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Affin IB Research upgrades MMC to Buy, target price RM3.15

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Affin IB Research upgrades MMC to Buy, target price RM3.15

Post by Cals Thu 28 Aug 2014, 18:18

Affin IB Research upgrades MMC to Buy, target price RM3.15

Business & Markets 2014

Written by theedgemalaysia.com

Thursday, 28 August 2014 08:53

KUALA LUMPUR (Aug 28): Affin IB Research has upgraded MMC Corporation Bhd to Buy (from Add) at RM2.35 with an unchanged target price of RM3.15 and said MMC reported a stronger 1H14 core net profit of RM152.1 million (up 209% y-o-y) driven by: (i) higher Malakoff earnings contribution due to positive recovery progress from Tanjung Bin power plant; and (ii) higher earnings from Klang Valley MRT project.
In a note Thursday, the research house said that overall, the annualised results are broadly within consensus and house our full year earnings forecast.
Affin IB said while MMC’s 1H14 core net profit accounted for 56-60% of street and house full year earnings forecast, the research house expects a normalisation of KVMRT earnings and higher effective tax rate (4.5% in 1H14) to weaken 2H14 earnings.
“We maintain our earnings forecast but upgraded MMC to Buy (from Add) with an unchanged target price of RM3.15 based on a 15% discount to RNAV.
“Key re-rating catalysts are stronger-than-expected earnings, the listing of Malakoff and potential corporate restructuring of the group’s key assets,” it said.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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