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

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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Equity Bottom-Up

 Bermaz Auto Berhad distributes and retails automobiles. The Company also provides after sale services.

<ul><li>Bermaz Auto Bhd (BAuto) 1QFY24 net profit doubled YoY to RM100.2m, mainly attributed to the increase in overall sales volume and higher contribution from its Mazda marque, particularly the CX-30 CKD model and continued fulfillment of the balance backorders for Mazda 3.</li><li>The results beat both our and consensus expectation, accounting for 46.8% and 38.3% of full-year estimates respectively.</li><li>The discrepancy in our numbers was mainly due to balance backorders for Mazda 3. While new bookings and TIV continue to expand, we remain cautious and expect some normalisation in the near future considering the expiry of the SST holiday, uncertainties surrounding global economies amid the rising interest rate environment. </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.

Bermaz Auto Bhd (BAuto) 1QFY24 net profit doubled YoY to RM100.2m, mainly attributed to the increase in overall sales volume and higher contribution from its Mazda marque, particularly the CX-30 CKD model and continued fulfillment of the balance backorders for Mazda 3.The results beat both our and consensus expectation, accounting for 46.8% and 38.3% of full-year estimates respectively.The discrepancy in our numbers was mainly due to balance backorders for Mazda 3. While new bookings and TIV continue to expand, we remain cautious and expect some normalisation in the near future considering the expiry of the SST holiday, uncertainties surrounding global economies amid the rising interest rate environment. 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.

Bermaz Auto Berhad  - Expecting Sales Normalisation

Hibiscus Petroleum Berhad is an independent upstream exploration and production company that explores for oil and gas. The Company has operations in the Middle East, Norway and Oceania regions.

<ul><li>Hibiscus Petroleum (Hibiscus) announced that it has entered into Marigold Field Unitisation and Unit Operating Agreement (UUOA) to jointly develop the Marigold Field.</li><li>The unitisation integrates the development of two separate licenses i.e. Marigold West (Anasuria Hibiscus and Caldera) and Marigold East (Ithaca).</li><li>This will resolve potential overlap of Marigold license at the boundary as both licenses are adjacent to each other. </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.

Hibiscus Petroleum (Hibiscus) announced that it has entered into Marigold Field Unitisation and Unit Operating Agreement (UUOA) to jointly develop the Marigold Field.The unitisation integrates the development of two separate licenses i.e. Marigold West (Anasuria Hibiscus and Caldera) and Marigold East (Ithaca).This will resolve potential overlap of Marigold license at the boundary as both licenses are adjacent to each other. 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.

Hibiscus Petroleum BERHAD - Scaling Up Marigold Field

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

<ul><li>Hartalega reported a third consecutive net loss of RM52.5m in 1QFY24 (+83% QoQ), mainly due to weaker sales volume.</li><li>After stripping out nonoperating items, Hartalega recorded a RM1.5m core net profit in 1QFY24, down 96% QoQ.</li><li>Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m. </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.

Hartalega reported a third consecutive net loss of RM52.5m in 1QFY24 (+83% QoQ), mainly due to weaker sales volume.After stripping out nonoperating items, Hartalega recorded a RM1.5m core net profit in 1QFY24, down 96% QoQ.Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m. 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.

Hartalega Holdings Berhad - Still Challenging

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

<ul><li>Genting Bhd’s (GENT) 52.7%-owned subsidiary, Genting Singapore (GENS), saw its 1HFY23 net profit more than tripled to SGD276.7m, as it continued to chalk higher foreign visitor arrivals from the pandemic year of FY22.</li><li>On a QoQ basis, net profit jumped 14.1% to SGD147.5m, mainly on higher gaming revenue.</li><li>For 1HFY23, the results came in within expectations. No change to our earnings forecasts. </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.

Genting Bhd’s (GENT) 52.7%-owned subsidiary, Genting Singapore (GENS), saw its 1HFY23 net profit more than tripled to SGD276.7m, as it continued to chalk higher foreign visitor arrivals from the pandemic year of FY22.On a QoQ basis, net profit jumped 14.1% to SGD147.5m, mainly on higher gaming revenue.For 1HFY23, the results came in within expectations. No change to our earnings forecasts. 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.

Mi Technovation Berhad / Equity Bottom-Up

Mi Equipment Holdings Berhad operates as a holding company. The Company, through its subsidiaries, manufactures factory automation equipment. Mi Equipment Holdings offers wafer to reel final test handlers, art die sorting machines, and other equipment. Mi Equipment Holdings serves customers in Asia and the United States.

<ul><li>Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.</li><li>The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.</li><li>On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. </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.

Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. 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.

Mi Technovation -Seeing Signs of Recovery