Showing posts with label NAIM. Show all posts
Showing posts with label NAIM. Show all posts
March 25, 2015
September 18, 2013
Naim - Miri to remain Naims earnings driver-MIDF-180913
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 4.23 |
May 28, 2013
May 9, 2013
Naim - constructing promises
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.22 |
March 4, 2013
February 28, 2013
Property division boosted overall earnings
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.22 |
December 5, 2012
November 30, 2012
Another positive earnings surprise
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.14 |
October 18, 2012
Construction_More investment to SCORE_181012
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.10 |
October 4, 2012
Second MRT contract this year
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.10 |
October 3, 2012
Naim up on plan to move into REIT business
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Shares of Naim Holdings Bhd rose as much as 2.21 per cent after the Borneo-based construction firm said it aimed to move into the real estate investment trust (REIT) business.
At 0226 GMT, the counter was up 1.66 per cent at RM1.84 per share, as compared with the broader index's 0.16 per cent drop.
"We are positive on the news (Naim's intention to move into REIT) as this would provide Naim with sustainable recurring income," MIDF Research said in a note on Wednesday.
Nonetheless, it will launch the REIT only after investments have reached sufficient size, said MIDF. It reiterated its 'buy' call on the counter with a revised target price of RM3.04 from RM3.01 per share.- Reuters
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.04 |
Shares of Naim Holdings Bhd rose as much as 2.21 per cent after the Borneo-based construction firm said it aimed to move into the real estate investment trust (REIT) business.
At 0226 GMT, the counter was up 1.66 per cent at RM1.84 per share, as compared with the broader index's 0.16 per cent drop.
"We are positive on the news (Naim's intention to move into REIT) as this would provide Naim with sustainable recurring income," MIDF Research said in a note on Wednesday.
Nonetheless, it will launch the REIT only after investments have reached sufficient size, said MIDF. It reiterated its 'buy' call on the counter with a revised target price of RM3.04 from RM3.01 per share.- Reuters
July 13, 2012
June 20, 2012
March 28, 2012
Smelting plant scrapped - 28 March 2012
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: KENANGA | Price Call: BUY | Target Price: 2.94 |
It was reported that Rio Tinto and Cahya Mata Sarawak have scrapped plans for aUSD2b (RM6.1b) aluminum smelter project in Sarawak as it could not agree on thecommercial power supply terms withSarawak Energy Berhad. This will be an advantage to Press Metal's existingMukah smelting plant as it will have less competition from the other bigger playerthus. Given ASEAN and China's base consumption of c.17m tpy and Malaysia'sconsumption of c.250,000 tpy, we see a good potential for Press Metal given itsstatus as one of the only two players in the region to fill the demand. Onconstruction, we opined that selectiveSarawakbased construction companies like KKB (Not Rated) will likely to be affected by this news as KKB is eyeing forthe smelter plant construction works, which could be worth more than RM1.0b.Although there are no tangible losses to the contractors, the sentiments and prospects of Sarawak-basedcontractors will be weak as most of the contractors are relying on SCORE as there-rating catalyst for their earnings growth. We maintain our Neutralrecommendation on the sector.
Rio-Tinto and CahyaMata scrapped smelting plant. It was reported by Reuters that Rio Tinto and Cahya Mata Sarawak havescrapped plans for a USD2.0b (RM6.1b) aluminum smelter project in Sarawak. Itis understood that they could not agreeon the commercial power supply terms with Sarawak Energy Berhad. To recap, bothcompanies have been working to set up an aluminium smelter plant since theproject was announced in 2007. The aluminium smelter was supposed to have anannual capacity of 1.5m tonnes per year (tpy) to meet surging demand from Chinaand other developing economies. However, the collaboration has not gone beyondthe planning stage due to delays in constructing the Bakun dam, that would haveprovided cheap power to the energy-guzzling smelter.
Good for Press Metal(NOT RATED, TP: RM2.46). WithSarawak Aluminum Company (SALCO - which is a 60:40 partnership between RioTinto-CMS) gone, it would be an advantage to Press Metal's existing Mukahsmelting plant as it will have less competition from the other bigger player.Aside from Salco, the other known proposed smelting projects locally is SmelterAsia, albeit the project is still at itspreliminary stage. According to management, the average world demand growth foraluminium stands at 7% while China alone sees a 16% growth. Given ASEAN andChina's base consumption of c.17m tpy and Malaysia's consumption of c.250,000tpy, we see a good potential for Press Metal given its status as one of theonly two players in the region to fill the demand. Furthermore, China has also tightenedits policy on aluminium producers through suspending approvals for new smeltersand electrolytic aluminium. The country also has a higher electricity cost forits smelters, as its electricity cost is half that of the Chinese smelters'cost (c.US$37/MWh locally versus c.US$75/MWh in China). Last year, Press Metalmanaged to sign a power purchase agreement (PPA) with Sarawak Energy for a longterm supply of energy at an indicated electricity rates of 11-12sen/kWh (61.2%discount to industrial rate). Another point to note is that the company hasalso recently secured two new offtake agreements with LG and Alcom for thesupply of billets and aluminium ingots aside from Japan's Sumitomo's 20% stakein both Phase 1 of the smelting plant, which has ensured a 20% offtakeagreement with Press Metal. As we do not have an official coverage on the stock,we do not have a rating on the stock. However, we see Press Metal as thepotential beneficiary due to potential earnings visibility from its newsmelting plant. We value the stock based on the average sector PER of 10x andagainst our FY12 EPS forecast of RM0.25, this translates to a fair value ofRM2.46, which offers a 17.7% upside for the stock from its current level.
Impact on Sarawakbased construction muted. We expect the sector's sentiment to be affectedas they have been waiting for these contracts. We believe that the impact willbe far muted to Naim and Bintulu and we opined that KKB (Not rated) and HSL (Not Rated) willbe the immediate looser to the news. (see below for more details ).
OTHER POINTS
Impact to constructionsector. We opine that selective Sarawak-based construction companies willlikely be the first to be affected by this news. Although there are no tangiblelosses to the contractors, the sentiments and prospects of Sarawak-basedcontractors will be weak. Most of the contractors are relying on SCORE as there-rating catalyst for their earnings growth. To recap, in 2011, KKB (NotRated) was awarded a contract worth RM70m from OM Minerals Sdn Bhd, a JVcompany between OM Holding and CMS (Not Rated). Other than that, KKB has 2ongoing water contracts in the Samalaju industrial area worth up to RM300m. KKB is also mullingfor the construction of a smelter facility for Rio Tinto Alcan, which is now likely to be scrapped. We also note that Naim currently owns a few property investments in the Samalaju area tohouse its Tokuyama and Asia Mineral'sworkers. At present, it has about 4000 acres of land to be developed in thearea. Bintulu Port (OP TP RM: 7.00) meanwhile is known to be activelyfinalising the terms for its proposed Samalaju Port. This news will likely to be negative for Bintulu Port's long term outlook as it could lead to greater uncertainties to its port's activities (for industrial).
No change to Naim andBintulu recommendations. We believe that the impact will be far muted toNaim and Bintulu with our view that KKB (Not rated) and HSL (Not Rated) will bethe likely immediate losers on the news. These companies are heavily relianceon marine construction works and pure contractor works. We are maintaining ourrecommendation on Naim (OP, RM: 2.94) and Bintulu (MP, TP RM: 7.00).
Source: Kenanga
March 1, 2012
Naim Holdings - Oil & gas boost in a weak FY11 BUY
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: AMMB | Price Call: BUY | Target Price: 2.88 |
We maintain our BUY recommendation on Naim Holdings with alower fair value of RM2.88/share (previously: RM3.39/share) ' based on anunchanged 20% discount to its revised sum-of-parts (SOP) value.
The lower fair value encapsulates our earnings downgrade arisingfrom:- (i) more conservative new order book assumptions; (ii) higher interestexpense from its new Islamic bond facilities; and (iii) higher contributions/changesin the market value of its oil & gas associate, Dayang Holdings.
Naim reported FY11 figures which were largely in line with expectations.Stripping off an exceptional gain of ~RM10mil on the partial disposal of sharesin Dayang, core earnings dipped 62% YoY due to lower contributions from bothits property and construction divisions.
Property earnings fell by a sharp 80% YoY to RM14mil on theback of:- (i) fewer property launches in 2010; (ii) some delays in receivingapprovals; and (iii) changes in the designs at some of its planned launches. Asa result, property EBIT margin shrunk to 12% from 41% a year earlier.
The construction division barely broke even in FY11 againsta RM42mil profit in FY10. This was mainly due to the substantial completion ofhigher-margin projects secured in 2010, coupled with a lack of new order book winsin 2011, when it only secured a solitary road contract in Fiji worth aroundRM12mil.
Dayang was the bright spot in 2011, where contributions jumped19% YoY to RM29mil. Dayang's outstanding order book of oil & gas contractsstands at RM1.4bil, providing job visibility at least until 2016. It accountedfor a significant 78% of Naim's core earnings for FY11 against 25% in FY10.
We are projecting FY12F net profit at RM55mil (+51% YoY), mainlyon the back of a rebound in Naim's property presales, which improved to overRM180mil from RM140mil a year ago. For FY12F, we have assumed a higher amountof RM240mil ' including some maiden sales from the redevelopment of the oilBintulu airport site.
Naim is also tendering for construction projects worth overRM2bil, including both public and private sector jobs in Sarawak. The group hasalso been short-listed under the Bumi category for the Sg.Buloh-Kajang MRTproject.
Naim is trading at FY12F-14F PEs of 7x-9x, within themidrange of its historical trend average of 8x.
Source: AmeSecurities
To benefit from robust construction outlook in Sarawak
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Company Name: NAIM HOLDINGS BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.00 |
May 27, 2011
NAIM - Naim at 18-month low, its fair value cut
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Research House: AMMB
Company Name: NAIM HOLDINGS BHD
Research House: AMMB
Naim Holdings Bhd, a Malaysian construction company, fell to an 18-month low in Kuala Lumpur trading after reporting lower first-quarter earnings and AmResearch Sdn Bhd cut its fair value for the stock to RM4.46.
Its shares fell 1.2 per cent to RM2.48 at 9:25 a.m. local time, set for its lowest close since December 2009. -- Bloomberg
Its shares fell 1.2 per cent to RM2.48 at 9:25 a.m. local time, set for its lowest close since December 2009. -- Bloomberg
May 23, 2011
NAIM - OSK Research sees downside risks to Naim Holdings' earnrings
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Research House: OSK
KUALA LUMPUR: OSK Research believes there are downside risks to NAIM HOLDINGS BHD []'s earnings this year due to low levels of unbilled property sales, reduction in its stake of the SOGT from 30% to 10% and potentially disappointing job wins.
It said on Monday, May 23 that as a result, it cut its FY11-12 earnings by 24%, putting its estimates 22-25% below consensus.
'Our FV is cut to RM3.04 from RM5.10 and we downgrade Naim to a NEUTRAL. Although its share price has fallen 28% since its peak, we expect its performance to be pedestal given the less than optimistic outlook,' it said.
Company Name: NAIM HOLDINGS BHD
Research House: OSK
KUALA LUMPUR: OSK Research believes there are downside risks to NAIM HOLDINGS BHD []'s earnings this year due to low levels of unbilled property sales, reduction in its stake of the SOGT from 30% to 10% and potentially disappointing job wins.
It said on Monday, May 23 that as a result, it cut its FY11-12 earnings by 24%, putting its estimates 22-25% below consensus.
'Our FV is cut to RM3.04 from RM5.10 and we downgrade Naim to a NEUTRAL. Although its share price has fallen 28% since its peak, we expect its performance to be pedestal given the less than optimistic outlook,' it said.
May 13, 2011
NAIM - CIMB Research has a Buy on Naim Holdings at RM2.73
Stock Name: NAIM
Company Name: NAIM HOLDINGS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Buy on Naim Holdings at RM2.73 at which it is trading at a price-to-book value of 0.9 times.
It said on Friday, May 13 Naim is trapped in a downtrend channel. Yet, this correction phase is probably at its tail end. A temporary low may have formed at the RM2.58 level, which will likely be its base for weeks ahead.
'If we are right, the stock is poised for stronger rebound. Immediate resistance is at RM2.89, followed by RM3.08 and RM3.24 next. Traders may start to nibble now to ride on this recovery wave. However, be quick to cut loss if RM2.58 is violated.
'Technical landscape is improving. MACD has staged a positive crossover while RSI too has hooked upward,' it said.
Company Name: NAIM HOLDINGS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Buy on Naim Holdings at RM2.73 at which it is trading at a price-to-book value of 0.9 times.
It said on Friday, May 13 Naim is trapped in a downtrend channel. Yet, this correction phase is probably at its tail end. A temporary low may have formed at the RM2.58 level, which will likely be its base for weeks ahead.
'If we are right, the stock is poised for stronger rebound. Immediate resistance is at RM2.89, followed by RM3.08 and RM3.24 next. Traders may start to nibble now to ride on this recovery wave. However, be quick to cut loss if RM2.58 is violated.
'Technical landscape is improving. MACD has staged a positive crossover while RSI too has hooked upward,' it said.
Subscribe to:
Posts (Atom)