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

MIDF Amanah Investment Bank Bhd

External broker reports(aggregated public sources)

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Equity Bottom-Up

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

<ul><li>New Aussie win. Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured the AUD1.6b (RM5.0b) Metronet High-Capacity Signalling Project from the Public Transport Authority of Western Australia.</li><li>While Perth has been among the main markets for DT Infrastructure, this marks Gamuda’s first project win in Perth postacquisition in Jun-23.</li><li>Project details. The contract was awarded to AD Alliance (ALSTOM Transport Australia Pty Ltd 54%; DT Infrastructure Pty Ltd 46%) therefore, Gamuda’s share of the contract is AUD737m (RM2.3b).</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.

New Aussie win. Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured the AUD1.6b (RM5.0b) Metronet High-Capacity Signalling Project from the Public Transport Authority of Western Australia.While Perth has been among the main markets for DT Infrastructure, this marks Gamuda’s first project win in Perth postacquisition in Jun-23.Project details. The contract was awarded to AD Alliance (ALSTOM Transport Australia Pty Ltd 54%; DT Infrastructure Pty Ltd 46%) therefore, Gamuda’s share of the contract is AUD737m (RM2.3b).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.

Gamuda Berhad - DTI Seals New Win in Perth

MSM Malaysia Holdings Bhd produces sugar products.  The Company produces, markets, and sells a wide range of sugars, ranging from white refined to brown sugar. MSM Malaysia operates refineries in Prai, Penang and Chuping, Perlis.

<ul><li>Robust sales at RM806.7m (+8.1%qoq, +20.7%yoy. Losses narrowed to -RM36.1m on the back better cost optimization</li><li>Earnings forecast tweak higher on higher ASP and sales volume</li><li>We upgrade to BUY call (previously NEUTRAL) with a new TP RM1.70</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.

Robust sales at RM806.7m (+8.1%qoq, +20.7%yoy. Losses narrowed to -RM36.1m on the back better cost optimizationEarnings forecast tweak higher on higher ASP and sales volumeWe upgrade to BUY call (previously NEUTRAL) with a new TP RM1.70Content 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.

MSM Malaysia Holdings Berhad - Losses Reduced on Better Cost Optimisation

KKB Engineering Berhad fabricates steel, provides civil construction, hot dip galvanising and manufactures LPG cylinders and cylindrical steel drums. Through its subsidiaries, the Company manufactures UPVC roofing sheets, pipes, and sub-contracts welding works. KKB Engineering also has operations in manufacturing and trading steel pipes and other related steel products.

<ul><li>Core earnings of RM9.9m in 2QFY23; 1HFY23 core earnings at RM13.0m) which was within expectations</li><li>Stronger bottom line lifted by improving margins from steel fabrication</li><li>Outstanding order book stands at over RM700m with earnings visibility up to FY24. Tender book target of RM400m</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.

Core earnings of RM9.9m in 2QFY23; 1HFY23 core earnings at RM13.0m) which was within expectationsStronger bottom line lifted by improving margins from steel fabricationOutstanding order book stands at over RM700m with earnings visibility up to FY24. Tender book target of RM400mContent 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.

KKB Engineering Berhad - A Quarter of Stronger Margins

CJ Century Logistics Holdings / Equity Bottom-Up

Century Logistics Holdings Bhd is an investment holding company. The Company, through its subsidiaries, provides freight forwarding, warehousing, container haulage, transportation, and open yard storage services. Century Logistics also provides distribution services, invests in property, and operates as shipping agent.

<ul><li>CJ Century Logistics Berhad (CJ Century) reported core PATAMI of RM3.5m in 2QFY23, resulting in a cumulative core PATAMI of RM7.3m for 1HFY23.</li><li>This fell short of projections, representing only 23%/30% of our/consensus full-year estimates.</li><li>The negative deviation was primarily due to lower-than-expected profit margins.</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.

CJ Century Logistics Berhad (CJ Century) reported core PATAMI of RM3.5m in 2QFY23, resulting in a cumulative core PATAMI of RM7.3m for 1HFY23.This fell short of projections, representing only 23%/30% of our/consensus full-year estimates.The negative deviation was primarily due to lower-than-expected profit margins.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.

CJ Century Logistics Holdings Berhad - Trade Challenges Loom

Deleum Bhd. is an investment holding company. The Company, through its subsidiaries, provides a wide range of products and services to the oil and gas industry, including gas turbine technical services, exploration and production equipment and services, gas turbine packages, specialized products and services and oilfield chemical and services

<ul><li>Initiate coverage on Deleum with BUY recommendation and a TP of RM0.96 per share</li><li>Deleum specialises in upstream O&amp;G services primarily in gas turbines, slicklines and well services, and corrosion solutions</li><li>Resilient orderbook at RM2b, tenderbook at RM116m. Positive earnings since FY07 despite CAGR at 7.4%</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.

Initiate coverage on Deleum with BUY recommendation and a TP of RM0.96 per shareDeleum specialises in upstream O&amp;G services primarily in gas turbines, slicklines and well services, and corrosion solutionsResilient orderbook at RM2b, tenderbook at RM116m. Positive earnings since FY07 despite CAGR at 7.4%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.

Deleum Berhad - Healthy Performance Amid Adverse Sector

MIDF Amanah Investment Bank Bhd
External broker reports(aggregated public sources)

Gamuda Berhad - DTI Seals New Win in Perth

Gamuda has made further inroads in Australia, this time through a JV that its wholly owned subsidiary DT Infrastructure is a part of, which secured...

MIDF Amanah Investment Bank Bhd

MSM Malaysia Holdings Berhad - Losses Reduced on Better Cost Optimisation

Robust sales at RM806.7m (+8.1%qoq, +20.7%yoy. Losses narrowed to -RM36.1m on the back better cost optimization. Earnings forecast tweak higher on...

MIDF Amanah Investment Bank Bhd

KKB Engineering Berhad - A Quarter of Stronger Margins

Core earnings of RM9.9m in 2QFY23; 1HFY23 core earnings at RM13.0m) which was within expectations. Stronger bottom line lifted by improving margins...

MIDF Amanah Investment Bank Bhd

CJ Century Logistics Holdings Berhad - Trade Challenges Loom

CJ Century Logistics Berhad (CJ Century) reported core PATAMI of RM3.5m in 2QFY23, resulting in a cumulative core PATAMI of RM7.3m for 1HFY23.

MIDF Amanah Investment Bank Bhd

Deleum Berhad - Healthy Performance Amid Adverse Sector

Initiate coverage on Deleum with BUY recommendation and a TP of RM0.96 per share. Deleum specialises in upstream O&G services...

MIDF Amanah Investment Bank Bhd