takaful malaysia 'outperform', ysp 'add', kpj 'hold', vs industry 'buy' - best air purifier

BHDBy Kenanga Research, Malaysia: Above Target price: rm4.
The growing demand for takaful products, low penetration rates and government initiatives are a good sign for Bhd Malaysia (STMB)
Profit prospects.
According to Kenanga Research, STMB is unique as the only operator with 15% no-
Claim rebates should continue to attract suitable customers with good claim experience.
In addition, the brokerage company pointed out that STMB has maintained a high return on share capital (ROE)
For example, the dividend in 2016 was 24% and the dividend yield was 4%.
Kenanga Research has launched a report on the company that the phone and target price for "better performance" is RMB 4. 27.
The brokerage company valued STMB at an estimated price of 2018 of its mix --Income ratio (PER)/price-to-book-
The value is 16. 4 times/3. 9 times (
According to its average of three
Every year and PBV)
Consistent double referencing STMBdigit ROE low-
Claim ratio and decent dividend yield.
"STMB is the only pure takaful operator in Bursa, Malaysia.
Please note that the growth of the Takaful industry in Malaysia has been dependent on the growth of the Islamic Bank and the financial sector;
This has allowed the industry's assets to grow at a rate of five times.
Compound annual growth rate (CAGR)
10%, and five of the assets of the Islamic banking system
The annual compound growth rate is 12% . " Kenanga Research said.
"Bhd is its main shareholder (at 59. 9%), STMB is well-
"It is prepared to rely on its growth, which also provides a broad and trusted distribution base," the company added . ".
Kenanga Research said that given the low penetration rate of the takaful industry is 54%, there is a strong growth prospect for the industry.
With consumers' increasing awareness of medical expenses and living expenses, the company expects the takaful business to have great potential, which will continue to support STMB revenue.
In addition, STMB will benefit from government initiatives such as the life insurance and household Takaful framework, as well as the gradual liberalization of general insurance to increase the intake of insurance and takaful products and services under the economic transformation programme, 75% penetration rate by 2020.
BHDBy CIMB Research, YSP Southeast Asia Holding Company: Additional Target price: rm3.
The growth outlook for the 50 ysp is driven by strong demand for generic drugs in local and overseas markets.
According to the CIMB study, domestic demand for generic drugs should be stimulated by increased supply of products and higher acceptance of healthcare providers, especially private participants.
It noted that, in addition to government agencies, private healthcare participants are increasingly turning to generic drugs due to lower costs and expanded product delivery.
"As Sales to private GP/hospital account for about 50% of YSP's 2016 sales, it will benefit from this trend, CIMB Research said in a meeting report last week between YSP management and financial analysts and fund managers.
At the same time, the brokerage noted that YSP plans to increase its supply of products and increase its overseas sales through better marketing efforts, thus increasing its product awareness.
"It will focus on major growth markets, especially in countries with large populations and low penetration of generic drugs.
While its peers typically sell in overseas markets through distributors, YSP has its own marketing team in key overseas markets such as Vietnam, Singapore and Indonesia, CIMB Research said: "Only use distributors in countries with less market potential. ".
The brokerage argued that, given the strong earnings outlook for YSP and the low valuation requirements, investors could accumulate their shares.
It maintains an "add-on" Call to YSP, with the target price unchanged at Rs 3. 50 based on 14.
2 times the estimated price 2018earnings ratio.
The valuation is 20% off CIMB Research's pharmaceutical department for five yearsAverage of 17 years. 7 times.
The estimated yield of YSP is 3. 8% to 4. 9% for 2017-
According to CIMB Research, 2019 is the second highest in pharmaceutical inventory.
The brokerage pointed out that since the first half of 2017 recorded losses for the past six years, YSP's Vietnam business has shown signs of improvement.
At the same time, the Indonesian factory of YSP has already started trial operation and the product registration is in progress.
KPJ Healthcare BHD target price controlled by Hongliang investment bank: rm1.
18KPJ Healthcare Bhd has expanded to a lower populationtwo cities (
Including Man jung and Muar).
According to Hongliang investment bank, the regional branch network (HLIB)
, Operating in a less competitive environment and acting as a conduit for submitting more complex cases to its specialist hospital, the network allows KPJ to have virtually no disputed brand loyalty in second tier towns
In terms of health insurance, research institutes say the coverage rate is low relative to peers in the region.
"Both Singapore and Hong Kong have more insurance penetration than 10% of GDP (GDP)
2016 of Malaysia is around 4. 5% of GDP.
"We expect this gap to narrow as Malaysia moves towards a developed country," the House said . "
In terms of long-term growth, HLIB believes that,
It is expected that by 2020, the installed capacity of the green field and brown field network expansion will increase from the current 3,000 beds to more than 5,000 beds, and the total capacity will increase by 87%.
HLIB pointed out that in order to cope with the problems of slow growth and declining revenue from Greenfield hospitals, the group has steadily shifted its capacity expansion strategy to brownfield hospital, with a lower capital density and a faster increase.
"We believe that this strategy is expected to achieve profitable growth in the short term and allow the group to manage its debt levels," HLIB added . ".
The research institute expects to maintain a moderate fiscal year in 2017 (FY17)
Driven by the newly opened hospitals and higher income intensity, the annual income of 20 fiscal revenues increased by 9%, 11% and 10%.
That means three.
Compound annual growth rate of 11%.
"Our target price means that FY18's forecast profit is 14 times before interest, tax, depreciation and amortization.
Three times, an average of 18 times than the peers discount 21%. 1%.
Target price for Maybank Investment Bank bhdbuy: rm2 for Industry BHD.
43 of Industry Bhd. 6%-Hong Kong-
Listed VS International Group Co. , Ltd (VSIG)
Second half of the fiscal year 2017 (FY17)
Headline net profit is negatively affected-
According to the Maybank Investment Bank Bhd (Maybank IB).
In the second half of FY17, the headline net profit was also hit by 9 points.
Due to the employee stock option plan, 3 million yuan, 2 million yuan.
Personal protective equipment lost 7 million yuan.
"Excluding these, VSIG's FY17 core net profit is 25.
5 million yuan is still commendable, 6-folds year-on-
Revenue grew 44% year on year, mainly from a major air purifier contract in perfect China.
Maybank IB said that the conclusion of VSIG is --for-
Four rights shares raised a total of 89 million yuan, two of which
Third, in the near future, it will be used to fund capacity expansion and liquidity to support major contract victories.
Although the plant utilization rate of VSIG is still very low at present, Maybank IB believes that another major contract wins (
Similar to perfect China's August 4, 2016 billion yuan contract award)
Can significantly improve the operational leverage and profitability of VSIG.
According to research institutes, success in China could ultimately increase revenue contribution (
High order-digit from -4% currently)to VSI.
After 89% years-to-
With a daily gain in VSI shares, Maybank IB believes that with the growth of its largest customers in high-end consumer electronics products around the world, there is still room for further profit potential.
Using its "vertical-
The research firm says it believes VSI is still at the forefront of winning new product contracts.
"Although in markets where customer demand has increased significantly, manufacturing is still likely to be localized," the research firm said . ".
Maybank IB maintains a "buy" rating on VSI with a target price of m2. 80.