net Profit
1112
Consensus (NP)
Earnings Revision
Core EPS (sen)
18.8
Core EPS growth (%) -18.1
NDPS (sen)
7.1
BV/Share (RM)
3.21
NTA/Share (RM)
2.31
PER (x)
26.4
PBV (x)
1.55
Price/NTA (x)
2.15
Net Gearing (x)
N Cash
Net Yield (%)
1.4
49.3%
2.6%
2.6%
2016E
9216
1732
1881
1663
1663
1462
28.1
49.5
7.0
3.43
2.53
17.7
1.45
1.96
N Cash
1.4
2017E
9796
1887
2061
1778
1778
1685
30.0
7.0
7.3
3.48
2.58
16.5
1.43
1.93
N Cash
1.5
Page 1 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
VISIT TO GENTING HIGHLANDS
A day at the hilltop. Last week, we went for a walk-about at Genting Highlands following the new openings of cable car
Awana SkyWay and shopping mall SkyAvenue recently. This tour reinforced our positive view on the RM10.4b GITP expansion
program which we believe is a game changer to make the hill-top resorts a destination of exciting family leisure resorts from
merely just casino-centric operations with tired-looking hotels and ageing theme park facilities. This is especially so when the
th
key focused brand new 20 Century Fox Theme Park is ready to open latest by this year-end if not early next year. This
revamped program was first announced in July 2013 with initial capex of RM3b over a 5-year period, which later was raised to
RM10.4b over a total of 10 year redevelopment period, the first major investment in Malaysia for GENM after many years of
investing abroad. Besides the theme park, the first phase of GITP includes new cable car stations, premium outlet, shopping
mall and hotel.
SkyWay to link between GHPO and the top. We started our walk-about tour at the mid-hill new Awana SkyWay Building
which houses cable car Awana SkyWay Station, Awana Bus Terminal as well as the Genting Highlands Premium Outlet
(GHPO). Currently, only the cable car station and bus terminal are operating while the premium outlet is still under
construction, which will be ready by 3Q17. Although GHPO will be operated by Genting Simon Sdn Bhd, a 50:50 JV between
Genting Plantation Bhd (GENP, UP; TP: RM10.90) and Simon Property Group, and GENM will receive rental income, with the
success of Johor Premium Outlet in Johor, GHPO could be a hit as it would attract more shoppers from Klang Valley to the
premium outlet. At the same time, shoppers could have additional option of taking a 10 minutes cable car ride from the Awana
SkyWay Station to the hilltop at SkyAvenue Station for other venues at the highlands, such as shopping, dining, theme park or
patronising the casino up the hill. This should bring more tourists to the highlands.
Awana Station
Genting Highlands Premium Outlet
Awana SkyWay Building
Awana SkyWay From The Top
Source: Kenanga Research
PP7004/02/2013(031762)
Page 2 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
SkyAvenue a shopping/dinning paradise. After a 10-minute cable car ride which took us from the Awana SkyWay Station,
th
we arrived at the SkyAvenue Station at the 4 Floor of SkyAvenue Building. Currently, only the cable car station is in operation
th
at 4 Floor as the Malaysian Food Street has yet to open. We also noticed that there is direction sign pointing to SkyCasino at
th
rd
4 Floor, indicating that the new gaming floor is likely to be located there. There are several retail stores opened at the 3 Floor
nd
while 2 Floor is largely vacant. GENM has brought in three interesting international F&B franchises, namely Paris-based
Cafes Richard, London-based Burger & Lobster and New York-based Motorino to Genting Highlands where all are located side
by side at the F&B floor at the Level 1. Meanwhile, the Ground Floor of SkyAvenue is also under renovation. With this new
setting, tourists are spoilt with choice of shipping, dining and entertainment under one roof. We were also made known that
there will be a 100-suite premium hotel in the SkyAvenue building too.
Heading To SkyAvenue Station
SkyCasino’s Sign At 4th Floor
Retail Shops At 2nd Floor
SkyAvenue’s Centre Court
Upcoming Retail Brands
Cafes Richard At 1st Floor
Source: Kenanga Research
PP7004/02/2013(031762)
Page 3 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
th
20 Century Fox Theme Park on the way. From the cable car before we arrive at the SkyAvenue Station, we have a full
aerial view of the theme park, which is currently still under construction, as it is just next to the SkyAvenue Building. This theme
th
park is scheduled to open by this year-end, if not early of next year. This first full-scale 20 Century theme park in the world is
th
on 25 acres of land, which feature 25 rides and attractions of cinematic themes based on 20 Century Fox Blockbuster titles
such as Ice Age, Rio, Alien vs. Predator, Planet of the Apes and Night at the Museum. Although new theme parks are aplenty
in the region such as Legoland and Puteri Habour Family Theme Park in Malaysia and the Universal Studios Singapore (USS)
th
which is just across the causeway, this 20 Century Theme Park has the advantage of cool highland climate. We believe this
will be a major pull factor for visitors from the warmer Southeast Asia region.
20th Century Fox Theme Park On The Way
Another View Of The Theme Park
Source: Kenanga Research
WHAT WE THINK
GITP - The game changer? This visit reaffirmed our positive view on the expansion program which could transform the hill-top
resort to be a world-class leisure destination. Compared to other theme parks in the region, Genting Highlands has the
th
advantage of cool highland climate, which is a major selling point. On the other hand, 20 Century Fox Theme Park could be a
drawing point to Malaysian Muslim which makes up 60% of the country’s population. Although there is no official statistics of
local Muslim visiting Genting Highlands, we believe they are the minority given the nature of the casino-centric resort up there.
Meanwhile, with the recent improved relationship between Malaysia and China, tourist arrivals from China had shown
improvement in the recent months post MH370 incident in March 2014.
Mainland Chinese to lead visitation growth. The Chinese tourist arrivals which include Hong Kong and Macau jumped 27%
in the first 10 months of 2016 to 1.75m from 1.38m for the same period last year. Furthermore, Malaysia Airlines Bhd has
announced 19 new destination and routes to China from early this year. The CEO of MAS also said the airline plans to triple its
Chinese business over the next five years with potential of direct flights to 20 Chinese cities by 2019. All these should benefit
GENM as well as mainland Chinese are the main gambling group to casinos anywhere in the world and we saw many
mainlanders there during our visit this time. Management expects total visitor arrivals at the highlands to hit 30m by 2020 from
19.4m in 2015, which we believe is achievable with the new offering from GITP.
Total Tourist Arrival vs. Tourist Arrival From China
Source: CEIC
PP7004/02/2013(031762)
Page 4 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
Expect more day-trippers. With the latest 1,300-room First-World Hotel Tower 3 launched in June 2015, there are total of
11,000 hotel rooms available at the highland resorts. As the two brand new hotels, which will be located next to SkyAvenue, will
only be ready in three years’ time, there is no new room capacity except the 100-suite premium hotel in SkyAvenue, thus we
expect more day-trippers in the future when the theme park is ready and SkyAvenue & GHPO are fully operational later this
year. This also means that the SkyWay cable car is the viable transportation to ferry day-trippers from mid-hill to the hilltop. The
new cable car can carry 3,000 passengers one way every hour and visitors can park their cars at Awana SkyWay car park,
which has 4,437 car parking lots and 633 lots for motorbike.
Earnings to reflect from 2H17 onwards? Although there is no official statement from the company, news reports suggested
that GENM is getting 50% new gaming capacity for this GITP expansion program, from its existing capacity of 500 tables and
3,000 slots machines. In our opinion, should it manage to secure the additional capacity, the increase in business volume is
unlikely to see the same proportion increment in the near-term as patronage are unlikely to increase by 50% as well.
Nonetheless, we could see an immediate increase in non-gaming business volume as SkyAvenue is already partially
operational. We believe a meaningful non-gaming earnings impact to be felt in 2H17 onwards as more retail shops as well as
GHPO are opened. 2018 will be an exciting year as the theme park will kick-start then.
STOCK TO RERATE FURTHER
Trading close to SoP valuation since 2013. Unlike three other Malaysian gaming stocks, share price of GENM has been
fairly stable in the past three years ever since the unveiling of the GITP in mid-2013. In fact, GENM is the only stock with
positive returns of 32% since Jan 2013 and beat FBMKLCI by 29% over the same period as the benchmark index posted
merely 3% gain whereas Genting Bhd (GENTING, OP; TP: RM9.14), Berjaya Sports Toto Bhd (BJTOTO, MP; TP: RM3.17)
and Magnum Bhd (MAGNUM, OP; TP: RM2.52) lost 12%, 30% and 37%, respectively, of their share values. Likewise, GENM
has traded closer to its SoP valuation since 2013 from the 30-50% discount range since 2007. This could mean that the market
is positive of the GITP which is a major earnings booster. As the new facilities are now up and running, we believe as earnings
start to kick in, the stock is likely to rerate further.
Malaysian Gaming Stock Price Performance
Malaysian Gaming Stock Price Relative Performance
Source: Bloomberg/Kenanga Research
Share Price Discount To SoP Valuation
Source: Kenanga Research
PP7004/02/2013(031762)
Page 5 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
Valued home turf operations at 11.2x CY17 EV/EBITDA. GENM has been trading at an average EV/EBITDA of 8.5x in the
past 10 years, from the low of 4.2x during the last financial crisis to as high as 11.8x last year. Overall, the earnings multiples
were on an uptrend since the launch of GITP in 2013 with 3-year average of 10.2x. In view of improved sentiment owing to the
expansion program, we decided to raise our target CY17x EV/EBITDA to 11.2x which is at 10% premium to the 3-year
average, from 9.2x which was at 10% premium to the 10-year average. Meanwhile, we maintain our 20% discount to RWG’s
EV/EBITDA valuation for non-RWG operations, thus EV/EBITDA valuations for Genting UK and the North American operations
have been raised to 9.0x from 7.4x previously. As such, our SoP valuation for GENM is now raised to RM5.66/share from
RM4.80/share previously.
10-year EV/EBITDA Trend
Source: Kenanga Research
Valuation - New
(RM m)
RWG
Genting UK
North American Operations
Wisma Genting
Net Cash/(Debt)
EBITDA CY17E
2,234.0
295.7
131.1
Value
25,065.1
2,654.2
1,176.5
246.6
4,467.1
33,609.5
5,938.0
RM5.66
RM/share
4.22
0.45
0.20
0.04
0.75
5.66
Valuation Basic
11.2x CY17 EV/EBITDA
9.0x CY17 EV/EBITDA
9.0x CY17 EV/EBITDA
FY15A book value
EBITDA CY17E
2,234.0
295.7
131.1
Value
20,641.8
2,185.8
968.9
246.6
4,467.1
28,510.3
5,938.0
RM4.80
RM/share
3.48
0.37
0.16
0.04
0.75
4.80
Valuation Basic
9.2x CY17 EV/EBITDA
7.4x CY17 EV/EBITDA
7.4x CY17 EV/EBITDA
FY15A book value
No of shares
SOP value per share
Source: Kenanga Research
Valuation - Old
(RM m)
RWG
Genting UK
North American Operations
Wisma Genting
Net Cash/(Debt)
No of shares
SOP value per share
Source: Kenanga Research
PP7004/02/2013(031762)
Page 6 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
UPGRADE GENM TO OUTPERFORM
Upgrade to OUTPERFORM. We maintain our positive view on GENM on the back of GITP, which could transform the Genting
Highlands to a world-class family leisure destination. The new theme park is also likely to open door for more local Muslims to
frequent the hill-top resorts. In addition, the new gaming capacity should improve business volume, although it may not be
significant in the near-term. As such, we are upgrading GENM to OUTPERFORM from MARKET PERFORM with new 2017base price target of RM5.66/SoP share from RM4.80/SoP share previously. Meanwhile, we are keeping our estimates,
especially FY17 estimates which we believe are fairly conservative, for now as we would like to see more concrete numbers as
well as the opening of new gaming space first before revising our numbers. Risks to our upgrading call are depressed earnings
on lower business volume and hold percentage as well as the delay of GITP.
Sector Comparisons
Company
Fx
PER
(x)
Price
CY15
CY16
CY17
Est.
Div.
Yld.
(%)
(%)
His.
P/B
V
(x)
CY16
CY17
His.
ROE
NP Growth (%)
TP
Rating
Malaysia Gaming
BJTOTO
MAGNUM
GENTING
GENM
Simple Average
International
Casino
Genting
Genting Malaysia
Genting Singapore
Galaxy
Melco Crown
MGM China
SJM
Sands China
Wynn Macau
Simple Average
MYR
MYR
MYR
MYR
2.98
2.17
8.40
4.97
12.4
13.7
31.6
26.5
21.0
13.2
15.0
17.0
17.7
15.7
12.4
12.4
15.4
16.6
14.2
6.0
5.3
0.5
1.4
47.4
9.1
3.9
7.2
5.9
1.3
1.0
1.5
-6.4
-8.8
85.8
49.5
6.9
20.5
10.6
7.0
3.17
2.52
9.14
5.66
MP
OP
OP
OP
MYR
MYR
SGD
HKD
USD
HDK
HKD
HKD
HKD
8.40
4.97
0.96
36.45
17.24
15.04
6.17
35.35
13.68
31.6
26.5
59.5
37.4
80.2
18.4
14.2
195.5
28.6
54.6
17.0
17.7
47.8
26.3
40.1
20.2
16.9
27.1
36.5
27.7
15.4
16.6
30.0
24.1
33.1
26.3
22.9
22.5
26.6
24.2
0.5
1.4
2.7
1.1
0.7
1.5
3.1
0.7
2.6
3.9
7.2
1.0
10.5
2.5
55.3
10.3
23.8
43.3
1.0
1.5
1.6
3.8
2.1
11.6
1.5
6.3
10.1
85.8
49.5
24.5
42.0
99.9
-8.9
-16.3
621.6
-21.8
10.6
7.0
59.5
9.2
21.2
-23.3
-26.1
20.4
37.2
9.14
5.66
NR
NR
NR
NR
NR
NR
NR
OP
OP
NR
NR
NR
NR
NR
NR
NR
Source: Bloomberg/Kenanga Research
PP7004/02/2013(031762)
Page 7 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
Income Statement
FY Dec (RM m)
Revenue
EBITDA
Depreciation
EBIT
Other Income
Interest Expense
Associate
Exceptional/FV
PBT
Taxation
Minority Interest
Net Profit
Core Net Profit
2013
8328
2409
-552
1857
68
-52
-13
-94
1766
-182
19
1603
1589
2014
8229
2248
-608
1640
89
-35
0
-169
1525
-384
48
1189
1358
2015
8396
2010
-684
1325
95
-36
0
145
1530
-287
15
1258
1112
2016F
9216
2466
-734
1732
224
-75
0
0
1881
-282
64
1663
1663
2017F
9796
2701
-814
1887
247
-73
0
0
2061
-309
26
1778
1778
Balance Sheet
FY Dec (RM m)
Fixed Assets
Intangibles
Other FA
Inventories
Receivables
Other CA
Cash
Total Assets
2013
6273
4387
3775
88
485
1125
3720
19852
2014
7611
4482
3723
100
788
1322
2770
20797
2015
10660
5367
2953
120
1243
2660
4519
27521
2016F
12426
5367
1243
129
1377
2407
5371
28321
2017F
13612
5367
1243
136
1464
2258
3918
27997
Payables
ST Borrowings
Other ST Liability
LT Borrowings
Other LT Liability
Minority Int.
Net Assets
1616
197
227
1483
852
20
15458
1852
207
194
1411
860
-31
16304
2648
784
235
3841
907
26
19080
2909
784
237
3057
910
29
20395
3086
784
237
2273
913
30
20674
Share Capital
594
Reserves
14864
Shareholders’ Equity 15458
594
15711
16304
594
18487
19080
594
19801
20395
594
20081
20674
Cashflow Statement
FY Dec (RM m)
Operating CF
Investing CF
Financing CF
Net Change in Cash
Free Cash Flow
Capex
2014
1603
-2055
-497
-950
-453
1827
2015
1943
-2740
2245
1449
-796
2531
2016F
5057
-2700
-1205
1152
2357
2500
2017F
1966
-2200
-1220
-1454
-234
2000
2013
2133
-1778
141
496
355
1416
Financial Data & Ratios
FY Dec (RM m)
2013
Growth (%)
Revenue
5.5
EBITDA
-5.6
Operating Income
-8.7
Pre-tax Income
-2.8
Net Income
14.3
Core Net Income
-3.5
2014
2015
2016F
2017F
-1.2
-6.7
-11.7
-13.7
-25.8
-14.5
2.0
-10.6
-19.2
0.4
5.8
-18.1
9.8
22.7
30.7
22.9
32.2
49.5
6.3
9.5
8.9
9.6
7.0
7.0
Profitability (%)
EBITDA Margin
Operating Margin
PBT Margin
Net Margin
Core Net Margin
Effective Tax Rate
ROE
ROA
28.9
22.3
21.2
19.2
19.1
10.3
8.9
11.1
27.3
19.9
18.5
14.4
16.5
25.2
6.9
8.6
23.9
15.8
18.2
15.0
13.3
18.8
4.8
6.3
26.8
18.8
20.4
18.0
18.0
15.0
6.2
8.4
27.6
19.3
21.0
18.2
18.2
15.0
6.6
8.7
DuPont Analysis
Net margin (%)
Assets Turnover (x)
Leverage Factor (x)
ROE (%)
19.2
0.42
1.28
10.4
14.4
0.40
1.28
7.3
15.0
0.31
1.44
6.6
18.0
0.33
1.39
8.2
18.2
0.35
1.35
8.6
Leverage
Debt/Asset (x)
Debt/Equity (x)
Net Debt/(Cash)
Net Debt/Equity (x)
0.08
0.11
2981
-0.19
0.08
0.10
2303
-0.14
0.17
0.24
2349
-0.12
0.14
0.19
3726
-0.18
0.11
0.15
2907
-0.14
Valuations
EPS (sen)
NDPS (sen)
BV (RM)
NTA (RM)
PER
Net Dividend Yield
PBV
P/NTA
EV/EBITDA
26.8
7.1
2.60
1.86
18.5
1.4
1.91
2.67
9.1
22.9
6.5
2.75
1.99
21.7
1.3
1.81
2.50
9.7
18.8
7.1
3.21
2.31
26.4
1.4
1.55
2.15
11.8
28.1
7.0
3.43
2.53
17.7
1.4
1.45
1.96
10.5
30.0
7.3
3.48
2.58
16.5
1.5
1.43
1.93
9.9
Source: Kenanga Research
Fwd PER Band
PRICE (RM)
Fwd PER Standard Deviation
PER 8.7 x
PER 12.1 x
PER 15.6 x
PER 19.0 x
FWD PER
PER 22.4 x
5.50
5.00
22.00
4.50
20.00
4.00
18.00
3.50
16.00
3.00
14.00
2.50
12.00
2.00
10.00
1.50
Jan-10
FWD AVG PER
S.Dev +1
S.Dev -1
S.Dev +2
S.Dev -2
PER (X)
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
8.00
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Source: Kenanga Research
PP7004/02/2013(031762)
Page 8 of 9
Genting Malaysia Bhd
Company Update
26 January 2017
Stock Ratings are defined as follows:
Stock Recommendations
OUTPERFORM
MARKET PERFORM
UNDERPERFORM
: A particular stock’s Expected Total Return is MORE than 10% (an approximation to the
5-year annualised Total Return of FBMKLCI of 10.2%).
: A particular stock’s Expected Total Return is WITHIN the range of 3% to 10%.
: A particular stock’s Expected Total Return is LESS than 3% (an approximation to the
12-month Fixed Deposit Rate of 3.15% as a proxy to Risk-Free Rate).
Sector Recommendations***
OVERWEIGHT
NEUTRAL
UNDERWEIGHT
: A particular sector’s Expected Total Return is MORE than 10% (an approximation to the
5-year annualised Total Return of FBMKLCI of 10.2%).
: A particular sector’s Expected Total Return is WITHIN the range of 3% to 10%.
: A particular sector’s Expected Total Return is LESS than 3% (an approximation to the
12-month Fixed Deposit Rate of 3.15% as a proxy to Risk-Free Rate).
***Sector recommendations are defined based on market capitalisation weighted average expected total
return for stocks under our coverage.
This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not
make any representations as to its accuracy or completeness. Any recommendation contained in this document does not have regard to
the specific investment objectives, financial situation and the particular needs of any specific person who may read this document. This
document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees.
Kenanga Investment Bank Berhad accepts no liability whatsoever for any direct or consequential loss arising from any use of this document
or any solicitations of an offer to buy or sell any securities. Kenanga Investment Bank Berhad and its associates, their directors, and/or
employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or
otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies.
Published and printed by:
KENANGA INVESTMENT BANK BERHAD (15678-H)
Level 12, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia
Telephone: (603) 2172 0880 Website: www.kenanga.com.my Email: [email protected]
PP7004/02/2013(031762)
Sarah Lim Fern Chieh
Head of Equity Research
Page 9 of 9