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Mitrajaya 'outperform' MITRAJAYA Holdings Bhd announced last Friday that it has secured a RM273.

8mil building job known as a of excellence from STF Resources Sdn Bhd. The project is located in Kuala Lumpur and is slated for completion in 24 months or April 2019. Kenanga Research is neutral on Mitrajaya first win of the year as it is well within the research house financial year 2017 estimate (FY17E) replenishment target of RM800mil, making up 34% of the target, with a remainder of RM527mil to be achieved. Assuming profit before tax margins of 11%, the research house expected this building job to contribute an estimated RM11.3mil to Mitrajaya bottom line for the next two years. Currently, Mitrajaya outstanding order book stands at RM1.8bil, which provides earnings visibility for 1.5 more years. FY17, we had targeted a replenishment of RM800mil, which was below the management target guidance of RM1bil. its property arm, sales for the ongoing Wangsa 9 residency project remain sluggish with phase two registering only 45% to 50% take up since its launch in November 2014, said Kenanga Research. Wangsa 9 unbilled sales of RM150mil will provide louis vuitton purses estrela visibility for 1.5 more years. Meanwhile, Mitrajaya South Africa division will see unbilled sales of 22 million rand (RM7mil) recognised progressively upon completion of the transfer of ownership in FY17. Kenanga Research maintains its FY17 and FY18E earnings of RM102mil and RM99mil, respectively. The research house sum of parts derived target price implies 11 times FY17E fully diluted price earnings ratio. Mitrajaya FY17 FY18E margin of 10% is the same as its average peers margins, namely, Kerjaya Prospek Group Bhd, Kimlun Corp Bhd, and Hock Seng Lee Bhd. ALTHOUGH government orders are likely to be weak in 2017, CIMB louis vuitton purses damier canvas Research expected an improvement in the logistics and distribution (L division through better inventory management. Pharmaniaga management began reducing orders placed with suppliers since the early part of the second half of 2016, which should translate to lower borrowings needed to fund the required working capital. Orders are placed six months in advance and the improvement will only be reflected in the first quarter of 2017. The management aimed to reduce total borrowings by RM100mil to RM120mil in FY17, which would lower finance costs. To recap, Pharmaniaga net profit dropped 45.7% year on year to RM45.6mil in FY16, despite flattish revenue. Its L segment incurred pre tax loss of RM14.8mil in FY16, as compared with a pre tax profit of RM12.3mil in FY15, mainly due to cutbacks of government orders and sharp increase in finance cost to RM33.7mil. Furthermore, the group manufacturing earnings before interest and taxes contracted to 23.2% in FY16 on the back of lower offtake of in house products from the government. Pharmaniaga stated that it is in the process of finalising the extension of its concession agreement with the Health Ministry, which is due to expire by 2019. The group is confident of obtaining a 10 year extension, given its proven track record and extensive L network. The extension would be positive for earnings as it would lengthen the amortisation period for the Pharmacy Information System (PhIS) from louis vuitton date code authentication four years to 14 years, which would lead to lower annual amortisation costs. Pharmaniaga is looking to expand its product portfolio by introducing 250 new products over the next 10 years. we believe that it is unlikely to reach this target in the slated timeframe, we concur that product launches are essential to support earnings growth for the manufacturing segment, said CIMB Research. In addition, Pharmaniaga has also stepped up efforts to promote its L services to the private sector. According to the management, most private hospital chains in Malaysia conduct procurement for medical supplies on individual hospital basis. Pharmaniaga believes there is potential demand for its L services as these hospitals chains could purchase supplies at group level at cheaper prices and utilise the group extensive L network to dispense supplies to individual hospitals. The group has started to make marketing pitches to these hospitals chains on potential collaboration, though there is nothing concrete at this juncture.

THE maiden profit contribution from its Myanmar tower business and the possibility of building more network towers in Vietnam are likely to deliver OCK Group Bhd commendable growth prospects. UOB Kay Hian Research which was optimistic on OCK due to louis vuitton amazon taschen its focus on tower business, expected the company tower earnings in Myanmar to come from the first quarter of financial year 2017 (Q1 onwards. To note, OCK is principally involved in the provision of telco network services.


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