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. 

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Equity Bottom-Up

<ul><li>SLP reported 1HFY24 core PAT of RM8.2m (+25.5%), which came in within our and consensus expectations.</li><li>The quarter saw lower GP margin due to heightened competition in the local packaging industry, leading to a downward revision in ASP.</li><li>While the appreciation of JPY against USD is expected to enhance its sales outlook in the Japanese market, the limited availability of shipping containers in SEA could constrain the recovery. </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 1HFY24 core PAT of RM8.2m (+25.5%), which came in within our and consensus expectations.The quarter saw lower GP margin due to heightened competition in the local packaging industry, leading to a downward revision in ASP.While the appreciation of JPY against USD is expected to enhance its sales outlook in the Japanese market, the limited availability of shipping containers in SEA could constrain the recovery. 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 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.

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

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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...

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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,...

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