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MY : Alliance Bank Malaysia Berhad - Exiting the stockbroking business

AIBB has entered into an agreement with Phillip Futures for the proposed disposal of its stockbroking business; this came as a surprise to us. We are neutral on the deal given the minimal one-off disposal gain, and insignificant earnings contributi....
CGS-CIMB Winson
Winson Ng @ CGS-CIMB 3 December 2021

MY : Strategy - Westports replaces HSC in KLCI

FTSE Russell revealed that Westports will be included in the KLCI, replacing Hap Seng Consolidated (HSC), following the latest review. The inclusion of Westports instead of Inari was a surprise to us. We understand the shares outstanding used in ca....
CGS-CIMB Ivy
Ivy Ng Lee @ CGS-CIMB 2 December 2021

MY : Strategy - It’s a wrap for November; what’s next?

The KLCI fell 3.1% mom in Nov to close at 1,514 pts due to negative reaction from the market to the additional taxes (Cukai Makmur, removal of tax exemption on foreign source income) announced in Budget 2022. The monthly average trading value for t....
CGS-CIMB Ivy
Ivy Ng Lee @ CGS-CIMB 2 December 2021

MY : Malaysia Daybreak | 2 December 2021

CGS-CIMB Ivy
Ivy Ng Lee @ CGS-CIMB 2 December 2021

MY : Awanbiru Technology Bhd - A shot in the arm from new cloud contract

AwanTec has secured a 27-month contract from Pernec to provide Google Workspace Solutions and related services for RM75.9m. We change FY22-23F LPS to EPS and raise FY24F EPS by 4.8x. Upgrade to Hold with a higher RM0.74 TP, based on 3x P/BV (3-yea....
CGS-CIMB Mohd Shanaz
Mohd Shanaz Noor Azam @ CGS-CIMB 2 December 2021

MY : Strategy - 4Q21F earnings likely to pick up but …

3Q21 earnings revision ratio rose to 0.93x, as positive surprises from higher commodities prices more than offset negative surprises from lockdowns. Corporate earnings are likely to improve sequentially in 4Q21F as economic activities pick up after.....
CGS-CIMB Ivy
Ivy Ng Lee @ CGS-CIMB 1 December 2021