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>Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.</li><li>Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.</li><li>The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.</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.

Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM74.5mn in FY23.Results came in above ours but below consensus estimates, accounting for 120% and 94% ours and consensus’ full-year forecasts, respectively.The positive deviation from our earnings projections was largely driven by lower-than-expected finance costs, as EBIT was broadly in line at 105% of our forecasts.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.

Paramount Corporation Berhad - Optimistic About FY24 Outlook

<ul><li>Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM49.1mn in 9M23.</li><li>Results came in broadly within our but below consensus estimates, accounting for 79% and 65% of our and consensus full-year forecasts, respectively.</li><li>YoY: 9M23 net profit to ordinary equity holders surged 87%YoY to RM49.1mn, primarily due to notable improvements in the property division.</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.

Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM49.1mn in 9M23.Results came in broadly within our but below consensus estimates, accounting for 79% and 65% of our and consensus full-year forecasts, respectively.YoY: 9M23 net profit to ordinary equity holders surged 87%YoY to RM49.1mn, primarily due to notable improvements in the property division.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.

Paramount Corporation Berhad - A Steady Set of Results

<ul><li>Post Paramount Corporation Bhd (PCB)’s 1HFY23 investors briefing, we maintain our earnings forecasts and Buy recommendation with an unchanged TP of RM1.17 based on CY24 P/Bk multiple of 0.5x.</li><li>Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.</li><li>While management is cautious about the sector outlook as the brisk sales observed in the market could be partially attributed to temporary demand-supply imbalances, management remains hopeful for sustained growth through a stronger domestic economy and investment-friendly policies. </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.

Post Paramount Corporation Bhd (PCB)’s 1HFY23 investors briefing, we maintain our earnings forecasts and Buy recommendation with an unchanged TP of RM1.17 based on CY24 P/Bk multiple of 0.5x.Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.While management is cautious about the sector outlook as the brisk sales observed in the market could be partially attributed to temporary demand-supply imbalances, management remains hopeful for sustained growth through a stronger domestic economy and investment-friendly policies. 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.

Paramount Corporation Berhad - Sales Target on Track

<ul><li>Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM33.1mn in 1H23.</li><li>Results came in within expectations, accounting for 53% of our full-year forecasts.</li><li>A first interim dividend of 3sen/share was announced (1H22: 2.5sen/share).</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.

Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of RM33.1mn in 1H23.Results came in within expectations, accounting for 53% of our full-year forecasts.A first interim dividend of 3sen/share was announced (1H22: 2.5sen/share).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.

Paramount Corporation Berhad - Steering Towards a Year of Milestone Success

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>Preference for CBD offices remains; However, home prices in CCR lag that of Suburbs</li><li>2 commercial buildings in Tanjong Pagar on market for collective sale</li><li><a href="https://www.smartkarma.com/entities/sime-darby-property-bhd" target="_blank" data-smartkarma-citation="entities:26921" rel="noopener">Sime Darby Property Bhd (SDPR MK)</a> factories worth MYR213m snapped up during most recent launch</li></ul>

Preference for CBD offices remains; However, home prices in CCR lag that of Suburbs2 commercial buildings in Tanjong Pagar on market for collective saleSime Darby Property Bhd (SDPR MK) factories worth MYR213m snapped up during most recent launch

ASEAN Builder's Scoop (27Sep22) - CBD Office Preferred, but Home Rental Lags

Malaysia

Paramount Corporation Berhad is an investment holding company that is primarily involved in property development and investment of residential and commercial properties.  The Company is also engaged in the provision of building and engineering contractor services along with providing private educational services.

Paramount Corp (PAR MK)

Paramount Corporation Berhad - Optimistic About FY24 Outlook

Excluding exceptional items totalling RM8.4mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary equity holders of...

TA Securities Holdings Bhd

Paramount Corporation Berhad - A Steady Set of Results

Excluding the gain on disposal of investment properties of RM5.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary...

TA Securities Holdings Bhd

Paramount Corporation Berhad - Sales Target on Track

Looking into 2HFY23, management shared that it will roll out new properties worth RM714mn to drive its sales target of RM1.2bn.

TA Securities Holdings Bhd

Paramount Corporation Berhad - Steering Towards a Year of Milestone Success

Excluding the gain on disposal of investment properties of RM2.6mn, Paramount Corporation Bhd (PCB) reported normalised net profit to ordinary...

TA Securities Holdings Bhd

ASEAN Builder's Scoop (27Sep22) - CBD Office Preferred, but Home Rental Lags

SDPR sold out Selangor factories; APAC tourist arrivals surge; Phils credit rating agencies eye more rate hikes; IMF downgrades PH growth est

SCCM Asia Research