JF APEX SECURITIES BERHAD INVESTMENT RESEARCH REPORT
In its filing with Bursa Malaysia yesterday, Kurnia Asia Berhad or “KAB” has aborted its joint venture or “JV” plan in Cambodia with Canadia Investment Holding Plc
or “CIHP”. Overall, we view this development positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand. Upgrade our recommendation to BUY with target price raised to RM0.83.
Highlights
o Discontinued its JV with CIHP – KAB has aborted its JV plan in Cambodia with CIHP. In the filing to Bursa Malaysia yesterday, KAB mentioned that “KAB wishes to announce that after due deliberation by the Board of Directors of CIHP and KAPL, both parties have mutually agreed to discontinue with the proposed joint venture.”
o Comments – We were not surprised by the development as KAB has announced earlier on 31-Mar-09 that its wholly-owned subsidiary Kurnia Asia Pte. Ltd. or “KAPL” and CIHP have mutually agreed to defer their intentions to embark on the proposed JV pending improvement of the contagion effects of the global financial crisis and other factors.
o Remained focused on Malaysia, Thailand and Indonesia market – KAB operation in Malaysia has started to generate profit, but its operation in Thailand and Indonesia are still in net loss position. In Indonesia, the Group recorded net loss of RM6.42m in the quarter ended 30-Sep-09. Besides that, the Group’s associate in Thailand is also facing loss with KAB’s equity-accounted associate loss is RM0.15m.
o Positive on the JV termination in Cambodia - We viewed the termination of the JV in Cambodia positively as we believe that the operation in Cambodia may be too risky and may caused KAB to suffer loss in the early stage due to the longer than expected gestation period.
o BUY with target price raised to RM0.83 – By pegging our estimated industry PER of 12.7x for KAB into our forecasted EPS2010 of 6.53 sen, we derive our target price for KAB at RM0.83. Accordingly, we have upgraded our recommendation to BUY. Overall, we view the termination of Cambodia JV positively as KAB will be able to focus on its existing operation in Malaysia, Indonesia and Thailand.
6 hours ago
10 comments:
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