BIMB SECURITIES

25 Mar 2025 04:01

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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

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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

07 Mar 2025 03:43

BIMB Securities Research’s Sector Update Report.

🧤 Rubber Glove 4Q24 Earnings Review - Pre-Tariff Surge, but Temporary Boost 🧤

- In 4Q24, earnings results were mixed among the rubber glove companies under our coverage, namely Top Glove, Hartalega and Supermax ❌ missed our in-house estimates while Kossan ✅performed in line with expectation.
- On a QoQ basis, revenue trends improved, supported by frontloading activities 📈 ahead of the new tariff implementation on Chinese products in Jan’25. However, some of the Rubber glove players’ earnings were subdued 📉, impacted by forex losses 💱.
- Frontloading sales orders are expected to normalize from 2QCY25 as inventory levels remain sufficient 📊. Meanwhile, recent rising capacity and production resumption 🏭 may pressure margins due to lower utilization rates. Overall, the outlook for the sector remains challenging 🚧 due to persistent structural issues.
- We have upgraded our call on the Rubber Glove sector 📈 to NEUTRAL from UNDERWEIGHT as we believe the recent share price correction has largely priced in the negative sentiment 😟. We have a ✅HOLD call for Hartalega (TP: RM2.81) and Kossan (TP: RM2.00), a ❌SELL call for Top Glove (TP: RM1.14) while NON-RATED for Supermax.

💼 Top Hold:

✅Hartalega (TP: 2.60)
✅Kossan (TP: RM5.50)

📌 Click the link below for more info:
https://drive.google.com/file/d/1hvHurcn44_L3exDdwGLrzbLR5KqKkO5g/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

04 Mar 2025 03:19

BIMB Securities Research’s Company Update Report

👕 Padini Holdings Berhad - Lower-than-Expected Operational Costs 💰

- 👔Padini’s 2QFY25 results came above our expectations due to the lower-than-expected operational cost incurred during the quarter 💰📈.
- 📊1HFY25 operational cost remains higher than 1HFY24 by a difference of 8%. However, on a QoQ basis, administrative expenses declined by -57%📉.
- 📈We revise our earnings forecast higher by 21%-26% for FY25F/FY26F after factoring in the lower-than-expected operational costs 💰✅.
- 🔼Upgrade to a BUY from a SELL with a higher TP of RM2.10 (from RM1.73). Our valuation is based on 5-year median historical forward PE of 15x pegged to FY25F EPS of 13.9 sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1gNmPz8d3kOSLbUI6f_ymRaW3IGltnXc0/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 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

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

BIMB SECURITIES

05 Mar 2025 05:23

BIMB Securities Research’s Sector Update Report.

🏥 4Q24 Earnings Review - Ample Earnings Growth Potential for Hospital Players 🏥

- Overall, the recently concluded 4Q24 corporate earnings season showed mixed results 📊🔄.
- 🏥 Hospital players recorded double-digit earnings growth in FY24 📈.
- Going ahead pharmaceutical 💊 and nutraceutical players may face challenges from higher raw material costs and subdued demand 📊.
- KPJ and IHH 🏨 expanded bed capacity and plan further growth 📈, with KPJ adding 200 beds and IHH targeting 1,000 more beds in FY25.
- 📌 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, and (iv) rising demand driven by an aging population.

💼 Top Buy:

✅IHH (TP: RM8.60)

📌 Click the link below for more info:
https://drive.google.com/file/d/1axRmhGUtR3aLRhyg01tuuENUMclvAafg/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

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

Photo from Ikhwan Syahmi