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

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. 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

Bintulu Port Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides port services. Bintulu Port Holdings serves customers in Malaysia.

<ul><li>BIPORT’s FY23 results met expectations. Its 4QFY23 core net profit jumped 19% QoQ on a pick-up in cargo volumes, which could be signs of green shoots of recovery.</li><li>We continue to like BIPORT for its stable income stream from handling LNG cargoes. We maintain our forecasts, TP of RM5.55 and MARKET PERFORM call.</li><li>BIPORT’s FY23 core net profit (excluding one-offs at RM7.8m) met expectations.</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.

BIPORT’s FY23 results met expectations. Its 4QFY23 core net profit jumped 19% QoQ on a pick-up in cargo volumes, which could be signs of green shoots of recovery.We continue to like BIPORT for its stable income stream from handling LNG cargoes. We maintain our forecasts, TP of RM5.55 and MARKET PERFORM call.BIPORT’s FY23 core net profit (excluding one-offs at RM7.8m) met expectations.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.

Bintulu Port Holdings - Green Shoots of Recovery - 1 Mar 2024

Engtex Group Berhad is an investment holding company.  The Company, through its subsidiaries, distributes and wholesales pipes, valves, and fittings (PVF), plumbing materials, and general hardware products.  Engtex also manufactures steel PVF, pipe asphalt and coatings, bitumen products, hydrants, manhole covers, welded wire mesh, and hard drawn wire.

<ul><li>ENGTEX’s FY23 results disappointed, weighed down by high-cost steel inventory.</li><li>It is poised for a much stronger FY24 following the recent water tariff hike, which will bolster cash flows of water operators, enabling them to kick start their water projects including pipe replacement.</li><li>We maintain our forecasts, TP of RM1.41 and OUTPERFORM call.</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.

ENGTEX’s FY23 results disappointed, weighed down by high-cost steel inventory.It is poised for a much stronger FY24 following the recent water tariff hike, which will bolster cash flows of water operators, enabling them to kick start their water projects including pipe replacement.We maintain our forecasts, TP of RM1.41 and OUTPERFORM call.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.

Engtex Group - Earnings Inflection in FY24  - 1 Mar 2024

BM GreenTech Bhd manufactures, repairs, and re-furbishes boilers. The Company primarily serves the palm oil milling industry, but has also designed boilers for the sugar milling, rubber-based manufacturing, food processing, and palm oil refining industries. BM GreenTech serves customers worldwide.

<ul><li>BMGREEN’s 9MFY24 results met expectations. Its 9MFY24 net profit almost tripled, buoyed by lower input cost.</li><li>However, its prospects are unfavourable with planters holding back from replacing or upgrading their boilers amidst flattish CPO prices.</li><li>We maintain our forecasts, TP of RM0.81 and UNDERPERFORM call. </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.

BMGREEN’s 9MFY24 results met expectations. Its 9MFY24 net profit almost tripled, buoyed by lower input cost.However, its prospects are unfavourable with planters holding back from replacing or upgrading their boilers amidst flattish CPO prices.We maintain our forecasts, TP of RM0.81 and UNDERPERFORM call. 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.

BM Greentech - Plantation Capex Down-Cycle Weighs

Kumpulan Perangsang Selangor / Equity Bottom-Up

Kumpulan Perangsang Selangor Berhad is an investment holding company involved in hospitality, golf clubs, oil and gas, and telecommunications.

<ul><li>KPS’s FY23 results disappointed due to its inability to effectively contain costs.</li><li>Its FY23 core net profit plunged 85% on a doublewhammy of the slowdown in the global consumer electronics sector and rising input cost.</li><li>We believe a recovery is more likely to happen in 2HCY24, at the earliest. We maintain our forecasts, TP of RM0.45 and UNDERPERFORM call.</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.

KPS’s FY23 results disappointed due to its inability to effectively contain costs.Its FY23 core net profit plunged 85% on a doublewhammy of the slowdown in the global consumer electronics sector and rising input cost.We believe a recovery is more likely to happen in 2HCY24, at the earliest. We maintain our forecasts, TP of RM0.45 and UNDERPERFORM call.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.

Kumpulan Perangsang Selangor - Slowdown in Consumer Electronics Weighs

Petron Malaysia Refining & Marketing / Equity Bottom-Up

Petron Malaysia Refining & Marketing Bhd manufactures and markets petroleum products as well as operates an oil refinery in Port Dickson. The Company also operates retail service stations

Petron Malaysia Refining & Marketing (PETRONM MK)

<ul><li>PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume.</li><li>We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy.</li><li>We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.</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.

PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume.We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy.We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.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.

Petron Malaysia Refining - Unfavourable Crack Spreads