BIMB SECURITIES
20 Jun 2025 03:29
*BIMB Securities - Sector Update*
*Rubber Glove*- 2H25 Sector "Caught in the Middle of Tariifs and Oversupply"
*NEUTRAL*
📉 Limited Upside as Pricing Power and Sales Volumes Plateau: The Malaysian rubber glove sector faces a cautious outlook in 2H25, marked by flattish sales volumes 📦 and stagnant average selling prices (ASPs) 💵.
⚠️ Overall, the anticipated recovery remains fragile. ASPs are expected to show minimal improvement 📊, remaining flat amid global oversupply 🌍 and persistent price undercutting by Chinese glove manufacturers 🇨🇳 in non-US markets 🌐.
🧤 While Malaysian exporters benefit from the cessation of direct glove orders from China by US customers since Jan’25 🇺🇸❌🇨🇳 and enjoy a relative tariff advantage, margin recovery has been modest 📉.
💸 Cost pressures from wage hikes 📈 and weak pricing power continue to weigh on profitability, and the sector remains challenged by cautious customer ordering patterns, particularly from US buyers 🇺🇸🛒.
📌 Click the link below for more info:
https://drive.google.com/file/d/1y7XX1-kTKrJQKt3A4ozihosUvCHqCxwD/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
17 Jun 2025 02:58
*BIMB Securities - Company Update*
*WPRTS* - Tariff Hike Supports Growth, But Risks Remain
*Target Price: RM5.25 / HOLD*
🚢 *Port Klang’s container charges* to rise *15%* from *15 July 2025*, with further hikes of *10% in Jan 2026* and *5% in Jan 2027*, marking the first major 📈 increase in years.
🏭 *Westports* remains exposed to *transshipment risks*, 🌍 *geopolitical disruptions*, and competition from regional ports like *PSA* and *PTP* ⚓.
📊 We revised higher our *FY25F–27F earnings* by *7%/20%/20%* to reflect improved revenue from higher tariffs 💵.
✅ *Maintain a HOLD* call with a higher TP of *RM5.25* (from RM4.65), based on *DDM* (WACC: 7.2% and TG: 2%) 📈.
While *tariff hikes support near-term earnings*, we stay cautious due to *soft freight rates*, *cost pressures* 🧾, and *execution risks* on *Westports 2* 🏗️.
📌 Click the link below for more info:
https://drive.google.com/file/d/1QKS6MDIEzFa54lZlgvX2SrVFbC4DbeAQ/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
06 Jun 2025 03:27
*BIMB Securities - Sector Update*
*Property & REIT* - 1Q25 Earnings Review: Staying on Track with a Promising Road Ahead
*OVERWEIGHT*
🏘️ Property and REIT stocks under our coverage generally delivered results in line with full-year expectations, with the exception of Matrix (4QFY25), which came in below our forecasts 📉.
📈 Property companies posted strong earnings growth, supported by robust property sales 🏠 and accelerated construction progress 🚧. 🏢 REITs also delivered solid rental income growth 💰, mainly driven by outperformance in the retail 🛍️ and industrial 🏭 segments.
🔮 We maintain a positive outlook for the property sector in FY25, supported by:
(i) the Housing Credit Guarantee Scheme 🛡️,
(ii) full stamp duty exemptions 📝 for properties priced at RM500,000 or below,
(iii) civil servant salary hikes 📈, and
(iv) tax relief on interest payments 💵 for first-time homebuyers 🏡.
Meanwhile, REITs remain attractive 🌟, particularly those focused on retail 🛒, logistics 🚚, and warehousing 🏬.
📊 We maintain an OVERWEIGHT stance on the Property and REIT sectors.
We have BUY calls for Mah Sing (TP: RM2.19) 🏙️, Lagenda (TP: RM1.48) 🏘️, Simeprop (TP: RM1.73) 🏗️, ALSREIT (RM0.46) 🏢 and AXREIT (RM2.17) 🏬, while maintaining a HOLD call on Matrix with a revised target price of RM1.42 from RM1.43 📉.
📌 Click the link below for more info:
https://drive.google.com/file/d/1HvGBwKkWeWA0Y_siE2U8zgSDTAu52r9t/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
06 Jun 2025 03:26
*BIMB Securities - Sector Update*
*CONSUMER* - 1Q25 Earnings Review: Resilient Growth Anticipated
*OVERWEIGHT*
📊 The recent 1QCY25 earnings season for 12 companies under our coverage was largely in line, with 8 in line with expectations, 3 came below, and 1 exceeding our expectations. 🌟 Padini and Farm Fresh were the star performers with net profit growth of +77.6% YoY and +67.5% YTD, respectively.
🛍️ We believe the anticipated strong domestic consumption spending remains the boost factor driven by higher disposable income 💵 and the expected higher tourist arrivals ✈️. However, the soft consumer sentiment is expected to benefit value-for-money retailers 🏷️ as consumer behaviour shifts away from premium items.
📈 We remain optimistic on the consumer sector and maintain an OVERWEIGHT call with 6 stocks under coverage having a BUY call. Our top picks are FFB (TP: RM2.45) 🐄 and MRDIY (TP: RM2.40) 🛠️.
📌 Click the link below for more info:
https://drive.google.com/file/d/1y6SrNjK15NNyEsyl9Aq8KbM3v84N7HYe/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
05 Jun 2025 03:03
*BIMB Securities - Sector Update*
*TECHNOLOGY* - 1Q25 Earnings Review: Bumpy Start for The Year
*NEUTRAL*
📉 The 1QCY25 earnings season saw disappointing results across all manufacturing-related names under our coverage. 💻 In contrast, the IT Services segment continued to demonstrate earnings resilience, supported by increasing adoption of digital solutions and stable demand for their products and services.
🌍 In the absence of a meaningful resolution to the prolonged U.S.-China tariff standoff – while trade tensions are likely to intensify and escalate further – we stay cautious on the OSATs’ outlook. 🏭 These companies remain sensitive to policy-driven shocks and are highly exposed to fragmented global supply chains.
⚖️ We maintain our NEUTRAL stance on the Technology sector, with selective BUY calls, mainly on IT Services:
- MyEG (TP: RM1.54) 🟢
- NeXG (TP: RM0.45) 🟢
- MPI (TP: RM22.58) – BUY on weakness 🟢
- Inari (TP: RM2.23) – HOLD 🟡
- Unisem (TP: RM1.60) – SELL 🔴
Pending further review, we maintain our BUY call for DNeX (TP: RM0.52) 🟢.
📌 Click the link below for more info:
https://drive.google.com/file/d/1lniUI4NTZ9g_GCFIid1IErXTNnOdn8FQ/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
03 Jun 2025 03:14
*BIMB Securities - Result Review*
*SPRITZER* - Within Expectation
*Target Price: RM1.70 / HOLD*
Spritzer’s 🥤 1QFY25 net profit of RM19.7mn (+27% 📈 YoY) came in line with both ours and consensus expectations at 27% and 26%, respectively ✅. The revenue increased by +10% YoY mainly driven by the manufacturing 🏭 segment, resulting from the higher sales volume and average selling price (ASP) of bottled water 💧.
Similarly, the double-digit growth in net profit 💹 was supported by the higher revenue coupled with lower production costs ⚙️, presumably due to lower prices of PET resin 🧴. On a QoQ basis, Spritzer’s 1QFY25 revenue declined marginally by -2% 📉, mainly due to a decrease in the ASP of bottled water.
In contrast, the net profit increased by +5% 📈 QoQ, primarily driven by the absence of PPE write-offs 🧾 recorded in the previous quarter of RM3.8mn along with the lower production costs.
📌 Click the link below for more info:
https://drive.google.com/file/d/13tp-vpiVP_kRNuBBcMI3xEbBcsjbnhq4/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
03 Jun 2025 03:13
*BIMB Securities - Company Update*
*MAHSING* - MahSing Opens Door to More Data Centre Players
*Target Price: RM2.19 / BUY*
Mahsing’s 🏗️ 1QFY25 revenue and core net profit 📈 rose 16.4% and 10% YoY, respectively, primarily driven by progressive revenue recognition from ongoing construction activities 🧱.
The collaboration agreement between Mah Sing and Bridge Data Centres (BDC) 🖥️ for a 100MW data centre 💡 lapsed after the exclusivity period ended ⏳. The partnership, initially structured as a JV 🤝, was later revised into a build-to-lease model 🏢.
We maintain our BUY recommendation ✅ on Mah Sing with TP of RM2.19 💰, based on the sum-of-parts (SOP) valuation 📊.
📌 Click the link below for more info:
https://drive.google.com/file/d/1OYuO12Zlcan9TPAAsfvEKLVZcnDSeA9k/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
29 May 2025 04:41
BIMB Securities Research’s Company Update Report
🛑 AuMas Resources - Slapped with Stop-Work Order 🛑
🧪 Department of Minerals and Geoscience issued a stop-order on the water retention pond on 27 May 2025 due to contamination to nearby river.
🏗️New water retention needs to be built, until then AuMas will continue mining and stockpile the ore, but unable to process it further.
📉We apply our Bear Case scenario, cut to HOLD (from BUY) with a TP of RM0.75 (18x one year forward PER).
📌 Click the link below for more info:
https://drive.google.com/file/d/1QWOj_KnOK0m5jCf6GYwq1LV6BNDpP73Q/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
29 May 2025 04:38
BIMB Securities Research’s Company Update Report
🌐 Wellcall Holdings Berhad - Sales Momentum Slows Amid Trade Tensions 🌐
📉Wellcall’s 1HFY25 core PATAMI of RM21.5mn was below both our in-house and consensus estimates, accounting for only 40.1% and 38.8% of the respective forecasts. The lower-than-expected performance was due to weaker exports and local sales volumes, as well as higher operating costs.
💸Wellcall declared a second interim DPS of 1.8 sen, bringing the total dividend payout for FY25 to 3.8 sen per share. This represents 40.4% of our FY25F dividend forecast. 3QFY25 revenue and PBT declined by 9.5% QoQ and 38.8% QoQ, respectively, due to soft demand for industrial rubber hoses and higher unrealized foreign exchange losses.
🌍During the quarter, export sales to key destinations saw double-digit declines, including the USA/Canada (-19.5% QoQ), the Middle East (-17.8% QoQ) and Africa (-57.4% QoQ). Local sales also recorded a notable decline of 8.4% QoQ.
📌 We maintain our BUY call on Wellcall with lower TP of RM1.62 (RM1.87 previously) following our earnings downgrade. Our valuation is now based on 5-year average PER of 15.3x that is pegged to FY26F EPS of 10.6sen.
📌 Click the link below for more info:
https://drive.google.com/file/d/1_7oTpu3m6GEocprmFhqj6AmbCJ30uzlt/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
28 May 2025 10:15
BIMB Securities Research’s Company Update Report
🌴 Sime Darby Berhad - Cautious Outlook Amid Regional and Margin Headwinds 🌴
📊3QFY25 core EPS came in at 2.8sen (-47% YoY, -63% QoQ) missing both our and consensus estimates.
⚠️All business segments were hit by weaker demand, adverse FX movements that inflated costs, and rising competitive pressures.
😟The pace and severity of the industry downturn caught us by surprise, and the near-term outlook remains equally challenging. Expect downward revisions by the street. No dividend was announced, which is consistent with its usual payout in 2Q and 4Q.
🔽 We revise our TP to RM2.10 (from RM2.60) based on an unchanged 12x PER (historical 3-year mean) and we roll-over to FY26 as our base valuation year.
📌 Click the link below for more info:
https://drive.google.com/file/d/1GqmX318NNi6BjmOcJ6GhD6zfTU1oSSuC/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
28 May 2025 10:13
BIMB Securities Research’s Company Update Report
🥐 Kawan Food Berhad - Below Expectation 🥐
📊Kawan Food’s 1QFY25 earnings came below our expectations, reporting a core PATAMI of RM4.3mn, which accounts for only 11% of our full-year estimates. Revenue declined by 12.6% YoY to RM70.5mn, primarily due to softer demand from export markets (Europe: -25.2% and North America: -52.8%).
🚫Additionally, there was no revenue contribution from China following its market exit on 30th Sep 2024. On a QoQ basis, revenue fell by 14.0%, attributed to slower demand after the festive season in the previous quarter.
📉Despite the top-line weakness, core PATAMI rose 66% QoQ to RM4.3mn (from RM2.6mn in 4QFY24), driven by a 14% reduction in selling and distribution expenses and an 8% decline in administrative expenses.
📌 We maintain a BUY call on Kawan Food with a lower TP of RM1.70 (from RM2.00). Our valuation is based on 18x PER (5-year average forward PE) pegged to FY25F EPS of 9.5 sen.
📌 Click the link below for more info:
https://drive.google.com/file/d/1ZnWe2Sed9PgqrLFR11CzrguF7iUAp2HK/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
27 May 2025 03:15
BIMB Securities Research’s Company Update Report
🌴 FGV Holdings - Privatization in Focus: FELDA Seeks Full Control of FGV 🌴
📈FELDA has issued an unconditional voluntary take-over offer, aiming to increase its stake in FGV from 86.93% to 90%, which would allow the group to delist FGV from the Main Market of Bursa Malaysia.
🔄Strategically, full ownership may enable FELDA to streamline operational decision-making, accelerate turnaround efforts, and better align FGV’s upstream and downstream activities with its broader development goals.
💰The offer price of RM1.30 per share is considered fair in our view. This representing a c.10% premium to the 1-year VWAMP and an 8.5% premium over our in-house fair value of RM1.20. Consider accepting the offer.
📌 Click the link below for more info:
https://drive.google.com/file/d/1EiSOtl-DfGSlZK7eP0n3U9JkyPvBnr9X/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
20 Jun 2025 03:28
*BIMB Securities - Sector Update*
*Utilities* - 2H25 Sector Outlook - "Resilient Earnings to Stay"
*OVERWEIGHT*
⚡📉 Performance Recap in 1H25: The KL Utilities index (KLUTL) declined by 11% YTD with a market cap of RM185bn (as of 17th June 2025). The index hit its low in early Apr at 1,471 due to tariff tantrums and geopolitical stances of the Trump Administration. 🇺🇸📊
Although Malaysia’s economic relations with the US 🇲🇾🤝🇺🇸 are relatively small, the uncertainty caused by the US still could cloud market sentiment 🌫️📉.
📌 Click the link below for more info:
https://drive.google.com/file/d/1WsTrCKklN8nqDRzsdVoS4cXuVgcNBbx8/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
11 Jun 2025 02:39
*BIMB Securities - Sector Update*
*PLANTATION* - MPOB May 2025: Continued Increase in Output and Ending Stocks
*NEUTRAL*
🌴📈 Malaysia’s May 2025 palm oil end-stocks rose to 1.99mn MT (+6.6% MoM), driven by higher production (+5.1% MoM). Exports increased to 1.39mn MT (+25.6% MoM), supported by stronger demand from key importers such as India and China.
CPO prices are expected to trend softer in 2Q and 3Q, trading within a range of RM3,500/MT to RM4,300/MT, before staging a modest recovery in 4Q. Key factors underpinning this view include:
- 📈 Seasonal pick-up in global vegetable oil production
- 💰 Narrow price discount of palm oil to soybean oil, relative to its 5-year average
- ⚡ Widening palm oil-gas oil (POGO) spreads, which could slow down biodiesel mandates globally
- 💱 Strengthening ringgit could erode export competitiveness
We reiterate a NEUTRAL call on the sector, given the expected softness in CPO prices and trade tensions uncertainties that could impact downstream demand. For exposure, we like Hap Seng (BUY, TP: RM2.40) and Sarawak Plantation (BUY, TP: RM2.83).
📌 Click the link below for more info:
https://drive.google.com/file/d/1He2Z0K7mOmTHvyqfH2_dMLlen8_a64PG/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
06 Jun 2025 03:28
*BIMB Securities - ETF Update*
*Eq8 MSCI SEA Islamic Dividend ETF* - Bursa ETF Watch: Index Review amidst Global Headwinds
*Target Price: RM0.71 / HOLD*
📊 MSCI has conducted its semi-annual review on the MIISOD4P Index, which serves as the benchmark index for EQ8SID. Following the review, 13 stocks have been added ➕, two were removed ➖, while the weightings of the remaining stocks have been adjusted accordingly ⚖️. The changes have taken effect as of the close of trading on 30th May 2025 📅.
📈 The semi-annual review has boosted the number of stock constituents within the MIISOD4P index by 11 stocks or 44% to 36 stocks 🏦. This is in line with previous reviews whereby changes to the number of stock constituents are higher during the semi-annual/annual review of the MSCI Index 📉 (see Chart 1 📊).
🔁 With frequent changes to stock constituents, the long-term outlook for stocks within the portfolio becomes less relevant 🕒, in our view.
⚠️ This also exposes investors to higher market timing risk ⏱️ and transaction costs 💸, which are well reflected in the above-average total management expense ratio of 0.99% 📈.
📌 Click the link below for more info:
https://drive.google.com/file/d/112xQOCM0z-mda03EmFSAJeuVcZk6HoTT/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
06 Jun 2025 03:26
*BIMB Securities - Sector Update*
*PLANTATION* - 1Q25 Earnings Review: Seasonally Higher Earnings Riding On Firm CPO Prices
*NEUTRAL*
📊 1QCY25 results showed most companies under coverage were within expectation (except for IOI and SD Guthrie which exceeded expectations) 🌟.
🌴 The upstream segment reported higher profit growth YoY, driven by higher realized ASPs 📈 and lower production costs 💸, which helped to offset lower FFB production. However, on a QoQ basis, profit declined 📉, dragged by seasonally lower output 🌧️.
🏭 The downstream segment continued to remain soft due to higher feedstock prices 🛢️ and intensified competition ⚔️.
🌾 We expect CPO prices to soften in 2Q and 3Q, trading within a wide range of RM3,500/MT to RM4,000/MT, mainly due to seasonally high edible oil production 🧴.
🔍 We reiterate a NEUTRAL call on the sector, with an average target CPO price of RM4,100/MT for FY25. For exposure, we like pure planters such as Hap Seng Plantations (BUY, TP: RM2.40) 🌿.
📌 Click the link below for more info:
https://drive.google.com/file/d/1EHxNEOrj2mXHR45WYnHU7Ukl3Lp0XkNx/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
06 Jun 2025 03:25
*BIMB Securities - Sector Update*
*HEALTHCARE* - 1Q25 Earnings Review: Strong Potential for Hospital Players
*OVERWEIGHT*
📉 Overall, the recently concluded 1Q25 corporate earnings season was mostly below expectation.
🏥 Hospital players recorded a double-digit decline in earnings due to seasonal factors such as Ramadan and Chinese New Year, which typically result in fewer elective procedures and lower patient volumes.
💊 As for pharma, the pharmaceutical player earnings were impacted by higher operating costs, while nutraceuticals showed better demand 📈.
🔝 We maintain an OVERWEIGHT call on the healthcare sector, with IHH (BUY, TP: RM8.60) as our top pick. Our positive outlook on hospital players is supported by:
(i) 🏗️ Organic capacity expansion
(ii) 👨⚕️ Growing demand for elective surgeries
(iii) 💻 Improved adoption of healthcare digitalization
(iv) 🌍 Increased revenue from health tourism
(v) 👵 Rising demand driven by an aging population
📌 Click the link below for more info:
https://drive.google.com/file/d/1l8DrIhctXDHvo8EOxQ3nebOI0SWs8MeU/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
05 Jun 2025 03:01
*BIMB Securities - Sector Update*
*RUBBER GLOVE* - 1Q25 Earnings Review: Glove Earnings Miss Expectations on Weaker Demand and Cost Inefficiencies
*NEUTRAL*
🧤📉 1Q25 earnings results for rubber glove companies under our coverage showed mixed results, with Hartalega and Supermax missing our in-house estimates, while Kossan and Top Glove performed in line with expectations.
📊 On a QoQ basis, revenue trended downward, impacted by weaker orders following the end of front-loading activities in mid-Feb’25. 💸 Margin-wise, some companies were affected by higher operating costs despite lower raw material prices.
📦 Muted order volumes are expected to persist in the near term, with demand recovery anticipated in 2H25. 🌐 However, uncertainty surrounding US tariff policies is prompting a cautious stance among buyers. 🇲🇾 While Malaysia retains a tariff advantage over China in the US market, it continues to lose share in non-US markets due to aggressive pricing by Chinese competitors. 🇨🇳
⚖️ We maintain our NEUTRAL stance for the Rubber Glove sector. 📌 We have a HOLD call for:
- Hartalega (TP: RM2.19) 🟡
- Kossan (TP: RM1.81) 🟡
- Top Glove (TP: RM0.86) 🟡
📌 Click the link below for more info:
https://drive.google.com/file/d/1Lf1iE8CYhJz5hw4BBWagCw2w1d3zFSSm/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
04 Jun 2025 02:52
*BIMB Securities - Sector Update*
*UTILITIES* - 1Q25 Earnings Review: Resilient Earnings and Green Momentum
*OVERWEIGHT*
📊 The 1QCY2025 earnings season unfolded largely as anticipated across our coverage, with only Solarvest emerging as the sole upside outlier.
🪨 Applicable Coal Price (ACP) fell to RM22.31/MMBtu (-3% QoQ, -9% YoY), drove Tenaga to a RM38mn fuel margin loss while Malakoff stayed marginally positive thanks to adoption of NRV provisions/reversal method.
🛢️ Gas Malaysia's earnings dipped 11% QoQ as Malaysian Reference Price (MRP) tracked lower Brent prices.
🔋 We anticipate utilities sector prospect to remain steady leveraging on sound electricity demand from Data Centers (DC), stable fossil fuel prices and the opportunity from power and gas market reforms.
📈 Reiterated our OVERWEIGHT recommendation on the sector, with:
✅ BUY call on Tenaga (TP: RM17.84), Malakoff (TP: RM1.38), Solarvest (TP: RM2.38), Cypark (TP: RM0.97)
⚖️ HOLD call on Gas Malaysia (TP: RM4.34) and Petronas Gas (TP: RM17.16)
📌 Click the link below for more info:
https://drive.google.com/file/d/1xXEdLAV5zrqsT8u9Cj7RWxVeHdXVnJOm/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
03 Jun 2025 03:13
*BIMB Securities - Result Review*
*MATRIX* - Below Our Expectation
*Target Price: RM1.42 / HOLD*
Maintain HOLD 🤝 with lower target price (TP: RM1.42) 📉. Matrix’s 12MFY25 revenue 📊 fell 11.7% YoY to RM1.2bn, while PATAMI 💵 declined 12.4% YoY to RM214mn, below our forecast (73%) 📉 but in line with consensus (94%) ✅.
The weaker topline 📉 was mainly due to a 15.4% drop in Sendayan 🏘️, driven by timing of project launches. Core PATAMI was weighed by lower revenue and higher administrative and general expenses 💼. That said, revenue from other segments 📈 rose 58.5%, supported by stronger contributions from the education 🎓 and healthcare 🏥 divisions.
We maintain our HOLD call 🤝 with a lower TP of RM1.42 💰 (from RM1.43 previously), as we cut our earning assumption of FY26F ✂️, pegged at 1.1x P/B 📉 to revised FY26F BVPS of RM1.29 (from 1.30). Additionally, we also introduce our earnings forecast for FY28F 📅.
📌 Click the link below for more info:
https://drive.google.com/file/d/1QC4UwLGt0vGG11WeXXjaAUQzHtsL-w5L/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
03 Jun 2025 03:13
*BIMB Securities - Company Update*
*AHEALTH* - Reinstated as Shariah-Compliant Stcok
*Target Price: RM2.14 / HOLD*
The Securities Commission of Malaysia (SC) 📜 recently released its updated list of Shariah-compliant stocks in the May’25 publication. Notably, Apex Healthcare Bhd (Apex Healthcare) 💊 has been reclassified as a Shariah-compliant counter ✅.
To recap 🔁, Apex Healthcare was previously removed ❌ from the Shariah-compliant list in Nov’24, due to a temporary increase in conventional cash holdings 💰. This was attributed to a one-off dividend of RM214.4mn received from the divestment of its associate company, Straits Apex Group Sdn Bhd (SAG) 🔄.
In view of that, we change our recommendation from Non-Rated to a HOLD call 🤝 with a new TP of RM2.14 💹.
📌 Click the link below for more info:
https://drive.google.com/file/d/1zrpexDiiMSvCjF0lEPD1vhPt6mvIoMxB/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
29 May 2025 04:40
BIMB Securities Research’s Company Update Report
🧩 Malaysian Pacific Industries - Muted Quarter – Rising External Headwinds 🧩
📊Malaysian Pacific Industries (MPI) posted relatively subdued quarterly earnings in 3QFY25, with revenue declining marginally by 1.2% YoY to RM520mn – versus RM526mn in 3QFY24 – underscoring persistent softness across key end markets.
📉Profitability remained under pressure, with core PATAMI plunging 23% YoY, primarily due to less favourable product mix, and EBITDA margin narrowing by 4ppts YoY to 23%. Geographically, Europe sales weakened (-7.4% QoQ, -5.5% YoY) as the automotive segment remained lackluster.
🌍Cumulatively, U.S. sales in 9MFY25 contracted by 20.2% YoY, dragging MPI’s core PATAMI by 14.5% YoY to RM109.1mn – making up only 55% of our full-year estimate and 69% of consensus – falling short of expectations. The group declared a second interim dividend of 25sen per share, bringing total YTD DPS to 35sen.
📌 As we roll forward our valuation, we reiterate our BUY call, but with a lower TP of RM22.58 (from RM26.80), based on 27x PER (-1.5SD of 3-year average forward PER) applied to FY26F EPS of 83.6sen.
📌 Click the link below for more info:
https://drive.google.com/file/d/1GnzEdZ5XTp8-yJTXBIaP336VEN_TPMSp/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
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Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
29 May 2025 04:34
BIMB Securities Research’s Company Update Report
🏗️ Kerjaya Prospek Group Berhad - Dividend Hike Signal Confidence in Outlook🏗️
📊Kerjaya Prospek Group Berhad (Kerjaya)’s 1QFY25 results came broadly within our forecast (at 20.1%) and consensus expectation (at 23.2%).
💸The group declared a higher first interim dividend of 3.0 sen per share (vs. 1QFY25: 2.5 sen), reflecting management's confidence in its earnings outlook and strong cash position.
📑Kerjaya bagged RM870.3mn of new contracts YTD and is on track to hit its minimum target of RM1.6bn new contract wins for FY25 (at 54.3%). We project a strong 3-year (FY24-26) earnings CAGR of 10.1%. Coupled with an attractive dividend yield of 5.6%.
✅We reiterate our BUY call on Kerjaya, with TP remaining unchanged at RM2.59 .
📌 Click the link below for more info:
https://drive.google.com/file/d/1MPdPYriLqBHKd8cjVVmJNH2s3RuLKOTm/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
28 May 2025 10:14
BIMB Securities Research’s Company Update Report
🌴 IOI Corporation - Production Recovery Ahead 🌴
📈IOI Corporation (IOI)'s 9MFY25 Core PATAMI rose to RM956.3mn (+14% YoY), mainly driven by strong contribution from the Plantation segment, supported by higher realised ASP of palm products.
✅Overall, the results exceeded our full year forecasts (at 90%) but were in-line with consensus expectations (at 75%). The positive variance from our forecast was mainly due to higher-than-expected realized ASP and better-than-expected downstream profits.
🔼In 3QFY25, revenue and core PATAMI grew by 11% and +8% YoY respectively, supported by higher realized ASP (CPO: RM4,667/MT; +20% YoY & PK: RM3,715/MT, +79% YoY) which helped offset the impact of lower production.
📌 We maintain a BUY call with new TP of RM4.60 (from RM4.50). Valuation is based on P/BV of 2.20x (3-year average), pegged to FY26F BV/share of RM2.07.
📌 Click the link below for more info:
https://drive.google.com/file/d/1wENGa6VBUTuvwxcU1T3W_9mrA9TMW0-o/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
28 May 2025 10:11
BIMB Securities Research’s Company Update Report
🔥 Petronas Gas Berhad - Minimum Impact from Putra Height Incident🔥
🛠️Petronas Gas Berhad (PetGas) estimates the total costs to restore Putra Height pipeline at RM170mn.
💰The Putra Height replacements cost would be capitalized as part of capex under IBR mechanism. Thus, the company will be compensated through cost-recovery from gas transportation tariff as well as insurance claim (<RM50mn).
📉However, management guided that there will be RM20mn revenue loss and RM60mn profit impact. Hence, we revise our FY25F earnings down 2.5% to RM1.81bn to account for the estimated losses from the Putra Heights incident.
📊Maintain a HOLD call on PetGas with slightly higher DCF derived TP of RM17.16(from RM16.75) as we update FY24A net debt/(cash) figure in TP breakdown as part of our housekeeping.
📌 Click the link below for more info:
https://drive.google.com/file/d/1rCOuTZ_g7ma4nt6tFZbIpH0GyHBUHcdS/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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BIMB SECURITIES
26 May 2025 05:58
BIMB Securities Research’s Company Update Report
📡 TIME dotCom Berhad - Flattish 1Q25 but outlook still promising 📡
🚀We are optimistic with TIME’s growth potential given its expansion in fiber network which allows for continued customer acquisition activities in the retail segment. In 1QFY25, revenue from retail segment remain on the upward trajectory with a growth of 12% YoY.
📉Wholesale segment revenue declined 6% YoY in 1QFY25 whilst enterprise segment was flattish. However, the outlook for both segments is still encouraging, driven by strong demand for bandwidth capacity amidst development of 5G network and proliferation of data centres.
📌 Maintain TIME with a BUY call based on DCF-derived TP of RM5.70 .
📌 Click the link below for more info:
https://drive.google.com/file/d/1esa0WeXIqLBc_gHF1bNlY9UHsk4ZJJ7b/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
Best Regards,
Retail Dealing | BIMB Securities Sdn Bhd
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2026