COMMENTS ON BINTULU PORT HOLDINGS BERHAD (5032)

BINTULU PORT HOLDINGS BERHAD LAST 5 YEARS SHARE PRICE TREND

**analysis based on 2017 annual report.

1.       GENERAL INTRO: This counter core business is providing port services at Bintulu Port, Sarawak.

2.       NOTABLE POINTS:

a.       The new Samalaju Industrial Port starting operation contributes to the company revenue growth in 2017.

b.      Bintulu Port has the advantage of natural deep-sea feature, is the third largest port in Malaysia and is the nations's only liquified natural gas export terminal, which contributes 54% of total cargo throughput, also is the largest palm oil products exporting terminal in Malaysia, handling 25% of total palm oil export

3.       IS THIS COUNTER A STRONG GROWTH STOCK? 

a.       REVENUE RANGE (million): ~ 817 million in 2017 annual report, this is a medium revenue company.

b.      SHARE PRICE: share price is on decreasing trend in last few years, decreasing from around RM7.00 to RM4.50 now.

c.       EARNING PER SHARE (EPS): last two quarters earnings are lower than usual, the average around 3.04sen per quarter. On the other hand the eight previous quarters average earnings is around 7.99sen.

d.      FUTURE POTENTIAL: facing competition from other regional ports in Southeast Asia, overall cargo thoroughput through Malaysia's major ports saw a slight decrease of 5.9% year on year, due to diversion of cargoes to other ports in Southeast Asia.

e.      CAPITAL EXPENDITURE (CAPEX): spending on purchase of new fixed assets is quite low, 15.3 million, around 0.5% of total assets, appear company has no large scale expansion plan.

4.       IS THIS A STRONG DIVIDEND STOCK?     

a.       DIVIDEND YIELD: in 2017 report, dividend declared for the financial year is 21 sen per share, dividend yield is 4.67%, based on current share price

b.      CONSISTENCY: have consistent dividend payout to shareholders in last five years, but on slight decreasing trend, from 29 sen to 21 sen per share

5.       OTHER INDICATORS:

a.       CASH FLOW: cash flow is positive, around 544.6 million

b.      SUPPORT BY INSTITUTIONAL INVESTORS: there is strong presence of 17 institutional investors at top 30 major shareholders list, including Lembaga Tabung Haji, EPF, Skim Amanah Saham Bumiputera, Kumpulan Wang Persaraan and a few investment funds as well as insurance companies. In particular, PETRONAS is a major shareholder, with a 28% stake.

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