External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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Equity Bottom-Up

Dksh Holdings Malaysia / Equity Bottom-Up

<ul><li>DKSH’s 4QFY23 core net profit of RM39m (+29.7% QoQ, +4.0% YoY) brought FY23 full year sum to RM139.3 (+13.8% YoY).</li><li>Its performance came in above both our (115%) and consensus (124%) estimates.</li><li>Key discrepancy to our forecast was due to lower-than-expected tax expenses.</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.

DKSH’s 4QFY23 core net profit of RM39m (+29.7% QoQ, +4.0% YoY) brought FY23 full year sum to RM139.3 (+13.8% YoY).Its performance came in above both our (115%) and consensus (124%) estimates.Key discrepancy to our forecast was due to lower-than-expected tax expenses.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.

DKSH Holdings - Delivering a Stellar Close

<ul><li>DKSH’s 3QFY23 core net profit of RM27.3m (-6.4% QoQ, +21.7% YoY) brought 9MFY23’s total to RM97.5m (+14.8% YoY).</li><li>The results beat both our and consensus projections, accounting for 83% and 88% of full-year forecasts.</li><li>Key discrepancy to our forecast was due to lower-than-expected finance costs and tax expenses. </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.

DKSH’s 3QFY23 core net profit of RM27.3m (-6.4% QoQ, +21.7% YoY) brought 9MFY23’s total to RM97.5m (+14.8% YoY).The results beat both our and consensus projections, accounting for 83% and 88% of full-year forecasts.Key discrepancy to our forecast was due to lower-than-expected finance costs and tax expenses. 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.

DKSH Holdings - Lifted by Lower Finance and Tax Expense

<ul><li>DKSH’s 2QFY23 core net profit of RM29.1m (-29.1% QoQ, -15.6% YoY) brought 1HFY23 core net profit to RM70.2m (+12.3% YoY).</li><li>Although the results accounted for 60% of ours and 65% of consensus projections, we still deem the performance within expectations as we expect weaker 2H considering that most of the major festive seasons like Chinese New Year and Hari Raya occurred in 1H.</li><li>The weaker performance YoY was mainly due to timing disparity of festive sales, as Hari Raya occurred earlier in 2023 and part of the boost in sales were already reflected in 1Q23. </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.

DKSH’s 2QFY23 core net profit of RM29.1m (-29.1% QoQ, -15.6% YoY) brought 1HFY23 core net profit to RM70.2m (+12.3% YoY).Although the results accounted for 60% of ours and 65% of consensus projections, we still deem the performance within expectations as we expect weaker 2H considering that most of the major festive seasons like Chinese New Year and Hari Raya occurred in 1H.The weaker performance YoY was mainly due to timing disparity of festive sales, as Hari Raya occurred earlier in 2023 and part of the boost in sales were already reflected in 1Q23. 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.

DKSH Holdings (Malaysia) - Affected by Timing

<ul><li>We initiate coverage on DKSH with a HOLD rating and TP of RM5.43.</li><li>Our TP is derived based on a P/E multiple of 6.7x (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS of 81.1 sen.</li><li>We expect flattish performance in FY23f as we are mindful of the higher operational 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.

We initiate coverage on DKSH with a HOLD rating and TP of RM5.43.Our TP is derived based on a P/E multiple of 6.7x (at +1.5SD of DKSH’s 5-year average) on its FY24f EPS of 81.1 sen.We expect flattish performance in FY23f as we are mindful of the higher operational 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.

DKSH Holdings (Malaysia) - More than Just a Distributor

Malaysia

DKSH Holdings Malaysia Berhad is principally an investment holding company. The principal activity of the Group is the provisioning of Market Expansion Services, which range from marketing, to sales force management, distribution and logistics, invoicing and credit management, inventory and returned goods management, and other services.

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Dksh Holdings Malaysia (DKSH MK)

DKSH Holdings - Delivering a Stellar Close

Its performance came in above both our (115%) and consensus (124%) estimates.Key discrepancy to our forecast was due to lower-than-expected tax...

Hong Leong Investment Bank Berhad

DKSH Holdings - Lifted by Lower Finance and Tax Expense

DKSH’s 3QFY23 core net profit of RM27.3m (-6.4% QoQ, +21.7% YoY) brought 9MFY23’s total to RM97.5m (+14.8% YoY). The results beat both our and...

Hong Leong Investment Bank Berhad

DKSH Holdings (Malaysia) - Affected by Timing

DKSH’s 2QFY23 core net profit of RM29.1m (-29.1% QoQ, -15.6% YoY) brought 1HFY23 core net profit to RM70.2m (+12.3% YoY).

Hong Leong Investment Bank Berhad

DKSH Holdings - Affected by Timing

The weaker performance YoY was mainly due to timing disparity of festive sales, as Hari Raya occurred earlier in 2023 and part of the boost in...

Hong Leong Investment Bank Berhad

DKSH Holdings (Malaysia) - More than Just a Distributor

We initiate coverage on DKSH with a HOLD rating and TP of RM5.43. Our TP is derived based on a P/E multiple of 6.7x (at +1.5SD of DKSH’s 5-year...

Hong Leong Investment Bank Berhad

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