Wednesday, 27 January 2016

Bonia - Leather Weapon

Bonia Corporation Berhad (Bonia - 9288) is better known for it's high end apparel designing, manufacturing and retailing business.

From a range of leather wear, footwear and apparels, the groups also own SEMBONIA and Carlo Rino, whilst holding license to distribute international labels such as Santa Barbara Polo & Racquet Club, Austin Reed, Valentino Rudy, Jeep, Braun Buffel, Pierre Cardin, Bruno Magli, Enrico Coveri and Renoma.

The implementation of the GST in April 2015 had definitely bring certain drawbacks towards the retailing industry. Bonia had been deriving more than 60% of revenue from within Malaysia. However, as the retail environment continue to be tougher, what are the direction that the management of Bonia can implement in order to continue enhancing shareholder return?


Grabbing On Emerging Opportunity

Bonia's primary target market is middle to high class working individuals. While Malaysia is a good country to see such target market, it is imperative for Bonia to penetrate to new emerging market in order to see the continuation of growth in the company.

The best destination to explore will be the rising up South East Asian countries, namely Vietnam and Myammar which had been seeing influx of foreign investment towards both the nation. The latest major political change in Myammar had also open up ample of opportunity for more foreign investment to pour into the emerging nation.

According to the director's of Bonia, the group will be looking to see more bring more outlet to cater towards the demand for high range apparel in the growing emerging market.

Till date, Bonia had 2 outlet in Myammar, 4 in Vietnam and 1 in Cambodia.


El-Nino - Of Destruction and Opportunity

It is imperative to know that El-Nino had started to take it's effect into the global climate situation. The "East Asia Cold Snap", caused sudden drop of temperature in the southern and south-eastern part of China as well as Taiwan and Hong Kong, had took many individuals unprepared for the extreme weather.

In January 2016, both Taiwan and Hong Kong had recorded their coldest temperature in 60 years history. The Cold Wave from China is traveling south bound, hitting country such as Vietnam and Thailand. On 26th January 2016, Chiang Rai recorded a 8.6 degree Celsius after day break.

Leather wear will be the preference wear during a cold/snow environment. For this cause, it had opened up massive opportunity for Bonia to see it's product snapped up in the affected countries, especially Taiwan. The cold season will also push consumer in purchasing more quality wearable to keep themselves warm.

Companies which are involves in apparel manufacturing, trading and retailing had also seen great interest in the recent days despite the headwinds from equity market, marking a strong demand from this opportunity that had been created by El-Nino.

Padini

PCCS

YEN Global


Back to Bonia, we can see that Bonia had broken away from the continuous down trend line started since April 2015. The share price had normalized and consolidated in a well manner at the range of RM 0.70.

Apart from the consolidation, Mr Chiang Sam Seng had increased in direct holdings by more than 3 million shares to the current 4.1 million direct holding from the open market, with an average price at approx RM 0.80. The latest buy back is seen at the price range of RM 0.67.

Interestingly, the share had also on 2 occasion saw solid accumulation of the share in the end of September 2015, with more than 12 million shares transacted on a solid white candle, as well as the recent 7 million shares transacted on a bullish candle in the middle of January 2016.


Bonia will be a good lookout for the current theme, considering that it had not make a break out run for the time yet. Breaking out RM 0.75 in a convincing manner will see Bonia putting a challenge at RM 0.80 easily.


Wednesday, 20 January 2016

GPharos - Plying Upwards

Golden Pharos Berhad (GPharos - 5649) is primarily involved in harvesting. saw milling, klin drying of timber as well as glass manufacturing. The company had recently announced on a joint venture agreement between it's wholly owned subsidiary Permint Plywood Sdn Bhd and Cymao Plywood Sdn Bhd.

The joint venture will see Gpharos restarting it's plywood manufacturing operation that had been ceased previously during 2005. The joint venture will allow Gpharos to once again emerge as a plywood manufacturer, joining the ranks of Mieco and Evergreen that had been seeing massive demand from exporting to overseas.



Evergreen had see capital appreciation of 500% from a lowly RM 0.50 to a peak of RM 2.50 in a period of 1 year.

Mieco is also great with approximate 325% in capital appreciation from a price of RM 0.40 to a peak of RM 1.30 within a period of 1 year.

Both Evergreen and Mieco had been enjoying the bullish demand as well as better forex gain due to a continuous weaker MYR against the USD.


How would the JV works?

According to the joint venture agreement, the newly incorporated JV company will see 60% ownership from Permint Plywood Sdn Bhd, with balance 40% by Cymao Plywood Sdn Bhd.

The JV will bring value to Gpharos by:
- Recognizing a income from disposal of depreciated asset to the JV company.
- Consistent buyer for log harvesting from JV company.
- Rental income from JV company on the usage of the land, building and other infrastructure.


Fundamental Outlook

The latest quarterly had saw Gpharos capturing higher revenue, which is mostly contributed from it's timber harvesting, saw milling and klin drying.
Currently, Gpharos is sitting on a net cash position of approximately RM 11 million based on latest quarterly result.

While it is too fast to annualized the next 3 quarters with the same EPS that will see a 8 cents EPS for 4 quarters, the demand in timber, especially raw log is reflected by established player in the market such as FLBHD, WTK and Taann.

Focus Lumber Berhad


Ta Ann Holdings Berhad


WTK Holdings Berhad

Technical Outlook

The current technical outlook for Gpharos is very interesting, as it had been resting on the former resistant line at the range of RM 0.49 to RM 0.50. Currently, the resistant line had become a base support line for Gpharos. With the growing volume in sight, Gpharos could be trending higher along with the latest corporate development that will favor a better financial for Gpharos in the coming days

On a short term outlook, Gpharos will be looking to challenge previous resistance at RM 0.63.


Cheers and have a nice day

Regards,
Bone

Tuesday, 19 January 2016

Bina Puri - Bricks of Power

Bina Puri Holdings Berhad (BPuri - 5932) is principally involves in construction and properties and quarry operation. The group also had recurring income business model such as highway concessionary, diesel powered power plants and mall management.

Bina Puri history can be dated back into 1975 when construction and development is robust and highly in demand. Throughout the journey, Bina Puri had diversify into different stream of revenue in order to enhance shareholder return.

The past couple of years had been challenging for Bina Puri, especially on the delivery of KLIA 2. Albeit the hiccups and delay, Bina Puri had managed to pull over the challenges. Looking forward, Bina Puri will set to develop more recurring income business in the future. Bina Puri will be looking to see a strong recurring revenue on 2018 by growing it's existing recurring income business portfolio.


According to the chart, Bina Puri had started to come off from a long term down trend line. The successful break out from the downtrend line will indicate a new reversal to the uptrend on Bina Puri. Bina Puri will be looking to trade higher with greater volume participation with the first resistant line at RM 0.55.

Bina Puri had been consolidating at the range of RM 0.45 for 4 months. Prior to that, Bina Puri had underwent successful private placement at the price of RM 0.50 during the earlier months of 2015. The current technical outlook for Bina Puri will be very attractive for technical trader to take early position on a possible uptrend drive.


Driving Up Recurring Income Business

Bina Puri derives most of its revenue from it's construction outfit. The construction arm contributed more than RM 1billion in revenue for the year 2010, 2011 and 2012. While doing so, Bina Puri had started ventured into mini diesel power plant in Indonesia and had saw steady streams of revenue since 2010, growing from RM 1.6million to the current contribution of RM 10.38 million as of FYE 2014.

Currently, there are 7 mini diesel power plant totaling 28 MW that is up and running. The latest 4.2 MW mini hydro power plant in the south of Sulawesi will start to see contribution starting February 2016, putting Bina Puri total power generation to 32.2 MW.  The 4.2 MW mini hydro power plant is expected to contributed at least RM 5million a year in revenue.

The demand of power plant in Indonesia continue to be robust. Beside Bina Puri, Scable (Sarawak Cable) had also ventured into the power plant business in Indonesia as demand for energy in Indonesia continue to pick up in a quick pace.

With the current low crude oil prices, this will ultimately give Bina Puri 80% owned PT Megapower Makmur a better profit margin considering the lower input cost. The continuation of low crude oil prices will continue to help fossil fueled power plant in their bottom line, considering their power purchase price is fixed.

Bina Puri will also be building another 4 to 5 more mini power plant (combination of diesel and hydro) in the next 3 to 4 years. The group will be spinning off it's PT Megapower Makmur for a public listing in the Indonesian Stock Exchange (IDX) by this year, with a target to raise USD 4 million in order to drive up the expansion process through public funding. The listing which is targeted to be completed during the 3Q of 2016 will be one of the major rerating catalyst for Bina Puri in the coming days.

With the rising up Indonesian market for more industrial and commercialization, Indonesia will be seeing great demand in the sector of power generation for the next 5 years, putting up bright prospectus for Bina Puri in it's power asset business in Indonesia.


Fired Up on More Construction Projects

Albeit the diversification towards more recurring income based business, there is no slow down in filling up with more construction projects for 2016. Current to date, Bina Puri remaining balance of book order still stands at a healthy RM 1.9 billion that can keep the group busy for the next 3 years. Amongst them, the Melawati Mall, Kompleks LKIM Kuching, Bunus Sewerage Treatment Plant, Medini Building and UIO Facilities Pengerang made up RM 1.1 billion.

Bina Puri is confident in replenishing book order by RM 1 billion in 2016. Key government projects such as the RM 27 billion Pan Borneo Highway, RM 1.6 billion Krai Highway, RM 9 billion LRT 3, RM 40 billion HSR, RM 28 billion MRT II and RM 2.5 billion BRT projects in KL & Kota Kinabalu will put construction company busy for the next 5 years.

Close sources had indicated that Bina Puri will be involved in several high profile construction, consisting of Pan Borneo Highway packages, LRT 3 packages, DASH highway packages as well as BRT KK projects, which will easily sum up more than RM 4 billion. Bina Puri remains a favorable contractor in Sarawak for being one of the panel contractor for CMSB.


Summary
Bina Puri remains an interesting company to be vested in based on
- Growing recurring income business from Power Plant and Mall Management
- PT Megapower Makmur to be spin off for Public Listing in IDX (Indonesia Stock Exchange), raising USD 4 million
- Lower Crude Oil to contribute a better profit margin in diesel power plant
- Bina Puri to see order book replenished by at least RM 1 billion in 2016.
- Existing Order Book at RM 1.9 billion.
- LATAR highway to see profit generation by end of 2018.
- Current price of RM 0.45 resemble a 10% discount from private placement price of RM 0.50
- Current chart showing technical break out from long term downtrend.
- Trading at more than 50% discount from NTA of RM 0.96


Charge along with Bina Puri? Don't miss out
Bone's TP : RM 0.60

Cheers and have a nice day

Regards,
Bone

Wednesday, 13 January 2016

Seal - The Queen's Jewel

Seal Incorporated Berhad (Seal - 4286) is primarily involved in property construction, property development, mall management and leasing as well as timber concession. Seal had a long history, dated back then when it was listed as Southeast Asia Lumber, where it's main business it's timber concession and harvesting. While Seal had a messy past with a messed up balance sheet, it had took the Fang's family a while to restructure the company through several asset disposal, putting back the company on a right growing track again.

Riding on the current management team which is the main driving forces behind Seal, how will the timber turned construction and property developer play through the rough sea water in 2016?


According to the latest price chart, Seal had seemingly broken away from the long term downtrend line. The share had found it's good consolidating base at the region of RM 0.5 to RM 0.55. Seal had saw several nice accumulation that at the consolidation period, with the immediate resistant line being at RM 0.56.

A successful break out on RM 0.56 supported with good volume will then see Seal next challenge at RM 0.65. The latest chart might suggest that Seal could be march on an uptrend, with a good anticipation on a better quarterly result from it's property construction and timber concession business.


Timber Up

Prior to the restructuring effort, Seal had disposed off one of it's key timber units - Great Eastern Mills. The inherited business of timber can be tricky and will easily see cost overruns if the concession is not giving enough yield. However, the decision of Seal keeping it's remainder timber operations might not be too bad after all when demand starts to pick up in late 2014 to 2015, with 2016 expected to continue strong due.

Seal still hold more than 5500 acres of forest in Perak and 7000 acres in Kedah for it's timber concession.

Leaping into 2016, the group is considering to ramp up it's timber business following the dry season spell from El Nino, favoring the timber harvest activities and ease of logistic due to better accessibility in the forest. It will be a good window of opportunity for this period, coupled off with better demand from local and overseas.
Seal will be looking to see a greater contribution from the timber sector in FYE 2016.


Turning Up with Queensville

The Penang based developer had finally mark it's route down to Klang Valley with it's biggest flagship project - Queensville. The project that carries a total GDV of approx RM 1 billion for a period of 5 to 6 years is by far the biggest in Seal's history.

For a relatively small property developer firm, it will be good to go for a joint venture basis in order not to burden the company balance sheet. Seal had been able to tap into the strong growing strategic location through a joint venture with Dwitasik Sdn Bhd, the master developer of Bandar Sri Permaisuri, with the land owner being the Kuala Lumpur City Hall.
The plot of land is possibly the one of the last remaining contiguous parcel within a ready township, and had a good proximity with KLCity as well as Cheras.

Under the pact, the Kuala Lumpur City Hall will have a 20% gross profit sharing, with a minimum RM 30 million guaranteed profit. The remaining profit will be shared among Seal and the master developer Dwitasik at a scale of 60 : 40.

While all of the residential, shop lots and office suites will be sold, Seal will intend to keep the 412,000 sf lifestyle mall for leasing purposes. Seal is looking to a strong recurring revenue from the mall leasing operation. Currently, Seal is still managing the leases of Selayang Mall through a leaseback from AmanahRaya after the group sold it to restructure the company balance sheet.


The response of Queensville is astounding. Currently, it is on it's final block of QSuite - Block E designer suite, which is right behind the lifestyle mall. Seal will be looking to set it's foot on launching the QResidenz in 2016, ranging from 800 - 1200 sf. Currently, Phase 1 had saw strong sales covering more than 70%.

With more than RM 300million of unbilled sales at Queensville alone, this will keep Seal's construction arm busy for the next 2 years as construction had started off since early 2015. It is noted that the property construction of Queensville will be the main contributor of revenue in FYE 2016 and FYE 2017.



Back then in 2014, the massive revenue contribution from it's project in Bayan City Phase 1 had saw the group putting up a profit before tax of RM 159.5 million at the back RM 287 as revenue. Moving forward, Seal will be looking to repeat an even greater success than Bayan City through it's flagship Queensville project in Bandar Sri Permaisuri.


Fundamental Outlook

The new management does not like to stretch the balance sheet of the group too much. While bigger property player can focus in few big projects at the same time, Seal had find it's better way of doing this right and good, manageable at the point of time. Albeit putting it's foot on a RM 1billion GDV project, Seal is still sitting on a fairly strong financial position with cash and cash equivalent totaling RM 80million, with approximately RM 55million of debts, putting up a net cash of RM 25million, almost equivalent to RM 0.11 per share.

Currently, Seal trading almost at 50% discount from it's NTA of RM 1.11 at the current price of RM 0.55.

The construction billing will continue to be the main contributor to the revenue and earning for the FYE 2016.


Conclusion

Although the property market could had see a softer landing, Seal position is much favorable due to it's lesser commitment in servicing bank loan. With the much strategic location of it's project, sales is expected to be consistent as it is located in a matured township with high demand.

Seal will be interested to be look at currently due to
- Consistent strong progressive billing from it's property construction with unbilled sales more than RM 300million
- Timber business to pick up due to favorable weather condition and logistic accessibility in 2016
- Good and strong management team in delivering result
- Flagship project Queensville to continue seeing good demand in 2016 with the launch of QResidenz
- Healthy balance sheet with a net cash/cash equivalent of RM 25 million
- At RM 0.55, Seal is trading at 50% from it's NTA value of RM 1.11.
- Seal break away from long term downtrend line.
- Current price is good position to lock in for future capital appreciation from property construction billing in Queensville.

Follow the Queen? You decide.
Bone's short term TP : RM 0.65

Cheers and have a nice day

Regards,
Bone

Monday, 11 January 2016

PUC - Full On Green

PUC Founder (MSC) Berhad (PUC 0007) had ventured into the green energy sector since the emergence of new Managing Director, Mr Cheong Chia Chieh. Although Mr Cheong Chia Chieh is brought up from a media background, he is determined to transform PUC into a major player in Malaysia's green energy sector.

With the global initiative to cut down on green house gas, the need for renewable green energy is imminent to help achieve this goal. PUC had big plans to grow into the renewable green energy market beside just building solar farm in the local front. It will be both challenging and exciting for PUC in the coming outlook.

According to the chart, PUC had saw a good consolidation at the region of RM 0.11. The consolidation might suggest that PUC had saw saturation at that level, and will see a test at RM 0.13 when volume kick back in.

A strong penetration above RM 0.13 will result in PUC looking to test the bigger barrier at RM 0.17.

PUC had saw open market interest when the company had changed it's focus to grow in the renewable green energy sector. There is much more room to grow in Malaysia for the renewable green energy market, considering the Malaysian market is still at it's pioneering stage compared to other developed countries.

PUC will likely be seeing more participation in the open market trading with the current approved corporate exercise for ICULS issue.


Rising Green Energy Player

There had been much focus on the need to develop the renewable energy in order to preserve the mother nature. With Malaysia being part of the nation that is committed to the latest COP21 (Conference of Paris), almost 200 nation that is involved had pledge to be committed in bringing down the global temperature that had been rising at an alarming rate if nothing is being done to address the issue. Rising industries output that had been pushing a higher demand on the energy sector had saw the burning of fossil fuel being one of the major operation that is contributing to the rising of green house gas.

Previously, Malaysia vow to reduce it's greenhouse gas emission during the COP 15 by 40% based on 2005 output.

The latest INDC (Intended Nationally Determined Contribution) paper from the UN had indicated that Malaysia is planning to reduce green house gas emission by 45% by 2030. This consist of 35% on an unconditional basis and a further 10% is condition upon receipt of climate finance, technology transfer and capacity building from developed countries.

All this global and local commitment from the government will ensure green energy continue to be one of the heavily investor sector moving forward. As of current, Malaysia established renewable energy player is Cypark and Amprop solar farm.

PUC, under the lead of Mr Cheong, is determined to emerge as one of the leading renewable energy player in the Malaysia market, and will further look into tapping oversea potential through collaboration and joint ventures.

PUC will be going all out for the renewable energy sector. Aside from the solar energy, PUC is also looking at other renewable energy opportunities such as biomass, hydro and wind.

Familiar sources had also pointed out that PUC might be going to develop an island that is powered by renewable energy. While this is not a new thing in the world, however, it will be the first in Malaysia should PUC is able to do this, signalling another breakthrough in renewable energy sector in Malaysia.

A renewable energy powered island will gather energy from solar, hydro and wind.

The initial investment into renewable energy is not small as it required heavy outlay of capex for the infrastructure. For example, a 1MW solar farm will be easily looking at RM 7 to 8.5 million to build. Should PUC is heading all out for the renewable energy sector, market analyst familiar with this will probably see PUC turning in it's non core asset and operation into cash to be reinvested into the renewable energy sector. Currently, PUC is still involved in Media Advertising as well as Financial Services Consultation though it's subsidiaries.


Attractive Going Corporate Exercise

PUC is undergoing a corporate exercise that will see shareholder eligible to subscribe a right for 28 ICULS bearing nominal value of RM 0.05 with a coupon rate of 4% for each 20 mother share of PUC held. The subscription of each 28 ICULS will then see subscribers being reward for 7 units of PUC-WB.

Assuming a shareholder is holding 10,000 units of PUC Mother, he will be eligible to subscribe 14,000 units of ICULS of Nominal value RM 0.05 which pays a coupon rate of 4%. Full subscription will cost RM 700.
For that, the shareholder will be rewarded 3,500 units of PUC-WB

Assuming that market value PUC-WB at 6 cents, and ICULS at 4.5 cents (4.45% based on dividend of 0.2 cents) the shareholder will see a potential market value of RM 210 (3,500 units x 6 cents) from PUC-WB and ICULS at RM 630 (14,000 units x 4.5 cents) for a take up right issue exercise that cost RM 700.

In summary, exercising the right issue could be seeing a gain of 20% based on a potential value of RM 840 over the cost of RM 700.


PUC can be an interesting company to be invested over based on
- Focused direction in the renewable energy sector in Malaysia
- Global interest in bringing down green house gas through renewable energy pave opportunity for renewable energy player
- PUC is looking to develop a local renewable energy island
- Potential realignment in company asset and balance sheet that might see non core asset disposal to raise cash for further capital expansion.
- Attractive corporate exercise that could benefit subscribers.



Hike in while low? You decide
Bone's TP : RM0.17

Cheers and have a nice day

Regards
Bone

Wednesday, 6 January 2016

KESM - Burning Higher

KESM Industries Berhad (KESM - 9334) is primarily involved in semiconductor testing and burn in services. KESM history can be traced back to 1978, engaging in specialized electronic manufacturing activities. To date, KESM continue to expand it's services to MNC companies, offering extended services such as "Burn In" services to the semiconductor industry.

With the market moving towards a higher reliance on technology, KESM Test (M) Sdn Bhd is now a wholly owned subsidiary to the group. As KESM continue to put focus on semiconductor testing in the automotive sector, what lies ahead for KESM ?


A quick look at KESM technical chart had indicated a strong long term uptrend that had started from April 2015. For most of the time, KESM had been trading within the long term top resistant line and bottom support line, except for the period of September 2015 when equity market had saw a strong global sell down. However, KESM proved resilient, bouncing back quickly into the trading range within 2 months.

With the fundamental and technical intact, KESM will be looking to power itself towards the RM 6 range ahead of the next quarterly release due in February 2016. Currently at the range of RM 5.30, KESM is sitting on the long term support line, which indicates a good buying period.


Testing Brighter, Burning Higher

The advancement of IT and it's application towards the lifestyle of human being will only continue to increase. Specialized equipment and tools are being invented to replace human workforce and to reduce human error. The reliance of all these highly specified equipment continue to increase, and is largely used in our daily living activities, such as automobiles.

When IT gadget such as mobile phone starts to get smarter, they called it Smart Phone. Putting this to the automobile scene, it is an era of the boom of Smart Cars. Luxury brands from Europe such as BMW, Mercedes and Audi that are producing Smart Car had been followed closely from Eastern counterparts, Japan/Korea.

These factors had created a booming demand in the semiconductor industry.

KESM had been a great beneficiaries in this booming up industry.

As of the latest quarter, KESM had saw a steep increase in the net profit, with an increase of RM 5.307 million to RM 8.066 million at the back of a total revenue of RM 70.179 million.

The steep increase of net profit had also contributed 30 cents increase in the NTA, totaling RM 6.35 as of Q1 of FYE 2016 for KESM.

The previous quarter (Q4 FYE 2015) had saw similar great performance, with a quarterly EPS of 24.30 cents.
The sharp increase in the net profit is due to
- Reduce human workforce due to more automation
- Streamlined operation eliminates wastage and redundancy
- Stronger USD to reflect greater forex gain
- Increase demand in semiconductor testing (automotive sector)
- Value added service such as "Burn In" to enhance revenue

To sum up, KESM had raked a total EPS of RM 0.431 for the past 2 quarters. Pricing the future growth in KESM, it is fair to value KESM with PER x 14, putting up a valuation of RM 6.03 for the performance of the past 2 quarter.

It is expected that KESM will continue to see better revenue in the coming quarterly release due in February 2016, with revenue above RM 70 million and an EPS of approximate 20 cents. This will put a huge boost towards the share price of KESM, putting a possible valuation of RM 8.80 in the coming days.

We expect KESM to reflect a a total revenue at the range of RM 70 mil to RM 75mil each for the next 2 quarters due to regular contract from MNC companies.


Ringing on Bonus Issue 

Currently, KESM had a outstanding share base of 43.014 million shares at a Par Value of RM 1.00. With most of the stakes controlled by Singaporean based Sunright Limited (48.41%), the floating market share is very limited for KESM.

Albeit sitting on a huge cash pile, and strong growing net profit, KESM had been giving out 3 cents dividend back to shareholder. According to close sources, KESM is mulling on a corporate exercise between bonus issue and/or share split to reward shareholder and to enhance the liquidity of the shares in the public market.

The recent company that had underwent bonus issue is VS Industry. VS had saw it's share price putting up more than 4 folds from RM 1.50 to RM 6.50 before the 1 to 4 bonus issue took place.


Conclusion
KESM will be very attractive to be invested currently based on
- Exposure to the growing semiconductor industry especially in automotive sector
- Stronger USD to boost forex gain
- KESM can be valued at RM 6.03 based on PER x14 for previous 2 performing quarter
- Streamlined operation, reducing head count and apply more automation process
- Consistent growing revenue from regular contracts from MNC
- Possible Bonus Issue in 2016
- Currently trading at long term support line of RM 5.30
- Trading at 17% discount from NTA of RM 6.35

KESM will be looking to hit a total EPS of RM 0.75 for FYE 2016. At a skeptical PER x12, KESM is easily valued at RM 9.00

Shooting high with KESM ? You decide

Bone's short term TP : RM 6.00
Long Term : RM 9.00

Cheers and have a nice day

Regards
Bone