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Hong Leong Investment Bank’s (HLIB) researc arm is maintaining its “sell” calls on both AirAsia Group Bhd and Malaysia Airports Holdings Bhd (MAHB). PETALING JAYA: It’s not yet light at the end of the tunnel for the aviation sector as it continues to undergo turbulence amid closed country borders and social distance measures. “We expect a prolonged impact of Covid-19, especially on international travel, affecting the profits and margins of the sector, ” Hong Leong Investment Bank’s (HLIB) research arm told clients in a report yesterday. It said based on current developments, it expected domestic travel within Asean countries to remain suppressed until end of 2021 and only gradually recover by mid-2022 with international borders opening up at the same time. ....
KUALA LUMPUR (May 3): Some analysts have revised up their target prices (TPs) and earnings forecasts for MR DIY Group (M) Bhd after its profit for the first quarter ended March 31, 2021 (1QFY21) beat their expectations. UOB Kay Hian analyst Philip Wong said in a note today MR DIY’s 1QFY21 earnings beat the research house s expectations on the back of its resounding in-store sales and accelerated store expansion. “We raise our FY21-23 revenue per store growth assumption to 15%/0%/2% from 10%/2%/2% previously and our net store addition assumptions to 200/190/170 from 175 a year previously. “Our FY21-23 earnings forecasts are raised by 4%/8%/8% respectively. Key downside risks are a sharp weakening of the ringgit against the renminbi (yuan) and trade restrictions by China,” he added. ....
KUALA LUMPUR (March 1): Analysts have slashed their target prices for AMMB Holdings Bhd (AmBank) by 14.7% to 30.5%, citing the RM2.83 billion 1MDB settlement as a “negative surprise”. CGS-CIMB analyst Winson Ng noted in a note today that the settlement was a “negative surprise” as “AmBank had not disclosed any discussions between the bank and the regulator previously”. “Factoring in the RM2.83 billion 1MDB settlement, we are now forecasting a net loss of RM2 billion in FY21 versus our net profit forecast of RM829.6 million previously,” he said. Ng also reduced the FY21 dividend per share to zero. “To factor in the negative sentiment arising from the 1MDB settlement, we widen the discount to our dividend discount model (DDM) value from 15% previously (for the credit risk from Covid-19) to 40% (partly for the reputational risk from the 1MDB case). All these lower our DDM-based target price from RM3.97 to RM2.76,” he said. ....