KIANJOO Analysis:-

http://lcchong.wordpress.com/2014/09/17/ki...s-17-sept-2014/

My View:-

- Fair value:
– 5-Y DCF:
– Base Scenario: 3.93 (Fair Value Uncertainty: LOW)
– Good Scenario: 4.45 (Fair Value Uncertainty: LOW)
– Bad Scenario: 3.46 (Fair Value Uncertainty: MEDIUM)
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.266) – Fair value 2.97 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.232) – Fair value 2.59 (Fair Value Uncertainty: VERY HIGH)
– Forward:
– FY14 (EPS: 0.287) – Fair value 3.2 (Fair Value Uncertainty: MEDIUM)
– FY15 (EPS: 0.318) – Fair value 3.55 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (3.01): 0.27
- I think that KIANJOO is currently undervalued.
- Given the on-going uncertainties surrounding its corporate exercise, I continue to see its share price movement being lackluster.
- If the proposed transaction materializes, you will have a certain RM3.36 per share in your pocket (RM3.30 cash offer + 6.25sen dividend recently paid).
- If not, we will still see that value materializing, but over the longer term as it remains imperative parent-company Can-One squeeze out further operational improvements (and essentially stronger earnings, thereby increasing its intrinsic value) from KJC for greater dividend income.
- I think KJC’s growth prospects will continue to be valid as depicted by its consistent sales growth despite the steep contraction in earnings in 1HFY14 (-24.3% YoY). This was chiefly due to its continuous capacity expansion with the most recent in Indonesia. Although the contraction in operating margin was steep in 1HFY14, it is inconsistent with recent historical trend and as such, it may not sustainable on the back of economies of scale and its price escalation mechanism especially for the aluminium cans segment. On the other hand, KJC is good for healthy balance sheet and dividend yield.
- After studied story of KIANJOO and CANONE, I found that KIANJOO’s management provided very limited access and information flow. Delays in finalizing the privatization deal has also put further pressure on its share price, which closed at RM3.01 (17 Sep 2014), raising the possibility for the privatization to go through at RM3.30/share.
- Due to the uncertainties, I will revisit KIANJOO if the privatization does not take effect and if circumstances are warranted.

Latest Financial – Q2 2014 Financial Report (28 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1725593

At the time of writing, I did not own shares of KIANJOO.

GKENT Analysis:-

https://lcchong.wordpress.com/2014/09/18/gk...s-19-sept-2014/

My View:-

- Fair value:
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.161) – Fair value 2.13 (Fair Value Uncertainty: LOW)
– R4Q (EPS: 0.126) – Fair value 1.68 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY15 (EPS: 0.141) – Fair value 1.87 (Fair Value Uncertainty: MEDIUM)
– FY16 (EPS: 0.155) – Fair value 2.06 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (1.58): 0.119
– I think GKENT is still undervalued. If we just looking at the current EY% and FCFY%, the EY% and FCFY% are 10.2% and 28.5%.
- GKENT has very strong competitive advantages where it is in a very good position in building wide economic moats.
- On 30 May 2014, GKENT completed the construction of the Semantan Intake Pahang-Selangor raw water transfer project, which was delivered on schedule. The completion of the former and the recognition of the tail-end revenue of the latter were the main reasons for the Group’s decline in its quarter-on-quarter revenue.
- I will accumulate GKENT as it is having correction now.

Latest Financial – Q2 2014 Financial Report (17 Sept 2014) http://www.bursamalaysia.com/market/listed...cements/1741749

At the time of writing, I owned shares of GKENT.

BRAHIMS Analysis:-

https://lcchong.wordpress.com/2014/09/18/br...s-18-sept-2014/

My View:-

- Fair Value:
– Absolute EY%
– Trailing:
– FY13 (EPS: 0.101) – Fair value 2.71 (Fair Value Uncertainty: LOW)
– R4Q (EPS: 0.104) – Fair value 2.79 (Fair Value Uncertainty: LOW)
– Forward:
– FY14 (EPS: 0.103) – Fair value 2.75 (Fair Value Uncertainty: LOW)
– FY15 (EPS: 0.119) – Fair value 3.17 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (1.34): 0.05
- Although this counter is currently undervalued, there are too many uncertainties in Brahim’s business.
- For the time being, I will place this stock in the Study List.

Latest Financial – Q2 2014 Financial Report (26 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1721213

At the time of writing, I did not own shares of BRAHIMS.

COCOLND Analysis:-

https://lcchong.wordpress.com/2014/09/19/co...s-19-sept-2014/

My View:-

- Fair Values:
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.128) – Fair value 2.56 (Fair Value Uncertainty: LOW)
– R4Q (EPS: 0.126) – Fair value 2.51 (Fair Value Uncertainty: LOW)
– Forward:
– FY14 (EPS: 0.114) – Fair value 2.27 (Fair Value Uncertainty: LOW)
– FY15 (EPS: 0.126) – Fair value 2.51 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (1.55): 0.078
- COCOLND is currently undervalued, and the fair value ranges from 2.27 to 2.51.
- I think the recent price decline of COCOLND is caused by withdrawal of foreign funds.
- I will keep this stock in the Watch List.

Latest Financial – Q2 2014 Financial Report (25 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1719025

At the time of writing, I did not own shares of COCOLND.

TENAGA Analysis:-

https://lcchong.wordpress.com/2014/09/20/te...s-20-sept-2014/

My View:-

- Fair value:
– Absolute EY%
– Trailing:
– FY13 (EPS: 0.828) – Fair value 11.43 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.945) – Fair value 13.05 (Fair Value Uncertainty: HIGH)
– Forward:
– FY14 (EPS: 0.909) – Fair value 12.55 (Fair Value Uncertainty: HIGH)
– FY15 (EPS: 0.96) – Fair value 13.26 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (12.38): 0.897
- The optimistic outlook on electricity demand growth in Malaysia would be a booster to TNB’s revenue going forward but however, the following risks will discount the growth:
i) the rising generation costs
ii) expect a drag on its earnings should the hiccup in FCPT implementation continues.
- The FCPT mechanism as a long-term catalyst for TNB and its uninterrupted implementation would send a positive signal to the market as it would provide a greater clarity on TNB’s long-term
earnings.
- I will continue to hold TENAGA, and may accumulate TENAGA in the future.

Latest Financial – Q3 2014 Financial Report (16 Jul 2014) http://www.bursamalaysia.com/market/listed...cements/1685693

At the time of writing, I owned shares of TENAGA.

CYPARK Analysis:-

http://lcchong.wordpress.com/2014/09/21/cy...s-21-sept-2014/

My View:-

- Fair value:
– Absolute EY%
– Trailing:
– FY13 (EPS: 0.218) – Fair value 2.71 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.214) – Fair value 2.67 (Fair Value Uncertainty: HIGH)
– Forward:
– FY14 (EPS: 0.246) – Fair value 3.07 (Fair Value Uncertainty: MEDIUM)
– FY15 (EPS: 0.306) – Fair value 3.81 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (2.7): 0.217
- I will place this counter back to the Watch List.

Latest Financial – Q2 2014 Financial Report (30 Jun 2014) http://www.bursamalaysia.com/market/listed...cements/1671941

At the time of writing, I did not own shares of CYPARK.

CARLSBG Analysis:-

https://lcchong.wordpress.com/2014/09/22/ca...s-22-sept-2014/

My View:-

- Fair values/Market Timing:
– 5-Y DCF:
– Good Scenario – 12.67 (Fair Value Uncertainty: HIGH)
– Base Scenario – 11.06 (Fair Value Uncertainty: VERY HIGH)
– Bad Scenario – 9.63 (Fair Value Uncertainty: EXTREME)
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.602) – Fair value 12.49 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.637) – Fair value 13.24 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY14 (EPS: 0.624) – Fair value 12.97 (Fair Value Uncertainty: HIGH)
– FY15 (EPS: 0.656) – Fair value 13.63 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (12.44): 0.599
- Going forward, I remain conservative and skeptical above volume growth in the brewery sector as some reports show that the industry is saturated, coupled with several other external factors such as rising fuel costs, inflation as well as potential exposure to excise duty hike in the near future. However, earnings should be sustainable at current levels.
- 2014 will be a challenging year for brewers due to competition from contrabrand beers and as consumer spending dwindles. Fortunately, this will be partially alleviated by the Visit Malaysia Year 2014 event.
- In my opinion, there is still some downside risk even though the share prices of both stocks have fallen sharply from last year’s peaks (down 30-45%). 10.24 – 11.50 is a good support zone, from technical aspect. Chances of CARLSBG dropping below this zone is low.
- CARLSBG is determined to move away from a single star beer product company to become a star beer portfolio company. Over the past 10 years, CARLSBG has been trying to launch a couple of new products into the market. To date, however, its Carlsberg Green Label is still viewed as the group’s only crown jewel. As such, a reshuffle has been undertaken in its top management team over the last 2 to 3 years with the aim of bringing good changes to the group. Besides, it has also appointed a few brand managers to oversee the brand building efforts across a few main products, whereby premium brands are expected to form a larger proportion of its new product portfolio. While efforts are being made to build market share for its premium products, the Carlsberg Green Label will remain as the bread and butter of the group. Whether or not CARLSBG will be able to return to its former glory, it is still too early to tell, but the good efforts warrant CARLSBG a buy/hold call for the long term. There are downside risks if things do not turn out as expected.
- At the current price (12.44), valuation of CARLSBG is not attractive. However, recently I accumulated a bit of CARLSBG shares because its DY% maintains at 5%.

Latest Financial – Q2 2014 Financial Report (26 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1720665

At the time of writing, I owned shares of CARLSBG.

PWROOT Analysis:-

http://lcchong.wordpress.com/2014/09/24/pw...s-24-sept-2014/

My View:-

- Fair Value:
– 10-Y DCF:
– Base scenario (14%): 2.43 (Fair Value Uncertainty: MEDIUM)
– Good scenario (18%): 2.95 (Fair Value Uncertainty: LOW)
– Bad scenario (10%): 2.01 (Fair Value Uncertainty: HIGH)
– Growth rate applied in Reverse DCF to reach the current stock price (1.95): 9%
– The historical growth rate of FCF is 17%, so the assumption of 14% growth rate for the next 10 years may be valid.
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.129) – Fair value 2.21 (Fair Value Uncertainty: MEDIUM)
– R4Q (EPS: 0.126) – Fair value 2.16 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY15 (EPS: 0.137) – Fair value 2.34 (Fair Value Uncertainty: MEDIUM)
– FY16 (EPS: 0.145) – Fair value 2.48 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (1.95): 0.114
- This company is stable, but hardly to expect high growth in long term. May be a good stock to accumulate during economy recession.
- In my opinion, PWROOT’s ready-to-drink products are not really healthy. I think in long term, people will be more health conscious and consumption of these products may be reduced gradually. Nevertheless, this won’t happen in near future.
- I will place this stock in Watch List and do comparison with its competitors.

Latest Financial – Q1 2015 Financial Report (30 Jul 2014) http://www.bursamalaysia.com/market/listed...cements/1697517

At the time of writing, I did not own shares of PWROOT.

HAIO Analysis:-

https://lcchong.wordpress.com/2014/09/27/ha...s-27-sept-2014/

My View:-

- Fair values:
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.205) – Fair value 2.71 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.193) – Fair value 2.56 (Fair Value Uncertainty: HIGH)
– Forward:
– FY15 (EPS: 0.189) – Fair value 2.51 (Fair Value Uncertainty: HIGH)
– FY16 (EPS: 0.203) – Fair value 2.69 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (2.57): 0.194
– HAIO valuation is fully valued now.
– Looking at chart, HAIO has been moving in the range from 2.2 to 2.8. Besides, HAIO has a very strong support at 2.3 and 2.2. So, technically, I can accumulate HAIO.
- Due to decline in the purchasing power of consumers and margins erosion due to the weakening of Ringgit against USD, I think HAIO FY15 performance will be mediocre (or just slightly higher than FY14). However, because healthcare product is quite essential nowadays, the impact will be short term only. With its expansion to Indonesian market, HAIO will have greater potential, rather than just focus on Malaysia market.
- While I reckon that the group is in right business direction for its MLM strategy of focusing on "small ticket" or "repetitive-consumer" items to boost future sales, we foresee the group’s strategy may take longer time to yield desirable results to cushion the current declining sales in its "big ticket" item.
- I will continue to hold HAIO, and accumulate HAIO whenever possible.

Latest Financial – Q1 2015 Financial Report (24 Sept 2014) http://www.bursamalaysia.com/market/listed...cements/1747925

At the time of writing, I owned shares of HAIO.

SKPETRO Analysis:-

https://lcchong.wordpress.com/2014/09/28/sk...s-28-sept-2014/

My View:-

- Fair Value:
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.189) – Fair value 7.31 (Fair Value Uncertainty: LOW)
– R4Q (EPS: 0.257) – Fair value 9.91 (Fair Value Uncertainty: LOW)
– Forward:
– FY15 (EPS: 0.24) – Fair value 9.25 (Fair Value Uncertainty: LOW)
– FY16 (EPS: 0.278) – Fair value 10.76 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (4.11): 0.106
– SKPETRO is currently undervalued.
- SapuraKencana is the most dynamic company in the oil & gas sector given its transformative developments that have led to a solid order book and earnings visibility.
- The strong performance for the quarter (FY15 Q1) was due mainly to the inclusion of tender rig business subsequent to the completion of its acquisition in April 2013, as well as the inclusion of SKEI (SapuraKencana Energy Inc) business subsequent to completion of its acquisition in February 2014.
– The group also recognised RM177.8 million gain arising from the acquisition of SKEI.
– Excluding the gains arising from acquisition of Newfield of RM177.8m, the normalised earnings came in at RM331.6m.
- Orderbook remains healthy at approximately RM26b (62% – OCSS; 19% – drilling; 10% – EJV and 9% – FHUC.), stretching up to year 2024 while tenderbook mimics the orderbook in terms of quantum. More than 20% of the orderbook is expected to be recognised in FY15.
- Broken down geographically, 49% of the jobs are from Brazil, 31% from Malaysia, 14% from South East Asia, 5% from Australia and the rest from Africa. Business segment-wise, 68% of the jobs are from the OCSS segment, 8.3% from the FAB & HUC segment and the rest are from the Drilling and Energy Services segment. Tenderbook value is approximately RM25b.
- SAKP is still a Shariah-compliant stock but is likely to turn otherwise in the Nov 2014 review. Its conventional debt-to-total assets stood at 48% as of July, above the maximum 33% threshold. It could comply if it refinances MYR5b of its MYR15b loans into Islamic debt but may not make it on time for the Nov review.
- I am positive on SapuraKencana for its strong quality and well diversified orderbook, healthy earnings and consistent job wins.

Latest Financial – Q2 2015 Financial Report (25 Sept 2014) http://www.bursamalaysia.com/market/listed...cements/1748229

At the time of writing, I owned shares of SKPETRO.

SCIENTX Analysis:-

https://lcchong.wordpress.com/2014/09/28/sc...s-28-sept-2014/

My View:-

- Fair value/Market Timing:
– 5Y DCF:
– Base Scenario: 9.85 (Fair Value Uncertainty: MEDIUM)
– Good Scenario: 11.27 (Fair Value Uncertainty: LOW)
– Bad Scenario: 8.58 (Fair Value Uncertainty: MEDIUM)
– Ugly Scenario: 7.46 (Fair Value Uncertainty: HIGH)
– Even if growth of FCF is 6% in the next 5 years, SCIENTX still worth 7.46.
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.671) – Fair value 6.15 (Fair Value Uncertainty: VERY HIGH)
– R4Q (EPS: 0.671) – Fair value 6.15 (Fair Value Uncertainty: VERY HIGH)
– Forward:
– FY15 (EPS: 0.789) – Fair value 7.23 (Fair Value Uncertainty: HIGH)
– FY16 (EPS: 0.891) – Fair value 8.16 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (7.15): 0.78
– SCIENTX is still under valued.
- Somehow, I always miss out SCIENTX. I will definitely buy SCIENTX when there is a correction.

Latest Financial – Interim FY14 Financial Report (24 Sep 2014) http://www.bursamalaysia.com/market/listed...cements/1746945

At the time of writing, I did not own shares of SCIENTX.

OLDTOWN Analysis:-

https://lcchong.wordpress.com/2014/09/30/ol...s-30-sept-2014/

My View:-

- Fair value:
– 5Y DCF:
– Base Scenario (10%): 1.58 (Fair Value Uncertainty: VERY HIGH)
– Good Scenario (14%): 1.79 (Fair Value Uncertainty: HIGH)
– Bad Scenario (6%): 1.40 (Fair Value Uncertainty: EXTREME)
– As OLDTOWN aggresively expending its business, I think its FCF growth will be moderate.
– This shows that OLDTOWN is overvalued or fully valued.
– Absolute EY%
– Trailing:
– FY14 (EPS: 0.108) – Fair value 1.92 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.107) – Fair value 1.91 (Fair Value Uncertainty: HIGH)
– Forward:
– FY15 (EPS: 0.118) – Fair value 2.1 (Fair Value Uncertainty: MEDIUM)
– FY16 (EPS: 0.135) – Fair value 2.41 (Fair Value Uncertainty: LOW)
– EPS applied to reach the current stock price (1.85): 0.104
– This model shows that OLDTOWN is currently undervalued.
- In my opinion, downside of OLDTOWN is protected by its FCF, while its growth drivers secure its future earnings.
- Nevertheless, I personally dislike OLDTOWN because of its poor service and food quality.

Latest Financial – Q1 2015 Financial Report (27 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1722993

At the time of writing, I did not own shares of OLDTOWN.

CYPARK Analysis:-

https://lcchong.wordpress.com/2014/09/30/cy...s-30-sept-2014/

My View:-

- Fair value:
– Absolute EY%
– Trailing:
– FY13 (EPS: 0.218) – Fair value 2.7 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.225) – Fair value 2.79 (Fair Value Uncertainty: HIGH)
– Forward:
– FY14 (EPS: 0.246) – Fair value 3.05 (Fair Value Uncertainty: MEDIUM)
– FY15 (EPS: 0.306) – Fair value 3.79 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (2.68): 0.216
- This stock will stay in the Watch List. I may buy CYPARK in near future.

Latest Financial – Q3 2014 Financial Report (29 Sept 2014) http://www.bursamalaysia.com/market/listed...cements/1751377

At the time of writing, I did not own shares of CYPARK.

QL Analysis:-

https://lcchong.wordpress.com/2014/09/30/ql...s-30-sept-2014/

My View:-

- Fair value
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.138) – Fair value 3.57 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.133) – Fair value 3.44 (Fair Value Uncertainty: HIGH)
– Forward:
– FY15 (EPS: 0.154) – Fair value 4 (Fair Value Uncertainty: MEDIUM); Downside price: 2.98
– FY16 (EPS: 0.174) – Fair value 4.51 (Fair Value Uncertainty: MEDIUM); Downside price: 3.36
– EPS applied to reach the current stock price (3.43): 0.132
- At one glance, QL is undervalued, but the ratio of risk (downside) and reward is almost 1:1
- I won’t buy QL for the time being.

Latest Financial – Q1 2015 Financial Report (21 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1716085

At the time of writing, I did not own shares of QL.

KMLOONG Analysis:-

http://lcchong.wordpress.com/2014/10/01/km...sis-1-oct-2014/

My View:-

- Fair values:
– 5-Y DCF:
– Base Scenario: 4.1 (Fair Value Uncertainty: LOW)
– Good Scenario: 4.59 (Fair Value Uncertainty: LOW)
– Bad Scenario: 3.67 (Fair Value Uncertainty: MEDIUM)
– Ugly Scenario: 3.29 (Fair Value Uncertainty: MEDIUM)
– Considering the factors surrounding this sector and this company, I think the assumed FCF growth may not supported by future earnings. I will take the bad/ugly scenario into consideration.
– Absolute EY%
– Trailing:
– FY14 (EPS: 0.198) – Fair value 2.41 (Fair Value Uncertainty: VERY HIGH)
– R4Q (EPS: 0.266) – Fair value 3.24 (Fair Value Uncertainty: MEDIUM)
– Forward:
– FY15 (EPS: 0.24) – Fair value 2.92 (Fair Value Uncertainty: HIGH)
– FY16 (EPS: 0.228) – Fair value 2.78 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (2.81): 0.231
- The CPO price moves in a cyclical manner. In a worst case scenario, KMLOONG, a net cash company with a low cost of production and an experienced management team would be able to withstand the turbulence and even take up expansion opportunities. Even in the ugly senario, it still worth 3.29.
- Nevertheless, In view of lower CPO prices and slower CPO demand towards end-2014, I expect weaker earnings in 2HFY15. FY15/16 EPS by 15%/7% was trimmed after imputing lower CPO price assumptions (CY14/15 at RM2,430/RM2,400 per MT). Also, I do not expect the group to see a sharp growth in FFB output in the near-term because of minimal new matured areas.
- I will closely monitor FCPO prices, and consider to buy KMLOONG when only FCPO turns bullish.

Latest Financial – Q2 2015 Financial Report (29 Sept 2014) http://www.bursamalaysia.com/market/listed...cements/1751245

At the time of writing, I did not own shares of KMLOONG.

Abric please...

TM Analysis:-

http://lcchong.wordpress.com/2014/10/13/tm...is-13-oct-2014/

My View:-

- Fair value:
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.283) – Fair value 4.98 (Fair Value Uncertainty: EXTREME)
– R4Q (EPS: 0.282) – Fair value 4.96 (Fair Value Uncertainty: EXTREME)
– Forward:
– FY14 (EPS: 0.251) – Fair value 4.41 (Fair Value Uncertainty: EXTREME)
– FY15 (EPS: 0.273) – Fair value 4.81 (Fair Value Uncertainty: EXTREME)
– EPS applied to reach the current stock price (6.79): 0.386
- I will place TM in my Research List.

Latest Financial – Q2 2014 Financial Report (27 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1721785

At the time of writing, I did not own shares of TM.

LAYHONG Analysis:-

http://lcchong.wordpress.com/2014/10/14/la...is-14-oct-2014/

My View:-

- Fair Value:
– Absolute EY%:
– Trailing:
– FY14 (EPS: 0.144) – Fair value 0.98 (Fair Value Uncertainty: EXTREME)
– R4Q (EPS: 0.28) – Fair value 1.9 (Fair Value Uncertainty: EXTREME)
– Forward:
– FY15 (EPS: 0.161) – Fair value 1.1 (Fair Value Uncertainty: EXTREME)
– FY16 (EPS: 0.174) – Fair value 1.18 (Fair Value Uncertainty: EXTREME)
– EPS applied to reach the current stock price (3.51): 0.516
- Although LAYHONG is fundamentally sound, the drama of QL’s bid to take over LAYHONG created some uncertainties to this counter. Besides, in my opinion, at 3.51, LAYHONG is extremely over valued.
- I will place LAYHONG in the Research List.

Latest Financial – Q2 2015 Financial Report (9 Oct 2014) http://www.bursamalaysia.com/market/listed...cements/1760765

At the time of writing, I did not own shares of LAYHONG.

TIMECOM Analysis:-

http://lcchong.wordpress.com/2014/10/14/ti...is-14-oct-2014/

My View:-

- Fair Value:
– Absolute EY%
– Forward:
– FY14 (EPS: 0.239) – Fair value 4.32 (Fair Value Uncertainty: VERY HIGH)
– FY15 (EPS: 0.27) – Fair value 4.87 (Fair Value Uncertainty: HIGH)
– EPS applied to reach the current stock price (4.82): 0.267
- In my opinion, growth drivers of TIMECOM are less attractive. I will place TIMECOM in the Research List.

Latest Financial – Q2 2014 Financial Report (22 Aug 2014) http://www.bursamalaysia.com/market/listed...cements/1718381

At the time of writing, I did not own shares of TIMECOM.

MAXIS Analysis:-

http://lcchong.wordpress.com/2014/10/14/ma...is-14-oct-2014/

My View:-

- Fair Values:
– Absolute EY%:
– Trailing:
– FY13 (EPS: 0.235) – Fair value 6.06 (Fair Value Uncertainty: HIGH)
– R4Q (EPS: 0.225) – Fair value 5.8 (Fair Value Uncertainty: VERY HIGH)
– Forward:
– FY14 (EPS: 0.266) – Fair value 6.84 (Fair Value Uncertainty: HIGH)
– FY15 (EPS: 0.283) – Fair value 7.28 (Fair Value Uncertainty: MEDIUM)
– EPS applied to reach the current stock price (6.49): 0.252
– 5Y DCF:
– Good Scenario: 11.36 (Fair Value Uncertainty: LOW)
– Base Scenario: 9.91 (Fair Value Uncertainty: LOW)
– Bad Scenario: 8.63 (Fair Value Uncertainty: MEDIUM)
– Ugly Scenario: 7.50 (Fair Value Uncertainty: MEDIUM)
- The uncertainties (listed in Risks/Challenges) surrounding Maxis makes Maxis highly susceptible to any revenue and/or earnings disappointment.
- I will place MAXIS in the Watch List.

Latest Financial – Q2 2014 Financial Report (22 Jul 2014) http://www.bursamalaysia.com/market/listed...cements/1690861

At the time of writing, I did not own shares of MAXIS.