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

Supercomnet Technologies / Equity Bottom-Up

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.</li><li>FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.</li><li>We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.</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.

Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.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.

Supercomnet Technologies Berhad - Recovery Intact

<ul><li>Despite the delay of contributions from customer I and N as well as issues within customer M, we believe that Supercomnet’s earnings growth would remain intact as 2 of its largest customers, Edward and Ambu, would increase purchase orders in FY24.</li><li>Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun Plant.</li><li>In addition, the group is in talk with a European automotive player on sales of wire harness. </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.

Despite the delay of contributions from customer I and N as well as issues within customer M, we believe that Supercomnet’s earnings growth would remain intact as 2 of its largest customers, Edward and Ambu, would increase purchase orders in FY24.Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun Plant.In addition, the group is in talk with a European automotive player on sales of wire harness. 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.

Supercomnet Technologies Berhad - Minor Hiccups

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full-year forecasts respectively.</li><li>The variance was largely attributed to weaker-than-expected sales.</li><li>9M23 PBT decreased by 21.0% to RM27.9mn as revenue fell 14.7% to RM103.2mn. </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.

Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full-year forecasts respectively.The variance was largely attributed to weaker-than-expected sales.9M23 PBT decreased by 21.0% to RM27.9mn as revenue fell 14.7% to RM103.2mn. 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.

Supercomnet Technologies Berhad - Lower than Expected Sales

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.</li><li>We deem the results to be within expectations as we expect the group to deliver a better performance in 2H23. </li><li>2Q23 net profit increased 4.0% QoQ to RM7.3mn despite lower revenue of 10.8% to RM33.3mn. </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.

Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.We deem the results to be within expectations as we expect the group to deliver a better performance in 2H23. 2Q23 net profit increased 4.0% QoQ to RM7.3mn despite lower revenue of 10.8% to RM33.3mn. 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.

Supercomnet Technologies Berhad - A Satisfactory 2Q23 Performance

<ul><li>We recently visited Supercomnet’s plants in Kedah to better understand the group’s prospects and products.</li><li>Supercomnet is implementing lean manufacturing and automation to improve cost efficiency and replace existing manual processes.</li><li>We are sanguine on the outlook of Supercomnet due to i) the shift to whole device products, ii) the growing pipeline of new products and iii) the transfer of listing to the main bourse in 2H23. Reiterate Buy with an unchanged target price of RM1.85/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.

We recently visited Supercomnet’s plants in Kedah to better understand the group’s prospects and products.Supercomnet is implementing lean manufacturing and automation to improve cost efficiency and replace existing manual processes.We are sanguine on the outlook of Supercomnet due to i) the shift to whole device products, ii) the growing pipeline of new products and iii) the transfer of listing to the main bourse in 2H23. Reiterate Buy with an unchanged target price of RM1.85/shareContent 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.

Supercomnet Technologies Berhad - A Visit to the Medical and Automotive Plants

Malaysia

Supercomnet Technologies Berhad manufactures wires and cables.  The Company produces equipment cables, shielded wires, computer cables, power supply cords, speaker wires, jumper cables, keyboard cables, monitor cables, coaxial cables, printer cables, USB cables, patch cord cables, and other products.

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Supercomnet Technologies (SCT MK)

Supercomnet Technologies Berhad - Recovery Intact

Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - Minor Hiccups

Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - Lower than Expected Sales

Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - A Satisfactory 2Q23 Performance

Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - A Visit to the Medical and Automotive Plants

Supercomnet is implementing lean manufacturing and automation to improve cost efficiency and replace existing manual processes.

TA Securities Holdings Bhd

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