Kenanga 6483
不受疫情影响的投资银行（上升空间高，下跌空间有限）
现价：0.54
目标价：0.85
在Kenanga我们倾向谈公司的成长.
1。数年前成立持股50%的Rakuten网上股票行今年随着顾客数量大涨，开始盈利。
2。去年RM50,000,000收购Libra Invest, 今年也将带来供献。
3。收购ECM的股票行后，目前分行数达到40多家。顾客数量增加而且精简化把同城市的分行合并节约成本。
4。今年2月18日取得国家石油Petronas的需可，处理其供应商石油业的上市事宜。估计年尾可带来不错的上市佣金。
5。1-3月首季股市成交量平均20余亿，4月和5月平均成交量向上翻了1.5倍。6月成交量应该会比1-3的平均来的高。因此我们可以估计8月Kenanga报账时因次季成交量大涨取得三倍盈利，约3.75仙。

目前Kenanga的每股资产为RM1.29, 股价RM0,54, 股息3.25仙/周息率6%。随着本年度盈利大涨，估计股息可达5仙或9%周息率。

总结，在疫情下完全不受MCO影响的公司不多。能不受影响而又业绩猛涨的公司更是少之又少。所以，我们相信Kenanga绝对是2020年不可以错过的股票。相对那些股价猛涨而业绩即将恶化的上市公司而言，Kenanga绝对是首选！

1。50% owned Rakuten start turn to profit in 2020 Q1, and probably can do better in 2020 Q2.
2. Last year expended and spend RM50m acquired Libra finance, this year should contribute positively.
3. After Kenanga merge with ECM, their branches expanded to more then 40. Moreover, they cut cost by merge branches in same city to maximise profit.
4. 18 Feb 2020 Petronas assigned Kenanga to list its supllier's O&G unit in KLSE. This should bring benefit to Kenanga in next half of 2020.
5. Q1 KLSE turnover is 2b+, Q2 April and May we saw turnover up by 1.5 times. Estimate June turnover should be higher then Q1 average as well. Hence, we expect Q2 result announe in Aug 2020 should up by 3 times, 3.75cents earning per share.

Currently, Kenanga NTA is RM1.29, transacted price at RM0.54. DY 6% or 3.25cents. While the profit up in 2020, we estimate it's dividend should increase to 5cents or DY 9%.

In a nutshell, not many company zero impact due to MCO. During this difficult time it is hard to get a company which can up their profit by 3 times. Hence, we believe Kenanga is one of the best stock to hold in year 2020. It is much safer compare to those company with coming bad result while the share price is up. Kenanga probably is one of the best choice in year 2020.