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>Rexit’s 1HFY24 net profit of RM6.8mn came in above expectations, accounting for 60.7% of our full-year estimate.</li><li>The positive variance was mainly due to higher-than-expected sales volume.</li><li>YoY, 1HFY24 net profit surged 32.6% to RM6.8mn, due to increase in hardware, systems software sales, and software sales and services.</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.

Rexit’s 1HFY24 net profit of RM6.8mn came in above expectations, accounting for 60.7% of our full-year estimate.The positive variance was mainly due to higher-than-expected sales volume.YoY, 1HFY24 net profit surged 32.6% to RM6.8mn, due to increase in hardware, systems software sales, and software sales and services.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>Dato' Seow Gim Shen, Metaco Asset Holdings Sdn Bhd (Metaco), and Bemas Holdings Sdn Bhd (Bemas) have acquired a total of 92.3mn ordinary shares in REXIT, representing 53.3% of the total issued shares from 3 existing shareholders namely Rexit Ventures Sdn Bhd, Global Hartabumi Sdn Bhd, and the group’s chief executive officer Datuk Chung Hon Cheong, for a total cash consideration of RM78.4mn or 85.0sen/share via direct business transactions.</li><li>As a result, it triggers a mandatory general offer (MGO) to acquire all the remaining shares at a cash consideration of 85.0sen/share.</li><li>The offer is not conditional upon any minimum level of acceptance of the offer shares. </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.

Dato' Seow Gim Shen, Metaco Asset Holdings Sdn Bhd (Metaco), and Bemas Holdings Sdn Bhd (Bemas) have acquired a total of 92.3mn ordinary shares in REXIT, representing 53.3% of the total issued shares from 3 existing shareholders namely Rexit Ventures Sdn Bhd, Global Hartabumi Sdn Bhd, and the group’s chief executive officer Datuk Chung Hon Cheong, for a total cash consideration of RM78.4mn or 85.0sen/share via direct business transactions.As a result, it triggers a mandatory general offer (MGO) to acquire all the remaining shares at a cash consideration of 85.0sen/share.The offer is not conditional upon any minimum level of acceptance of the offer shares. 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.

Rexit Berhad - Emergence of New Major Shareholders that Triggers MGO

<ul><li>Rexit’s 1QFY24 net profit of RM2.8mn (-23.2% QoQ, +16.0% YoY) came within our full-year estimates at 25.0%.</li><li>Rexit declared an interim dividend of 5.0sen (1QFY23: 4.0sen).</li><li>As Rexit typically declares dividend once a year, we deem the payout as above our expectations of 4.5sen. </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.

Rexit’s 1QFY24 net profit of RM2.8mn (-23.2% QoQ, +16.0% YoY) came within our full-year estimates at 25.0%.Rexit declared an interim dividend of 5.0sen (1QFY23: 4.0sen).As Rexit typically declares dividend once a year, we deem the payout as above our expectations of 4.5sen. 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.

Rexit Berhad - Results In Line, Dividends Better-Than-Expected

<ul><li>Post our meeting with Rexit’s management, we foresee further upside to the group’s transaction-based revenue with recent upgrades to the eCover system facilitating its key end-users (i.e., insurance agents) in processing transactions across a broader range of insurance classes.</li><li>As we pencil in higher transaction-based revenue, we have raised our FY24F to FY26F earnings forecast by +12.3% to +13.0%.</li><li>Corresponding to our earnings upgrade, our TP for Rexit is raised to RM0.93 (previously RM0.825) based on a target PE of 14.0x CY24F EPS, closely in line with the stock’s 5-year mean. </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 our meeting with Rexit’s management, we foresee further upside to the group’s transaction-based revenue with recent upgrades to the eCover system facilitating its key end-users (i.e., insurance agents) in processing transactions across a broader range of insurance classes.As we pencil in higher transaction-based revenue, we have raised our FY24F to FY26F earnings forecast by +12.3% to +13.0%.Corresponding to our earnings upgrade, our TP for Rexit is raised to RM0.93 (previously RM0.825) based on a target PE of 14.0x CY24F EPS, closely in line with the stock’s 5-year mean. 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.

Rexit Berhad - Catalyst from System Upgrades

<ul><li>Rexit’s FY23 net profit of RM11.0mn (+20.9% YoY) beat our full-year estimates at 116.0% due to higher-than-expect revenue, particularly from software customisation services.</li><li>YoY. FY23’s net profit increased 20.9% YoY to RM11.0mn as revenue grew 7.5% YoY to RM26.7mn on higher contributions from software customisation services.</li><li>In tandem with the better service mix and lower taxes, the net profit margin expanded 4.6pp YoY to 41.2%.</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.

Rexit’s FY23 net profit of RM11.0mn (+20.9% YoY) beat our full-year estimates at 116.0% due to higher-than-expect revenue, particularly from software customisation services.YoY. FY23’s net profit increased 20.9% YoY to RM11.0mn as revenue grew 7.5% YoY to RM26.7mn on higher contributions from software customisation services.In tandem with the better service mix and lower taxes, the net profit margin expanded 4.6pp YoY to 41.2%.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.

Rexit Berhad - Boosted by Increased Software Customisation Services

Malaysia

Rexit Bhd, through its subsidiaries, provides business application solutions. The Company's services range from conceptual development and project management, to overall systems implementation.  Rexit has developed and owns software application solutions, such as insurance management, imaging and workflow systems, and wireless radio frequency identification tracking systems.

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Rexit Bhd (REXI MK)

Rexit Berhad - A Strong Set of Result

Rexit’s 1HFY24 net profit of RM6.8mn came in above expectations, accounting for 60.7% of our full-year estimate. The positive variance was mainly...

TA Securities Holdings Bhd

Rexit Berhad - Emergence of New Major Shareholders that Triggers MGO

As a result, it triggers a mandatory general offer (MGO) to acquire all the remaining shares at a cash consideration of 85.0sen/share.

TA Securities Holdings Bhd

Rexit Berhad - Results In Line, Dividends Better-Than-Expected

Rexit’s 1QFY24 net profit of RM2.8mn (-23.2% QoQ, +16.0% YoY) came within our full-year estimates at 25.0%.Rexit declared an interim dividend of...

TA Securities Holdings Bhd

Rexit Berhad - Catalyst from System Upgrades

Corresponding to our earnings upgrade, our TP for Rexit is raised to RM0.93 (previously RM0.825) based on a target PE of 14.0x CY24F EPS, closely...

TA Securities Holdings Bhd

Rexit Berhad - Boosted by Increased Software Customisation Services

Rexit’s FY23 net profit of RM11.0mn (+20.9% YoY) beat our full-year estimates at 116.0% due to higher-than-expect revenue, particularly from...

TA Securities Holdings Bhd

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