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Major shareholders:
Capital Market Development Fund 18.7%
1-for-2 bonus issue Kumpulan Wang Persaraan 18.0%
Employees Provident Fund 5.6%
Bursa has proposed a bonus issue of up to 269.8m new shares which
would enlarge its share base to (up to) 809.5m. The bonus issue is (i) Price Performance
intended to reward shareholders, (ii) will rise the liquidity of Bursa 11.5 130
shares, by making the shares more affordable, and in turn, provide for
11.0 125
larger participation by investors, and (iii) allow for utilisation of the
10.5 120
credit amount transferred to the share capital account from the share
10.0 115
premium account by end-2018. Expected completion is 2Q18.
Malaysia
9.5 110
The bonus issue will have no impact to our earnings forecasts. Alongside 8.5 100
the bonus issue, Bursa has proposed a new employees share grant plan 8.0 95
Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17
(in the form of a restricted share plan) of up to 4% of its issued share Bursa Malaysia - (LHS, MYR)
capital. The plan would be vested to the grantees over a 3-year period. Bursa Malaysia / Kuala Lumpur Composite Index - (RHS, %)
The dilutive impact of this on our EPS forecasts is immaterial. -1M -3M -12M
Absolute (%) (4) (5) 13
Relative to index (%) (2) (2) 7
Source: FactSet
THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128)
SEE PAGE 5 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Bursa Malaysia
DuPont analysis
Net profit margin (%) 38.3 38.2 40.1 40.0 39.8
Revenue/Assets (x) 0.2 0.2 0.2 0.2 0.2
Assets/Equity (x) 2.6 2.8 3.0 3.1 3.2
ROAE (%) 25.6 23.2 26.5 28.2 28.7
ROAA (%) 10.6 8.6 9.1 9.3 9.2
Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Christopher WONG Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0652 Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 Strategy christopherwong@kimeng.com.hk Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg HK & China Properties Strategy Consumer Materials Ind. Estates
Desmond CHNG, ACA Oil & Gas Telcos
WONG Chew Hann, CA (603) 2297 8680 Jacqueline KO, CFA
Sittichai DUANGRATTANACHAYA
desmond.chng@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk
Regional Head of Institutional Research (66) 2658 6300 ext 1393
Banking & Finance Consumer Staples & Durables
(603) 2297 8686 Sittichai.D@maybank-ke.co.th
wchewh@maybank-ib.com Ka Leong LO, CFA Services Sector Transport Property Telcos
LIAW Thong Jung
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0630 kllo@kimeng.com.hk Tanawat RUENBANTERNG
ONG Seng Yeow Consumer Discretionary & Auto
Oil & Gas Services- Regional (66) 2658 6300 ext 1394
Regional Head of Retail Research Tanawat.R@maybank-ke.co.th
(65) 6231 5839 Mitchell KIM Banks & Diversified Financials
ONG Chee Ting, CA
ongsengyeow@maybank-ke.com.sg (852) 2268 0634 mitchellkim@kimeng.com.hk
(603) 2297 8678 ct.ong@maybank-ib.com Ornmongkol TANTITANATORN
Internet & Telcos
Plantations - Regional (66) 2658 6300 ext 1395
TAN Sin Mui
Ning MA, CFA ornmongkol.t@maybank-ke.co.th
Director of Research Mohshin AZIZ Oil & Gas
(852) 2268 0672 ningma@kimeng.com.hk
(65) 6231 5849 (603) 2297 8692 mohshin.aziz@maybank-ib.com Insurance Sukit UDOMSIRIKUL Head of Retail Research
sinmui@kimeng.com.hk Aviation - Regional Petrochem
(66) 2658 5000 ext 5090
Ricky NG, CFA Sukit.u@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA (852) 2268 0689 rickyng@kimeng.com.hk
(603) 2297 8916 samuel.y@maybank-ib.com Regional Renewables Ekachai TARAPORNTIP Deputy Head
Suhaimi ILIAS Gaming Regional Media HK & China Properties 66) 2658 5000 ext 1530
Chief Economist Ekachai.t@maybank-ke.co.th
Malaysia | Philippines | China TAN Chi Wei, CFA Sonija LI, CFA, FRM Surachai PRAMUALCHAROENKIT
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0641 sonijali@kimeng.com.hk (66) 2658 5000 ext 1470
suhaimi_ilias@maybank-ib.com Power Telcos Gaming Surachai.p@maybank-ke.co.th
Auto Conmat Contractor Steel
CHUA Hak Bin WONG Wei Sum, CFA Stefan CHANG, CFA
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com (852) 2268 0675 stefanchang@kimeng.com.hk Suttatip PEERASUB
(65) 6231 5830 Technology Regional (66) 2658 5000 ext 1430
Property
chuahb@maybank-ke.com.sg suttatip.p@maybank-ke.co.th
LEE Yen Ling Bonny WENG Media Commerce
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com (852) 2268 0644 bonnyweng@kimeng.com.hk Sutthichai KUMWORACHAI
Singapore Building Materials Glove Ports Shipping Technology Regional (66) 2658 5000 ext 1400
(65) 6231 5844 sutthichai.k@maybank-ke.co.th
leejuye@maybank-ke.com.sg Ivan YAP Tony REN, CFA Energy Petrochem
(603) 2297 8612 ivan.yap@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk
Healthcare & Pharmaceutical Termporn TANTIVIVAT
Dr Zamros DZULKAFLI Automotive Semiconductor Technology (66) 2658 5000 ext 1520
(603) 2082 6818 termporn.t@maybank-ke.co.th
zamros.d@maybank-ib.com Kevin WONG INDIA
Property
(603) 2082 6824 kevin.wong@maybank-ib.com Jigar SHAH Head of Research
Ramesh LANKANATHAN REITs Consumer Discretionary Jaroonpan WATTANAWONG
(91) 22 6623 2632 jigar@maybank-ke.co.in (66) 2658 5000 ext 1404
(603) 2297 8685
ramesh@maybank-ib.com LIEW Wei Han Strategy Oil & Gas Automobile Cement jaroonpan.w@maybank-ke.co.th
(603) 2297 8676 weihan.l@maybank-ib.com Transportation Small cap
Vishal MODI
FX Consumer Staples Poonpat CHAIKUMHAN, CFA
(91) 22 6623 2607 vishal@maybank-ke.co.in (66) 2658 5000 ext 1511
Saktiandi SUPAAT Adrian WONG Banking & Financials poonpat.c@maybank-ke.co.th
Head, FX Research (603) 2297 8675 adrian.wkj@maybank-ib.com Electronics ICT
(65) 6320 1379 Constructions Healthcare Neerav DALAL
Sorrabhol VIRAMETEEKUL
saktiandi@maybank.com.sg (91) 22 6623 2606 neerav@maybank-ke.co.in Head of Digital Research
Jade TAM Software Technology Telcos (66) 2658 5000 ext 1550
Christopher WONG
(65) 6320 1347 (603) 2297 8687 jade.tam@maybank-ib.com sorrabhol.V@maybank-ke.co.th
Media Building Materials Vishal PERIWAL Food, Transportation
wongkl@maybank.com.sg
(91) 22 6623 2605 vishalperiwa@maybank- Wijit ARAYAPISIT
Leslie TANG Mohd Hafiz Hassan ke.co.in (66) 2658 5000 ext 1450
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com Infrastructure wijit.a@maybank-ke.co.th
(65) 6320 1378
leslietang@maybank.com.sg Small & Mid Caps Strategist
INDONESIA
TEE Sze Chiah Head of Retail Research
Fiona LIM
(603) 2082 6858 szechiah.t@maybank-ib.com
VIETNAM
(65) 6320 1374 Isnaputra ISKANDAR Head of Research
fionalim@maybank.com.sg (62) 21 8066 8680 LE Hong Lien, ACCA
Nik Ihsan Raja Abdullah, MSTA, CFTe isnaputra.iskandar@maybank-ke.co.id Head of Institutional Research
(603) 2297 8694 Strategy Metals & Mining Cement (84) 8 44 555 888 x 8181
STRATEGY nikmohdihsan.ra@maybank-ib.com
Rahmi MARINA lien.le@maybank-kimeng.com.vn
Sadiq CURRIMBHOY (62) 21 8066 8689 Strategy Consumer Diversified
Global Strategist SINGAPORE rahmi.marina@maybank-ke.co.id
(65) 6231 5836 Banking & Finance THAI Quang Trung, CFA,
Neel SINHA Head of Research
sadiq@maybank-ke.com.sg Deputy Head, Institutional Research
(65) 6231 5838 neelsinha@maybank-ke.com.sg Aurellia SETIABUDI (84) 8 44 555 888 x 8180
Strategy (62) 21 8066 8691
Willie CHAN trung.thai@maybank-kimeng.com.vn
SMID Caps Regional aurellia.setiabudi@maybank-ke.co.id
Hong Kong / Regional Real Estate Construction Materials
Property
(852) 2268 0631 CHUA Su Tye
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg Janni ASMAN LE Nguyen Nhat Chuyen
REITs (62) 21 8066 8687 (84) 8 44 555 888 x 8082
FIXED INCOME janni.asman@maybank-ke.co.id chuyen.le@maybank-kimeng.com.vn
Derrick HENG, CFA Cigarette Healthcare Retail Oil & Gas
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg
(603) 2074 7176 Property REITs (Office) Adhi TASMIN NGUYEN Thi Ngan Tuyen,
winsonphoon@maybank-ib.com (62) 21 8066 8694 Head of Retail Research
Luis HILADO adhi.tasmin@maybank-ke.co.id (84) 8 44 555 888 x 8081
Se Tho Mun Yi (65) 6231 5848 luishilado@maybank-ke.com.sg Plantations tuyen.nguyen@maybank-kimeng.com.vn
(603) 2074 7606 Telcos Food & Beverage Oil&Gas Banking
munyi.st@maybank-ib.com PHILIPPINES
John CHEONG, CFA TRUONG Quang Binh,
(65) 6231 5845 johncheong@maybank-ke.com.sg Minda OLONAN Head of Research Deputy Head, Retail Research
Small & Mid Caps Healthcare Transport (63) 2 849 8840 (84) 4 44 555 888 x 8087
minda_olonan@maybank-atrke.com binh.truong@maybank-kimeng.com.vn
NG Li Hiang Strategy Rubber Plantation Tyres and Tubes Oil&Gas
(65) 6231 5840 nglihiang@maybank-ke.com.sg
Banks Katherine TAN
(63) 2 849 8843 TRINH Thi Ngoc Diep
kat_tan@maybank-atrke.com (84) 4 44 555 888 x 8208
Banks Construction diep.trinh@maybank-kimeng.com.vn
Technology Utilities Construction
Luis HILADO
(65) 6231 5848 luishilado@maybank-ke.com.sg NGUYEN Thi Sony Tra Mi
Telcos (84) 8 44 555 888 x 8084
mi.nguyen@maybank-kimeng.com.vn
Port Operation Pharmaceutical
Food & Beverage
UK
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DISCLOSURES
Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 28 November 2017, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: As of 28 November 2017, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 28 November 2017, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or
their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the
subject companies except as otherwise disclosed in the research report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or
third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market
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investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the
companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part
of the research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
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10.8
10.2
9.6
9.0
8.4
7.8
May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17
Bursa Malaysia
Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.
Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604
Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820
Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221
Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
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