巴迪尼控股 市况低迷财测看跌

目标价：1.43令吉

最新进展

巴迪尼控股（PADINI，7052，主板消费产品股）第3季核心盈利，按年扬升29%，至2700万令吉，归功于消费税前的购买潮，和更佳的产品销售组合。

同时，第3季赚幅从次季的41%，提高至44%。

同期营业额也从2亿1885万令吉，年增29.59%，达2亿8362万令吉。公司也宣布派发每股2.5仙股息。

行家建议

消费税开跑后，市场陷入低迷状态，相信巴迪尼控股第4季业绩，将无法延续第3季的强势；而且公司承担消费税的成本，预计将拖累盈利赚幅下滑。

我们认为第4季净利会低于预期，仅报400万令吉，少于早前预测的1400万令吉。

同时，预期公司下财年增开的店面，将减少至4家，低于现财年的13家。

因此，我们把现财年至后财年的财测，下修5%至13%。

但目标价则提高至1.43令吉，并相信7%至8%的可观周息率，可为股价带来支撑。

分析：安联星展研究 

Source: http://www.nanyang.com/node/705863?tid=462

Daily Trading Idea - HOMERIZ – MYR1.45 SHORT-TERM BUY (TECHNICAL)

HOMERIZmade a major daily Wave 4 low of MYR0.99(28Apr 2015) with grossly oversold and bullish signals. All of its positive signals above suggest a very strong daily uptrend. It is likely to break into higher territory, as it breached its key resistance areas in a very clear Wave 5 surge.

SHORT-TERM BUY (TECHNICAL)on dips for HOMERIZwith very firm supports of MYR1.36 and MYR1.45as well as upward target areas of MYR1.52and MYR1.82. Stop-loss is at MYR1.34.

Source: Maybank Research - 4 Jun 2015

Company Name : Sasbadi Holdings Berhad
Date : 4 June 2015
Source : The Star

HLIB Research Maintains Buy On Sasbadi 

KUALA LUMPUR: Hong Leong Investment Research (HLIB) has maintained its Buy on Sasbadi with a target price of RM2.72 based on unchanged P/E multiple of 15.5 times CY16 EPS given its lower market capitalisation and liquidity.

"We think valuation is justified as Sasbadi has high growth rate and holds a unique exposure to the country’s education system," it said in a note on Thursday.

Sasbadi’s 1HFY08/15 earnings currently stand at RM9.9mil.

"While its second quarter is the strongest quarter, we expect slower quarters ahead but still higher than 1Q which is the weakest quarter for the year.

"Despite most of their product being zero-rated, it may experience a slight slowdown due to lower spending power. Overall, we are positive that it is on course to meet our forecast," it noted.

The acquisition of a Chinese publisher is still underway, targeting to finalise in the current financial year.

"We believe the acquisition should be earnings accretive for the group, with Sasbadi having an appetite for companies with low P/E multiple.

"Moreover, it will complement Sasbadi coverage of the education spectrum as it is currently a relatively small player in National-Type Schools," it said.

Source: http://www.insage.com.my/Upload/MediaNews/SASBADI/Sasbadi-%20The%20Star-%2004062015.pdf

HLIB Research Maintains Its Recommendation Of 'Buy' For Sasbadi

Company Name : Sasbadi Holdings Berhad 
Date : 04 June 2015
Source : The Edge Financial Daily

HLIB Research Maintains Its Recommendation Of 'Buy' For Sasbadi 

KUALA LUMPUR (June 4): Hong Leong Investment Bank (HLIB) Research has maintained its "Buy" rating on Sasbadi Holdings Bhd ( Financial Dashboard), primarily a publisher of educational materials, with an unchanged target price of RM2.72 based on an unchanged P/E multiple of 15.5x CY16EPS.

“We expect slower quarters ahead, but still higher than 1Q which is the weakest quarter for the year,” the research house said in a note today.

The research house added that the management of Sasbadi was still committed to paying up to 50% of their yearly profit.

Meanwhile, the acquisition of a Chinese publisher is still underway and targeted to finalise in the current financial year, it said.

Earlier this month, Sasbadi announced it had secured a contract from the Ministry of Education to produce “Design and Technology” textbooks for Year 6 Chinese national-type primary schools.

Indonesian publisher PT Penerbit Erlangga, which is licensed to use Sasbadi’s interactive online learning system, should launch its online products by this month in accordance with the start of the academic year (July), HLIB Research said.

Sasbadi’s first learning centre is set to be ready by July or August this year with an estimated capex of around RM0.5 million.

The company closed at RM2.33 yesterday with a volume of 25,200 shares traded.

Source: http://www.insage.com.my/Upload/MediaNews/SASBADI/SASBADI-TheEdge-04062015.pdf

Sasbadi - On Course

Highlights

• Sasbadi’s 1HFY08/15 earnings currently stand at RM9.9m (59.2% of our full year forecast). While its second quarter is the strongest quarter (according to school term), we expect slower quarters ahead but still higher than 1Q which is the weakest quarter for the year. Despite most of their product being zero-rated, it may experience a slight slowdown due to lower spending power. Overall, we are positive that it is on course to meet our forecast.

• Management is still committed to pay up to 50% of their yearly profit. As such, we increase our dividend payout ratio to 40% (vs. 35%), which translates to a higher dividend yield of 2.3%-3.3%. Given the group’s positive annual free cashflow of RM10.2m-RM19.1m and net cash position of RM24.9m, we believe the payout level is achievable.

• The acquisition of a Chinese publisher is still underway, targeting to finalise in the current financial year. We believe the acquisition should be earnings accretive for the group, with Sasbadi having an appetite for companies with low P/E multiple. Moreover, it will complement Sasbadi coverage of the education spectrum as it is currently a relatively small player in National-Type Schools (Chinese).

• PT Erlangga, which uses Sasbadi’s interacti ve online learning system, should launch its online products by this month in accordance with the start of the academic year (July). Its online platform is catered for Year 7 – Year 9, which is equivalent to Form 1 – Form 3 in Malaysia. Out of the one-off non-refundable licensing income of USD300k, 30% was recognised in the first quarter of FY15, while the balance is to be recognised in the coming third quarter.

• There was a slight delay in the opening of its first learning centre in Kota Damansara. The group is aiming to have the learning centre ready by July or August. Capex for learning centre is estimated to be around RM0.5m.

Risks

• Not winning new textbook contract from MOE; Migration towards the online platform; Spike in paper prices; and Changes in National Curriculum and educational policies.

Forecasts

• Unchanged.

Rating

BUY

Positives

• (1) Long term catalysts from potential M&As and new curriculum for secondary schools; (2) Unique exposure to Malaysia’s education system; and (3) Defensi ve earnings base.

Negatives

• (1) Not winning new textbook contracts from MOE; (2) Rising paper prices; and (3) Low liquidity.

Valuation

• Maintain BUY unchanged TP of RM2.72 based on unchanged P/E multiple of 15.5x CY16 EPS or circa 50% discount to average P/E of education sector given its lower market capitalisation and liquidity. We think valuation is justified as Sasbadi has high growth rate and holds a unique exposure to the country’s education system.

Source: Hong Leong Investment Bank Research