BIMB SECURITIES

04 Mar 2025 02:35

BIMB Securities Research’s Sector Update Report.

🚗 Automotive: “TIV Open 2025 on a Weak Note” 📉

- In January 2025, Total Industry Volume (TIV) declined by 40.2% MoM to 48,875 units, mainly driven by lower non-national car sales which fell by 54.6% to 16,363unit 📉🚗.
-  📉📆The decline was largely anticipated, following strong year-end promotional campaigns in December 2024 and fewer working days in January 2025 due to multiple public holidays 🏖️.
- Despite a weak January 2025, we maintain our 2025 TIV forecast at 810k units (-1% YoY), expecting a demand rebound 📈driven by civil servant salary adjustments and a higher minimum wage 💵, with support from the B40 and M40 segments 👨‍👩‍👧‍👦.

💼 Top Buy/Hold:

✅Sime Darby (TP: RM2.60)
✅MBMR (TP: RM5.50)

📌 Click the link below for more info:
https://drive.google.com/file/d/1Mpt05XdHEae8FoYsIQAvEbgviqe2kqeT/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 04:53

BIMB Securities Research’s Company Update Report

🚨 Kumpulan Perangsang Selangor Bhd - FY24: Below Expectation 🚨

- 📉4QFY24 revenue showed a declined by 0.4% QoQ primarily due to weaker sales in the Manufacturing and Trading segments which saw a marginal drop in revenue of 0.1% QoQ and 2.2% QoQ respectively📊.
- However, PBT improved 177.1% QoQ, thanks to higher contribution from Manufacturing segment which saw substantial increase in revenue, +49.3% QoQ 📈. For FY24, both revenue and PBT increase 1.8% YoY and 499.1% YoY respectively, arising from better earnings from Manufacturing and Trading segments 📊.
- 📢Toyoplas revenue rose 7%, driven by higher sales and new assembly projects. Malaysia led production, while Vietnam saw the highest growth after the Shanghai plant closure. Besides, CPI revenue grew 8%, boosted by strong demand in Comms & IT and Electronics, which offset weaker automotive sales due to a slowing market 🚗📉. Healthcare contributions remained stable.
- We foresee KPS's short-term hurdles, including weaker demand for consumer electronics and higher operating costs. ❌Maintain a SELL call for KPS with unchanged SOP-derived TP of RM0.53.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AW1MElsdV5K4-nZnJtWxKTBo9bgPd_E5/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 04:31

BIMB Securities Research’s Company Update Report

🚀 Spritzer Berhad - Spritzer’s Refreshing Growth🚀

- 💧Spritzer's FY24 net profit of RM71.1mn (+44% YoY) was above our expectation, accounting for 110% but in line with consensus’ expectation at 98%. The strong FY24 net profit growth was driven by: i) higher sales volume, reflecting to 18% YoY increase in revenue, ii) lower production costs, supported by the new production lines, and 3) lower effective tax rate of 10% compared to 25% in FY23 📈.
- 📈In 3QFY24, Spritzer’s revenue surged by 21% YoY to RM151.5mn, mainly driven by higher bottled water sales volume in the manufacturing segment (+22% YoY), likely benefiting from the increase in tourism activities (4QFY24: 6.64mn vs. 4QFY23: 5.68mn) 💰.
- 📊Likewise, 4QFY24 PBT spiked by +14% YoY, thanks to higher sales volume and average selling price, coupled with lower production costs. On QoQ basis, both revenue and PBT increased by +4% and +1% respectively due to higher average selling price 🚀.
- 📌 Maintain a BUY call with a higher TP of RM1.70 (from: RM1.60), pegged at a PER of 15x (+1SD 5-year average historical PE) and FY25F EPS of 11 sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1r0KpPlMSPz7sMTqwfNt8x-ABeo4iIHTU/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 03:51

BIMB Securities Research’s Company Update Report

🌱 Sarawak Oil Palms - Benefitted from Higher Realised ASP 🌱

- 🌿Sarawak Oil Palms (SOP) FY24's core PATAMI of RM445mn (+54% YoY), was slightly exceeding both our and consensus estimate, accounting at 109% and 108% respectively. The deviation was mainly due to lower-than-expected production costs 📊✨.
- 🌿SOP's 4Q24 revenue rose to RM1.5bn (+6.2% QoQ, flat YoY), driven by higher realised palm product prices (CPO: RM4,955/MT; +18% QoQ, 31% YoY & PK: RM3,599/MT, +22% QoQ, +59% YoY), which offset lower production (table 3). Core PATAMI surged to RM152mn (+43% QoQ, +47% YoY), with margins improving to 10.4% (+2.7 ppts QoQ, +3.3 ppts YoY) 📈.
- 📉This is primarily due to lower production costs, likely attributed to reduced fertilizer prices and better cost efficiency efforts. Cumulatively, FY24 revenue and core PATAMI jumped by +4% and +54% YoY respectively, supported by improved FFB production yield, higher realised ASP and lower production costs 📊.
- Given positive outlook and attractive valuation, we upgrade our call from HOLD to BUY with a TP of RM3.75.

📌 Click the link below for more info:
https://drive.google.com/file/d/14jCeXvDazLF92Kq_LuSA6WSsq2XtZgRj/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 02:25

BIMB Securities Research’s Company Update Report

📉 Unisem (M) Berhad - Impacted by Margin Compression ⚠️

- 📊Unisem (M) Berhad, (Unisem) recorded 4Q24 revenue of RM411.8mn, registering a modest +0.5% QoQ growth but a solid 17.4% YoY expansion, supported by stronger YoY sales across all product categories and segments 🚀.
- 🌍Regionally, robust demand coming from the US (+55% YoY) and Europe (+32% YoY) more than offset the sharp contraction in Asia (-48% YoY). However, core PATAMI plunged to RM12.5mn (-16% QoQ, -55% YoY), bringing the FY24 net core profit to RM54.1mn (-34% YoY) 📉.
- 📉The weak bottom line was mainly due to margin compression from an unfavourable product mix and rising operational expenses. Additionally, a higher effective tax rate – exceeding the statutory tax rate – contributed to the earnings shortfall, coming in below our and street estimates, at 64% and 72% respectively 💰🔻.

📌 Click the link below for more info:
https://drive.google.com/file/d/1cPlJ2bYSkH9H_UQ4pSOV9Xd6K8Lz3p-a/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

28 Aug 2024 11:03

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BIMB SECURITIES

28 Aug 2024 02:03

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BIMB SECURITIES

27 Aug 2024 01:20

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26 Aug 2024 01:54

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22 Aug 2024 01:29

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BIMB SECURITIES

21 Aug 2024 06:26

Dear Valued Customer,

We will organize a webinar for you to join online;

Today at 12.30PM
We will discuss about market sentiment, direction and stock ideas.

Feel free to join us via link below:

https://teams.live.com/meet/9588877438072?p=paLwm092KtN1jnlsGJ

Thank you.

BIMB SECURITIES

20 Aug 2024 11:05

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BIMB SECURITIES

20 Aug 2024 02:42

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BIMB SECURITIES

19 Aug 2024 02:14

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BIMB SECURITIES

16 Aug 2024 04:33

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BIMB SECURITIES

03 Mar 2025 09:02

BIMB Securities Research’s Company Update Report

🍽️ Kawan Food Berhad - Boosted by Foreign Gain 💰

- 🥐Kawan Food’s (KFB) FY24 revenue grew by 10.6%, in line with our expectation of 99%. The growth was supported by solid demand in both local and export markets (Malaysia: +4.8% YoY, Europe: +24.6% YoY, North America: +34.9% YoY) 📈.
- 📈 💰Meanwhile, core net profit rose 11.1%, above our forecast at 113% but in line with consensus at 97.4%. The higher earnings were mainly due to a net foreign exchange gain of RM7.7mn, reflecting KFB’s high exposure to currency fluctuations, as more than half of its revenue comes from the export market 🌍.
- 📌 We maintain BUY with an unchanged TP of RM2.00 , based on 18x PER (5-year forward average) pegged to FY25F EPS of 10.9 sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1G-l4ONSu6RUbSVK6vwX6yMaTfU29nIAA/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 04:32

BIMB Securities Research’s Company Update Report

🐄 Farm Fresh Berhad - Moolicious Future for Farm Fresh 🥛

- 🐄📈Farm Fresh’s 9MFY25 PATAMI of RM78mn (+97.1% YoY) was in line with our expectation, accounting for 72%, but fell slightly below consensus expectation at 69%. Farm Fresh’s 9MFY24 revenue surged by +23.9% YoY, attributable to strong sales from the new SKUs such as Choco Malt, CPG ice cream, coupled with higher UHT sales 🍫🍦🥛.
- 📊Similarly, 9MFY24 PATAMI spiked by a significant +97.1%, thanks to the lower input cost of dairy raw materials such as whole milk powder and Australian farmgate prices. For 3QFY25 results, both revenue and net profit increased by +16.5% YoY and +26.5% YoY respectively resulting from the jump in Malaysian revenue of +22.7% YoY, mainly due to strong sales of new SKUs📈.
- 📈Likewise, the 3QFY25 PATAMI spiked by +26.5% YoY, thanks to the increased sales of higher margin products such as ice cream, alongside lower input costs. However, on a QoQ basis, both revenue and PATAMI marginally declined by -1% and -1.2% due to lower Australian revenue and lower margin from Australian operations resulting from higher production costs associated with lower sales 📉.
- 📌 We maintain a BUY call on FFB with an unchanged TP of RM2.02 based on PER 30x (2-years weighted average of some global peers) pegged at FY26F EPS of 6.72 sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/16We6UYPqtDzDaCWv-55DB6594KLEr7mO/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 04:01

BIMB Securities Research’s Company Update Report

📈 Kerjaya Prospek Group Berhad - A Good End to The Year 🎯

- 🏗️Kerjaya Prospek Group Berhad (Kerjaya)’s FY24 results came in slightly above our forecast (at 108.3%) but within consensus expectation (at 103.7%). The deviation was due to the stronger-than-expected progress billing in the 4QFY24 📈.
- 🚀The group bagged RM1.6bn new contracts in FY24 and has set a minimum target of RM1.5bn new contract wins for FY25. With strong tender book of approximately RM3.0bn, we expect the group to exceed this target 📊.
- 📈We project a strong 3-year (FY24-26) earnings CAGR of 10.1%. Coupled with an attractive dividend yield of 5.7%, we reiterate our BUY call on Kerjaya with higher SOP-derived TP of RM2.59 (from RM2.30) 💰.

📌 Click the link below for more info:
https://drive.google.com/file/d/14lLbE13mvAK_I0tNLUAAGyiZRjLGiT15/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

03 Mar 2025 02:48

BIMB Securities Research’s Company Update Report

🚀 Press Metal Aluminium Berhad - Press Metal’s Path to Stronger Performance 💪

- 📈PMetal's FY24 core PATAMI grew 25.7% YoY to RM1.5bn, but fell short of in-house estimates, reaching 80% of the full-year forecast despite revenue aligning at RM14.9bn, albeit still a record-breaking performance for the year 🔥.
- 🔗PMetal’s vertical integration strategy, driven by the expansion of PT Bintan and the upcoming PT KAN commissioning, enhances its alumina leverage for the next 2-3 years 🚀.
- 🌏China’s anticipated stimulus following the March parliamentary meetings could further boost aluminium demand 📈.
- 📉We revise our FY25/26F earnings forecasts down by 5.3%/3% to reflect lower margins amid higher alumina price assumptions. 📌 Maintain our BUY call on the stock with a higher TP of RM6.53 🚀.

📌 Click the link below for more info:
https://drive.google.com/file/d/1aVPPC5y8HespH-xL8dHhsqiLaTINMor0/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

28 Feb 2025 02:21

*BIMB Securities 4Q24 Result Review*

*IHH (5225)*
*Maintain BUY (TP: RM8.60)* 📈

- *FY24 Revenue*: RM24,383mn (+16.5% YoY) 💰
- *Key Markets Performance*:
- *Singapore*: +10% YoY 🇸🇬
- *Malaysia*: +13% YoY 🇲🇾
- *India*: +13% YoY 🇮🇳
- *Greater China*: +17% YoY 🇨🇳
- *Turkey & Europe*: +22% YoY 🌍
- *Core Net Profit*: RM1,685mn (+31.6% YoY) 💹
- *Earnings Missed Expectations*: 92% of our forecast 📉
- *Maintain BUY* with TP of RM8.60 💼
- *Valuation*: SOP approach with different WACC for Parkway Pantai & Acibadem ⚖️



📌 Click the link below for more info:

https://drive.google.com/file/d/1IZ9Tt4d71Hacf3Si_aNELDuttC7jMRYW/view?usp=sharing

📞 If you need further assistance, you can contact Sarah at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

28 Aug 2024 06:18

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BIMB SECURITIES

27 Aug 2024 11:18

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BIMB SECURITIES

26 Aug 2024 11:16

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BIMB SECURITIES

22 Aug 2024 11:01

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BIMB SECURITIES

21 Aug 2024 11:01

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21 Aug 2024 01:31

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BIMB SECURITIES

20 Aug 2024 04:06

*Great news!*

BISonline's technical charting tools have been upgraded and are now available on the go with BIMB Securities! 🚀

Update your BISonline App on Android or iOS to access the new features, or visit the BISonline web platform.

Before using the enhanced charts, make sure to update your app.

Need help? Contact our helpdesk at 0326131777 or helpdesk@bimbsec.com.my

Happy investing!

BIMB SECURITIES

19 Aug 2024 11:14

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16 Aug 2024 11:35

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16 Aug 2024 04:32

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