RHB Retail Equities Malaysia
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5 Aug 2022 - RHB Morning Cuppa@8

1) Soong Wei Siang - MR DIY (Results Review)

2) Fiona Leong - Syarikat Takaful M'sia Keluarga (Results Review)

3) Loong Kok Wen - UEM Sunrise (Company Update)

4) Joseph Chai - FCPO | FKLI | Trading stocks


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https://www.facebook.com/groups/MorningCuppa/permalink/4955826451189862/
5 Aug 2022 - RHB Morning Cuppa


Mr DIY (MRDIY MK, BUY, TP: MYR2.90)
2Q22 Earnings Surged To a Record High

Results Review
Maintain BUY, and new TP of MYR2.90 from MYR3.00, 25% upside. Mr DIY’s 1H22 results slightly missed our lofty forecasts despite record 2Q22 earnings. We continue to like Mr DIY as a major proxy to capture the recovery in consumer spending thanks to its entrenched network of stores and strong brand equity. The valuation gap vs its large-cap peers should close, premised on the company’s superior earnings growth profile and higher trading liquidity, in our view.

Analyst: Soong Wei Siang +603 9280 8865

Today’s Report: Mr DIY Group : 2Q22 Earnings Surged To a Record High (5 Aug 2022)
https://bit.ly/3P1ou8L

Previous Report: Mr DIY Group : Temporary Weaknesses In 1Q22; Keep BUY (17 May 2022)
https://bit.ly/3SDw1O2



Syarikat Takaful M’sia Keluarga (STMB MK, BUY, TP: MYR4)
Fundamentals Remain Strong; Keep BUY

Results Review
BUY, new TP of MYR4 from MYR4.40, 19% upside with c.5% FY22F yield. Syarikat Takaful M’sia Keluarga’s 1H22 results are in line, despite higher fair value losses on its investments. Still, topline contributions from its family and general takaful segments remain robust, and this has further strengthened the company’s operating fundamentals. Its share price has fallen by >20% in the past year. As the stock’s market valuation is at 1.4x FY22F P/BV (below 1.5SD from the 5-year mean), we believe most of the concerns over the impending Malaysian Financial Reporting Standards 17 adoption have been priced in.

Analyst: Fiona Leong +603 9280 8886

Today’s Report: Syarikat Takaful M'sia Keluarga : Fundamentals Remain Strong; Keep BUY (5 Aug 2022)
https://bit.ly/3Q31qrd

Previous Report: Syarikat Takaful M'sia Keluarga : Cautiously Optimistic On GEC Growth; BUY (12 May 2022)
https://bit.ly/3cVE4VR



UEM Sunrise​(UEMS MK, NEUTRAL, TP: MYR0.35)
New Land In Semarak

Company Update
Maintain NEUTRAL, with new MYR0.35 TP from MYR0.38, 13% upside. We are neutral on UEM Sunrise’s latest land acquisition. While we think the price is somewhat expensive, the new land may raise net gearing (0.50x as at 1Q22) next year as it could resort to borrowings to fund the acquisition. The land is slated for a mixed development project, potentially worth a GDV of MYR1.5bn. Our TP is now lower as we adjust our cost of equity assumption given the rising interest rate environment.

Analyst: Loong Kok Wen CFA +603 9280 8861

Today’s Report: UEM Sunrise : New Land In Semarak (5 Aug 2022)
https://bit.ly/3OV3xfD

Previous Report: UEM Sunrise : More Land Sales To Support FY22F Earnings (26 May 2022)
https://bit.ly/3oWJL8S
5 Ogos 2022 - RHB Morning Cuppa (Edisi Bahasa Malaysia)


Mr DIY Group (MRDIY MK, BELI, TP: MYR2.90)
Perolehan 2Q22 Melonjak Kepada Paras Tertinggi

Ulasan Keputusan
Kekal BELI, dan harga sasar (TP) baharu MYR2.90 daripada MYR3.00, potensi menaik 25%. Keputusan separuh pertama 2022 (1H22) oleh Mr DIY sedikit tersasar daripada ramalan tinggi kami biarpun ia mencatat perolehan rekod pada 2Q22. Kami terus menyukai Mr DIY sebagai proksi utama untuk meraih pemulihan dalam perbelanjaan pengguna kerana rangkaian kedainya yang kukuh serta ekuiti jenama yang teguh. Jurang penilaian berbanding syarikat bermodal besar lain sepatutnya semakin mengecil berdasarkan profil pertumbuhan perolehan lebih baik dan kecairan perdagangan lebih tinggi yang dicatatkan syarikat ini.

Penganalisis: Soong Wei Siang +603 9280 8865

Laporan Hari Ini: Mr DIY Group : Perolehan 2Q22 Melonjak Kepada Paras Tertinggi (5 Ogos 2022)
https://bit.ly/3JuJpjl

Laporan Sebelumnya: Mr DIY Group : Kelemahan Sementara Pada 1Q22; Kekal BELI (17 Mei 2022)
https://bit.ly/3SuBbvG
Syarikat Takaful M’sia Keluarga (STMB MK, BELI, TP: MYR4)
Asas Kekal Teguh; Kekal BELI

Ulasan Keputusan
BELI, harga sasar (TP) baharu MYR4 daripada MYR4.40, potensi menaik 19% dengan kadar hasil dividen kira-kira 5% untuk ramalan tahun kewangan 2022 (FY22F). Keputusan 1H22 yang direkodkan Syarikat Takaful Malaysia Keluarga mencapai jangkaan biarpun mengalami kerugian nilai berpatutan lebih tinggi dalam pelaburannya. Walau bagaimanapun, sumbangan pendapatan kasarnya daripada segmen keluarga dan segmen takaful am kekal utuh, dan ini memperteguh asas operasi syarikat ini. Harga sahamnya menurun sebanyak >20% pada tahun lalu. Memandangkan penilaian pasaran saham ini berada pada P/BV FY22F 1.4x (di bawah 1.5SD daripada min 5 tahun), kami yakin kebanyakan kebimbangan mengenai penggunaan MFRS 17 diambil kira.

Penganalisis: Fiona Leong +603 9280 8886

Laporan Hari Ini: Syarikat Takaful M’sia Keluarga : Asas Kekal Teguh; Kekal BELI (5 Ogos 2022)
https://bit.ly/3oTv6eL

Laporan Sebelumnya: Syarikat Takaful M'sia Keluarga : Cautiously Optimistic On GEC Growth; BUY (12 May 2022)
https://bit.ly/3SrUVjt
BURSA MALAYSIA STATISTICS 05 AUG 2022
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8 Aug 2022 - RHB Morning Cuppa@8

1) Queenie Tan - PIE Industrial (Trading Idea)

2) Joseph Chai - FCPO | FKLI | Trading stocks


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https://www.facebook.com/groups/MorningCuppa/permalink/4963596003746240/
8 Aug 2022 - RHB Morning Cuppa


PIE Industrial (PIE MK, NOT RATED, FV: MYR4.20)

New Customers, New Milestone

Trading Idea

MYR4.20 FV based on 17x FY23F P/E. PIE Industrial should ride on the structural demand growth for consumer electronics products, video game consoles, data servers, as well as the 12th Malaysia Plan GDP target for Malaysia’s electrical & electronics industry. Its strong growth potential (3-year CAGR of 21.1%) is underpinned by the expansion of its floor space to house new customer projects. This, coupled with its margin growth and net cash position, compels us to believe that its 1-year forward P/E of 14x is attractive, vs the peer average of 17.7x.

Analyst: Queenie Tan 603 9280 8873

Today’s Report: PIE Industrial : New Customers, New Milestone (8 Aug 2022)
https://bit.ly/3p38c4E

Previous Report: N/A
8 Ogos 2022 - RHB Morning Cuppa (Edisi Bahasa Malaysia)


PIE Industrial (PIE MK)
Pelanggan Baharu, Pencapaian Baharu

Idea Perdagangan
Nilai berpatutan (FV) sebanyak MYR4.20 diperoleh berdasarkan harga perolehan (P/E) 17x untuk ramalan tahun kewangan 2023 (FY23F). PIE Industrial sepatutnya memanfaatkan pertumbuhan permintaan berstruktur untuk produk elektronik pengguna, konsol permainan video, pelayan data, serta sasaran KDNK Rancangan Malaysia Ke-12 untuk industri E&E Malaysia. Potensi pertumbuhan kukuhnya (CAGR 3 tahun sebanyak 21.1%) diperteguh oleh pengembangan ruang lantainya untuk menempatkan projek pelanggan baharu. Di samping pertumbuhan margin dan kedudukan tunai bersihnya, hal ini mendorong kami berasa yakin bahawa P/E 1 tahun hadapannya 14x adalah menarik, berbanding paras purata syarikat setara lain pada 17.7x.

Penganalisis: Queenie Tan 603 9280 8873

Laporan Hari Ini: PIE Industrial : Pelanggan Baharu, Pencapaian Baharu (8 Ogos 2022)
https://bit.ly/3QsXq36

Laporan Sebelumnya: N/A
RHB Retail Research
Technical Analyzer
08 Aug 2022

RL (0219): Shariah Compliant
Outlook: Pending Breakout MYR0.40
Levels: MYR0.43, MYR0.45
Exit: MYR0.355
(time frame: 2-4 weeks)

MI (5286): Shariah Compliant
Outlook: Pending breakout MYR1.55
Levels: MYR1.63, MYR1.70
Exit: MYR1.45
(time frame: 2-4 weeks)

Download report at: https://tinyurl.com/3z2ybxm7

Investment Research Disclaimers
RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. This report is not intended, and should not under any circumstances be construed as, an offer or a solicitation of an offer to buy or sell the securities referred to herein or any related financial instruments. Further disclaimers details please refer to the full research report
BURSA MALAYSIA STATISTICS 08 AUG 2022
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9 Aug 2022 - RHB Morning Cuppa@8

1) Lee Meng Horng - GHL Systems (Company Update)

2) Al Emri Izzat Shah - FCPO | FKLI | Trading stocks


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https://www.facebook.com/groups/MorningCuppa/permalink/4966118180160689/
9 Aug 2022 - RHB Morning Cuppa


GHL Systems (GHLS MK, BUY, TP: MYR1.54) – UPGRADE
Driven By Strong Domestic Consumption; U/G BUY

Company Update
Upgrade to BUY from Neutral, new MYR1.54 TP from MYR1.65, 33% upside. GHL Systems’ recent share price weakness presents a good opportunity to accumulate the stock – which has a secular growth trend in digitalisation, and is a cashless payment services provider in ASEAN – at below the mean valuation. In addition, we expect stronger 2Q22 numbers, buoyed by strong retail spending domestically, as expected by Retail Group Malaysia, and the growing trend of cashless transactions.

Analyst: Lee Meng Horng +603 9280 8866

Today’s Report: GHL Systems : Driven By Strong Domestic Consumption; U/G BUY (9 Aug 2022)
https://bit.ly/3A4xQfC

Previous Report: GHL Systems : Fairly Valued Now; D/G To NEUTRAL (27 May 2022)
https://bit.ly/3PoDRbz
9 Ogos 2022 - RHB Morning Cuppa (Edisi Bahasa Malaysia)


GHL Systems (GHLS MK, BELI, TP: MYR1.54) – UPGRADE
Dipacu Penggunaan Teguh Domestik; Naik Taraf Kepada BELI

Buletin Syarikat
Naik taraf kepada BELI daripada Neutral, harga sasar (TP) baharu MYR1.54 daripada MYR1.65, potensi menaik 33%. Kelemahan harga saham GHL Systems akhir-akhir ini mendatangkan peluang keemasan kepada para pelabur untuk mengumpul saham ini – yang mempunyai trend pertumbuhan yang sekular dalam pendigitalan, dan merupakan penyedia perkhidmatan pembayaran nirtunai (cashless) di rantai ASEAN – yang berada di bawah paras penilaian min. Tambahan lagi, kami jangkakan perolehan suku kedua 2022 (2Q22) lebih kukuh. Hal ini ditingkatkan oleh perbelanjaan runcit teguh di pasaran tempatan sebagaimana yang dijangkakan Retail Group Malaysia (RGM), dan dikukuhkan trend transaksi nirtunai yang kian bertambah.

Penganalisis: Lee Meng Horng +603 9280 8866

Laporan Hari Ini: GHL Systems : Dipacu Penggunaan Teguh Domestik; Naik Taraf Kepada BELI (9 Ogos 2022)
https://bit.ly/3QvtqDP

Laporan Sebelumnya: GHL Systems : Fairly Valued Now; D/G To NEUTRAL (27 May 2022)
https://bit.ly/3P4r7ql
Retail Research
Technical Analyzer
9-Aug-22

YEWLEE (0248) : Shariah-Compliant
Outlook : Pending Breakout MYR0.285
Levels : MYR0.30, MYR0.33
Exit : Below MYR0.27
(time frame: 2-4 weeks)

NCT (0056) : Shariah-Compliant
Outlook : Pending Breakout MYR0.43
Level : MYR0.47, MYR0.50
Exit : Below MYR0.40
(time frame: 2-4 weeks)

Download report at : https://tinyurl.com/2mrx9jcm

Investment Research Disclaimers
RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. This report is not intended, and should not under any circumstances be construed as, an offer or a solicitation of an offer to buy or sell the securities referred to herein or any related financial instruments. Further disclaimers details please refer to the full research report
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BURSA MALAYSIA STATISTICS 09 AUG 2022
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10 Aug 2022 - RHB Morning Cuppa@8

1) Ammar - KLCCP Stapled (Results Review)

2) Chin Yee Sian - Global Economics & Market Strategy

3) Joseph Chai - FCPO | FKLI

4) Al Emri Izzat Shah - Trading stocks


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