public investment bank...2016/12/29 · public investment bank publicinvest research ipo note...

PUBLIC INVESTMENT BANK

PublicInvest Research IPO Note Thursday, December 29, 2016 KDN PP17686/03/2013(032117)

HLT GLOBAL BERHAD Fair Value: RM0.50

1 Important disclaimer is provided at the end of this report.| PUBLIC INVESTMENT BANK of 11

DESCRIPTION

An investment holding company, principally involved in the design, fabrication, installation, testing and commissioning of glove-dipping lines, and the supply and trading of associated parts and components through its wholly owned subsidiary, HL Advance Technologies (M) SB. Fair Value RM0.50 IPO Price RM0.45 Expected Return 11.1% Closing Application Date Retail 28 December 2016 Institutional 28 December 2016 Indicative Listing Date 10 January 2017 Market ACE Sector Trading/Services Bursa Code 0188 Bloomberg Ticker HLT MK IPO DETAILS Shares(m)

Offer for Sale 34.3 Public Issue 39.6 UTILISATION OF PROCEEDS RM (m) Capital expenditure 9.0 Research and development expenditure 1.5 Working capital 4.9 Estimated listing expenses 2.4

Total 17.8 KEY STOCK DATA

Market Capitalisation (RM m) 118.8

No. of Shares (m) 263.9 MAJOR SHAREHOLDERS

%

Chan Yoke Chun 36.7

Wong Kok Wah 35.3

Research Team T 603 2268 3000 F 603 2268 3014 E [email protected]

Riding On A Growing Rubber Glove Industry HLT Global Bhd (HLT Global) is scheduled for listing on 10

th January 2017.

Through their wholly-owned subsidiary, HL Advance Technologies (M) SB (HL Advance), which commenced its operations in October 2009, the group is principally involved in the design, fabrication, installation, testing and commissioning of glove-dipping lines, the provision of upgrading and modification works for glove-dipping lines, and the supply and trading of associated parts and components, serving glove manufacturers in Malaysia, China, Thailand, India, Indonesia, Vietnam and Saudi Arabia. The group aims to grow its production capacity by setting up a new factory and expand its offering of products. HLT Global has a clean balance sheet with a net cash of RM18m. Proceeds from the public offering will mainly be utilized for capital expenditure and working capital purposes. We value HLT Global at RM0.50, pegging it at 11x FY17F earnings. Our fair value implies a potential upside of 11.1%. Business overview. HLT Global's annual revenue depends on the orders

secured and implemented each year. Depending on the required specifications from customers, the implementation time frame for each order generally ranges between 6 months and 15 months from the date of receipt of the order and hence, can often be spread over two financial years. In FY15, the group derives over 54% of its sales from local market and the remaining from overseas markets, Thailand predominantly.

Future plans. The group has been operating at high utilization rates of over

80%. Given the constraint, it plans to expand its capacity through the setup of a new factory that would increase its production floor space by 34,200 sq ft from 23,666 sq ft currently. Meanwhile, the rubber glove industry is expected to maintain its growth trajectory, driven by growth in the healthcare sector. As such, HLT Global will continue to seek opportunities in both domestic and export markets within the glove-dipping line industry. In addition, the setup of new R&D team is expected to help increase its product offering to customers.

Key risks. (1) Dependence on the rubber glove industry (2) dependence on a

few major customers, which accounted for more than 80% of total revenue (3) failure to replenish order book could lead to a decline in revenue (4) fluctuation in raw material prices, especially steel which accounted for the bulk of its total cost.

Fair value of RM0.50 is based on 11x FY17F EPS of 4.5sen, which implies

an upside of 11.1% from its IPO price of RM0.45. Our FY17F earnings growth is supported by i) its current order book of RM69m (as of December 2016), all to be delivered in 2017 and ii) higher production capacity.

KEY FINANCIAL SUMMARY

FYE Dec (RM m) 2013A 2014A 2015A 2016F 2017F CAGR

Revenue 46.0 43.6 75.7 78.7 81.0 15.2%

Gross Profit 12.3 11.2 15.2 12.6 13.0 1.3%

Pre-tax Profit 10.0 8.6 12.1 11.3 11.8 4.3%

Net Profit 9.9 8.6 12.1 11.2 11.8 4.3%

EPS (Sen) 3.8 3.2 4.6 4.2 4.5 4.3%

P/E (x) 11.9 13.9 9.8 10.6 10.1

DPS (Sen) 2.3 1.1 1.9 1.3 1.3

Dividend Yield (%) 5.1 2.5 4.2 2.8 3.0

Source: Company, PublicInvestResearch estimates Pro Forma financial information from company prospectus


PUBLIC INVESTMENT BANK BERHAD

Company Overview HLT Global SB was incorporated in Malaysia on 22 October 2015 as a private limited company. It was then converted into a public limited company and assumed HLT Global Bhd (HLT Global) as its present name on 7 January 2016. After acquisition of entire issued and paid-up share capital of HL Advance Technologies (M) SB (HL Advance) on 28 December 2015, which became the group’s solely and wholly owned subsidiary, the group principally involved in: (i) design, fabrication, installation, testing and commissioning of glove-dipping

lines; (ii) provision of upgrading and modification works for glove-dipping lines; and (iii) supply and trading of associated parts and components. Both Executive Directors Wong Kok Wah and Chan Yoke Chun, who is also Deputy Chairman and Chief Executive Officer for the group respectively, play key roles in overseeing the overall management and operations as well as growing the business with more than 20 years of experience in the glove-dipping line industry. Figure 1: Company Structure

Source: Company Prospectus, PublicInvest Research

Table 1: Corporate Milestones

Year Achievement

2009 Commenced operations as a glove-dipping line manufacturer

Secured their earliest local orders for glove-dipping line from Central Medicare SB, YTY Industry SB and Green Prospect SB

2010 Secured order from Shorubber (Malaysia) SB

Received a Pioneer Status Certification from MITI for a 5-year period from 2009 to 2014

2011 Secured their first foreign order from China.

Secured orders from HL Rubber Industries SB and Latexx Manufacturing SB

Entered into an agreement to acquire premises of HL Advance from Hup Lek Engineering & Trading SB

2013 Secured order from PT Medisafe Technologies, Indonesia

Received the Golden Eagle Award under the Malaysian 100 Excellent Enterprises category

2014 Secured order from Kanam Latex Industries Pvt. Ltd., India

Secured order for glove-dipping line from Rubberex Alliance SB

Achievement of Chan Yoke Chun towards women entrepreneurship was recognised via WEDP by MATRADE

Received the second set of Pioneer Status Certification from MITI for a further 5-year period ending November 2019

2016 Secured order from Cardinal Health 222 (Thailand) Ltd

Secured order for glove-dipping from WRP Asia Pacific SB

Received the Golden Eagle Award under the Malaysian 100 Excellent Enterprises category as well as the 4

th position winner of

the Top 10 Excellent Eagle Source: Company Prospectus, PublicInvest Research



Business Overview As a glove-dipping line manufacturer that caters for both natural and synthetic rubber gloves, HLT Global possess the technical knowledge and experience in designing, fabricating, installing, testing and commissioning of glove-dipping lines that meet customers' requirements on production efficiency and effectiveness. Through customising on, inter-alia, the overall speed and length of conveyor chain, design of dipping tank and oven, and heating system, their glove-dipping lines are designed and manufactured with the aim of: (i) attaining greater production efficiency through optimal utilisation of

resources (such as energy costs and compounded solution utilised), increased automation and production output per hour, thereby achieving the desired production capacity of their customers; and

(ii) manufacturing quality end-products, i.e., rubber gloves, that conform to customers’ specifications, in terms of end-product attributes, such as the Acceptable Quality Level and physical properties.

Since the commencement of operations in 2009, more than 60 units of glove-dipping lines (47 units came into completion) that showed progressive improvements in terms of design and performance have been installed and commissioned based on customised specifications, tailored to the detailed requirements of local and foreign customers. With in-depth industry knowledge and technical capabilities, key characteristics of the glove-dipping lines that they are currently capable of producing include, inter-alia, choice of single former or double former, flexible conveyor chain length and frame structure height of up to 1,600m and 18m respectively, production output speed of up to 36 thousand pieces of rubber glove per hour for double former glove-dipping lines, and heating system with different fuel types. In addition to the fabrication and installation of new glove-dipping lines, HLT Global provide upgrading and modification works for their customers, particularly on the upgrading of existing glove-dipping lines in terms of production output per hour, or modification of the relevant components of existing glove-dipping lines for the purpose of manufacturing different types and quality of rubber glove. HLT Global also supply the associated parts and components of glove-dipping line, such as conveyor chain, bearings, former holders, beading brushes and washing brushes, to our customers, as and when required. These parts and components, which are sourced from third party manufacturers, are typically used as replacement parts due to general wear and tear. FY 13 to FY 15, local sales generated 67.23%, 65.92% and 53.65% of the group's total revenue. Complementarily, their products have been sold to rubber glove manufacturing companies for medical, industrial and food processing industries in China, Thailand, India, Indonesia, Vietnam and Saudi Arabia. Figure 2: Segmental Revenue of the Group

Source: Company Prospectus, PublicInvest Research sales



Figure 3: Typical Manufacturing Process of Rubber Glove

Source: Company Prospectus

With reference to manufacturing flow-chart, HLT Global’s glove-dipping lines are able to facilitate steps (1) to (13) of the rubber glove manufacturing process as depicted above, while steps (14) to (17) will either be handled manually by their customers or through an integrated automated glove stripping machinery, automated layering machinery, automated visual inspection equipment and automated packing machinery. Materials and parts required in manufacturing process are readily available from many suppliers in Malaysia as well as overseas. Thus far, there is not any material shortage in sourcing the materials and parts for their operations.

Future Plans Expansion of production capacity. Constrained by current factory premises with

a gross production floor space of 23,666 sq ft, HLT Global intended to set up a new factory in an area within the southern part of the Klang Valley, with a proposed built-up area of approximately 57,000 sq ft. Given a larger production floor space, capacity is expected to increase and thereby enable the group to undertake more orders in the future. Establishment of dedicated R&D team. HLT Global plans to set up a dedicated

research and development (R&D) team that focuses on product development as well as on-going improvement of glove-dipping processes via technological improvements primarily. To pursue long term growth and sustainability, setting up of the dedicated team enables the group to provide the most optimal solution to customers for their highest level of satisfaction, improve energy efficiency and increase process automation for glove-dipping lines in specific. Expansion of product offering. Together with the proposed expansion of

production capacity, setup of dedicated R&D team and purchase of computer numerical control machinery, HLT Global will be able to manufacture automated components in-house. Currently, some of these products are procured by customers directly and then supplied to the group to be integrated into its glove-dipping lines. By manufacturing these components in-house, HLT Global will be able to expand its product offering to include more automated parts. Continue to seek market opportunities and strengthen its market presence.

With its track record and reputation in the glove-dipping line industry in Malaysia, HLT Global plans to leverage on this to further penetrate both local and overseas markets. Apart from increasing its sales and marketing efforts, it will also increase the frequency of visits to existing and potential customers. This is to enable the group to secure repeat orders and new sales. Additionally, the group will participate in trade shows and exhibitions in both domestic and foreign markets.



Competitive Strengths Provision of a comprehensive solution for glove-dipping lines as core competency. Essentially, HLT Global would manage the entire process flow

from design, sourcing of materials, in-house or on-site fabrication, installation, testing and up to commissioning of the glove-dipping lines, with the end result of handing over fully functional glove-dipping lines to their customers. This would enable the group to manage the quality and production cost of its glove-dipping lines, and at the same time, enabling the customers to have a better control over the budget and schedule of implementation for their proposed glove-dipping lines. Ability to comply with the design and manufacturing requirements as testimony. In terms of design capability, HLT Global have the knowledge and

experience in designing glove-dipping lines with customisation, which include: (i) production output per hour of up to 17 thousand and 36 thousand pieces of

glove per hour for single former glove-dipping lines and double former glove-dipping lines respectively;

(ii) flexible length and height of the glove-dipping line of up to 160m and 18m respectively;

(iii) custom-designed dipping tanks and ovens; and (iv) different types of heating system, such as natural gas/compress natural gas

heating system and biomass/coal/light fuel oil/gas boiler heating system. Success in securing recurring orders from its customers is a testament to the group's track record, design and manufacturing expertise and product quality. A Pioneer Status Certification granted by the MITI to HL Advance. In June

2010, HL Advance was granted a Pioneer Status Certification by the MITI under the Promotion of Investment Act, 1986 for pioneer activity in machinery for dipped latex products and parts thereof. With the pioneer status, revenue that is generated from sale of new lines segment as well as upgrade and modification segment of HL Advance qualifies for income tax exemption for a period of five years from November 2009 to November 2014. In December 2014, the pioneer status is extended from November 2014 to 3 November 2019.

Industry Outlook

The rubber glove industry is a vibrant and growing industry, of which global rubber glove demand has grown from 65.3bn pairs in 2009 to 88.0bn pairs in 2014, registering a CAGR of 6.1%. The prospects for growth in the rubber glove industry are positive as the industry is expected to be driven continuously by growth in the global and domestic healthcare industry (including outbreaks in epidemic and pandemic diseases), increasing demand arising from other end-user markets such as manufacturing, continued growth in the global economy, and availability of raw materials utilised in the manufacturing of rubber gloves. (Source: IMR Report) The glove-dipping line industry supports the rubber glove industry, where glove-dipping line manufacturers design and build glove-dipping lines in order to enable rubber glove industry players to manufacture rubber gloves. The glove-dipping line industry in Malaysia demonstrated a healthy CAGR of 14.8%, growing from RM124.4m in 2009 to RM284.2m in 2015, in line with rising rubber glove demand. Based on HLT Global's revenue of RM75.7 million for the FY 2015, the group garnered an industry revenue share of 26.6%. The glove-dipping line industry in Malaysia is estimated to illustrate positive growth at a healthy CAGR of 15.2%, from an estimated RM326.5m in 2016 to RM575.9m in 2020. (Source: IMR Report)



Figure 4: Glove-dipping Line Industry Size (Malaysia), 2009-2020(f)

Notes: (p) – preliminary (f) –forecast Source: Companies Commission of Malaysia (“CCM”), PublicInvest Research

Key Risks Dependence on the rubber glove industry. HLT Global is dependent on the

rubber glove industry as its revenue is mainly derived from the supply of glove-dipping lines to rubber glove manufacturers. Thus, its financial performance will be affected by the growth of the rubber glove industry, which is dependent on factors such as growth in the global and domestic healthcare industry, demand for rubber gloves arising from other end-user markets such as manufacturing industry, growth in the global economy and demand for rubber gloves from emerging markets due to changes in healthcare requirements. As such, a decline in demand for rubber gloves by end-users may have an adverse impact on its financial performance. Dependence on a few major customers. A significant portion of HLT Global’s

annual revenue was contributed by a few major customers. Its major customers include Central Medicare SB, Cardinal Health 222 (Thailand) Ltd and Green Prospect SB. This was mainly due to the large value of each order from its major customers as a proportion to its total revenue. As its supply of glove-dipping lines is on project basis, each order from its customers can be comprised of several glove-dipping lines. Its major customers contributed more than 80.0% of its total revenue. As such, any cancellation of or variation in orders from these selected customers at any point in time may have a material adverse impact on the group’s business operations and financial performance as it may not be able to secure replacement orders from other customers to cushion such impact. Order book replenishment. HLT Global does not have any long-term contracts

with its customers as its sales are based on purchase orders. This is due to the nature of its business and the prevailing industry practice, where orders from customers are usually secured on a project-by-project basis. The group faces the risk of not being able to replenish its order book sufficiently after completion of each project. This would lead to a decline in revenue and may have a material adverse impact on its business operations and financial performance. Fluctuation in raw material prices. Out of the primary materials and parts used

in the fabrication of glove-dipping lines, steel materials are, by far, the highest in terms of cost in proportion to the group’s total costs of materials and parts, and are subject to continuing price fluctuations. An increase in steel material prices may lead to an increase in the group’s manufacturing cost and accordingly, may have a material adverse impact on its business operations and financial performance. Nevertheless, the group believes that the volatility in the cost of steel materials is manageable as it has stock up the steel materials when steel prices were lower.



Financials

More than 90% of its revenue is contributed by Sales of New Lines segment.

The Sales of New Lines segment has been its largest revenue stream. Its Sales of New Lines segment has increased 105% in FY15 as compared to FY14. This was mainly attributable to higher value orders secured from its customers and the improved performance of its foreign sales. However, its revenue contributed by Upgrade and Modification segment and Supply and Trading segment have been decreasing over the past 3 years due to lesser orders secured from customers for these business segments in the past 3 years. Figure 5: Revenue by Business Segments

Source: Company Prospectus, PublicInvest Research Figure 6: Revenue and Net Profit for FY13-FY17F

Source: Company Prospectus, PublicInvest Research Net profit margin declined from 21.6% in FY13 to 16.0% in FY15, as orders for

glove-dipping lines are on project basis, the pricing of its orders varies from project to project depending on, amongst others, the specifications of the subject glove-dipping lines with due regard to the materials used, production parameters, dimensional measurement, process complexity and logistics arrangement as well as the potential repeat orders in the future. Forecast. Based on its expansion plan, our earnings estimates has taken into

account (i) its current outstanding order book of RM69m (as of December 2016), all to be delivered in 2017, (ii) increase in production capacity and (iii) increase in steel material prices. Dividend. The group does not have any formal dividend policy plan. However, it

has declared a dividend payout ratio of 60.4%, 35.0% and 41.2% in FY13 to FY15. Given its stronger net cash position after the listing, we believe there is a strong likelihood that the payout ratio would be sustained, if not improved. We estimate a dividend payout ratio of 30%, which translates to a DPS of 1.3sen for FY17F or an average of dividend yield of c.3.0%.



Valuations We value HLT Global at RM0.50, ascribing 11x PER to FY17F earnings. We derive our PE multiple based a 20% discount to market’s valuation on peers of 13x within the construction sector. This is also supported by a 30% discount to market’s valuation on peers of 18x within the glove sector. In our opinion, HLT Global’s operations are similar to construction companies in term of revenue recognition in percentage of completion and it is also highly dependent on the growth of glove sector. We think the discount is fair given HLT Global’s smaller market capitalization relative to peers. Our fair value implies a potential upside of 11.1% to its IPO price of RM0.45.

IPO Details HLT Global is seeking a listing with an enlarged issued and paid-up share capital of 39,591,000 shares with RM0.10 par value on Bursa Malaysia’s ACE Market. Pursuant to IPO listing, the company’s market capitalization is RM118.8m based on its IPO price of RM0.45. The IPO allocation, post-IPO share capital of HLT Global and utilisation of IPO proceeds are shown in the following tables.

Table 2: IPO Allocation

Categories No. of shares % of enlarged

share capital

Public issue:

*Malaysian public 13,199,000 5.0

Bumiputera placement 26,392,000 10.0

Sub-total 39,591,000 15.0

Offer for sale:

Eligible directors and employees 2,000,000 0.8

Private placement to selected investors 32,309,000 12.2

Sub-total 34,309,000 13.0

Total 73,900,000 28.0

Source: Company Prospectus, PublicInvest Research * via balloting

Table 3: Post-IPO Share Capital

No. of shares

Authorised 500,000,000

Issued and fully paid-up share capital as at 20 Dec 2016 224,330,000

Shares to be issued pursuant to the Public Issue 39,591,000

Enlarged issued and paid-up share capital upon listing 263,921,000

Source: Company Prospectus, PublicInvest Research

Table 4: Utilisation of IPO proceeds*

Details of utilisation RM'000 % Timeframe for

utilisation upon

listing

Capital expenditure 9,000 50.5 Within 24 months

Research and development expenditure 1,500 8.4 Within 18 months

Working capital 4,916 27.6 Within 6 months

Estimated listing expenses 2,400 13.5 Immediate

Total 17,816 100.0

Source: Company Prospectus, PublicInvest Research, *based on RM0.45 for 39,591,000 new shares issued



Figure 7: Illustration of Glove-dipping Line

Source: Company Prospectus

Figure 8: Glove-dipping Line

Source: Various



KEY FINANCIAL DATA

INCOME STATEMENT DATA

FYE Dec (RM m) 2013A 2014A 2015A 2016F 2017F

Revenue 46.0 43.6 75.7 78.7 81.0

Gross Profit 12.3 11.2 15.2 12.6 13.0

Finance Costs 0.0 0.0 0.0 0.0 0.0

Pre-tax Profit 10.0 8.6 12.1 11.3 11.8

Income Tax -0.1 -0.1 0.0 -0.1 -0.1

Effective Tax Rate (%) 0.6% 0.6% 0.0% 0.5% 0.5%

Minorities - - - - -

Net Profit 9.9 8.6 12.1 11.2 11.8

Growth

Revenue - -5% 74% 4% 3%

Gross Profit - -9% 35% -17% 3%

Net Profit - -14% 42% -8% 5%

Source: Company Prospectus, PublicInvest Research estimates

BALANCE SHEET DATA

FYE Dec (RM m) 2013A 2014A 2015A 2016F 2017F

Property, Plant & Equipment 5.6 5.3 6.4 6.0 13.7

Cash and Cash Equivalents 1.1 0.8 3.9 13.2 24.5

Trade and Other Receivables 7.2 16.7 9.7 11.0 13.5

Other Assets 14.4 10.0 32.4 31.4 39.2

Total Assets 28.2 32.9 52.4 61.7 90.8

Trade and Other Payables 8.5 8.1 21.6 13.8 20.1

Borrowings 1.8 1.7 1.5 3.1 3.1

Other Liabilities 1.4 1.0 0.0 7.7 7.3

Total Liabilities 11.6 10.7 23.1 24.6 30.5

Shareholders’ Equity 16.6 22.1 29.3 37.1 60.4

Total Equity and Liabilities 28.2 32.9 52.4 61.7 90.8


PER SHARE DATA & RATIOS

FYE Dec 2013A 2014A 2015A 2016F 2017F

Book Value Per Share 0.1 0.1 0.1 0.1 0.2

NTA Per Share 0.1 0.1 0.1 0.1 0.2

EPS (Sen) 3.8 3.2 4.6 4.2 4.5

DPS (Sen) 2.27 1.14 1.89 1.27 1.34

Payout Ratio 60% 35% 41% 30% 30%

ROA 35% 26% 23% 18% 13%

ROE 60% 39% 41% 30% 20%




RATING CLASSIFICATION STOCKS

OUTPERFORM The stock return is expected to exceed a relevant benchmark’s total of 10% or higher over the next 12months.

NEUTRAL The stock return is expected to be within +/- 10% of a relevant benchmark’s return over the next 12 months.

UNDERPERFORM The stock return is expected to be below a relevant benchmark’s return by -10% over the next 12 months.

TRADING BUY The stock return is expected to exceed a relevant benchmark’s return by 5% or higher over the next 3 months but the underlying fundamentals are not strong enough to warrant an Outperform call.

TRADING SELL The stock return is expected to be below a relevant benchmark’s return by -5% or more over the next 3 months.

NOT RATED The stock is not within regular research coverage.

SECTOR

OVERWEIGHT The sector is expected to outperform a relevant benchmark over the next 12 months.

NEUTRAL The sector is expected to perform in line with a relevant benchmark over the next 12 months.

UNDERWEIGHT The sector is expected to underperform a relevant benchmark over the next 12 months.

DISCLAIMER

This document has been prepared solely for information and private circulation only. It is for distribution under such circumstances as may be permitted by applicable law. The information contained herein is prepared from data and sources believed to be reliable at the time of issue of this document. The views/opinions expressed herein are subject to change without notice and solely reflects the personal views of the analyst(s) acting in his/her capacity as employee of Public Investment Bank Berhad (“PIVB”). PIVB does not make any guarantee, representations or warranty neither expressed or implied nor accepts any responsibility or liability as to its fairness liability adequacy, completeness or correctness of any such information and opinion contained herein. No reliance upon such statement or usage by the addressee/anyone shall give rise to any claim/liability for loss of damage against PIVB, Public Bank Berhad, its affiliates and related companies, directors, officers, connected persons/employees, associates or agents. This document is not and should not be construed or considered as an offer, recommendation, invitation or a solicitation of an offer to purchase or subscribe or sell any securities, related investments or financial instruments. Any recommendation in this document does not have regards to the specific investment objectives, financial situation, risk profile and particular needs of any specific persons who receive it. We encourage the addressee of this document to independently evaluate the merits of the information contained herein, consider their own investment objectives, financial situation, particular needs, risks and legal profiles, seek the advice of their, amongst others, tax, accounting, legal, business professionals and financial advisers before participating in any transaction in respect of any of the securities of the company(ies) covered in this document. PIVB, Public Bank Berhad, our affiliates and related companies, directors, officers, connected persons/employees, associates or agents may own or have positions in the securities of the company(ies) covered in this document or any securities related thereto and may from time to time add or dispose of, or may be materially interested in, any such securities. Further PIVB, Public Bank Berhad, our affiliates and related companies, associates or agents do and/or seek to do business with the company(ies) covered in this document and may from time to time act as market maker or have assumed an underwriting commitment in the securities of such company(ies), may sell them or buy them from customers on a principal basis, may have or intend to accommodate credit facilities or other banking services and may also perform or seek to perform investment banking, advisory or underwriting services for or relating to such company(ies) as well as solicit such investment advisory or other services from any entity mentioned in this document. The analyst(s) and associate analyst(s) principally responsible for the preparation of this document may participate in the solicitation of businesses described aforesaid and would receive compensation based upon various factors, including the quality of research, investor client feedback, stock pickings and performance of his/her recommendation and competitive factors. Hence, the addressee or any persons reviewing this document should be aware of the foregoing, amongst others, may give rise to real or potential conflicts of interest. Published and printed by: PUBLIC INVESTMENT BANK BERHAD (20027-W) 9

th Floor, Bangunan Public Bank

6, Jalan Sultan Sulaiman 50000 Kuala Lumpur T 603 2268 3000 F 603 2268 3014 Dealing Line 603 2268 3129

public investment bank...2016/12/29 · public investment bank publicinvest research ipo note...

Documents