External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. 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

<div><div><div><div><ul><li>Supply Network reported a 1H23 NPAT of $12.7m, up 34% on the pcp.</li><li>The company declared a 1H23 dividend of 20.0cps, up 67% on the 12.0cps dividend declared in 1H22.</li><li>While profit growth may slow somewhat in 2H23, this is largely due to investments for future growth.</li></ul></div></div></div></div><p><em>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.</em></p>

Supply Network reported a 1H23 NPAT of $12.7m, up 34% on the pcp.The company declared a 1H23 dividend of 20.0cps, up 67% on the 12.0cps dividend declared in 1H22.While profit growth may slow somewhat in 2H23, this is largely due to investments for future growth.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.

Supply Network Limited - Another Strong Result

<div><div><div><div><ul><li>Supply Network expects to report a 1H23 NPAT of $12.7m, up 34% on the pcp and 4% ahead of our $12.2m forecast.</li><li>The company declared a 1H23 dividend of 20.0 cps, up 67% on the 12.0 cps dividend declared in 1H22 and ahead of our 15.0 cps forecast.</li><li>While profit growth may slow somewhat in 2H23, this is largely due to investments for future growth.</li></ul></div></div></div></div><p><em>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.</em></p>

Supply Network expects to report a 1H23 NPAT of $12.7m, up 34% on the pcp and 4% ahead of our $12.2m forecast.The company declared a 1H23 dividend of 20.0 cps, up 67% on the 12.0 cps dividend declared in 1H22 and ahead of our 15.0 cps forecast.While profit growth may slow somewhat in 2H23, this is largely due to investments for future growth.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.

Supply Network Limited - 1H23 Earnings Update and Dividend Announcement

<ul><li>SNL provided 1H23 revenue and NPAT guidance well above our expectations.</li><li>Although revenue is expected to grow in 2H23, investments in new branches combined with the expansion of existing sites are likely to see lower profit growth over 2H23.</li><li>Nevertheless, the outlook remains positive with robust market demand, supported by strong activity in all regions. We maintain an ACCUMULATE rating.</li></ul><p><em>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.</em></p>

SNL provided 1H23 revenue and NPAT guidance well above our expectations.Although revenue is expected to grow in 2H23, investments in new branches combined with the expansion of existing sites are likely to see lower profit growth over 2H23.Nevertheless, the outlook remains positive with robust market demand, supported by strong activity in all regions. We maintain an ACCUMULATE rating.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.

<div><div><div><div><ul><li>In a nutshell: Supply Network had another strong year in FY22 with strong sales volumes and disciplined cost control leading to expanding operating margins.</li><li>The company has well laid out plans for further network expansion in FY23, into high-growth logistics hubs.</li><li>We maintain our Accumulate recommendation with a 12-month price target of $11.30.</li></ul><p><em>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.</em></p></div></div></div></div>

In a nutshell: Supply Network had another strong year in FY22 with strong sales volumes and disciplined cost control leading to expanding operating margins.The company has well laid out plans for further network expansion in FY23, into high-growth logistics hubs.We maintain our Accumulate recommendation with a 12-month price target of $11.30.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.

Supply Network Limited - Further Growth Ahead

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The firm reported a 2Q22 net profit of Bt50mn (+219% YoY, -28% QoQ), driven by strong revenue growth and a healthy GPM.</li><li>Sales revenue surged 37% YoY to Bt419mn in 2Q22, spurred on by the expanding sales of cosmetic and consumer products.</li><li>Our valuation matrix still suggests an Underperform rating.</li></ul>

The firm reported a 2Q22 net profit of Bt50mn (+219% YoY, -28% QoQ), driven by strong revenue growth and a healthy GPM.Sales revenue surged 37% YoY to Bt419mn in 2Q22, spurred on by the expanding sales of cosmetic and consumer products.Our valuation matrix still suggests an Underperform rating.

Australia

Supply Network Limited provides after sales service for the commercial vehicle (truck, bus and coach) market.  The Company provides these services through its branches in Australia and New Zealand.

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Supply Network (SNL AU)

Supply Network Limited - Another Strong Result

Supply Network reported a 1H23 NPAT of $12.7m, up 34% on the pcp. The company declared a 1H23 dividend of 20.0cps, up 67% on the 12.0cps dividend...

Ord Minnett

Supply Network Limited - 1H23 Earnings Update and Dividend Announcement

Supply Network expects to report a 1H23 NPAT of $12.7m, up 34% on the pcp and 4% ahead of our $12.2m forecast. The company declared a 1H23 dividend...

Ord Minnett

Supply Network Limited - In Short Supply

Although revenue is expected to grow in 2H23, investments in new branches combined with the expansion of existing sites are likely to see lower...

Ord Minnett

Supply Network Limited - Further Growth Ahead

In a nutshell: Supply Network had another strong year in FY22 with strong sales volumes and disciplined cost control leading to expanding operating...

Ord Minnett

Earnings Review

The firm reported a 2Q22 net profit of Bt50mn (+219% YoY, -28% QoQ), driven by strong revenue growth and a healthy GPM. Sales revenue surged 37%...

Krungthai XSpring

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