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Kenanga IB Research starts coverage on Malakoff, target price RM2.22

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Kenanga IB Research starts coverage on Malakoff, target price RM2.22 Empty Kenanga IB Research starts coverage on Malakoff, target price RM2.22

Post by Cals Tue 09 Jun 2015, 08:21

Kenanga IB Research starts coverage on Malakoff, target price RM2.22

KUALA LUMPUR (June 8): Kenanga IB Research has inititiated coverage on Malakoff Corporation Bhd with an “Outperform” rating at RM1.87 and target price of RM2.22 and said Malakoff was still in the same business as before but with higher total effective installed capacity of 6,036MW (from 3,129MW), making it the largest IPP in Southeast Asia, and it was aiming to achieve 10,000MW by 2020.
In a note today, the research house said that after two years of hiccups due to unplanned outages, earnings were set to normalise this year and expected to scale a record high in FY16 at RM603.4 million which implies an inexpensive PER of 15.5x.
However, the research house said earnings were seen easing in FY17 and set a new base from there as PD Power’s PPA expires.
“Nonetheless, this is not a concern should it is able to secure new PPA as planned.
“We initiate coverage with an OUTPERFORM rating with a price target of RM2.22/share. Besides defensive earnings quality, Malakoff also offers decent dividend yields of 3%-4%,” it said.
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