Conglomerates (HLFG, Sunway, YTL, PPB, Genting ) in Malaysia...
Conglomerates (HLFG, Sunway, YTL, PPB, Genting ) in Malaysia: Discount vs Premium
Most are trading at discount and there is a rare exception trading at a premium!
Holding companies listed on Bursa continue at discount.
Batu Kawan Bhd
> Holds 48% in KLK
> That stake of KLK is valued at RM10.6 billion
> Meanwhile, the market cap of Batu Kawan is only RM7.6 billion.
> Huge discount.
HLFG
> Holds ~62% of HLBB
> That stake of HLBB is valued at about RM33 billion.
> Meanwhile, HLFG is valued at RM26 billion.
> indicating huge value, without taking into account of 70% HLA, 81% HLCAP.
> HLFG is the most inexpensive financial institutional in Malaysia trading at only P/B of 0.8x.
Genting Bhd
> holds 52% in Genting Singapore
> That stake of Genting Singapore is valued at about SGD4.8 billion or about RM19 billion.
> Yet, Genting Berhad market cap is only about RM11 billion.
> That excludes holdings in Genting Malaysia, Genting Plantation.
The rare exception is Sunway Berhad.
> The group is valued at a premium.
> That's because of Sunway Healthcare Group which the group holds 84%.
> Sunway Berhad is valued at 35x P/E ratio.
> The group holds 55% in Sunway Con, 41% in SunREIT.
Summary: (Market Cap vs Value of SOP)
Batu Kawan RM7.8 billion vs RM10.5 billion (discount)
HLFG RM26.1 billion vs RM34.2 billion (discount)
YTL Corp RM23.6 billion vs RM27.8 billion (discount)
Genting Berhad RM10.9 billion vs RM25.3 billion (discount)
Sunway Berhad RM38.8 billion vs RM7.9 billion (Premium)
https://x.com/donotmindplease/status/2020342292461285842?s=46
Most are trading at discount and there is a rare exception trading at a premium!
Holding companies listed on Bursa continue at discount.
Batu Kawan Bhd
> Holds 48% in KLK
> That stake of KLK is valued at RM10.6 billion
> Meanwhile, the market cap of Batu Kawan is only RM7.6 billion.
> Huge discount.
HLFG
> Holds ~62% of HLBB
> That stake of HLBB is valued at about RM33 billion.
> Meanwhile, HLFG is valued at RM26 billion.
> indicating huge value, without taking into account of 70% HLA, 81% HLCAP.
> HLFG is the most inexpensive financial institutional in Malaysia trading at only P/B of 0.8x.
Genting Bhd
> holds 52% in Genting Singapore
> That stake of Genting Singapore is valued at about SGD4.8 billion or about RM19 billion.
> Yet, Genting Berhad market cap is only about RM11 billion.
> That excludes holdings in Genting Malaysia, Genting Plantation.
The rare exception is Sunway Berhad.
> The group is valued at a premium.
> That's because of Sunway Healthcare Group which the group holds 84%.
> Sunway Berhad is valued at 35x P/E ratio.
> The group holds 55% in Sunway Con, 41% in SunREIT.
Summary: (Market Cap vs Value of SOP)
Batu Kawan RM7.8 billion vs RM10.5 billion (discount)
HLFG RM26.1 billion vs RM34.2 billion (discount)
YTL Corp RM23.6 billion vs RM27.8 billion (discount)
Genting Berhad RM10.9 billion vs RM25.3 billion (discount)
Sunway Berhad RM38.8 billion vs RM7.9 billion (Premium)
https://x.com/donotmindplease/status/2020342292461285842?s=46
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