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>SLP reported 1Q24 core PAT of RM4.9m (+156.4% QoQ, +63.1% YoY), which came in above our expectation but within the consensus forecast.</li><li>This positive deviation was primarily driven by a stronger-than-anticipated rebound in its manufacturing segment, resulting in improved margins and a stronger bottom line.</li><li>We raise our FY24F and FY25F earnings by 12% and 11% respectively, following the upward adjustments to our utilization rate assumptions. </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.

SLP reported 1Q24 core PAT of RM4.9m (+156.4% QoQ, +63.1% YoY), which came in above our expectation but within the consensus forecast.This positive deviation was primarily driven by a stronger-than-anticipated rebound in its manufacturing segment, resulting in improved margins and a stronger bottom line.We raise our FY24F and FY25F earnings by 12% and 11% respectively, following the upward adjustments to our utilization rate assumptions. 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>SLP reported FY23 core PAT of RM11.1m (-28.3% YoY), which fell short of expectations, representing only 83% and 78% of our/consensus full-year forecasts, respectively.</li><li>The lacklustre result was primarily influenced by a triple whammy of weak consumer demand, lower ASP, and heightened costs.</li><li>We have revised down our FY25f and FY26f earnings by 4.9% and 5.2% respectively, reflecting lower ASP to account for heightened competitive pressures among converters.</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.

SLP reported FY23 core PAT of RM11.1m (-28.3% YoY), which fell short of expectations, representing only 83% and 78% of our/consensus full-year forecasts, respectively.The lacklustre result was primarily influenced by a triple whammy of weak consumer demand, lower ASP, and heightened costs.We have revised down our FY25f and FY26f earnings by 4.9% and 5.2% respectively, reflecting lower ASP to account for heightened competitive pressures among converters.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>SLP reported 9M23 core PAT of RM9.25m (-30.5% YoY), which fell short of expectations, representing only 60% of our/consensus full-year forecasts, respectively.</li><li>This lacklustre performance was primarily attributed to weakened local and export demand, compounded by increased operating costs stemming from higher utility expenses and the implementation of the new Employment (Amendment) Act 2022.</li><li>With this, we cut our earnings projections for FY23F/24F/25F by 11.5%, 14.3%, and 17.2%, respectively. </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.

SLP reported 9M23 core PAT of RM9.25m (-30.5% YoY), which fell short of expectations, representing only 60% of our/consensus full-year forecasts, respectively.This lacklustre performance was primarily attributed to weakened local and export demand, compounded by increased operating costs stemming from higher utility expenses and the implementation of the new Employment (Amendment) Act 2022.With this, we cut our earnings projections for FY23F/24F/25F by 11.5%, 14.3%, and 17.2%, respectively. 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>SLP reported 1H23 core PAT of RM6.5m (-21.2% YoY), which fell short of expectations, representing only 33%/36 of our/consensus full-year forecasts, respectively.</li><li>The lacklustre performance was mainly due to weak local and export sales, as customers slowed their orders amid inflationary pressures and concerns over economic slowdown.</li><li>Given lower-than-expected YTD utilization rate, we cut our FY23/24/25 utilization rate assumptions down to 53%/60%/63%, resulting in Core PATAMI falling by 21%/8%/5% for FY23/24/25. </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.

SLP reported 1H23 core PAT of RM6.5m (-21.2% YoY), which fell short of expectations, representing only 33%/36 of our/consensus full-year forecasts, respectively.The lacklustre performance was mainly due to weak local and export sales, as customers slowed their orders amid inflationary pressures and concerns over economic slowdown.Given lower-than-expected YTD utilization rate, we cut our FY23/24/25 utilization rate assumptions down to 53%/60%/63%, resulting in Core PATAMI falling by 21%/8%/5% for FY23/24/25. 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.

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

Public Investment Bank Bhd

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.

<ul><li>The Group’s earnings are expected to remain depressed due to its key export market, particularly Japan, facing extended periods of low growth.</li><li>This is exacerbated by pronounced weakening of the Yen, and higher inflation undermining consumer sentiment and eroding households’ purchasing powers.</li><li>To note, Japan contributed RM57.2m or 30.8% to the Group’s total revenue in FY2022. Year-todate, the Japanese Yen has weakened about 10% against the US Dollar. </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.

The Group’s earnings are expected to remain depressed due to its key export market, particularly Japan, facing extended periods of low growth.This is exacerbated by pronounced weakening of the Yen, and higher inflation undermining consumer sentiment and eroding households’ purchasing powers.To note, Japan contributed RM57.2m or 30.8% to the Group’s total revenue in FY2022. Year-todate, the Japanese Yen has weakened about 10% against the US Dollar. 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.

SLP RESOURCES BERHAD  - Outlook Dimmed by Decline in Yen

Malaysia

SLP Resources Bhd is a holding company. The Company, through its subsidiaries, manufactures, exports, and distributes plastic packaging products and plastic related goods, as well as trades polymer products, such as plastic resins.

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SLP Resources (SLPR MK)

SLP Resources - Rebound in Export Sales

SLP reported 1Q24 core PAT of RM4.9m (+156.4% QoQ, +63.1% YoY), which came in above our expectation but within the consensus forecast.

Hong Leong Investment Bank Berhad

SLP Resources - Shortfall Finish

SLP reported FY23 core PAT of RM11.1m (-28.3% YoY), which fell short of expectations, representing only 83% and 78% of our/consensus full-year...

Hong Leong Investment Bank Berhad

SLP Resources - Another Miss

SLP reported 9M23 core PAT of RM9.25m (-30.5% YoY), which fell short of expectations, representing only 60% of our/consensus full-year forecasts,...

Hong Leong Investment Bank Berhad

SLP Resources - Weak Demand Persisted

SLP reported 1H23 core PAT of RM6.5m (-21.2% YoY), which fell short of expectations, representing only 33%/36 of our/consensus full-year forecasts,...

Hong Leong Investment Bank Berhad

SLP RESOURCES BERHAD - Outlook Dimmed by Decline in Yen

The Group’s earnings are expected to remain depressed due to its key export market, particularly Japan, facing extended periods of low growth.

Public Investment Bank Bhd

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