External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ENGTEX’s FY23 results disappointed, weighed down by high-cost steel inventory.</li><li>It is poised for a much stronger FY24 following the recent water tariff hike, which will bolster cash flows of water operators, enabling them to kick start their water projects including pipe replacement.</li><li>We maintain our forecasts, TP of RM1.41 and OUTPERFORM call.</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.

ENGTEX’s FY23 results disappointed, weighed down by high-cost steel inventory.It is poised for a much stronger FY24 following the recent water tariff hike, which will bolster cash flows of water operators, enabling them to kick start their water projects including pipe replacement.We maintain our forecasts, TP of RM1.41 and OUTPERFORM call.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.

Engtex Group - Earnings Inflection in FY24  - 1 Mar 2024

<ul><li>ENGTEX is poised for more water pipe orders following the recent water tariff hike which will translate to strengthened cash flows for water operators, allowing them to kick start their capex programmes.</li><li>In addition, firming steel prices will also boost its overall margins.</li><li>We raise our FY24F earnings forecast by 69%, lift our TP by 83% to RM1.41 (from RM0.77) and maintain our OUTPERFORM call.</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.

ENGTEX is poised for more water pipe orders following the recent water tariff hike which will translate to strengthened cash flows for water operators, allowing them to kick start their capex programmes.In addition, firming steel prices will also boost its overall margins.We raise our FY24F earnings forecast by 69%, lift our TP by 83% to RM1.41 (from RM0.77) and maintain our OUTPERFORM call.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.

Malaysia

Engtex Group Berhad is an investment holding company.  The Company, through its subsidiaries, distributes and wholesales pipes, valves, and fittings (PVF), plumbing materials, and general hardware products.  Engtex also manufactures steel PVF, pipe asphalt and coatings, bitumen products, hydrants, manhole covers, welded wire mesh, and hard drawn wire.

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Engtex Group (ENGT MK)

Engtex Group - Earnings Inflection in FY24 - 1 Mar 2024

ENGTEX’s FY23 results disappointed, weighed down by high-cost steel inventory. It is poised for a much stronger FY24 following the recent water...

Kenanga Investment Bank Bhd

Engtex Group - The Tap Is Turned On

We raise our FY24F earnings forecast by 69%, lift our TP by 83% to RM1.41 (from RM0.77) and maintain our OUTPERFORM call.

Kenanga Investment Bank Bhd

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