External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

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Equity Bottom-Up

Ranhill Utilities Berhad operates a water utility network. The Company offers water supply, non-revenue, waste water treatment, and clean energy services. Ranhill Utilities serves customers in Malaysia.

<ul><li>Ranhill Utilities Berhad’s (RANHILL) 4QFY23 results came in below expectations.</li><li>Stripping off exceptional items including matching grant from the government amounting to RM68.5mn (80% effective stake of RM85.7mn received), core loss was RM20.8mn.</li><li>The earnings miss was mainly attributed to higher-than-expected non-revenue water (NRW) maintenance costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ranhill Utilities Berhad’s (RANHILL) 4QFY23 results came in below expectations.Stripping off exceptional items including matching grant from the government amounting to RM68.5mn (80% effective stake of RM85.7mn received), core loss was RM20.8mn.The earnings miss was mainly attributed to higher-than-expected non-revenue water (NRW) maintenance costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ranhill Utilities Berhad - Earnings Miss Due to High Maintenance Costs

Coastal Contracts Berhad is an investment holding company.  The Company, through its subsidiaries, provides fabrication and sale of marine transportation vessels, property letting, ship repairs and maintenance, sub-contract services, vessel chartering, tugboat and barge transportation, equipment hiring, as well as barge hiring and leasing services.

<ul><li>Coastal Contracts Berhad’s (COASTAL) 18MFY23 core profit of RM422.3mn came in within ours but above consensus expectations, accounting for 98% of ours and 141% of consensus’ full-year forecasts respectively.</li><li>QoQ: COASTAL registered LBT of RM135.6mn in 6QFY23 compared with PBT of RM87.9mn in 5QFY23 due to suspension of bareboat charter for jack-up gas compression service unit (JUGCSU) from 27 Nov 2023 onwards, as well as impairment loss on receivables (RM176.9mn) from charterers of JUSCSU due to slower than expected collection from end user Petroleos Mexicanos (Pemex).</li><li>Stripping off exceptional items such as impairment loss mentioned above and gain on disposal of vessel (RM12.6mn), core profit was still down 33.2% QoQ mainly driven by lower contribution from JUGCSU</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coastal Contracts Berhad’s (COASTAL) 18MFY23 core profit of RM422.3mn came in within ours but above consensus expectations, accounting for 98% of ours and 141% of consensus’ full-year forecasts respectively.QoQ: COASTAL registered LBT of RM135.6mn in 6QFY23 compared with PBT of RM87.9mn in 5QFY23 due to suspension of bareboat charter for jack-up gas compression service unit (JUGCSU) from 27 Nov 2023 onwards, as well as impairment loss on receivables (RM176.9mn) from charterers of JUSCSU due to slower than expected collection from end user Petroleos Mexicanos (Pemex).Stripping off exceptional items such as impairment loss mentioned above and gain on disposal of vessel (RM12.6mn), core profit was still down 33.2% QoQ mainly driven by lower contribution from JUGCSUContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coastal Contracts Berhad - Bottom-Line Dragged by Impairment Loss

TRC Synergy Berhad is an investment holding company. Through its subsidiaries, the Company operates as general contractors carrying out construction works, sells construction materials, and develops property. TRC Synergy also hires and services vehicles and manufactures concrete piles and ready-mixed concrete.

<ul><li>Excluding the one-off gain amounting to RM13.3mn, TRC’s FY23 core earnings of RM12.4mn (-7.7% YoY) came in below expectations, accounting for only 83.9% and 91.6% of our and consensus full-year estimates, respectively.</li><li>The negative deviation was chiefly attributed to lower-thanexpected profit contribution from the construction division.  YoY, FY23 revenue was stable, but core net profit decreased 7.7% YoY to RM12.4mn.</li><li>This decrease was primarily due to a 2.7%-pts reduction in EBIT margin to 3.8%, as the margin in the preceding year of 6.4% was lifted by the finalisation of certain project costings.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Excluding the one-off gain amounting to RM13.3mn, TRC’s FY23 core earnings of RM12.4mn (-7.7% YoY) came in below expectations, accounting for only 83.9% and 91.6% of our and consensus full-year estimates, respectively.The negative deviation was chiefly attributed to lower-thanexpected profit contribution from the construction division.  YoY, FY23 revenue was stable, but core net profit decreased 7.7% YoY to RM12.4mn.This decrease was primarily due to a 2.7%-pts reduction in EBIT margin to 3.8%, as the margin in the preceding year of 6.4% was lifted by the finalisation of certain project costings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supercomnet Technologies / Equity Bottom-Up

Supercomnet Technologies Berhad manufactures wires and cables.  The Company produces equipment cables, shielded wires, computer cables, power supply cords, speaker wires, jumper cables, keyboard cables, monitor cables, coaxial cables, printer cables, USB cables, patch cord cables, and other products.

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.</li><li>FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.</li><li>We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supercomnet Technologies Berhad - Recovery Intact

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

<ul><li>Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.</li><li>Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.</li><li>The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Paramount Corporation Berhad - Optimistic About FY24 Outlook