UOB Kay Hian Research Articles
Magnum: Worth a Punt
UOBKayHian
Publish date: Tue, 06 Jun 2017, 09:29 AM
UOBKayHian
0 1,987
An official blog in I3investor to publish research reports provided by UOB Kay Hian research team.
All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
(MAG MK/BUY/RM1.70/Target: RM2.00)
Magnum is now trading at our assessed trough value after suffering the latest bad fortune - IRB’s tax claims. There are plenty of potential catalysts – operational improvement, resumption of dividend, smaller-than-expected penalty by IRB, or monetisation of UMobile. We also assess that Magnum’s cash flow allows it to offer at least 3.9% dividend yield in 2017, even if it needs to fund the tax claims by IRB via borrowings. Upgrade to BUY but maintain target price at RM2.00
Source: UOB Kay Hian Research - 6 Jun 2017
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