Cahya Mata Sarawak Bhd

Re: Cahya Mata Sarawak Bhd

Postby winston » Wed Sep 26, 2018 9:18 am

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Temporary Weakness; Expect Strong Earnings In 2H18

We view share price weakness as an opportunity to accumulate as earnings remain intact.

In more positive news, construction of the MPA plant started on 1 Sep 18.

OMH was included in S&P/ASX 300 on 24 Sep 18, giving it a broader exposure to the equity
market.

Maintain BUY. Target price of RM4.20 implies 13.6x 2019F PE.

Source: UOBKH

https://research.uobkayhian.com/content ... 73f8ce7378
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Re: Cahya Mata Sarawak Bhd

Postby winston » Wed Nov 14, 2018 9:36 am

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Cahya Mata Sarawak (CMS MK)

3Q18 Results Preview: Expect Decent Earnings With Further Improvement In 4Q18 Driven By Strong Sales At OM Sarawak

We expect CMS’ 3Q18 earnings to be decent with stronger production and sales volume at OM Sarawak despite softer qoq ASP.

This should help mitigate any potential weakness in the other core divisions which could be impacted by the slow roll-out of mega projects.

Seasonally, 4Q18 earnings would be even stronger with improvement at the cement, construction materials and road maintenance divisions.

Maintain BUY. Target price of RM4.20 implies 13.6x 2019F PE.

Source: UOBKH

https://research.uobkayhian.com/content ... 0f4a7b5380
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Re: Cahya Mata Sarawak Bhd

Postby winston » Sun Mar 29, 2020 8:35 am

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Sulaiman Taib no longer CMS major shareholder

By GURMEET KAUR

Sulaiman has now ceased to be a major shareholder in the group after his stake fell below the 5% threshold level.

Stock exchange filings show that the Employees Provident Fund (EFP), which has been acquiring CMS shares in the last few days, now owns 141.1 million or 13.1% interest from about 11.5% it held at the end of last year.

The state – the largest in Malaysia – is gearing up for elections, which must be held by September 2021.

The state budget had earmarked RM22bil on infrastructure projects, including the Second Trunk Road valued at RM6bil and coastal road upgrades at RM5bil.

Other projects in the pipeline are water grid programmes (RM2.8bil), rural electrification projects (RM2.4bil) and telco towers (RM1bil).

Given its monopolies and foray in many segments from the manufacturing and trading of cement and construction materials, construction, road maintenance, township and property to infrastructure development in the state, CMS is seen as a key beneficiary of the Sarawak theme play, say analysts.

Historically, the demand of cement in Sarawak was about 1.57 million tonnes to 1.7 million tonnes yearly. The demand for cement, according to some, may exceed 2 million tonnes when the progress of all the state-funded infrastructure projects are in full swing.



Source: The Star

https://www.thestar.com.my/business/bus ... hareholder
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Re: Cahya Mata Sarawak Bhd

Postby winston » Wed Jul 01, 2020 2:43 pm

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Cahya Mata Sarawak (CMS MK)
1Q20: Looking Forward To A Better 2021


Earnings for 2020 will be impacted by COVID-19 but state elections in Sarawak by 2021 should be a key catalyst for CMS with robust infrastructure spending expected.

Also, CMS is in a stronger position to reap the benefits of higher infrastructure spending, given its financial strength vs peers in Sarawak, particularly after the pandemic.

Maintain BUY with a higher target price of RM2.00 post our earnings adjustment.

Source: UOBKH

https://research.uobkayhian.com/content ... a69ca9bc18
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Re: Cahya Mata Sarawak Bhd

Postby winston » Wed Jul 01, 2020 3:26 pm

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Cahya Mata Sarawak (CMS MK): HOLD
Market Cap: US$390m | Average Daily Value: US$2.8m
Last Traded Price: RM1.56; Price Target: RM1.65 (Upside 6.0%) (Prev RM2.25)

Dragged by core divisions

QFY20 missed expectations as core divisions underperformed and OM Sarawak likely to have recorded a net loss

Expect OM Sarawak to register full-year net loss in FY20 due to weak ferrosilicon and manganese prices

Cut FY20-21F by 48% and 4% respectively

Maintain HOLD with lower SOP-based TP of RM1.65

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ffceekhab
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Re: Cahya Mata Sarawak Bhd

Postby winston » Tue Jul 28, 2020 10:23 am

Realigning expectations; maintain BUY

We hosted CMS at our Invest ASEAN 2020 recently.

Key takeaways are a ramp-up in activities from Jul 2020, with internal long-term targets
remaining intact.

We cut FY20/21/22E net profit by 28%/20%/17% after realigning expectations but lift our RNAV-based TP to MYR2.50 (+50sen) on updating for its latest balance sheet and financials of its key ops.

Our revised TP implies 17.9x FY21E PER (-0.5SD of 5Y mean). TP 2.50

CMS remains a liquid proxy to Sarawak’s infrastructure potential.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... e4eb65.pdf
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Re: Cahya Mata Sarawak Bhd

Postby winston » Thu Jul 30, 2020 11:39 am

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Cahya Mata Sarawak (CMS MK)
Riding On Sarawak Growth


In the run-up to the state elections, we expect the Sarawak state to roll out a few infrastructure-related projects for state development.

As proxies to Sarawak’s development growth, CMS’ cement and construction material divisions are well poised to benefit.

Also, CMS is eyeing new civil contracts of up to RM2b and is looking to expand its road maintenance concession business to make up for the shortfall as road maintenance length has been halved.

Maintain long-term BUY to capitalise on the developments growth in Sarawak with a lower target price of RM1.96.

Source: UOBKH

https://research.uobkayhian.com/content ... d1d912b70c
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Re: Cahya Mata Sarawak Bhd

Postby winston » Wed Aug 26, 2020 8:59 pm

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Cahya Mata 2Q net profit dips on longer lockdown, but says biz back in full swing

by Justin Lim

KUALA LUMPUR (Aug 26): Cahya Mata Sarawak Bhd's (CMS) net profit slid 3.11% to RM16.71 million for the second quarter ended June 30, 2020 (2QFY20) from RM17.2 million posted for the preceding quarter, underpinned by a 26.77% decline in revenue to RM206.84 million, from RM292.45 million.

Earnings per share (EPS) likewise took a hit, slipping to 1.56 sen from 1.61 sen in the previous quarter.

However, CMS said it also received higher profit contributions from its associates during the quarter. "[Telecommunications infrastructure provider] Sacofa Sdn Bhd and [financial services group] Kenanga Investment Bank Bhd being essential businesses, remained open and operational during the lockdown period," it said.

On a yearly basis, however, its net profit plunged 59.58% to RM16.71 million, from RM41.33 million (EPS: 3.85 sen) in 2QFY19, as its core businesses were hit by the MCO.

However, this was partially offset by a 66% increase in contributions from its associates, to RM20.5 million from RM12.4 million a year ago.

Quarterly revenue fell 48.18% year-on-year to RM206.84 million from RM399.17 million.

Following the reduced 2Q earnings, the group's cumulative six-month (6MFY20) net profit declined 58.6% to RM33.99 million from RM82.10 million in 6MFY19, with revenue sank 40.14% to RM489.29 million against RM817.35 million.

Source: The Edge

https://www.theedgemarkets.com/article/ ... full-swing
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Re: Cahya Mata Sarawak Bhd

Postby winston » Thu Aug 27, 2020 10:43 am

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Cahya Mata Sarawak (CMS MK): HOLD

Market Cap: US$386m | Average Daily Value: US$1.70m
Last Traded Price: RM1.50; Price Target: RM1.65 (Upside 10.3%)

Gradual recovery seen

2Q20 earnings within expectations; associates lifted profit
Full impact of MCO in 2Q and some impact in 3Q20 on plant closure due to Covid-19
Still one of the best proxies to an impending state elections
Maintain HOLD and SOP-based TP of RM1.65

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fgijfkiia
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Re: Cahya Mata Sarawak Bhd

Postby winston » Thu Nov 26, 2020 11:03 am

Cahya Mata Sarawak (CMS MK)

Share Price: MYR1.43
Target Price: MYR2.50
Recommendation: Buy

3Q20: Ahead of expectation

CMS’ 3Q20 net profit reflects recovery in its traditional core operations after two months of almost no activities in 2Q20 due to MY’s MCO.

9M20 net profit of MYR81m was above our expectation at 86% of FY20E, with the outperformance coming from the cement ops.

We maintain our earnings forecasts pending a results briefing on 30 Nov.

Our RNAV-TP is unchanged at MYR2.50.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... 4e0ee8.pdf
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