External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>MKH’s FY23 results disappointed on weak property and plantation profits.</li><li>It will continue to focus on transit-oriented development (TOD) while its plantation business will see sustainable earnings from its Kalimantan portfolio.</li><li>We cut our FY24F net profit forecast by 11%, lower our TP by 2% to RM2.11 (from RM2.15) but maintain our OUTPERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MKH’s FY23 results disappointed on weak property and plantation profits.It will continue to focus on transit-oriented development (TOD) while its plantation business will see sustainable earnings from its Kalimantan portfolio.We cut our FY24F net profit forecast by 11%, lower our TP by 2% to RM2.11 (from RM2.15) but maintain our OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MKH Berhad  - Soft Patch in Property, Plantation Profits

<ul><li>We initiate coverage of MKH with a SoP-derived TP of RM2.15.</li><li>MKH is a prominent property player in Kajang, focusing mainly on affordable houses with strong emphasis on transit-oriented development (TOD) which we believe is highly popular.</li><li>Meanwhile, its plantation segment appears to be a top performer amongst large cap palm oil planters, and it is likely to see a portfolio expansion in the near term. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage of MKH with a SoP-derived TP of RM2.15.MKH is a prominent property player in Kajang, focusing mainly on affordable houses with strong emphasis on transit-oriented development (TOD) which we believe is highly popular.Meanwhile, its plantation segment appears to be a top performer amongst large cap palm oil planters, and it is likely to see a portfolio expansion in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MKH Berhad - Stronghold in Kajang and Kalimantan

Malaysia

SHL Consolidated Berhad is an investment holding company.  The Company, through its subsidiaries, develops commercial and residential properties as well as general building construction, manufactures clay bricks and building materials, and provides professional construction management. SHL also operates a golf resort, and provides geo-technical services.

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

Naim Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, operates property development and investment as well as provides construction and civil engineering and construction works.  Naim also manufactures and sells reinforced concrete piles, trades cement,  steel bar, and wire mesh, as well as provides earthwork contractor services.

Eco World International Bhd (EWI) operates as a special purpose entity. The Company was set up for the purpose of raising funds to acquire real estate assets, including vacant land and redevelopment projects overseas in countries such as the United Kingdom and Australia.

Oriental Interest Berhad is an investment holding company.  The Company, through its subsidiaries, develops properties, provides general construction, and operates oil palm plantation.  Oriental Interest manufactures kiln dried rubber wood, sawn timber, solid doors, molded wood products, and furniture parts.

TAHPS Group Berhad is an investment holding company which cultivates rubber and oil palm. The Company, through its subsidiaries, also develops properties and acts as an investment company.

Ibraco Berhad is an investment holding company that provides services in property development and construction.

Plenitude Berhad is an investment holding company.  The Company, through its subsidiaries, operates in property development and hotel management.  Plenitude also trades construction materials.

Menang Corporation (M) Berhad is an investment holding company which leases properties and provides management services. Through its subsidiaries, the Company develops property, provides leasing and hire purchase services, and undertakes landscaping projects. Menang Corporation also has operation in money-lending services.

I-Bhd is an investment holding company which manufactures household electrical appliances. Through its subsidiaries, the Company fabricates steel wire products and metal stamping parts for electrical appliances and operates as advertising agent. I-Berhad also provides after sales services for computers and household appliances and are also involved in property development.

GR Properties Ltd, through its subsidiaries, invests in and develops properties.

NISSHIN FUDOSAN Co., Ltd. designs, develops, sells its brand condominiums. The Company also leases and multi-unit commercial and residential buildings. Nisshin Fudosan also operates consumer finance business.

Sun Fun Construction Co Ltd develops, sells, and leases residential and commercial buildings.  The Company operates in the construction business through its subsidiary.

Minmetals Land Limited is a real estate development company. The Company principally engages in the business of real estate development, specialized construction, property investments and project management. Minmetals' real estate development business covers the Pearl River delta, Yangtze River Delta and Pan Bohai Rim region of the PRC.

PT Alam Sutera Realty Tbk is a full service real estate company. The Company develops and manages, residential, commercial, leisure, and recreational projects.

Langfang Development Co Ltd designs, manufactures, and markets mill  rolls. The Company's products include centrifuged iron rolls, forged steel rolls, grain rolls, and other mill rolls.

Lalin Property Public Company Limited builds single-family homes, townhomes, condominiums, as well as commercial buildings in planned residential communities.  Most of the Company's projects are located in Bangkok suburbs.

DongGuan Winnerway Industrial Zone Ltd. develops and manages Hongyuan Industrial Zone in Guangdong province.  Through its subsidiaries, the Company also operates parks management, electric power and water distribution, bioengineering, and futures trading.

Dongguan Winnerway Industrial Zone Ltd (000573 CH)

Wan Hwa Enterprise Corporation conducts commercial leasing and entertainment businesses. The Company leases buildings to department stores, restaurants, and offices and operates movie theaters and arcade centers.

Singha Estate PCL is a property developer specializing in residential projects in the Bangkok area.

MKH Berhad is a property development company. The Company's current portfolio comprises a range of developments across all property sectors which are mainly located in Kajang, Damansara, Semenyih, Serdang and Melawati. MKH is also involved in oil palm plantation, project management, property investment, construction and furniture manufacturing.

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Mkh Bhd (MKH MK)

MKH Berhad - Soft Patch in Property, Plantation Profits

We cut our FY24F net profit forecast by 11%, lower our TP by 2% to RM2.11 (from RM2.15) but maintain our OUTPERFORM call.

Kenanga Investment Bank Bhd

MKH Berhad - Stronghold in Kajang and Kalimantan

MKH is a prominent property player in Kajang, focusing mainly on affordable houses with strong emphasis on transit-oriented development (TOD) which...

Kenanga Investment Bank Bhd

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