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KLSE: MBMR       MBM RESOURCES BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.36 2.78     +0.42 (17.80%)
* 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
13/07/2018 2.40 2.87 +0.47 (19.58%) BUY AmInvest Price Target News
02/07/2018 2.38 2.87 +0.49 (20.59%) BUY AmInvest Price Target News
08/06/2018 2.53 3.27 +0.74 (29.25%) BUY Affin Hwang Capital Price Target News
28/05/2018 2.51 2.84 +0.33 (13.15%) BUY HLG Price Target News
28/05/2018 2.51 2.87 +0.36 (14.34%) BUY AMMB Price Target News
24/05/2018 2.50 3.20 +0.70 (28.00%) BUY MIDF Price Target News
24/05/2018 2.50 3.30 +0.80 (32.00%) BUY KENANGA Price Target News
24/05/2018 2.50 2.84 +0.34 (13.60%) BUY HLG Price Target News
24/05/2018 2.50 2.87 +0.37 (14.80%) BUY AMMB Price Target News
24/05/2018 2.50 2.78 +0.28 (11.20%) BUY Affin Hwang Capital Price Target News
02/05/2018 2.39 2.70 +0.31 (12.97%) BUY HLG Price Target News
23/04/2018 2.45 2.70 +0.25 (10.20%) BUY HLG Price Target News
27/03/2018 2.38 2.85 +0.47 (19.75%) BUY KENANGA Price Target News
27/03/2018 2.38 2.70 +0.32 (13.45%) BUY HLG Price Target News
12/03/2018 2.47 3.10 +0.63 (25.51%) BUY MIDF Price Target News
12/03/2018 2.47 2.85 +0.38 (15.38%) BUY KENANGA Price Target News
12/03/2018 2.47 2.70 +0.23 (9.31%) BUY HLG Price Target News
26/02/2018 2.27 2.85 +0.58 (25.55%) BUY KENANGA Price Target News
26/02/2018 2.27 2.70 +0.43 (18.94%) BUY HLG Price Target News
26/02/2018 2.27 2.30 +0.03 (1.32%) HOLD AmInvest Price Target News
23/02/2018 2.20 2.45 +0.25 (11.36%) BUY MIDF Price Target News
23/02/2018 2.20 2.85 +0.65 (29.55%) BUY KENANGA Price Target News
23/02/2018 2.20 2.68 +0.48 (21.82%) BUY HLG Price Target News
23/02/2018 2.20 2.30 +0.10 (4.55%) HOLD AmInvest Price Target News
23/02/2018 2.20 2.27 +0.07 (3.18%) HOLD Affin Hwang Capital Price Target News
13/02/2018 2.30 2.68 +0.38 (16.52%) BUY HLG Price Target News
13/02/2018 2.30 2.20 -0.10 (4.35%) HOLD AMMB Price Target News


Price Target Research Article/News (past 6 months)
13/07/2018  AmInvest MBM Resources - Big ambitions for alloy wheel unit
02/07/2018  AmInvest MBM Resources - Leadership change
08/06/2018  Affin Hwang Capital MBM Resources - Alloy Wheel Business: Narrowing Losses
28/05/2018  HLG MBM Resources - OMI to turnaround in FY19
28/05/2018  AMMB MBM Resources - Partnering up for more OMI volume
24/05/2018  MIDF MBM Resources - The Tide Turns
24/05/2018  KENANGA MBM Resources Bhd - 1Q18 Above Expectations
24/05/2018  HLG MBM Resources - In the heat of the moment
24/05/2018  AMMB MBM Resources - Gaining strength
24/05/2018  Affin Hwang Capital MBM Resources - Revving Up
02/05/2018  HLG MBM Resources - Majority Shareholders in Favour of Takeover
23/04/2018  HLG MBM Resources - Visit Note
27/03/2018  KENANGA MBM Resources Bhd - UMW Offer for 50.07% in MBMR Rejected
27/03/2018  HLG MBM Resources - Unattractive Takeover Offer
12/03/2018  MIDF MBM Resources - Deep Value Thesis Underpinned
12/03/2018  KENANGA MBM Resources Bhd - Letter of Offer for 50.07% Stake by UMW
12/03/2018  HLG MBM Resources - UMWH Proposes to Acquire MBMR
26/02/2018  KENANGA MBM Resources Bhd - Better Position in FY18
26/02/2018  HLG MBM Resources - Focus on Cost Efficiency to Lift Earnings
26/02/2018  AmInvest MBM Resources - Turning things around
23/02/2018  MIDF MBM Resources - Underlying Earnings Picking Up Steam
23/02/2018  KENANGA MBM Resources Bhd - FY17 Above Expectations
23/02/2018  HLG MBM Resources - FY17: Above Expectation
23/02/2018  AmInvest MBM Resources - Rocky road still
23/02/2018  Affin Hwang Capital MBM Resources - Pacing for Growth
13/02/2018  HLG MBM Resources - Acquisition of Remaining 22% Stake in OMI
13/02/2018  AMMB MBM Resources - Consolidating ownership of OMI



  leno likes this.
 
dompeilee dompeilee dompeilee Bought some MBMR @ 2.05...Gonna b sizzling hot soon !:

16/10/2017 16:04

Another JACKPOT after KSSC !!!!!! SOLD 1/2 @ 2.48-2.50!!! :D
12/03/2018 09:18

Looks like I exited @ a good price...thanks, MBMR!!! :)
27/03/2018 14:37
gsi723 Personally I also won't sell. Don't mind if share price drop to 2.00.... It has done with impairment. Going to have better days ahead... No point sell cheap for another party to win at low cost..
27/03/2018 18:00
gsi723 If want to offer share, also 2:1... UMW very unsincere
27/03/2018 18:02
dompeilee UMW is a debt-ridden co. The "takeover" will fail.
27/03/2018 19:42
Hafid At least offer at nta or 3.38
01/04/2018 18:02
Hafid today umw say not extend the mgo to all
03/04/2018 15:01
gsi723 3.00 Boleh deal
03/04/2018 19:13
Hafid See can drop below 2.20
03/04/2018 22:01
apolloang if takeover cancel later macam iwcity,down like hell
03/04/2018 22:02
Hafid WILL NOT GO DOWN TO 2.00
04/04/2018 09:15
Hafid Med-Bumikar rejected the offer from UMW on the grounds that the offer price was too low. It does not take into account MBM Resources' other businesses ranging from distribution of Volvo cars, assembly and marketing of Hino trucks and property development. MBM Resources also has a stake in Rubberex Corp Bhd, a glove manufacturer.
04/04/2018 10:10
Hafid They are no pushovers. Mara or UMW will find it hard to force the deal
04/04/2018 10:11
gsi723 thanks to UMW, now people only know MBMR got values... UMW, no $ don't buy... if wanna buy, offer RM2.80- 3.00
04/04/2018 23:19
Lau333 UMW to sweeten the offer but higher offer price wasn't on the table.

https://www.thestar.com.my/business/business-news/2018/04/11/umw-goes-back-to-drawing-board/
11/04/2018 20:02
Hafid No hope have to wait until october
29/04/2018 00:42
Hafid Mara support the deal
01/05/2018 14:11
Hafid What next for.mbmr. wait.or buy umw
01/05/2018 14:13
gsi723 so, 2.50 will be the support level as the deal is going to happen, with possibility UMW slightly up the offer price..
01/05/2018 16:55
Hafid See can go up to RM2.80,3.20
01/05/2018 20:06
Hafid The board of MBM Resources Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png

(MBM) is expected to seek a higher price from UMW Corporation Bhd in the takeover offer for the former.

Sources said Med-Bumikar Mara Sdn Bhd, the major shareholders of MBM, is expected to communicate to the board of MBM to negotiate for a higher price than what is on the table at the moment.

On Monday, 52.06% of Med-Bumikar Mara shareholders voted in favour to accept the offer from UMW for its stake in MBM subject to certain requirements and conditions.

Medi-Bumikar Mara also recommended to the board of MBM to form a task force to negotiation with UMW, acting in the best interest of the company.


In March, UMW offered to buy Med-Bumikar Mara’s 50.07% in MBM at RM2.56 per share. Med-Bumikar Mara initially rejected the offer but the privately held company that is controlled by six families and MARA, agreed to the deal last Monday.

“One of the conditions for accepting the deal is for the board of MBM to negotiate for a higher price,” said a source.

Medi-Bumikar Mara’s representatives on the board of MBM is led by Datuk Abdul Rahim Abdul Halim, who is also the chairman of MBM.

Abdul Rahim is one of the persons responsible for the start of Perusahaan Otomobil Kedua Sdn Bhd (Perodua) and is well aware of the legal issues should any one party want to take up a substantial stake in the automotive company.

It has been reported that MARA and two other families holding 52.06% interest collectively in Med-Bumikar Mara called for an extraordinary shareholders meeting of the privately held company to push through the acceptance to UMW’s offer.

A source said that on the face, the impression was the remaining shareholders in Med-Bumikar Mara are not keen on the offer from UMW.

“That perception is not true. The remaining shareholders who come from four families are keen on accepting the offer from UMW. The only problem is they want to secure a higher price before agreeing and putting it to the board of MBM,” said a source.

The jewel in MBM is its direct 20% stake in Perodua. It also has another 2.5% indirect stake through a joint venture with Daihatsu of Japan.

UMW has extended by six months the offer period, by which time it has to get the consent from Perodua’s Japanese partners.

Apart from a substantial interest in Perodua, MBM also holds dealership for Mitsubishi, Volkswagen, Volvo, Daihatsu vehicles. It assembles and distributes Hino trucks that is used for commercial purposes.


Read more at https://www.thestar.com.my/business/business-news/2018/05/03/mbm-resources-likely-to-seek-a-higher-price-from-umw/#72JVcawDEhYdi54D.99
07/05/2018 00:46
bachalet Hi Guys,

Pakatan promised to introduce fuel subsidies for cars below 1300cc (refer to page 30 under "Janji 7: Menyediakan subsidi minyak bersasar" of Buku Harapan ). I assume this will help increase sales for Perodua's Myvi as more people at least those in the below and mid income bracket would prefer to buy these types of car in order to get the fuel subsidies. This in turn will provide better growth for MBMR.

What do you guys think of this? Thanks.

Buku harapan link: https://www.keadilanrakyat.org/index.php/bukuharapan/
11/05/2018 11:13
ks5S Mbmr takeover by umw in a risk now after ph won.
Sell out before too late.
12/05/2018 10:18
Hafid See can drop to 2.20
12/05/2018 16:42
bachalet Hi Ks5S,

Don't think that the deal will be abandoned just because of a new government. The deal between UMW and MBMR has no political motives at all (at least in my view). The main reason for the acquisition is to have a bigger exposure in Perodua which will help grow UMW's bottom line in the future. Most analyst are actually bullish of this deal as it is seen as value accretive to UMW.

Daim has already met with Dato' Rahman (CEO of PNB) yesterday and it seems that the guy will stay on heading PNB in the near future.

http://www.theedgemarkets.com/article/daim-holds-maiden-meeting-heads-six-glics-today

Either way, Perodua sales is expected to grow this year which will be a boon for MBMR (lets see the 1st quarter result due end of this month). In addition, the potential reintroduction of fuel subsidy for cars under 1300cc might help push future sales of Myvi as more people would want to own this type of cars in order to gain benefit from the subsidies.

Feel free to comment.

Thanks.
14/05/2018 06:54
Hafid MBMR STart moving
14/05/2018 11:45
Hafid Tak ada gst sure kereta sales Naik lagi. ITU lah umw mahu ambilalih ITU syarikat.
14/05/2018 17:57
Lee Yih Yeong auto part tariff impose..run...
24/05/2018 15:01
Hafid See can go up rm2.80
26/05/2018 16:02
cricketlast https://www.theedgemarkets.com/article/perodua-taps-ridehailing-ridesharing-market-first-sale-1000car-fleet
25/06/2018 16:11
cricketlast By far the cheapest automotive company in Malaysia which is a bit weird given that Perodua is the market leader. They should be valued at a premium compared to other automotive companies.

Anyway more upside expected for their bottom line going forward with better sales driven by the new Myvi sales and the zero rated GST period as well as the introduction of their new SUV in 3Q this year.

Their wheel alloy business is also expected to turn around (in FY19) with the help of their new strategic partner, Citic Dicastal, China largest alloy wheel manufacturer. Citic is planning to use MBMR to help prevent anti dumping tariff imposed by the EU since May 2018 till 2023. Target is to produce 50,000 to 60,000 units of alloy wheels per month in 2019. So hopefully there will be no more losses from this division (and if lucky, they can even make some profit out of it).
26/06/2018 15:56
Hafid look like UMW Takeover MBMR will be a done deal.
28/06/2018 10:05
Hafid Court favour umw
11/07/2018 07:12
cricketlast https://www.theedgemarkets.com/article/umw-one-step-closer-perodua-bid-court-rules-appointments-invalid

Now Med Bumikar will need to negotiate with UMW on the deal. Analysts view that UMW will need to increase their offer if they want to take the company private given that they will need to get at least 90% shareholders approval. Analyst value the company at between RM2.84 - RM3.30.
11/07/2018 10:37
cricketlast Expect 2Q18 results to be higher compared to last year's mainly driven by the higher sales of Perodua vehicle. For the 2nd quarter 2018, Perodua managed to record a sales of 61,530 units vs last years 50,169 units.

I am still surprise that the market is still only valuing MBMR at around 8x PE compared to other automotive vehicles that currently trading at an average of around 15x fwd PE.


Regards.
20/07/2018 11:50
yongch Big player monopoly this no matter how good profit end up limit up...tp2.0 or below!!!
23/07/2018 17:45
Hafid Iook like no hope
23/07/2018 17:54
ladahitam perodua proposed IPO is good for MBM 20% holdings, good for 10-15% gain
UMW would see pressure to raise its offer price from RM2.56/MBM share closer to RM2.94 according to analyst
24/07/2018 10:15
Hafid where you got the news on the IPO
24/07/2018 11:08
cricketlast Hi Hafid and ladahitam,

Feel free to correct me if the info below are less than accurate.

I think what ladahitam means is upon the completion of the acquisition of MBMR by UMW, there is an opportunity for the UMW to list Perodua given that it will end up with a total of more than 70% interest of Perodua.

However, I doubt that UMW (or in this case its major shareholder PNB) would want to do that. One of the main reason is that UMW currently have a valuation of around 20x fwd PE. If they want to do an IPO, it would only make sense if they can get a valuation of more than 20x for Perodua. Another roadblock for an IPO would be Daihatsu which UMW need to convince (contrary to some news reports, an acquisition of MBMR by UMW does not actually need approval from Daihatsu given that the entity that UMW is planning to acquire is actually MBMR and NOT Perodua. Daihatsu does not have any say in the selling and buying of MBMR shares).

I believe that the main reason for UMW to acquire MBMR is mainly for the balance sheet, future growth earning as well as the healthy cash flow that the company can provide to UMW (all of this will mainly come from Perodua). Cash flow is especially important for UMW given some of the projects that they currently taking like the Rolls Royce fan casing manufacturing are expected to have negative cash flow for the foreseeable future.

At the offer price of RM2.56 per share, UMW acquisition will only translate to around 8.8x 12 months trailing PE (excluding all the impairment that occurred last year). Even if they increase the offer to RM3, for example, this will only translate to 10.4x 12 months trailing PE which is only half of what UMW is trading at the moment. In terms of P/B, an offer of RM2.56 will only translate to a valuation of 0.7x P/B (as of March 2018). An offer of RM 3 will translate to a valuation of 0.8x P/B. If the acquisition is completed, UMW can actually post a gain of acquisition amounting to RM290mil to RM440mil in their P&L for FY2018 (if they can complete it before end of the year).

In summary, the real reason to why UMW want to acquire MBMR is mainly because the valuation that the company is trading at the moment is really cheap for a profitable company with steady cash flow.

Regards.
24/07/2018 13:20
Hafid yeap is correct.
24/07/2018 14:59
Hafid at RM2.30 you will gain 11% from RM2.56 price. but if there is no takeover price than will be much higher
24/07/2018 15:00
Hafid so someone is blocking at this price level
24/07/2018 15:00
cricketlast Anyway, i believe any acquisition would have to be at a higher price. During the AGM back in May, Dato Abdul Rahim (the chairman and also shareholder of Med Bumikar Sdn Bhd) mentioned that in order for UMW to take MBMR private, they will need to get at least 95% shares approval (i actually thought UMW needs only 90%). He doubt that UMW can get it at the offer price of RM2.56.
24/07/2018 15:08
Hafid MBMR price is stay strong at 2.39
03/08/2018 16:12
Hafid 3 thing zeti going to focus at pnb
04/08/2018 06:49
KiasiPu expected good qr result soon.
06/08/2018 16:50
yongch Tp2.80!!!!!
07/08/2018 10:36
Hafid volume is big
08/08/2018 16:02
James Ng https://klse.i3investor.com/blogs/general/169209.jsp
[转贴] [MBM RESOURCES BHD,车辆需求疲弱,市场竞争激烈,租购贷款审批严格以及外汇波动剧烈] - James的股票投资James Share Investing
13/08/2018 08:59
13/08/2018 15:58


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