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

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

BIMB SECURITIES

29 Apr 2025 03:35

BIMB Securities Research’s Company Update Report

🛒 Nestle - Strong Festive Sales Lift, But Caution Remains🛒

- Prospectively, in the near term, we anticipate Nestle's sales and earnings growth to remain muted due to weak consumer sentiment 📉, stemming from ongoing boycott effects 🚫. In the long run, Nestle's sales could recover as boycott sentiment subsides.
- However, we remain cautious on the possible of a structural shift in consumer behaviour and the brand loyalty towards Nestle.
- On the cost front, input cost pressures are likely to persist 📈, driven by elevated prices of key raw materials such as cocoa 🍫, coffee ☕ and volatile milk powder 🥛.
- Overall, we expect softer revenue and earnings 📉 in the next two quarters, given the absence of major festivities 🎊.
- Upgrade to HOLD (RM74.90). We maintain our forecasts and unchanged DDM-derived TP of RM74.90 (WACC: 6.8% and TG: 2%), implying a FY25F PER of 39x.

📌 Click the link below for more info:
https://drive.google.com/file/d/1BbwAwe9Pv9Wmm3f3koIK7ByXmUU-tL-k/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

23 Apr 2025 10:43

Get ready! Join us at the Bursa Malaysia's Earth Week ECO Carnival with FREE admission and open to public.

📆 24 April 2025 (Thursday)
🕙 10:00 am - 5:00 pm
📍Annexe Building, Bursa Malaysia

There will be exhibition booths showcasing various green technologies, from solar panels, eco-friendly air conditioners to electric vehicles, and many more. Live seminars on cutting-edge sustainability initiatives will also be happening throughout the day.

See you there! And don't forget to invite your friends too!

Learn more: https://my.bursamalaysia.com/learn/events/explorer/join-us-vibrant-bursa-malaysias-eco-carnival

#BursaMalaysiaEarthWeek
#ECOCarnival

BIMB SECURITIES

16 Apr 2025 06:59

🔷Introducing *Bursa Malaysia's* *Exchange-Traded Fund* (ETF) with *Waqf* Feature!🔷

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📲 *Contact BIMB Securities:*

📧 helpdesk@bankislam.com.my

☎️ 019-206 6296 (Sarah)

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BIMB SECURITIES

28 Mar 2025 02:42

*BIMB Securities - Corporate results* 📊

*Cypark (BUY TP RM0.97 @ DCF)* 💼

- 9M25 core loss of RM21m 💸 below our analyst expectation, coming from the losses in RE ⚡ and construction segment 🏗️.
- On the positive side 🌟, 3Q25 bottom line turned profit 💵 as the insurance compensation 💼 kicks in on its fire incident 🔥 in LSS3 and LSS2 projects.
- Analyst revised FY25 estimates 📈 +6% on higher tipping fees assumption from RM33/MT to RM90/MT 💰.

*Upgrade to BUY* 📈 call with *TP RM0.97 (+36%)* based on DCF 💡.

📌 Click the link below for more info:
https://drive.google.com/file/d/1RbjC2N0nCbQWcXHW6soyEkZFu7iCvQso/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

27 Mar 2025 03:06

*BIMB Securities - Company Update (BUY)*

*SLVEST (0215)-Secured a RM103mn EPCC Contract in Penang*

Solarvest secured a RM103mn engineering, procurement, construction and commissioning (EPCC) contract from SV Flux Sdn Bhd, an indirect unit of Penang Development Corp (PDC) ⚡️. Notably, the project is obtained under LSS5 (Package 2) 🌞.
This made the group's outstanding order book stand at RM1.381bn 💼, comprised of Large Solar Scale (LSS) Project, residential 🏠, as well as commercial and industrial (C&I) segment 🏭.

Maintain our earnings assumptions 📊 as the jobs wins potential is well within our FY26F projection.
Reiterate our BUY recommendation on Solarvest with SOP-derived TP of RM2.23 📈.


📌 Click the link below for more info:
https://drive.google.com/file/d/1VW4JhRk0HczaCgHkR8SAB3cApMu0pVQN/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

25 Mar 2025 04:01

📢 *Invest in Impact: Support Waqf with Bursa Malaysia!* 🌟

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_Shared by_
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BIMB SECURITIES

21 Mar 2025 07:15

BIMB Securities Research’s Sector Update Report.

🚗 Automotive: “TIV Bounces Back” 🚗

- 🚙In February 2025, Total Industry Volume (TIV) rose by 30.8% MoM to 63,906 units, driven by broad-based recovery in both national (30.6% MoM) and non-national (31.1% MoM) car sales. The rebound was largely anticipated as the market stabilised following the temporary slowdown in January 📈.
- 🔋🚘EV registrations rose 28% MoM to 2,160 units in Feb 2025 (Jan: 1,691), led by BYD’s 634 units, Proton e.MAS7’s 580 units, and Tesla’s record 443 units, while BMW declined 65% MoM to 81 units, bringing overall EV penetration to 3.2% 📊.
- 📌 We maintain our 2025 TIV forecast at 810k units (-1% YoY), expecting a demand recovery supported by civil servant salary adjustments and a higher minimum wage, which should sustain purchasing power, particularly within the B40 and M40 income segments.
- ✅We reiterate our OVERWEIGHT stance on the Automotive sector with a BUY call on SIME Darby (TP: RM2.60) and a HOLD on MBMR (TP: RM5.50) and BAuto (TP: RM1.12).

💼 Top Buy/Hold:

✅Sime Darby (TP: 2.60)
✅MBMR (TP: RM5.50)
✅BAuto (TP: RM1.12)

📌 Click the link below for more info:
https://drive.google.com/file/d/1pUG_R7vnX_AMqDv9vhq1xcF9NTSsG3Cn/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

20 Mar 2025 09:52

❤ Give. Grow. Impact. – The Power of Waqf!

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Brought to you by BIMB Securities.

BIMB SECURITIES

19 Mar 2025 04:51

BIMB Securities Research’s Company Update Report

☀️Solarvest Holdings Berhad - Secured a RM401mn Contract from Tenaga☀️

- ☀️Solarvest secured a RM401mn engineering, procurement, construction and commissioning (EPCC) contract for the Tenaga’s 500MW solar farm in Bukit Selambau, Kedah ⚡🏗️.
- 📈The group's outstanding order book now stands at RM1.3bn, majorly comprised of Large Solar Scale (LSS) Project, residential as well as commercial and industrial (C&I) segment 🚀.
- 📌 Maintain our earnings assumptions as this LSS5 EPCC jobs wins potential is well within our FY26F projection.
- 🔄 Reiterate our BUY recommendation on Solarvest with SOP-derived TP of RM2.23.

📌 Click the link below for more info:
https://drive.google.com/file/d/14z9dVV6BMmiWujN38wznnjiOy1FCMrsN/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

13 Mar 2025 01:56

*BIMB Securities 2QFY25 Results Review*

*SCIENTX (4731) - Industrial Packaging Segment Limits - Growth*

*HOLD with TP: RM3.81*

📌 Scientex's 1HFY25 core PATAMI of RM250mn was below both our in-house and market expectations, making up only 42.8% and 42.9% of the full-year forecasts respectively. The lower-than-expected deviation was due to higher operating costs particularly from Packaging segment.

📌 We maintain a HOLD call on Scientex with lower TP of RM3.81 (from RM4.50) previously following our earnings downgrade.

📌 Overall, we believe Scientex’s business performance to be driven by: - i) organic expansion and M&A activities for potential long-term growth, ii) strong position as an affordable housing developer, and iii) high commitment to sustainability and the environment through its plastic product offerings.

📌 Click the link below for more info:
https://drive.google.com/file/d/1_ugzfCYiN1zc_obkb98LBQ1KiU6Z7fRn/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

11 Mar 2025 02:57

*BIMB Securities - Sectors update*

*Plantation - 4QCY24 Earnings Review: Supported by Higher CPO Prices*

🌴 4QCY24 results showed most companies under coverage were within expectation (except for Hap Seng Plantation, Sarawak Oil Palms & Genting Plantation exceed expectation).

🌴 The upstream segment reported higher earnings growth, driven by higher realized ASPs and lower production costs, which helped to offset lower FFB production. However, the downstream segment continued to decline, especially in the refining sub-segment.

🌴 We expect the CPO price to remain elevated until 1QCY25, supported by seasonally lower production and strong demand ahead of the festive season. However, we believe the higher CPO prices are unsustainable in long term and will decline further from 2QCY25 onwards due to risks such as potential lower CPO demand due to its premium pricing over soybean oil, projected higher global soybean supply and a seasonal pick-up in CPO 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) due to stable earnings growth supported by higher realized ASP and attractive dividend yield.

📌 Click the link below for more info:
https://drive.google.com/file/d/1vWN9lgLut0PuGvXv5bzrQx3P45jE-vDg/view?usp=sharing


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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

10 Mar 2025 09:33

*BIMB Securities - Sectors update*

*Utilities- 4QCY24 Earnings Review: Better Prospect Ahead*

💡The corporate earnings season for the 4QFY2024 largely met our expectation except Gas Malaysia that surprised us on the upside while Malakoff remained below expectation.

💡We anticipate utilities sector prospect to remain robust leveraging on steady electricity demand from Data Centers (DC), stable fossil fuel prices and the opportunity from Third-Party Access (TPA) mechanism.

💡Reiterate our *OVERWEIGHT* recommendation on the sector

*BUY*
TENAGA (TP: RM17.84)
Malakoff (TP: RM1.38)
Solarvest (TP: RM2.23)

*HOLD*
Gas Malaysia (TP: RM4.34), Petronas Gas (TP: RM16.75)
Cypark (TP: RM0.89).

📌 Click the link below for more info:

https://drive.google.com/file/d/1VSZg8NgAFX5J6qi31mBAol0cJewogws6/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

10 Mar 2025 09:31

*BIMB Securities - Sectors update*

*Automotive- 4QCY24 Earnings Review: Growth Contracts with Sharp Declines*

🚗The 4Q24 earnings season for the automotive sector delivered mixed results. MBMR and Sime Darby posted YoY revenue growth but faced QoQ headwinds, while BAuto significantly underperformed, with sharp declines in both revenue and profit amid weaker sales volumes and intensifying competition.
Looking ahead, we expect Total Industry Volume (TIV) to moderate QoQ in 1QCY25 due to seasonal factors, including fewer working days during Chinese New Year and Hari Raya Aidilfitri. However, demand should remain supported by promotional campaigns and backlog orders for popular mass-market models.

We maintain our *OVERWEIGHT* stance on the automotive sector, as we believe 2025 TIV are likely to sustain the momentum.

*BUY*
SIME Darby (TP: RM2.60)

*HOLD*
MBMR (TP: RM5.50)
BAuto (TP: RM1.12)

📌 Click the link below for more info:

https://drive.google.com/file/d/1G-fiGdbwTf-LXgUFqPdSqqiF_yhRwwhv/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

29 Apr 2025 05:01

BIMB Securities Research’s Company Update Report

🛡️ Bursa Malaysia - Decent 1Q25, Picking Up a Gear in 2Q25 🛡️

- PATAMI lower 8.8% YoY, which is expected given the extraordinary 1Q25 (CNY 🧧, Ramadhan, school holiday, fewer trading days)
- Market volatility elevated post-Trump tariffs 📦, but signs of stabilisation emerging and foreign investors returning 🌍💼.
- Maintain BUY , no change to our earnings forecasts and TP of RM9.33 , which is based on 21.5x FY25 P/FCF, in-line with its long-term mean.

📌 Click the link below for more info:
https://drive.google.com/file/d/1DV2Ev0sIamfGLiIqs12SEe7_-kvSs5TK/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

29 Apr 2025 03:04

BIMB Securities Research’s Company Update Report

🚀 Dialog Group Bhd - A Prominent Midstream Player 🚀

- The company’s success in midstream ventures came from relentless investment for the past few decades 🏭. However, there’s still upside from 500 acres of land available for expansion. Besides that, the company is looking to scale up its upstream segment 🚀 as its next engine of growth.
- We think the stock valuation is very attractive at -3SD below average (13x FY26F P/E), trading at a decade-low level with close to 70% drawdown. It also potentially offers a 3% dividend yield 💰📈. As such, we think it is timely for investors to revisit the stock ⏰📊.
- We initiate coverage on Dialog Group Bhd (Dialog) with a BUY recommendation and TP of RM1.94 🎯. We like the company due to defensive earnings attributed to the petroleum storage business which contributes to more than half of its bottom-line 💵.

📌 Click the link below for more info:
https://drive.google.com/file/d/15efyP3WjAVU4NbzovJ5vc7Q4h5fXkI3W/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

17 Apr 2025 03:52

BIMB Securities Research’s Company Update Report

🚀 CTOS Digital Berhad - 1Q25 Preview: Buy the Dip, Ride the Cycle 🚀

- 1Q25 will likely be soft, due to triple whammy combo of CNY🧧, school holidays, and Ramadhan fasting month
- Business will pick-up 2Q25 onwards, FY25 targets in-tact 📈.
- 📌 Maintain BUY with TP RM1.33 (+19% UPSIDE potential).

📌 Click the link below for more info:
https://drive.google.com/file/d/1a4gQXCungRyNGjh7PuEv07jy-zoLdkL9/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

08 Apr 2025 03:13

*BIMB Securities*

*KERJAYA (7161)- Secured RM291.4mn Building Contract from E&O*

Kerjaya secured a RM291.4mn contract from related company, E&O, to construct a 50-storey serviced apartment 🏢. The latest contract is the group's fourth job clinched from E&O in FY25, bringing the group's outstanding order book now to RM4.4bn 📈, of which 76% are internal projects 🏗️. We reiterate our BUY recommendation on Kerjaya with SOP-derived TP of RM2.59 💼.


📌 Click the link below for more info:
https://drive.google.com/file/d/1z8HWC4GVIdQ2Pc_hoarDpuVwNdOkF8Qr/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

27 Mar 2025 03:25

*BIMB Securities*

*GAMUDA (5398)-A Decent 1H, Expecting a Strong 2H*

Gamuda Berhad (Gamuda)’s 1HFY25 core profit came in at RM410.9mn (+5.3% YoY) 💰, making up 36% and 34% of our and consensus expectations, respectively 📊.
We deem earnings to be in line as domestic construction activity 🏗️ is picking up pace, and newly awarded projects 🏆 are moving into the execution phase.
With property sales 🏠 usually gaining momentum in the 2H historically, we anticipate stronger performance in 2HFY25 📈.
No dividend was declared in 2QFY25 as expected, as the company typically pays dividends 💸 in 1Q and 3Q.

We reiterate our *BUY* call on Gamuda with an unchanged SOP-derived TP of RM4.87 📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1V-W97VYro-no3utcM6e4mz-Rew3ClI8f/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

26 Mar 2025 03:48

📢 Invest with Purpose: The Waqf-Featured ETF! 💙

Ever wondered how you can grow your wealth while giving back to the community? With Bursa Malaysia’s Waqf-featured ETF, you can do both!

🔹 How Does It Work?

✅ When you invest in a Waqf-featured ETF, your investment generates income.

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✅ Your principal investment remains yours – you earn potential returns while making an impact.

✨ Be part of something bigger – invest for good today!

📌 Find out more from Bursa Malaysia’s official posts:

Facebook: https://www.facebook.com/share/18er38rzxh/

Instagram: https://www.instagram.com/p/DHpHozuvHa3/?img_index=1&igsh=eDhjZzRhdm1ubDFj

X (Twitter): https://x.com/BursaMalaysia/status/1904692631080472652?t=4Hy4D6txWVnTtn8vMVFlUw&s=19

LinkedIn: https://www.linkedin.com/posts/bursamalaysia_waqf-waqfetf-activity-7310457973141618688-gHgX?utm_source=share&utm_medium=member_android&rcm=ACoAAEzlkC8BdrwRFj3mJOm3sygxdaLrYpBW3v8


📞 *For any inquiries, contact BIMB Securities:*

📧 *Email:* helpdesk@bimbsec.com.my

📱 *WhatsApp:*
019-2066296 (Sarah)

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BIMB SECURITIES

BIMB SECURITIES

25 Mar 2025 02:22

*BIMB Securities - Company Update*

*MHB (5186)- First Contract Win for 2025*

*Buy with TP: RM0.91*

MMHE secured an EPCIC contract from Vestigo Petroleum to fabricate WHPs for Irong Timur and Berantai East fields offshore Peninsular Malaysia. 🌊⚓

The contract may boost MMHE’s outstanding orderbook by less than 5%. 📈 While this is relatively small, we are still positive as this may indicate the revival in contract award for offshore projects. 🔨🔧

In the near term, we expect MMHE to deliver robust earnings 📊 to be boosted by the commencement of the Ijmuiden EPC project in 2Q25 as well as ongoing conversion projects for Puteri Delima Satu FSU and SF30 Water Injection Facility. 🛠️🌍

The stock price is still depressed, languishing near an all-time low despite fundamentally, the company has recovered from the previous downturn. 📉📈 We think this is not justified. Hence, reiterate our BUY call on MMHE with an unchanged SOP-derived TP of RM0.94. 💼📈


📌 Click the link below for more info:
https://drive.google.com/file/d/1ftg8TzWVydR8M5RQv4VXNzguwvvd62jk/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

21 Mar 2025 07:13

BIMB Securities Research’s Company Update Report

🧤 Top Glove Corporation Berhad - Struggling to Maintain Momentum with Non-US Customers 🧤

- We anticipate Top Glove’s🧤 earnings to slow down in 2HFY25 as orders normalize 📉 post-frontloading activities until 1QCY25.
- Also, we remain cautious about China diversifying its market reach by targeting non-US customers such as Europe 🌍 which may replicate competitive pressures for Malaysian glove manufacturers in other regions.
- Noted that Europe is the largest customers for Top Glove 🏭 as at 2QFY25, make up 40% from the sales order.
- Overall, we believe that the rubber glove 🧤 industry is currently lacking significant catalysts to drive demand growth in the near term, as oversupply 📉 and fluctuating market conditions persist. As such, we adopt a cautious ⚠️ stance on the sector's short- to medium-term outlook. Upgraded to HOLD (TP: RM0.86).

📌 Click the link below for more info:
https://drive.google.com/file/d/1KsgvdOxL0OTWEmrkova0tvkTv521V5BM/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

20 Mar 2025 07:35

1. *FB* - https://www.facebook.com/share/p/12HHp6HJuyJ/

2. *IG* - https://www.instagram.com/p/DHaNNW6Jc7p/?igsh=MWFtbmd4MjI2c2Rmbg==

3. *X* - https://x.com/BursaMalaysia/status/1902593445585416414?t=XQiJCjk5hNUYZwTeTF69Tw&s=19

4. *Li* - https://www.linkedin.com/posts/bursamalaysia_waqf-waqfetf-activity-7308359154924929024-pU4Z?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAEzlkC8BdrwRFj3mJOm3sygxdaLrYpBW3v8&utm_campaign=copy_link

BIMB SECURITIES

19 Mar 2025 02:11

BIMB Securities Research’s Company Update Report

🛢️ Sapura Energy - Potentially Turning to Black on Interest Cost Savings🛢️

- 📈We think Sapura Energy can achieve sustainable profit beginning FY27 leveraging on (i) cost savings from debt restructuring plan, and (ii) sustained orderbook in drilling and O&M segments 💰.
- 📉Management guided that its annual interest expense will be lowered by RM450mn afterwards. This is more than our initial loss estimate of RM306mn in FY27F. Hence, we estimate the company to deliver core profit of RM134mn in FY27F 📊.
- 📌 Maintain Sapura Energy as a TRADING BUY with unchanged SOP-derived TP of RM0.06. As the debt restructuring plan is progressing well, we think the company will be in better shape and subsequently regularize its PN17 status.

📌 Click the link below for more info:
https://drive.google.com/file/d/14Yp500xk6C1WqBRFVqZti_ro9KAu_Nf0/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

11 Mar 2025 02:58

*BIMB Securities - KERJAYA (7161) : Bags RM51mn E&O Piling and Earthworks Job*

*BUY with TP:RM2.59*

📌 Kerjaya secured a RM51mn contract from a related company, E&O, to undertake piling and earthworks job in Andaman Island
Following the new win, the group's outstanding order book now stands at RM4.1bn, of which 76% are internal projects

📌The project's profit margin is estimated to range between 7% and 10%, translating to a PAT of between RM3.6mn and RM5.1mn (around 2% of FY25F PAT)

📌 Click the link below for more info:
https://drive.google.com/file/d/1ep9h0ESFnMUbyBTW7g4Ad62Fn-corCe9/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

11 Mar 2025 02:56

*BIMB Securities - Sectors update*

*Industrial - 4Q24 Earnings Review: Weathering Market Uncertainties*

⚪️ During the quarter, metal stocks showed mixed results, with PMetal performing below expectations while OMH was inline. Meanwhile, for manufacturing-related stocks, only Hextar Global performed below expectations whereas Wellcall, Scientex and KPS were within estimates. The lower-than-expected earnings for PMetal were due to higher operating costs due to increased alumina prices. Meanwhile, Hextar Global’s underperformance was attributed to higher finance costs.
Looking ahead, we expect PMetal to maintain stable earnings, supported by higher aluminum prices and steady demand. OMH, on the other hand, is likely to face challenges in the intermediate term due to price pressure and slower demand, driven by overcapacity in the steel industry following weaker construction activity in China.

⚪️ As for manufacturing, effective strategic management is expected to help industrial manufacturing companies navigate weak global demand and sustain growth.

⚪️ We have a *NEUTRAL* recommendation for the sector due to several global headwinds that may exert downward pressure on the industry.

*BUY*
Press Metal (TP: RM6.53)
OMH (TP: RM1.61)
Wellcall (TP: RM1.87)

*HOLD*
Scientex (TP: RM4.50)
Hextar Global (TP: RM0.98).

*SELL*
KPS (TP: RM0.53).

📌 Click the link below for more info:
https://drive.google.com/file/d/1dGz8z0-0VoqDzRFbAA5Yd0hu48gb1lzW/view?usp=sharing


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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

10 Mar 2025 09:32

*BIMB Securities - Sectors update*

*Consumer- 4QCY24 Earnings Review: Poised for Growth*

🔴 The recent 4QCY24 earnings season for 15 companies under our coverage were mixed, with 6 in line with expectations, 3 came below and 6 exceeded our projections. MSM stood out as the star performer, recording a +67.2% YoY surge in 4QCY24 earnings.

🔴 We believe the anticipated boost in consumer spending attributable to higher disposable income and financial aids will support growth in the consumer sector. Additionally, the robust tourism activity is expected to further boost the consumer companies’ topline growth.

🔴 Both F&B and retail segments are anticipated to benefit from the higher purchasing power especially consumer staples and value-for-money retailers.

🔴 We remain optimistic on consumer sector and maintain an *OVERWEIGHT* call with 8 stocks under coverage have a BUY call. Our top picks are FFB (TP: RM2.02), MRDIY (TP: RM2.40) and AEON (TP: RM1.75).

📌 Click the link below for more info:

https://drive.google.com/file/d/1Sq9_Py0hR9TpQlNa99Y3Itq9iIEq7Y2s/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

07 Mar 2025 09:07

BIMB Securities Research’s Company Update Report

🚗 Bermaz Auto Berhad - Earnings May Deteriorate Further in 3QFY2025 🚗

- BAuto’s share price has declined 📉 by approximately 61% over the past four months, likely reflecting weaker financial performance 🚗.
- 📊We expect 3QFY25 quarterly results to be weaker QoQ as Mazda Malaysia’s sales contracted further by 16% to 2,470 units during November 2024 – Jan 2025 period 🚘.
- 📉We anticipate lower dividend payout in near future in tandem with weaker earnings and dividend payout policy of 50% 💰.
- Following the sharp decline in stock price, 📌we maintain HOLD recommendation on BAuto with lower TP of RM1.12 , pegged at a lower PER of 8.6x (-1.5 SD average 3-year PER) to FY26F EPS of 13.0sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1CudeRAAVWA74jbNpvuL6e9PKKXe6PhA8/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd