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KLSE: OCK       OCK GROUP BHD
Last Price Avg Target Price   Upside/Downside Price Call
0.66 0.92     +0.26 (39.39%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
01/06/2018 0.675 0.85 +0.175 (25.93%) BUY KENANGA Price Target News
31/05/2018 0.66 0.80 +0.14 (21.21%) BUY UOBKayHian Price Target News
31/05/2018 0.66 0.95 +0.29 (43.94%) BUY Malacca Securities Price Target News
31/05/2018 0.66 0.95 +0.29 (43.94%) BUY KENANGA Price Target News
29/03/2018 0.80 0.95 +0.15 (18.75%) BUY KENANGA Price Target News
28/02/2018 0.805 0.95 +0.145 (18.01%) BUY KENANGA Price Target News
27/02/2018 0.80 0.95 +0.15 (18.75%) BUY Malacca Securities Price Target News
27/02/2018 0.80 1.05 +0.25 (31.25%) BUY KENANGA Price Target News


Price Target Research Article/News (past 6 months)
01/06/2018  KENANGA OCK Group Bhd - Riding Growth Trend
31/05/2018  UOBKayHian OCK Group - 1Q18: Deemed Within Expectations, Pick-up In Orderbook Towards 2H18
31/05/2018  Malacca Securities OCK-Group-Bhd - On Par Results
31/05/2018  KENANGA OCK Group - In Line
29/03/2018  KENANGA OCK Group Bhd - Exploring The Philippines
28/02/2018  KENANGA OCK Group - Short-term Headwinds
27/02/2018  Malacca Securities Mplus Market Pulse - 27 Feb 2018
27/02/2018  KENANGA OCK Group Bhd - Below Expectations



  15 people like this.
 
Sebastian Sted Power QR acceptable! Future looking good
30/05/2018 17:54
VFTRADER Industry outlook.

[a] cancellation of HSR + MRT3
Big impact to Prop, Const, Steel, Cement companies.

[b] Disappointed QR from most of the Msian listed companies.

So Where are those fund (EPF, Unit Trust...) looking for good return in 2H2018??
==> Companies related to :
Auto (no GST)?
Furniture (no GST for local market)?
Glove?
Tower?
Poultry?
FMCG (no GST) ?
Others??

Not many choices...
30/05/2018 21:02
lizi PBT is lower actually...i thought TNS is recurring income, how come revenue can drop one?
30/05/2018 22:44
chooheng less rent less tenure, currency fluctuation, over capacity green energy plant..all could b reason to low revenue. inaccurate market research could lead to unsuccesful investment. full opportunity b4 after investment goes in customers all wait and see or renegitiate on rent.. this is problem ock face now.
31/05/2018 00:01
ez6699 For Q1FYE2018, the Group’s regional business remains on a growth trajectory, recording a revenue of RM41.7 million. Regional revenue contribution over total revenue has increased to 42.8% as compared to 37.6% in 1QFYE2017. Regional PAT for the quarter under review was RM7.1 million, translating into a growth of 86.8% as compared to RM3.8 million in Q1FYE2017.

Commenting on the Group’s Q1FYE2018 performance, Mr. Sam Ooi Chin Khoon, Managing Director of OCK Group Berhad said, “We are optimistic of OCK’s continuous growth throughout the financial year ahead as it is a norm that our first quarter usually starts on a slower note. We continued to record profit growth despite the slowdown in our Malaysian TNS business which was mitigated by the strong growth from our regional ventures in which we expect to grow even stronger.”
31/05/2018 08:21
ez6699 the only problem i see in myanmar is slow increase in tower sites so far 820...by now should be over 1000 at least...Need to be more aggresive in rolling out new sites... comment in the q report: Moving forward, the Group expects to build more sites aggressively to cater to the growing demand of daily data usage in this greenfield telecommunication market.
31/05/2018 08:34
VFTRADER Rev drop mb due to project base activities drop like building towers....
If this is the case, that means what is supporting the rev was recurring income which is the management wanted to make it happen.

During the AGM, their dreams and sweet talk for FY2018 :
Myanmar = 1,240t
Vietnam = 2,520t
Msia =340t
TTL=4,100 towers.

Is it a day dreams??
31/05/2018 09:13
chooheng any one could explain why the NAPS never increase despite ock has build so many tower and acquire so & so Vietnam asset?
31/05/2018 14:39
abcb Be alert of very high gearing ratio
Non current liabilities: loan and borrowing stood at 177 million and current liabilities: loan and borrowing 283 million
Trade and other receivables amount 280 million and intangible assets 154 million and this intangible assets can be right off in future,very high risks to invest this type of company
31/05/2018 16:07
Necrophos Revenue reduced due from lower contribution from TNS..this is contract based and awarded from MNO..ock will get more contract in d following months..recurring income(regional) maintains at 40m..what ock need to do is to improve tenancy ratio, increase margin,reducing debt and interest..you will see bottom line improved in d future
31/05/2018 16:34
abang_misai Ock now recovering from its low. Soon Sifu will come out from caves and ask bilis to buy. Hehe. This has been Sifu’s modus operandi.
02/06/2018 06:56
vegebird2020 Boss start buying again,is it possible want to privatilise ?
04/06/2018 16:41
freddiehero if yeas how?
04/06/2018 17:05
warchest those promoters of OCK now all died off already
05/06/2018 09:10
chooheng last quarter was not as profitable as previous in tradition. this quarter the revenue does not grow higher YoY as previous in tradition. signs that something not right.
05/06/2018 16:55
sosfinance Insider purchase (MD) since 2018 (mother and warrants) is about RM8m.
06/06/2018 17:28
chooheng bcause md ceo. the business result like that. not unusual executing officers buy. even BoD will force them buy if they dont. b it build public confident or punishment.
06/06/2018 20:21
ttt EPF buy big
07/06/2018 12:00
necro gestation and the upfront resources scaterred far2 away from home make ROE drop. EV/EBIDTA at 9 times compared to 12-13 times of big cap towerco. What make OCK so special at this price?...

Look at tenancy ratio at 1.2-1.3 per tower, is OCK Vietnam, Myanmar & Indon operation is a charity biz?...i still remeber back then somewhere in 2013/2014 that MD Ooi said operation in IndoChina operation require big cap as there is lot of intergrity issue with authority there.

Always remember that quantity of tower if not cover sufficient tenacy, will make operating cash flow down as you can see although number tower growth substantianly but operating cash flow were negative.

Operating tower company required high capex if you were the one who plan, build & operate.

I predict maybe operating cash flow may come FY2018 or FY2019. For carefull valuation i put OCK at RM 0.30.

My 2 $
10/06/2018 00:12
VFTRADER Since there is no other listed tower co in Msia, it is wisely to read other tower AR for at least 10 yrs for better understanding of this ind:

USA:
American Tower
Crown Castle Int

Indonesia:
PT Sarana Menara Nusantara
PT Tower Bersama Infra
PT Solusi Tunas Pratama
PT Inti Bangun Sejahtera
PT Bali Towerindo Sentra

Njoy reading.....
11/06/2018 08:45
makemoney1 Who is EPF collecting share from? I see this few months the price is artificially suppress for collection. Share seem to be exchanging hand at a fixed price.
11/06/2018 16:42
sosfinance Analysts have high expectation in 2016 on towerco project in Myanmar (to build 920). Due to some changes of focus by the telco, the numbers of tower built was slower than analysts initially expected. Despite the delay, lately, OCK reported about 830 towers built with 1.4x tenancy ratio, which is equivalent to about 1,200 towers in 1Q18. Earnings from towerco growth will accelerate from now.
12/06/2018 23:20
chooheng now in paper loss mode, no sell just bcause don't want real loss. I won't add for this counter.
13/06/2018 15:17
ez6699 no worry epf also paper loss but now day day happy shopping buying big...
14/06/2018 14:15
Zai Zai 2018 1H milestone
1.Bagged 3y full turnkey fiberisation frame contract from Maxis (valued at over MYR150m).
2.Awarded managed services contract with Ericsson for DiGi which comprised >8,000 active and 4,400 passive sites nationwide
18/06/2018 14:53
VFTRADER Hi Zai Zai, for item [2], can assume new contract in 2018 w total sites under service contract in Msia > 16k?
18/06/2018 15:35
Zai Zai Yes, it is not included 4,300 passive sites from maxis.
Just nice to cover lower ASP in indonesia.
18/06/2018 15:47
abang_misai Haha. Dia sudah merangkak keluar dari gua.
18/06/2018 21:55
VFTRADER TQ Zai Zai
19/06/2018 09:11
ttt the troller is back .. lol
19/06/2018 16:00
chooheng this counter has always been good for future, and has been so since 3 years ago. it will continue to be good only in future. :-)
20/06/2018 14:58
CFTrader necro always have straight up points of view.
i like to read his comment.

Sincerely
CFTrader
20/06/2018 15:02
CFTrader My point of view is, the price building is too fast for this counter.
People had expected big profit from this company even thou that the business they involved in has long gestational period.
Expansion is good as it will translate into larger profit, but in OCK terms, if they expand in such pace, they will have another cash-call or required to pay hefty finance cost due to the large capex....

As usual, I won't be touching OCK until i can see the FCF flowing in (i rather play as Telco tower REITs)

Note : Cash stood on 54M , LT borrowing at 177.85M , ST Borrowing at 283M , With interest payment of nearing 20m per annum (effective rate is 4.28%)....

Sincerely
CFTrader
20/06/2018 15:17
chooheng broadband price.expect to drop. hope telco willing to spend more to service tower than renegotiate service contract. lower price.
20/06/2018 19:13
sosfinance @CFTrader
Note : Cash stood on 54M , LT borrowing at 177.85M , ST Borrowing at 283M , With interest payment of nearing 20m per annum (effective rate is 4.28%)...

+ Trade and other receivables RM300m - Trade and other payables RM110m = net trade receivables RM190m (It looks better after taking into account the net trade receivables - work/service done, waiting to be collected.

- the larger profit expected by analysts in FYE16, but will only happen in FYE18 (better than expected tenancy ratio). It's like a machine not use up to optimum capacity until 2 years later. So, contribution from towerco will grow exponentially from FYE18.
21/06/2018 10:17
VFTRADER Basically most analysts are too optimistic on OCK performance after they start involved in Myanmar + SEATH business. This is bcoz there is no towerco listed co in Msia n it made them struggle a bit when forecasting this business.

Tower business structure in America n Indonesia are a bit diff compare to OCK operation.
edotco business structure is also not so similar w OCK.

It is like very hard to compare GHL or MPay (payment online) performance with Alipay n Tencent Pay... each country has their own business ecosystem.

BTW, EPF is pushing down the price to buy more and in most of the case, once their SH is more than 10%, they will request for board seat in that company. I think they bought some on 20-Jun.

Towerco will reach economy of scale when they own more than 5k towers. 2HFY18 & FY19 will be very good year for OCK.
21/06/2018 10:47
necro look for 2019 FY result...miss my time with OCK long time ago...hahaha
27/06/2018 16:48
VFTRADER https://view.inews.qq.com/a/20180628A0I8OG00?uid=100152827134

China Tower
28/06/2018 14:35
Jenas Tan EPF disposed. Not a good sign
02/07/2018 21:29
ttt i wonder why they disposed since they have started acquiring not too long ago
05/07/2018 09:39
VFTRADER https://view.inews.qq.com/a/20180704A0RQLJ00?uid=
05/07/2018 14:10
KISSinvest Ock, how are you? A lot of cheap stocks now. Not just you only. So buy axiata or u? TM or u? Digi or u? Very hard to make decision neh.
06/07/2018 07:53
VFTRADER China Tower

https://view.inews.qq.com/a/STO2018070503681402?uid=100152827134

https://view.inews.qq.com/a/20180704B1MR6K00?uid=100152827134
06/07/2018 16:11
ttt well at least EPF bought back 500k yesterday
10/07/2018 11:01
VFTRADER https://view.inews.qq.com/a/STO2018071200548804?uid=

China Tower - diversify.
12/07/2018 11:41
shpg22 Highly leverage & poor dividend. Profit is expected to stagnant for long time.
13/07/2018 13:24
sosfinance Gearing is not high if compare with similar sector. On contrary, earning will improve as tenancy ratio improve and more towers deliver.
13/07/2018 23:25
VFTRADER Below is based on FY2017 data:

Can based on the following for loan judgement = TTL Loan/Rev (%)
OCK = 93%
American Tower = 303%
Crown Crystal = 310% (FY2016)
SMN (Indon) = 168%
TBI (Indon) = 506%
STP (Indon) = 401%.
14/07/2018 11:32
warchest words of advise, perhaps should compare to those similiar size to OCK. OCK is an infact compared to those peers
17/07/2018 13:42
warchest Financing structure also different from company to company. OCK squeezed alot money from its shareholders
17/07/2018 13:43


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