NAIM

NAIM

Postby winston » Mon Apr 22, 2019 8:53 am

not vested

Trading Buy: NAIM - 5073
(Last price: RM1.07, Potential upside +19.6%)


Company Profile

NAIM (listed in Sep 2003) is a fully-integrated property and construction player focusing on integrated property developments, construction, civil engineering and O&G services (via a 26% stake in Dayang). Naim is also a Class A Contractor, which is one of Malaysia’s largest Bumiputera contractors

Trading Catalyst

NAIM’s share price has rallied by 140% YTD, mirroring the 148% surge of its 26%-owned associate, Dayang. Notwithstanding the recent rally, NAIM’s share price is still undervalued as we opine that investors have yet to fully appreciate the embedded value of its construction and property businesses

Indeed, adjusted for its stake in DAYANG (RM336m market cap), the current implied value of RM214m market cap (Naim’s market cap of RM550m-RM336m) on its core businesses is only 5.4x P/E against its Sarawak’s peers of 9-10x.

Given its robust construction orderrbook of RM1.9bn, positive prospects of Dayang and resilient earnings from its property division (despite the challenging outlook) coupled with the expectations of more pump-priming activities before Sept 2021 state election, market could assign a higher rating on NAIM.

Technically, the stock is poised for a downtrend line breakout above RM1.18 to advance further towards RM1.28 levels.

Technical View
Resistance: RM1.13 / RM1.18 / RM1.28
Support: RM1.03 / RM0.995
Cut loss: RM0.970

Key Financial Stats
Trading at 8.5 FY18 P/E (25% lower than peers) and 0.43x adjusted P/B post 3 for 2 rights issue at RM0.45 (62% below its peers), respectively.

Source: HLIB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: NAIM

Postby winston » Sun Oct 20, 2019 8:18 am

not vested

Dayang’s Price Rise is not Reflected on Naim

by Koon Yew Yin

Naim is the controlling shareholder of Dayang. It owns 26% of the total issued shares of Dayang.

Dayang has a total issued of 965 miilion shares and Naim owns 251 miilion shares. Naim has a total issued of 500 million shares.

Based on the current prices, Naim’s market capitalization is 500 million shares x 93 sen = Rm 465 million. Naim’s 26% of Dayang is worth 251 million X Rm 1.86 = Rm 466 million.


https://klse.i3investor.com/blogs/koonyewyinblog/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: NAIM

Postby winston » Wed Nov 20, 2019 9:19 am

not vested

Trading Buy: NAIM - 5073
*Proxy to Sarawak infrastructure and O&G exposure *
(Last price: RM1.03, Potential upside +22.3%)


Company Profile

NAIM (listed in Sep 2003) is a fully-integrated property and construction player focusing on integrated property developments, construction, civil engineering and O&G services (i.e. Dayang (26% stake) and Perdana (Naim: 9.9%, Dayang: 60.5%).

Naim is also a Class A Contractor and is one of Malaysia’s largest Bumiputera contractors having carried out more than RM5bn worth of works.

In 6MFY19, the O&G division contributed about 51% to PBT whilst the remaining 49% was mainly derived from construction/property businesses.


Trading Catalyst

At RM1.03, NAIM is only trading at 0.41x P/B (33% below 10Y average and peers’ average of 0.6x) and 0.43x to its revised RNAV of RM2.32 (after applying a huge 30% investment holding discount).

We believe such steep discounts could provide sufficient margin of safety and cushion further price fall, thanks to the stable earnings from its O&G division, strong construction orderbook of RM1.5bn and expectations of more pump-priming activities before Sept 2021 Sarawak state election

Technically, the stock is ripe for further advance towards RM1.10-1.26 zones after staging a positive downtrend line breakout.

Technical View
Resistance: RM1.10 / RM1.17 / RM1.26
Support: RM1.00 / RM0.970
Cut loss: RM0.940

Key Financial Stats
Trading at 0.4x P/B (33% below 10Y average and peers’ average of 0.6x) and 0.43x to its revised RNAV of RM2.32.

Source: Bloomberg, HLIB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: NAIM

Postby winston » Fri Nov 29, 2019 3:14 pm

not vested

3Q Earnings

Revenue: -80%
EPS: -43%
RNAV: RM 2.62

http://www.bursamalaysia.com/market/lis ... ts/6353569
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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