Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on track</li><li><a href="https://www.smartkarma.com/entities/osk-holdings-bhd" target="_blank" data-smartkarma-citation="entities:4155" rel="noopener">O.S.K. Holdings (OSK MK)</a> property arm on pace to launch MYR750m pipeline in FY22</li><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development</li></ul>

Lippo Karawaci (LPKR IJ) 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on trackO.S.K. Holdings (OSK MK) property arm on pace to launch MYR750m pipeline in FY22IOI Properties Group (IOIPG MK) sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

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. 

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>OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium, and highvoltage cables for RM85m.</li><li>We view this acquisition positively given (i) the attractive acquisition price at 41.8% discount to book value, (ii) entry into the growing high voltage cable segment, (iii) enhanced cost efficiencies through economies of scale, and (iv) a faster time to market compared to building a new facility.</li><li>Additionally, this expansion is timely given the growing demand for cables driven by solar projects, data centres, and grid expansion initiatives. </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.

OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium, and highvoltage cables for RM85m.We view this acquisition positively given (i) the attractive acquisition price at 41.8% discount to book value, (ii) entry into the growing high voltage cable segment, (iii) enhanced cost efficiencies through economies of scale, and (iv) a faster time to market compared to building a new facility.Additionally, this expansion is timely given the growing demand for cables driven by solar projects, data centres, and grid expansion initiatives. 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.

OSK Holdings - Acquisition to Double Cable Capacity

<ul><li>OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY).</li><li>The results were within our expectation, making up 50% of full-year forecast.</li><li>Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. </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.

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY).The results were within our expectation, making up 50% of full-year forecast.Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. 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.

<ul><li>We remain positive on the group’s prospects, particularly due to the strong growth in capital financing, which recorded a PBT of RM26.1m in 1Q24, up 13.6% QoQ and 41.8% YoY.</li><li>Growth prospects for the segment remain strong anchored by Australia and civil servant segment.</li><li>The property segment expects RM1.75bn in launches for FY24, which is a record high in recent years. </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 remain positive on the group’s prospects, particularly due to the strong growth in capital financing, which recorded a PBT of RM26.1m in 1Q24, up 13.6% QoQ and 41.8% YoY.Growth prospects for the segment remain strong anchored by Australia and civil servant segment.The property segment expects RM1.75bn in launches for FY24, which is a record high in recent years. 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.

OSK Holdings - An Emerging Force in Private Credit Market

<ul><li>OSK reported 1Q24 core PATAMI of RM122.8m (+26.7% QoQ; +6.4% YoY). The results were within our expectation, making up 26.4% of our full-year forecast.</li><li>The group is on track to record another year of solid growth anchored by property development from better progress billings and project cost savings, capital financing from higher loan portfolio and better economies of scale and industries from growing cables and IBS demand.</li><li>Its associate RHB is also expected to deliver stable performance given improving capital market from realization of investment activities. </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.

OSK reported 1Q24 core PATAMI of RM122.8m (+26.7% QoQ; +6.4% YoY). The results were within our expectation, making up 26.4% of our full-year forecast.The group is on track to record another year of solid growth anchored by property development from better progress billings and project cost savings, capital financing from higher loan portfolio and better economies of scale and industries from growing cables and IBS demand.Its associate RHB is also expected to deliver stable performance given improving capital market from realization of investment activities. 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

OSK Holdings Berhad is an investment holding company. Through its subsidiaries, the Company provides retail and institutional broking in equities, futures and fixed income, underwriting and placement of securities, corporate finance and advisory, commercial and wholesale banking, asset management, trustee services and issues derivatives and structured products.

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O.S.K. Holdings (OSK MK)

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

OSK property to launch MYR750m pipeline in FY22; Phils developers urged to expand industrial spaces; HDB launching ~5k BTO flats

SCCM Asia Research

OSK Holdings - Acquisition to Double Cable Capacity

OSK’s 97.47%-owned subsidiary, Olympic Cable, is acquiring Universal Cable's assets, including two manufacturing facilities producing low, medium,...

Hong Leong Investment Bank Berhad

OSK Holdings - Results Chalking Inline

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY). The results were within our...

Hong Leong Investment Bank Berhad

OSK Holdings - An Emerging Force in Private Credit Market

We remain positive on the group’s prospects, particularly due to the strong growth in capital financing, which recorded a PBT of RM26.1m in 1Q24,...

Hong Leong Investment Bank Berhad

OSK Holdings - Solid Start for FY24

OSK reported 1Q24 core PATAMI of RM122.8m (+26.7% QoQ; +6.4% YoY). The results were within our expectation, making up 26.4% of our full-year forecast.

Hong Leong Investment Bank Berhad

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