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

<ul><li>Key takeaways from COASTAL’s analyst briefing: (i) The group is still in discussion for Perdiz Plant and JUGCSU’s contract extension; (ii) Papan Plant’s gas processing volume is gradually increasing in line with capacity expansion of Ixachi field; (iii) Management expects to recover majority of provision for delay penalty.</li><li>We trim our FY23/FY24/FY25 earnings forecasts by 7.6%/1.5%/0.9% respectively after lowering our utilisation rate assumptions for both Perdiz Plant and Papan Plant.</li><li>Maintain Buy with a lower TP of RM1.90/share based on sum-of-parts valuation.</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.

Key takeaways from COASTAL’s analyst briefing: (i) The group is still in discussion for Perdiz Plant and JUGCSU’s contract extension; (ii) Papan Plant’s gas processing volume is gradually increasing in line with capacity expansion of Ixachi field; (iii) Management expects to recover majority of provision for delay penalty.We trim our FY23/FY24/FY25 earnings forecasts by 7.6%/1.5%/0.9% respectively after lowering our utilisation rate assumptions for both Perdiz Plant and Papan Plant.Maintain Buy with a lower TP of RM1.90/share based on sum-of-parts valuation.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 - Expects to Recover Majority of Provision for Delay Penalty

<ul><li>Coastal Contracts Berhad’s (COASTAL) 15MFY23 core profit of RM381.9mn accounted for 122% of ours and 128% of consensus’ full-year forecasts.</li><li>We deem the result to be within expectations as COASTAL has recently changed the financial year end to December (from June previously).</li><li>QoQ: The group registered PBT of RM87.9mn in 5QFY23 compared with LBT of RM36.2mn in 4QFY23. The LBT in 4QFY23 was due to loss on disposal of JV (where accrued JV profit is transferred back to JV partner Nuvoil) and provision in delay penalty in achieving critical construction milestone in JV company amounting to RM92.4mn.</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) 15MFY23 core profit of RM381.9mn accounted for 122% of ours and 128% of consensus’ full-year forecasts.We deem the result to be within expectations as COASTAL has recently changed the financial year end to December (from June previously).QoQ: The group registered PBT of RM87.9mn in 5QFY23 compared with LBT of RM36.2mn in 4QFY23. The LBT in 4QFY23 was due to loss on disposal of JV (where accrued JV profit is transferred back to JV partner Nuvoil) and provision in delay penalty in achieving critical construction milestone in JV company amounting to RM92.4mn.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 - Results Came Within Expectations

<ul><li>Key takeaways from Coastal Contracts Berhad’s (COASTAL) analyst briefing: (i) The group is liable to up to USD30.4mn due to delay penalty; (ii) Ixachi field is expected to expand capacity by 1HCY24; (iii) Management is confident of Perdiz Plant’s contract extension.</li><li>We raise our FY24-FY26 earnings forecasts by 13.6%- 20.0% after raising our tariff for Papan Plant in line with revenue breakdown for Papan Plant given by management.</li><li>Upgrade to Buy with a higher TP of RM2.47/share (previous RM2.37/share) based on sum-of-parts valuation.</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.

Key takeaways from Coastal Contracts Berhad’s (COASTAL) analyst briefing: (i) The group is liable to up to USD30.4mn due to delay penalty; (ii) Ixachi field is expected to expand capacity by 1HCY24; (iii) Management is confident of Perdiz Plant’s contract extension.We raise our FY24-FY26 earnings forecasts by 13.6%- 20.0% after raising our tariff for Papan Plant in line with revenue breakdown for Papan Plant given by management.Upgrade to Buy with a higher TP of RM2.47/share (previous RM2.37/share) based on sum-of-parts valuation.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 - Confident of Perdiz Plant Contract Extension

<ul><li>After excluding exceptional items including gain on disposal of vessels (RM127.3mn), loss on disposal of joint venture (JV) company (RM155.3mn) and provision for delay penalty in achieving critical construction milestone in JV company (RM92.4mn), Coastal Contracts Berhad’s (COASTAL) FY23 core profit of RM310.4mn (+114.0% YoY) came in within expectations.</li><li>YoY/QoQ: The group registered LBT of RM36.2mn in 4QFY23 compared with PBT of RM115.6mn and RM158.8mn in 4QFY22 and 3QFY23 respectively due to loss on disposal of JV (where accrued JV profit is transferred back to JV partner Nuvoil) and provision in delay penalty mentioned above leading to unexpected share of loss in JV of RM66.6mn.</li><li>This is despite the group more than tripling its PBT for Vessel Chartering division YoY.</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.

After excluding exceptional items including gain on disposal of vessels (RM127.3mn), loss on disposal of joint venture (JV) company (RM155.3mn) and provision for delay penalty in achieving critical construction milestone in JV company (RM92.4mn), Coastal Contracts Berhad’s (COASTAL) FY23 core profit of RM310.4mn (+114.0% YoY) came in within expectations.YoY/QoQ: The group registered LBT of RM36.2mn in 4QFY23 compared with PBT of RM115.6mn and RM158.8mn in 4QFY22 and 3QFY23 respectively due to loss on disposal of JV (where accrued JV profit is transferred back to JV partner Nuvoil) and provision in delay penalty mentioned above leading to unexpected share of loss in JV of RM66.6mn.This is despite the group more than tripling its PBT for Vessel Chartering division YoY.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 Bhd - Unexpected Loss in JV Due to Provision for Delay Penalty

Malaysia

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.

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Coastal Contracts (COCO MK)

Coastal Contracts Berhad - Expects to Recover Majority of Provision for Delay Penalty

We trim our FY23/FY24/FY25 earnings forecasts by 7.6%/1.5%/0.9% respectively after lowering our utilisation rate assumptions for both Perdiz Plant...

TA Securities Holdings Bhd

Coastal Contracts Berhad - Results Came Within Expectations

Coastal Contracts Berhad’s (COASTAL) 15MFY23 core profit of RM381.9mn accounted for 122% of ours and 128% of consensus’ full-year forecasts.

TA Securities Holdings Bhd

Coastal Contracts Berhad - Confident of Perdiz Plant Contract Extension

We raise our FY24-FY26 earnings forecasts by 13.6%- 20.0% after raising our tariff for Papan Plant in line with revenue breakdown for Papan Plant...

TA Securities Holdings Bhd

Coastal Contracts Bhd - Unexpected Loss in JV Due to Provision for Delay Penalty

The group registered LBT of RM36.2mn in 4QFY23 compared with PBT of RM115.6mn and RM158.8mn in 4QFY22 and 3QFY23 respectively

TA Securities Holdings Bhd

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