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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Hglee92
108 posts
Posted by Hglee92 > 2021-05-25 15:24 | Report Abuse
fair value (FV) of RM1.68
based on sum-of-parts (SOP) valuation (Exhibit 3) adjusted for a 3% discount to reflect a 2-star ESG rating as appraised by us (Exhibit 5). The FV values MMC’s port division at 16x FY21F EPS (a 30% discount to its peers' historical average to reflect its lower margins). Maintain BUY.
ï‚· MMC's 1QFY21 core net profit of RM105.9mil (adjusted for
gains from sublease of land at PTP) came in at 25% and 31% of our full-year forecast and full-year consensus estimates respectively. We consider the results within our forecast but above market expectations.