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high quality apple developer account:Cahya Mata to see stronger earnings growth

admin2021-02-2010

RHB Research in a report yesterday said it has raised its earnings forecast on CMSB by 9% for the financial year ending Dec 31,2021 (FY21) and FY22 driven by its associates OM Materials (OMS) and Kenanga Investment Bank. PETALING JAYA: Cahya Mata Sarawak Bhd (CMSB) is expected to see higher earnings growth, driven by its commodity and stock trading subsidiaries. RHB Research in a report yesterday said it has raised its earnings forecast on CMSB by 9% for the financial year ending Dec 31,2021 (FY21) and FY22 driven by its associates OM Materials (OMS) and Kenanga Investment Bank. OMS is in the business of ferroalloy, which are used in the production of steels and alloys. CMSB owns 25% stake in OMS. RHB expected the average selling price of ferroalloy at about US$1,100 (RM4,443) to US$1,200 per tonne. “The fourth quarter of 2020 sales volumes of manganese alloy and ferrosilicon (FeSi) rebounded 64% and 2% quarter-on-quarter, albeit lower for the latter due to manpower shortages and scheduled plant maintenance. “Owing to continued restocking activities by steel mills since end 2020, FeSi selling prices to Japan have risen sharply to US$1,365 per tonne as at end Dec 2020 from US$1,060 in Sep 2020 while continuing to trend upwards in Jan 2021, ” it said. It added that the manganese alloy prices in Japan have risen about 17% month-on-month in January towards US$1,100 per tonne. Meanwhile, RHB estimated that earnings for Kenanga Investment to contribute RM8mil per quarter to CMSB. CMSB owns a 26% stake in Kenanga Investment. RHB said that Kenanga Investment was a “star performer” for CMSB last year, with first nine-month 2020 profit contributions leaping more than 3.5-fold year-on-year to RM16.5mil from RM4.5mil previously. “This was underpinned by stay-at-home measures that drove record-high retail trading participation – which benefited Kenanga Investment’s stock broking arm and the jointly owned online retail brokerage, Rakuten Trade, ” it said. RHB expected that Kenanga Investment’s earnings trend would carry over into 2021 due to the persisting stay-at-home measures to continue spurring retail trading activities and Rakuten’s strong user base growth. “Earnings prospects for CMSB’s associates OMS and Kenanga Investment are turning more upbeat on the ferroalloy selling price rebounds and buoyant equity trading turnover year to date. “This prompts us to raise our FY21-FY22 forecast earnings by 9% to RM217mil-RM233mil, suggesting an upside to the current 2021 consensus forecast of RM170mil, ” it said. RHB has a “buy” call in CMSB shares with target price of RM2.90 post revision.
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