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Home » Latest Notice » FundTech Radar (Orna) - 6th Mar 2018
FundTech Radar (Orna) - 6th Mar 2018

Good morning.

 

Today, we feature a note on Ornapaper Berhad in our FundTech Radar – 6th Mar 2018. The company is one of the largest manufacturers and suppliers of corrugated boards and carton in Malaysia.

Fundamental Stance

 

·       Benign 3-year(FYE15-17) revenue and core PATAMI CAGR of 6.5% and 17.5% respectively

·       FY17E core PATAMI margin rose

·       Net gearing ratio has risen

·       Dividend yield for FY17 is 1.5% with dividend payout of 11.8%

·       Orna maintains a cautiously positive outlook for the coming year

·       The recent upward trend in raw material costs has resulted in an increase of production costs

·       Orna will continue to strengthen its market position and customer base, and emphasize on productivity and efficiency to mitigate the impact of increasing costs

·       Currently trading at 8.1x 12-month trailing P/E, 11.4% discount to its 3-year historical average P/E of 9.1x. As compared to its peers, Orna is also trading cheaper at 8.6% discount

Technical Front


Impending bullish inverted head & shoulder pattern breakout
Resistances: 1.63/2.32/3.00
Supports: 1.20/1.05/0.85

The above information is extracted from CIMB Research Report. For the full research reports, outlook and disclaimers, please logon to your account on www.itradecimb.com.my and click on <Research> Tab under Malaysia.


This FundTech Radar report is intended for educational purposes only. It represents a preliminary assessment of the subject company, and does not represent initiation into CIMB's coverage universe. It does not carry investment ratings and CIMB does not commit to regular updates on an ongoing basis.


6th Mar 2018


Disclaimers: This distribution is by CIMB Investment Bank Berhad (“CIMB”) in Malaysia only. The views are our own as of this date and subject to change. No further distribution is allowed without our prior written consent. CIMB, its related corporations, affiliates and business partners make no recommendation, offer or invitation to transact in any securities, futures contracts or other instruments. Please make your independent evaluation, consider your own investment objectives and financial situation and consult your own professional advisers before participating in any transaction.

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