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

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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

Mi Technovation Berhad / Equity Bottom-Up

<ul><li>Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.</li><li>The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.</li><li>On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. </li></ul><p><em>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.</em></p>

Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. 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.

Mi Technovation -Seeing Signs of Recovery

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2023-03-10/chip-equipment-maker-asmpt-is-said-to-draw-takeover-interest" target="_blank" rel="noopener">Bloomberg reported</a> that PAG and other parties have expressed interest in taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. PAG also sounded out several lenders.</li>
<li>ASMPT has three substantial shareholders (<a href="https://www.smartkarma.com/entities/asm-international-nv" target="_blank" data-smartkarma-citation="entities:21096:1" rel="noopener">Asm International Nv (ASM NA)</a>, FIL Limited and <a href="https://www.smartkarma.com/entities/schroders-plc" target="_blank" data-smartkarma-citation="entities:22134:1" rel="noopener">Schroders PLC (SDR LN)</a>) which suggests a requirement for a reasonable takeover premium.</li>
<li>ASMPT previously denied a privatisation rumour in 2020. Nevertheless, peers and historical multiples imply a fair price range of HK$82-97 per share, 11-31% premium to the last close.  </li>
</ul>



Bloomberg reported that PAG and other parties have expressed interest in taking ASM Pacific Technology (522 HK) private. PAG also sounded out several lenders.
ASMPT has three substantial shareholders (Asm International Nv (ASM NA), FIL Limited and Schroders PLC (SDR LN)) which suggests a requirement for a reasonable takeover premium.
ASMPT previously denied a privatisation rumour in 2020. Nevertheless, peers and historical multiples imply a fair price range of HK$82-97 per share, 11-31% premium to the last close.  


ASMPT (522 HK): PAG Potential Privatisation?

Malaysia

Mi Equipment Holdings Berhad operates as a holding company. The Company, through its subsidiaries, manufactures factory automation equipment. Mi Equipment Holdings offers wafer to reel final test handlers, art die sorting machines, and other equipment. Mi Equipment Holdings serves customers in Asia and the United States.

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Mi Technovation Berhad (MI MK)

Mi Technovation -Seeing Signs of Recovery

On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry.

Public Investment Bank Bhd

ASMPT (522 HK): PAG Potential Privatisation?

Bloomberg reported that PAG and other parties have expressed interest in taking ASMPT private. Peers and historical multiples imply a fair price...

Arun George

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