Re: Magnum
Posted: Thu Aug 01, 2019 9:45 am
not vested
Coming back for seconds
Lift TP by 10% to MYR2.95; maintain BUY
We expect MAG’s gross NFO revenue/draw to recover YoY at an accelerated pace in 2Q19.
Thus, we lift our EPS/DPS estimates by +8%/+7% p.a. and DCF-TP to MYR2.95 from MYR2.67.
Coupled with an estimated 11sen DPS remaining for FY19 (4sen was already paid on 28 Jun 2019), MAG offers 14% total returns.
We continue to like MAG for its revenue recovery and dividend yields which are ~200bps higher than the 10-year Malaysian Government Securities yield.
Source: Maybank
https://factsetpdf.maybank-ke.com/PDF/1 ... 7f0ad0.pdf
Coming back for seconds
Lift TP by 10% to MYR2.95; maintain BUY
We expect MAG’s gross NFO revenue/draw to recover YoY at an accelerated pace in 2Q19.
Thus, we lift our EPS/DPS estimates by +8%/+7% p.a. and DCF-TP to MYR2.95 from MYR2.67.
Coupled with an estimated 11sen DPS remaining for FY19 (4sen was already paid on 28 Jun 2019), MAG offers 14% total returns.
We continue to like MAG for its revenue recovery and dividend yields which are ~200bps higher than the 10-year Malaysian Government Securities yield.
Source: Maybank
https://factsetpdf.maybank-ke.com/PDF/1 ... 7f0ad0.pdf