BIMB SECURITIES
26 May 2025 05:57
BIMB Securities Research’s Company Update Report
🔥 Gas Malaysia Berhad - Mitigated by Volume Gain amid Gas Price Dip 🔥
📊Gas Malaysia Berhad’s (GMB) 3MFY25 net profit of RM100mn was both inline with our expectation and consensus, making up 27% and 24% respectively.
📉The company’s 1QFY25 earnings declined by 11.2% QoQ and 2.4% YoY due to lower average natural gas price which traded at RM40.34/MMBtu (vs 1Q24:RM41.51/MMBtu and 4Q24:RM42.13/MMBtu) though partly mitigated by higher tolling fee and volume of gas sold (1Q24: 38.3mn GJ, 4Q24: 41.4mn GJ and 1Q25: 38.8mn GJ).
💸Additionally, finance cost during the quarter surged by >100% QoQ and 48.3% YoY. No dividend declared. Earnings anticipated to stay flat as weaker Brent prices may translate to lower gas prices, impacting its non-regulated retail earnings.
📌 Maintain our earnings forecast and a HOLD call on Gas Malaysia with TP of RM4.34. Our valuation is derived from DCF with WACC of 6.3% and a long-term growth rate of 2%.
📌 Click the link below for more info:
https://drive.google.com/file/d/1BrkkJUSzHtGU4Xj28FmdOp6BoCkSD6Ue/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
26 May 2025 05:55
BIMB Securities Research’s Company Update Report
🌾 Hextar Global Berhad - Higher Tax Hits Bottom Line🌾
📉Hextar Global Berhad (HGB) reported 1QFY25 core PATAMI of RM11.5mn, which came in significantly below our in-house forecast, accounting for only 15% of our full-year earnings estimate. The earnings shortfall was primarily attributable to a higher-than-expected effective tax rate.
📊On a quarterly basis, 1QFY25 revenue and PBT rose by 8% and 149%, respectively, driven by stronger contributions from the Agrochemical and Specialty Chemicals segments.
📈On a yearly basis, revenue and PBT increased by 3% and 35%, respectively, underpinned by robust performance across both key segments.
📌 Maintain a HOLD call with a lower TP of RM0.95 (RM0.98 previously) following our earnings downgrade. Our valuation is based on sum-of-part (SOP) methodology.
📌 Click the link below for more info:
https://drive.google.com/file/d/1wyAOUMxghbPxGmXEKWzZz_aOEyPSWU-F/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
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BIMB SECURITIES
23 May 2025 09:42
*BIMB Securities - Result Review*
*KOSSAN* - Cautious Outlook
*Target Price: RM1.81 / HOLD*
1QFY25 core PATAMI of RM35.1mn was in line with our in-house and market forecast 📊, making up 22.4% and 22.0% respectively of full year earnings forecast 📈. However, we deemed the result for the upcoming quarters to be subdued due to slower orders from customers 🛑📦, expected to dampen subsequent demand until inventories are replenished in 2HCY25 📉📦.
On quarterly comparison, revenue declined by 2.1% QoQ 📉 due to lower sales volume following earlier front-loading activities 📦. However, PBT rose 21.9% QoQ 📈, supported by lower raw material costs 💲, improved ASPs 💹 and reduced production costs ⚙️. Meanwhile, revenue and PBT rose 7.9% YoY and 15.3% YoY respectively 📊, driven by higher sales volume 🚚 and improved ASPs 💵.
📌 Click the link below for more info:
https://drive.google.com/file/d/1ZmIIEsFSsxIgOU8g8LNhC1glQEX0Kmfl/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
23 May 2025 09:41
*BIMB Securities - Result Review*
*DAYANG* - Affected by Delay in Contract Commencement
*Target Price: RM1.90 / BUY*
🚢 *Dayang Enterprise’s (Dayang)* 1Q25 core PATAMI came in weak at RM9.2mn or 3.6% of our full year FY25 forecast. While this is not entirely unexpected due to seasonality factor – offshore activities typically slow during monsoon season in 1Q and start to pick up when monsoon season ends in 2Q 🌧️➡️🌤️, the earnings weakness relative to 1QFY24 warrants an earnings downgrade, in our view 📉.
📉 Core earnings declined 76% YoY from RM38mn in 1QFY24 mainly dragged by marine segment which saw weaker vessel utilisation rate at 26% (1QFY24: 48%) 🚤. This was due to the delay in oil major contract commencement ⏳.
⚙️ Besides that, it also incurred higher pre-mobilisation costs to ensure vessels are ready for deployment under long-term contract with oil majors 🛠️⛽. Consequently, the segment fell into loss with LBT of RM23.3mn from PBT of RM2.1mn in 1QFY24. ❌📊
🚫 No dividend was declared as expected.
📌 Click the link below for more info:
https://drive.google.com/file/d/1E2g6xsPtmzuqKwkaSsREZ4tE7O8eRAg5/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
22 May 2025 03:51
*BIMB Securities - Result Review*
*Ahealth* - A Moderate Start
*Not-Rated*
📉 *Apex Healthcare (Apex)’s 1QFY25 net profit stood at RM17.7mn*, substantially below our in-house expectation, at only 16.8% of our full-year forecast, but was within the consensus estimate (20.7%). The lower-than-expected earnings were due to higher depreciation cost.
📊 On a quarterly basis, Apex’s 1QFY25 revenue was flattish at +0.6% QoQ, while PBT improved 2.7% QoQ. Nonetheless, yearly revenue and PBT declined 3.8% YoY and 13.7% YoY respectively, due to lesser contract manufacturing orders and reduced supply to Malaysian government tenders.
📌 Click the link below for more info:
https://drive.google.com/file/d/1Pn15y-fIEU5u27m0GqTJGzPS5oP0-RJi/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
22 May 2025 03:49
*BIMB Securities - Result Review*
*Supermax* - Challenging Still Persist
*Not-Rated*
📉 *Supermax reported a core LATAMI of RM60.6mn for 9MFY25*, widening from a core LATAMI of RM47.1mn recorded in the same period last year. The results came in significantly below both our in-house and consensus estimates, primarily due to elevated operating costs, which led to a ❌ negative EBITDA of RM131.9mn.
📈 On quarterly comparison, *3QFY25 revenue improved 2.5% QoQ and 42.4% YoY*, thanks to higher ASPs despite lower sales volume.
📉 Nonetheless, *LBT widened to RM22.9mn* during this period from LBT of RM3.9mn in the previous quarter and PBT of RM3mn in the same period a year ago.
🏭 In addition, since Jan’25, *Supermax has commenced production at its US manufacturing facility*, conducting test runs and producing samples following the partial completion of Phase 1.
🧤 The current installed capacity stands at 2.4bn gloves. In line with the 🇺🇸 US government's push to strengthen domestic manufacturing capabilities, Supermax is actively working to validate additional production lines to fully complete Phase 1.
📌 Click the link below for more info:
https://drive.google.com/file/d/1AQ7-oNG95Ezj1P7ewMfvAGcB6R9KXWMx/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
22 May 2025 03:46
*BIMB Securities - Ceasing Coverage*
*HUPSENG*
*NOT-RATED*
📉 Hup Seng Industries (HSI)’s 1QFY25 net profit of RM10.6mn declined by -24.2% YoY, mainly driven by lower sales volume and higher input costs. The results fell short of both our and consensus full year forecast, accounting for only 18% and 17% respectively.
📊 Hup Seng’s 1QFY25 revenue recorded a marginal decline of -2% YoY primarily due to lower export sales (-16%) in markets such as Myanmar 🇲🇲 and Mauritius 🇲🇺 due to restrictions on food imports and irregular shipping schedules, respectively. On a QoQ basis, Hup Seng’s revenue decreased by -21.7% driven by lower domestic and export sales volume, which dropped by -19% and -31%, respectively.
🔻 Similarly, net profit declined by -38.9% QoQ due to the lower sales volume and higher input costs of specific raw materials. We have revised our recommendation for Hup Seng Industries from HOLD to Not-Rated. This adjustment is part of an internal restructuring of our stock coverage.
📌 Click the link below for more info:
https://drive.google.com/file/d/1NOk_4Mxl3kV6-7rxqXtUayaUMZSHSKH-/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
21 May 2025 09:35
*BIMB Securities - Result Review*
*VELESTO* - Secured a New Contract from Vietnam
*Target Price: RM0.27 / BUY*
📢 *Velesto Energy (Velesto)* announced that it has secured a long-term contract (i.e., around 12 months) worth more than *USD40mn* from a Vietnamese company. 🇻🇳
✅ We are positive about this announcement as it may signal that its diversification strategy is bearing fruit, potentially underpinning its utilization rate above *70%* moving forward.
🔍 We take this opportunity to revisit our key assumptions: *DCR* and utilization rate are lowered to *USD120k/day* and *70–80%* respectively. This resulted in lower earnings estimate for *FY25–27F* by *30–50%*.
📌 Click the link below for more info:
https://drive.google.com/file/d/1ppCyEtafkB0Dkz4Gerg7OgXiiUlHwAQc/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
21 May 2025 05:17
*BIMB Securities - Result Review*
*INARI* - Subdued Peformance Amid weak Sector Dynamics
*Target Price: RM2.23 / HOLD*
📉 *Inari Amertron Berhad’s (Inari)* delivered subdued earnings in 3QFY25, reflecting persistent weakness across its end markets. 📊 Revenue declined by >11% YoY and QoQ to RM308.3mn, while core PATAMI fell 15.1% YoY and 5.1% QoQ to RM60.7mn – marking the softest quarterly performance this fiscal year.
📉 9M25 PATAMI contracted sharply by 30.9% YoY, dragged by lower volume loading, unfavorable foreign exchange movements, and startup losses at its China subsidiary (~RM15.7mn) during the period.
📉 Even after adjusting for these non-core items, core PATAMI dropped 18.1% YoY – still falling short of expectations, making up only 68% of our full-year forecast.
💰 Yet, the group declares a third interim single-tier dividend of 1.3 sen per share, bringing total dividends YTD to 4.3 sen.
📌 Click the link below for more info:
https://drive.google.com/file/d/12Jn2erxuEy3LJpYW6WiZmxdev3Cm0BUU/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
19 May 2025 03:01
*BIMB Securities - Company update*
*GAMUDA - Acquiring 336 Acres Near Gamuda Gove*
*Target Price: RM4.87 / BUY*
🌱 *Gamuda Bhd* is acquiring *336 acres* of leasehold agricultural land in Kuala Langat for *RM248.7 million* (RM17 per sq ft), expanding the *Gamuda Cove* township by *66%*, increasing its total size from *510 acres* to *846 acres*.
🏗️ The development has an estimated *Gross Development Value (GDV)* of *RM2.2 billion* over 11 years, leveraging existing infrastructure to enhance margins.
💰 The acquisition price, representing *11.3% of the GDV*, is considered competitive, with a projected *Internal Rate of Return (IRR)* of approximately *9.4%*, assuming a 10% net margin.
📌 Click the link below for more info:
https://drive.google.com/file/d/1temPNPmnJ4enZ3VIHHSfhWUGejhHIwci/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
16 May 2025 08:21
BIMB Securities Research’s Company Update Report
🚚 Swift Haulage Berhad - Recovery on Track, Growth Challenges Remain 🚚
- Swift’s 1QFY25 revenue rose slightly to RM185.7mn (+0.3% QoQ, +4% YoY), driven by marginal increases in volumes and capacity 🚛 across several segments.
- The strongest growth came from Land Transportation (+7.8% QoQ, -5.1% YoY) and Freight Forwarding 📦✈️ (+10.5% QoQ, +41.1% YoY), likely supported by a recovery in port throughput volume.
- This was partially offset by lower revenue 📉 from the container haulage, warehousing 🏬, and container depot segments.
- Core PATAMI improved to RM7.2mn (+44% QoQ, -12% YoY), mainly driven by lower overhead and administrative costs during the quarter. On a YoY basis, earnings declined due to the higher base effect from 1QFY24 📊 and ongoing margin compression in certain segments.
- Maintain HOLD call with a lower TP of RM0.42 (from RM0.50), based on an unchanged PER of 11x pegged to FY25 EPS of 3.8sen
📌 Click the link below for more info:
https://drive.google.com/file/d/1B5Avh_Pn6kp2JwiHsAu2DemUViPMIzgm/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
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BIMB SECURITIES
15 May 2025 03:36
BIMB Securities Research’s Sector Update Report.
💻 Sector Update – Technology - Tactical Profit-Taking Opportunities 💻
- The KL Technology Index (KLTEC) has rebounded approximately 35% from the Trump’s 90-day pause on “reciprocal” tariffs announced last month, with several key counters having reached or are nearing our respective target prices (TPs) 🎯.
- The spike was also driven by improved sentiment following renewed tariff talks between the U.S. and China, which has been discussed further in our thematic report 📘.
- However, we view the recent surge as unsustainable, given the rollback measures are temporary – limited to a 90-day window – with no clear visibility on long-term policy direction 🧭.
- While we reiterate our NEUTRAL stance on the sector, we advocate investors to lock in gains 💰 should share prices revisit or surpass our TPs. Second buying-opportunity may emerge once the current sentiment-driven rally fades.
- To recap, our target prices for manufacturing-related tech counters remain: DNeX (RM0.52), Inari (RM2.30), MPI (RM26.80), and Unisem (RM1.60).
💼 Top Buy:
✅DNeX (TP: RM0.52)
✅Inari (TP: RM2.30)
✅ MPI (TP: RM26.80)
✅ Unisem (TP: RM1.60)
📌 Click the link below for more info:
https://drive.google.com/file/d/13YvYlxPnHdRFKm2iRIvglav5q6UK1zpj/view?usp=sharing
📞 If you need further assistance, you can contact Sarah at +60192066296
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BIMB SECURITIES
09 May 2025 05:21
*BIMB Securities - Company update*
*Target Price: RM2.59*
*KERJAYA - Clinches RM162M Johor Deal*
🏗️ *Kerjaya Prospek Group Bhd (Kerjaya)* has secured its first external win and maiden project in Johor—a *RM162.0 million high-rise construction project* near JB CIQ. This brings its year-to-date (YTD) contract wins to *RM870.3 million*, achieving *58% of its FY25 replenishment target*. The outstanding order book now stands at *RM4.6 billion*, providing a *2.5x FY24 revenue coverage*, although *81.4%* remains internal projects from sister companies.
📈 We reiterate our *BUY* recommendation on Kerjaya with a *sum-of-parts (SOP)-derived target price of RM2.59*.
📌 Click the link below for more info:
https://drive.google.com/file/d/1MWJI1r-YORMJo1C6WMALI0aK9pPoPvrA/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
05 May 2025 03:03
*BIMB Securities - Company update*
*QL (7084)- No More Sunny-Side Support. Egg Prices Floating*
🐔 *Ministry of Agriculture and Food Security (MAFS)* announced that the price control on eggs will be lifted, and subsidies on eggs will be gradually removed. This policy shift aims to allow market forces to determine egg prices, promoting a more sustainable poultry industry.
📊 *75% of QL’s local egg sales* are contributed by the subsidized eggs, Grade A, B, and C. The price ceiling on Grade A, B, and C eggs is capped at 42 sen, 40 sen, and 38 sen respectively.
📉 Based on our assumptions, if selling prices of eggs remain unchanged, *QL’s profit could decline by 8-9% in FY26-27F*, with margins compressing by 0.6 percentage points.
🕵️♂️ However, we made no changes to our earnings forecast for now, pending more guidance from management.
📌 *Maintain HOLD* with an unchanged SOP-derived TP of RM4.66, implying a FY25F 35x PER.
📌 Click the link below for more info:
https://drive.google.com/file/d/1unytgPMubjuVq50sQqfKJhjzJMj2uBEN/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
26 May 2025 05:56
BIMB Securities Research’s Company Update Report
🛢️ Velesto Energy - NAGA 8 to work in Indonesia 🛢️
🛢️Velesto Energy (Velesto) announced that it has secured a 4-year long-term contract worth more than USD90mn from Petronas’ subsidiaries operating in Indonesia.
📈We estimate this will enhance its rig utilization rate in FY25 to 63% from 54% and boost its orderbook to RM1.2bn.
🔍We also reassure ourselves that demand for drilling services remains strong despite recent weakness in oil price. Hence, we expect the company to announce more contract wins moving forward to replenish its orderbook.
📌 Maintain a BUY call on Velesto with a DCF-derived TP of RM0.27. We believe the resumption of upstream projects and Velesto’s orderbook replenishment will catalyze the stock price higher.
📌 Click the link below for more info:
https://drive.google.com/file/d/1ceZtgzuxrLYJWgkpoJKEu6VRz8Yprl_w/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
23 May 2025 09:44
*BIMB Securities - Company Update*
*SOLARVEST* - Towards Sustainable Long-Term Earnings Growth
*Target Price: RM2.38 / BUY*
Solarvest’s earnings are anticipated to remain strong in FY26F 💪, underpinned by expansion in orderbook 📚 that could surpass RM2bn 💼. This is driven by existing and upcoming LSS5+, LSS6, BESS ⚡ and CRESS initiative 🌱.
As of March 2025, Solarvest’s orderbook stands at RM1.24bn 💰 (or 2.3x of FY25 revenue).
Maintain our BUY call 🛒 with a higher TP of RM2.38 🔼 (from RM2.23) on Solarvest. We ascribe 20x FY26F PER for its EPCC segment 🏗️ and DCF at a WACC of 6% for its LSS4/5, CGPP, and Powervest assets 💡.
📌 Click the link below for more info:
https://drive.google.com/file/d/1LRPG0S4d45UHE25LVWIQDP7py9pWQ7tE/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
23 May 2025 09:42
*BIMB Securities - Result Review*
*MSM* - Weak export Momentum
*Target Price: RM1.10 / HOLD*
🍬 *MSM’s* 1QFY25 net profit of RM3.7mn came below both ours and consensus expectations full year forecast, accounting for only 7% and 6%, respectively 📉. Revenue declined by -17.3% YoY, primarily due to lower sales volume and a decline in average selling prices 💰⬇️.
📦 For instance, export sales volume fell sharply by -55% YoY, impacted by lower raw sugar price (NY11) and white premium surplus, driven by intense competition from low-cost producers such as Thailand 🇹🇭.
📊 Management highlighted that Thailand is currently facing a production surplus following China’s ban on Thai sugar imports 🚫🍭, leading to aggressive sugar dumping in export and industrial markets, particularly affecting small and medium industries (SMIs) 🏭.
As of 1QFY25, export sales volume totalled 28kMT, representing just 8% of the full-year target of 360kMT 📦📉.
😓 Similarly, MSM’s 1QFY25 net profit plunged by -91.1% YoY, mainly due to the lower blended utilisation factor (UF), which dropped to 47% from 53% ⚙️. On a QoQ basis, both revenue and net profit declined by -20.6% and -94.8% respectively, driven by the lower NY11 prices, reduced export sales volume and lower UF 📉📊.
📌 Click the link below for more info:
https://drive.google.com/file/d/1DWcQyJ9RqHan7KObWH_FAI2Yi2Tx3j-K/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
23 May 2025 09:40
*BIMB Securities - Result Review*
*PMETAL* - 1Q Results Within Expectations
*Target Price: RM6.21 / BUY*
📈 1QFY25 results came in within our and consensus estimates, with core earnings rising 35.3% QoQ to RM448.0mn (+6.6% YoY), driven by a 10.3% QoQ revenue growth as aluminium prices strengthened to USD2,626/tonne (+19.4% YoY). 🏗️💰
📊 EBITDA margins expanded to 17.3% (from 16.4% in 4QFY24) on a 25% QoQ drop in alumina costs, though associate contributions fell 11.1% QoQ due to lower alumina prices. Looking ahead, tariffs are likely to pose a downside risk to global demand. ⚠️🌐
🔍 That said, the aluminium market is expected to remain balanced as the global supply growth slows to 1–2% (vs. 3–4% in FY24) due to China's production cap. A first interim dividend of 2.0 sen DPS was declared (vs. 1QFY24: 1.75 sen). 🇨🇳📉💸
📉 We revise our earnings forecasts downward taking into account a higher tax rate and hence, cut our TP to RM6.21 (from RM6.53). Our TP is based on FY26F EPS of 23.9 sen pegged to an average PER of 26x (+1.5SD above its historical average of 18.4x). Maintain BUY. 🧾📉
📌 Click the link below for more info:
https://drive.google.com/file/d/1wXORMtCaxkojafc5vxVbsbbbLhhwnv06/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
22 May 2025 03:50
*BIMB Securities - Result Review*
*Solarvest* - A smooth Ride on Malaysia's RE Ambition
*Target Price: RM2.23 / BUY*
📈 *Maintain BUY (TP: RM2.23)*. Solarvest’s 12MFY25 PATAMI of RM51.2mn (+58.7% YoY) was both above our and consensus expectations at 116% and 111%, respectively.
🚀 The company’s 4QFY25 PATAMI rose by >100% YoY to RM19.8mn thanks to:
- (i) the rollout of utility-scale solar projects under the Corporate Green Power Programme (CGPP) ☀️,
- (ii) a surge in recurring income from their 3 LSS4 assets 💰,
- (iii) improved margins from the commercial and industrial segments due to depressed solar panel prices 📉.
❌ No dividend was declared.
🔮 We expect the company to thrive further in FY26F propelled by its robust unbilled EPCC order book at RM1.24bn (2.3x FY25 revenue).
📊 Maintain our BUY call on Solarvest with an unchanged SoP-derived TP of RM2.23. We ascribe 20x FY26F PER for its EPCC segment and DCF at a WACC of 5.4% for its LSS4/5, CGPP, and Powervest assets.
📌 Click the link below for more info:
https://drive.google.com/file/d/1VkIMd3eCW1QhjOGcY5C0ANRxiXSjVyp5/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
22 May 2025 03:48
*BIMB Securities - Result Review*
*AMWAY* - Continued Wave of Headwinds
*Target Price: RM4.70 / SELL*
📉 *Amway's 1QFY25 net profit of RM13.2mn* was below both ours and consensus expectations, accounting for 14% and 13% respectively.
📊 *Revenue in 1QFY24 declined by -8.6% YoY*, primarily due to lower demand for home appliances and health & wellness products sold through direct selling.
📉 Similarly, *net profit declined by -59.6% YoY*, mainly due to the lower sales volume and higher purchase costs.
📉 On a QoQ basis, *revenue declined marginally by -1.5%*, driven by lower demand for health & wellness products.
📈 However, *net profit surged by +30.1% QoQ*, primarily due to the absence of one-off operational costs and higher inventory-related provisions incurred in the previous quarter.
📌 Click the link below for more info:
https://drive.google.com/file/d/1f-EzkLZj22G_xuoY4m0Inl7S6Mf1xGjF/view?usp=sharing
📞 If you need further assistance, you can reach us via Whatsapp at +60192066296
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BIMB SECURITIES
21 May 2025 09:36
*BIMB Securities - Sector Update*
*Automotive* - Malaysia Autoshow 2025: Powering the EV Future
*Overweight*
🚗 We attended the *Malaysia Autoshow 2025*, where global and regional OEMs unveiled their latest innovations, particularly electric vehicles (EVs), in sync with the aspiration of the National Automotive Policy (NAP 2020).
🤝 Policy synchronization on display between *MITI’s EV agenda* and the *ASEAN EV Roadmap*. MITI launched its *Voluntary NxGV Labelling Scheme* and placed strong emphasis on education, inclusivity, and sustainability, reinforcing Malaysia’s role in shaping regional mobility standards.
📈 Maintain *OVERWEIGHT* on the Automotive sector, driven by the accelerating shift toward electrification, strong consumer interest, and government policy support, while reiterating a *BUY* call on *SIME Darby (TP: RM2.60)* and *HOLD* calls on *MBMR (TP: RM5.50)* and *BAuto (TP: RM1.12)*.
📌 Click the link below for more info:
https://drive.google.com/file/d/13muJmI42yMOaj0TuW47xqUxIdpQ_LgmY/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
21 May 2025 09:35
*BIMB Securities - Result Review*
*MYEG* - From Domestic Roots to Global Reach
*Target Price: RM1.54 / BUY*
📈 *MyEG Services Berhad (MyEG)* reported another solid quarter, with *1Q25 revenue and core PATAMI* rising by *28.8%* and *24.2% YoY* to *RM300mn* and *RM197.6mn*, respectively. The strong performance continues to be fuelled by robust contribution from *Zetrix-related services*, including application fees and sales of the *Zetrix tokens*. 💰
📊 This beats our expectations at *30%*, while coming in within consensus estimate at *27%*. On a QoQ basis, revenue however grew modestly by *2.2%*, while core PATAMI slipped by *10%* on the back of higher operating expenses. 📉
🌍 Nevertheless, MyEG continues to secure more revenue from customers outside Malaysia – *1Q25 saw a surge of over 77% YoY and 20% QoQ* – now making up approximately *47%* of the group’s total revenue. We view this positively – an encouraging shift away from domestic dependency. ✅
📭 No dividend being declared for the quarter.
📌 Click the link below for more info:
https://drive.google.com/file/d/169bJCq4ysbcqxqVKLNp3V2qTji02qt_Z/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
21 May 2025 05:18
*BIMB Securities - Result Review*
*SUNCON* - Supercahrged Growth
*Target Price: RM6.61 / BUY*
🏗️ *SUNCON’s 1QFY25 results* came in above our and consensus estimates. 🚀 The exceptional performance was largely driven by faster-than-anticipated progress at the *JHB1X0 data center project* in *Sedenak Tech Park*.
📊 The group has secured RM2.2bn in new orders, achieving 40% of our full-year replenishment target of RM5.5bn and well within management's guided range of RM4.5–6.0bn for FY25. 📚 The group's outstanding order book stood at RM6.6bn as of 1QFY25 (4QFY24: RM5.8bn), with a shifting composition: 🖥️ DC projects now contribute 42% (down from 55% in 4QFY24)—a positive development given the concern of bottlenecks in DC projects.
🔄 We revise our earnings forecasts upward and raised our TP to RM6.61 (from RM5.04) as we roll forward our valuation base year to FY26F based on an unchanged PER of 24x, +0.5SD above its historical 10-year mean.
📌 Click the link below for more info:
https://drive.google.com/file/d/13LNdcy_jIUHFzKjEmCQC4esxp_h06MC0/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
20 May 2025 05:09
*BIMB Securities - Initiation Coverage*
*AUMAS* - Malaysia's Sole Listed Pure Upstream Gold Play
*Target Price: RM0.86 / BUY*
🏗️ Fully Operational and Scalable Gold Mine in Sabah
⚙️ Operational Leverage Meets Gold Supercycle
📌 Click the link below for more info:
https://drive.google.com/file/d/1EwgjBii7_3gz2hcrnGA2_0NveDv6bYbE/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
19 May 2025 03:01
*BIMB Securities - 1Q25 Result Review*
*MAXIS - Competitive Landscape Remain Challenging*
*Target Price: RM3.70 / HOLD*
📊 Maxis’s top-line was largely flattish YoY at RM2.6bn in 1Q25, mainly dragged by lower revenue recognition from the Maxis Device Care program following changes in its commercial arrangement. This was offset by higher device revenue that grew 6.1% YoY to RM437mn.
📈 The number of mobile subscribers remained on an uptrend, mainly driven by growth in the postpaid segment as the company focuses on customer loyalty. Postpaid subscribers grew 10.3% YoY to 5.5mn. The home fiber subscriber base also grew by 5.1% YoY to 727k, owing to initiatives to drive convergence between fixed and mobile services.
💰 Maxis’s earnings grew slightly by RM18mn or 5.1% YoY to RM371mn due to:
- 🛠️ Cost efficiency initiatives
- 📉 Lower depreciation charges by RM8mn
- 💳 Lower net finance cost by RM5mn
📈 Overall, the result was in line with both our expectations and consensus estimates, accounting for 26% and 25% of the full-year forecast respectively. The group declared a first interim DPS of 4.0 sen, which is similar to 1QFY24.
📌 Click the link below for more info:
https://drive.google.com/file/d/13n1iMYO-LvqsCiqqp3Xk3lEU68wmAwfG/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
15 May 2025 08:22
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📲 *Contact BIMB Securities:*
📧 helpdesk@bankislam.com.my
☎️ 019-206 6296 (Sarah)
*Shared by*
*BIMB Securities Sdn Bhd*
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BIMB SECURITIES
14 May 2025 04:35
BIMB Securities Research’s sector update report 2025
🌴 Sector Update – MPOB April 2025 - Higher Ending Stocks in April 🌴
- Malaysia’s April 2025 Palm Oil (PO) end-stocks improved to 1.87mn MT (+19% MoM) 📈, driven by a recovery in production (+22% MoM).
- Exports increased to 1.10mn MT (+10% MoM) 📈 supported by stronger demand from key importers such as China and palm oil’s discount to soybean oil (SBO), which enhancing its competitiveness in the global market 🌍.
- On the CPO price outlook , we believe the price will gradually trending down due to i) seasonal pick-up in global vegetable oil production ii) narrow price discount of PO relative to SBO compare to its 5 year average 📊, and iv) widening palm oil-gas oil (POGO) spreads, which could slow down biodiesel mandates globally.
- We reiterate a NEUTRAL call on the sector, given the expected softness in CPO prices 🌴📉 and ongoing uncertainties from US reciprocal tariff. For exposure, we like Hap Seng (BUY, TP: RM2.40) and Sarawak Plantation (BUY, TP: RM2.83) supported by attractive dividend yield 💰📈.
💼 Top Buy:
✅Hap Seng (TP: RM2.40)
✅Sarawak Plantation (TP: RM2.83)
📌 Click the link below for more info:
https://drive.google.com/file/d/1opPA34dYQmdY1te470QQV43T2G27MDth/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
08 May 2025 04:50
*BIMB Securities - Today's report*
*SD Guthrie Berhad - A strong Start*
📊 *SD Guthrie Bhd (SDG)* reported *1QFY25 core PATAMI of RM560 million*, exceeding both our and consensus full-year forecasts, accounting for 35% and 33% respectively. The positive deviation from our forecast was mainly driven by lower-than-expected operating costs.
📈 *1QFY25 core PBT surged by 118% to RM792 million*, primarily driven by higher profit contributions from the upstream segment, which offset the weaker downstream segment.
🌴 The improvement in upstream profit was mainly attributed to:
- *Higher FFB production*: 2 million MT (+1% YoY)
- *Higher realized ASP*:
- CPO: RM4,576/MT (+18% YoY)
- PK: RM3,342/MT (+72% YoY)
- *Lower cost of production*: RM2,570/MT (vs 4QFY24: RM2,644/MT), mainly due to lower fertilizer prices and improved productivity in Indonesia & Papua New Guinea (PNG)
📊 As a result, *core PBT margin improved by 8.1 percentage points to 16.4%*.
📉 However, on a QoQ basis, both revenue and core PBT declined by 8% and 4% respectively. This is mainly due to lower production and a decline in the downstream segment, particularly in European refineries.
📌 Click the link below for more info:
https://drive.google.com/file/d/1QYVZ3M71jijW0KUS86ljz8Fk1nna8X9H/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
30 Apr 2025 03:53
BIMB Securities Research’s Sector Update Report.
💊 Healthcare Sector Thematic - Is Telemedicine the Future of Health Delivery💊
- Telemedicine is revolutionizing healthcare 🏥 by offering remote consultations, improving care quality, and reducing hospital visits, making healthcare more affordable and accessible.
- This area is projected to grow significantly, driven by increasing healthcare access challenges, the growing acceptance of virtual care 💻🩺, and the push for patient-centered services.
- US leads global telemedicine adoption while Malaysia's digital health market is experiencing significant growth 📈, driven by increased internet penetration, government support and shifting consumer behaviors.
- The Malaysian government has initiated comprehensive frameworks like the Telemedicine Blueprint and National Health Digital Framework to drive digital healthcare transformation 💻🏥while the private sector has rapidly adopted telemedicine, especially post-COVID-19, to enhance access and service efficiency.
- Maintain an OVERWEIGHT call on the Healthcare Sector with a BUY call on IHH (TP: RM8.60).
💼 Top Buy/Hold:
✅IHH (TP: RM8.60)
✅KPJ (TP: RM2.52)
📌 Click the link below for more info:
https://drive.google.com/file/d/1VV_7GlgjarMTQrN6CS1u_Mcik4CbDqDx/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