External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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Equity Bottom-Up

<ul><li>SP Setia announced that Petaling Garden Sdn Bhd, an indirect wholly-owned subsidiary of the Group, had entered into three inter-conditional sale and purchase agreements with three wholly-owned subsidiaries of Mah Sing Group Berhad to dispose approximately 500 acres of freehold land (Glengowrie land) located at Daerah Ulu Langat, Selangor for a cash consideration of RM392m.</li><li>Though gain from the land sale is only expected to be about RM31m, the sale more importantly in our view, shows the Group’s commitment to right-size its huge landbank (about 7,500 acres with estimated RM128bn gross development value (GDV)) and its burdensome debt load.</li><li>We estimate the land disposal could reduce its net gearing from 0.56x to 0.53x. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SP Setia announced that Petaling Garden Sdn Bhd, an indirect wholly-owned subsidiary of the Group, had entered into three inter-conditional sale and purchase agreements with three wholly-owned subsidiaries of Mah Sing Group Berhad to dispose approximately 500 acres of freehold land (Glengowrie land) located at Daerah Ulu Langat, Selangor for a cash consideration of RM392m.Though gain from the land sale is only expected to be about RM31m, the sale more importantly in our view, shows the Group’s commitment to right-size its huge landbank (about 7,500 acres with estimated RM128bn gross development value (GDV)) and its burdensome debt load.We estimate the land disposal could reduce its net gearing from 0.56x to 0.53x. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul><li>Improving asset turnover, more attractive to analysts, and low debt levels relative to its sector </li><li>I&amp;P Group Sdn Bhd purchase deal wrap-up to turn SPSB into the largest property company in Malaysia with more than 10,000 acres of land bank </li><li>Sales growth should be supported from the upcoming launches in Malaysia worth around US$1bn and in Australia around US$480m </li><li>Trades in line with ASEAN sector at 17CE* 1.2x PB and offers a slightly better ROE, a nice 4.5% dividend yield and has a solid balance sheet </li><li>Risks: Weaker property sales and changes in lending environment</li></ul>* Consensus Estimates

Improving asset turnover, more attractive to analysts, and low debt levels relative to its sector I&amp;P Group Sdn Bhd purchase deal wrap-up to turn SPSB into the largest property company in Malaysia with more than 10,000 acres of land bank Sales growth should be supported from the upcoming launches in Malaysia worth around US$1bn and in Australia around US$480m Trades in line with ASEAN sector at 17CE* 1.2x PB and offers a slightly better ROE, a nice 4.5% dividend yield and has a solid balance sheet Risks: Weaker property sales and changes in lending environment* Consensus Estimates

SPSB: Set to Acquire Largest Land Bank in Malaysia

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Petronas Chemicals Group / Equity Bottom-Up

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Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities
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World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.
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In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).
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The latest data points for March 2017 show…</li>
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Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities


World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.


In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).


The latest data points for March 2017 show…


Actionable Opportunities in Malaysia as Fundamentals Improve

Malaysia

SP Setia Berhad is an investment holding company. Through its subsidiaries, the Company operates as building contractors and develops, invests, and leases properties. SP Setia also manufactures precast concrete, and prefabricates, installs, and sells wood products.

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SP Setia Bhd (SPSB MK)

SP Setia - Sells 500 Acres For RM392m

SP Setia announced that Petaling Garden Sdn Bhd, an indirect wholly-owned subsidiary of the Group, had entered into three inter-conditional sale...

Public Investment Bank Bhd

Sales Momentum Sustained in 2Q

Buy S P Setia Berhad: Sales Momentum Sustained in 2Q. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

SPSB: Set to Acquire Largest Land Bank in Malaysia

Improving asset turnover, more attractive to analysts, and low debtlevels relative to its sector I&P Group Sdn Bhd purchase deal wrap-up to...

A. Stotz Investment Research

Actionable Opportunities in Malaysia as Fundamentals Improve

Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian...

David Riedel

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