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. 

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

CJ Century Logistics Holdings / Equity Bottom-Up

<ul><li>CJ Century Logistics Holdings’ (CJ Century) FY23 core profit of RM8.3mn after stripping out forex, writebacks and other exceptional items, came in below expectations at 68% of our full-year forecast and 64% of consensus estimates.</li><li>The variance was largely due to lower-than-expected contribution from the freight forwarding segment.</li><li>FY23 core profit contracted by 66% YoY on the back of lower revenue, down 21% YoY, and margin compression.</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 Holdings’ (CJ Century) FY23 core profit of RM8.3mn after stripping out forex, writebacks and other exceptional items, came in below expectations at 68% of our full-year forecast and 64% of consensus estimates.The variance was largely due to lower-than-expected contribution from the freight forwarding segment.FY23 core profit contracted by 66% YoY on the back of lower revenue, down 21% YoY, and margin compression.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 - Freight Rates Bottoming Out

<ul><li>CJ Century Logistics Holdings’ (CJ Century) 9M23 core profit of RM9.3mn after stripping out forex and disposal gains, came in below expectations at 54% of our full-year forecast and 30% of consensus estimates.</li><li>The variance was largely due to lower-than-expected contribution from the freight forwarding segment.</li><li>9M23 core profit contracted by 59.1% YoY on the back of lower revenue, down 18.7% YoY, and margin compression</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 Holdings’ (CJ Century) 9M23 core profit of RM9.3mn after stripping out forex and disposal gains, came in below expectations at 54% of our full-year forecast and 30% of consensus estimates.The variance was largely due to lower-than-expected contribution from the freight forwarding segment.9M23 core profit contracted by 59.1% YoY on the back of lower revenue, down 18.7% YoY, and margin compressionContent 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 - Challenging Outlook Amid Sluggish Global Economy

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

MIDF Amanah Investment Bank Bhd

MIDF Group is a financial services provider in three core business areas: investment banking, development finance and asset 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.

<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

<ul><li>CJ Century Logistics Holdings’ (CJ Century) 1H23 core profit of RM6.9mn accounted for 40% of our full-year projections and 31.5% of consensus forecast.</li><li>We consider this as within our expectation as 2H23 earnings are expected to be higher due to upsurge in demand for air conditioners and gradual recovery in container freight rate.</li><li>1H23 core profit contracted by 58% YoY to RM6.9mn due to lacklustre performance at the total logistics solution segment (TLS) (Figure 1) that offset increased contribution from the procurement logistics service (PLS) segment (Figure 2).</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 Holdings’ (CJ Century) 1H23 core profit of RM6.9mn accounted for 40% of our full-year projections and 31.5% of consensus forecast.We consider this as within our expectation as 2H23 earnings are expected to be higher due to upsurge in demand for air conditioners and gradual recovery in container freight rate.1H23 core profit contracted by 58% YoY to RM6.9mn due to lacklustre performance at the total logistics solution segment (TLS) (Figure 1) that offset increased contribution from the procurement logistics service (PLS) segment (Figure 2).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 - Supported by Resurgent Aircond Demands Worldwide

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a> has transitioned from a conventional postal delivery service to an e-commerce delivery service provider and currently, the revenue contribution from e-commerce almost offset the declining legacy business. It should happen either this Christmas holiday season or in Q1 2021. The declining conveyance cost that ate up margin in 1H 2020 will provide an additional income booster that investors can look forward to. 
Singpost trades at the lowest EV/EBITDA multiples to its peers and a 0.98x PBR. Q4 has traditionally been a strong season and now that it has transitioned into an e-commerce delivery platform, the time is NOW to start building a position in Singpost.

Singapore Post (SPOST SP) has transitioned from a conventional postal delivery service to an e-commerce delivery service provider and currently, the revenue contribution from e-commerce almost offset the declining legacy business. It should happen either this Christmas holiday season or in Q1 2021. The declining conveyance cost that ate up margin in 1H 2020 will provide an additional income booster that investors can look forward to. 
Singpost trades at the lowest EV/EBITDA multiples to its peers and a 0.98x PBR. Q4 has traditionally been a strong season and now that it has transitioned into an e-commerce delivery platform, the time is NOW to start building a position in Singpost. 

Singpost (SPOST): Riding the E-Commerce Awakening in ASEAN

Malaysia

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.

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CJ Century Logistics Holdings (CLH MK)

CJ Century Logistics Holdings - Freight Rates Bottoming Out

CJ Century Logistics Holdings’ (CJ Century) FY23 core profit of RM8.3mn after stripping out forex, writebacks and other exceptional items, came in...

TA Securities Holdings Bhd

CJ Century Logistics Holdings Berhad - Challenging Outlook Amid Sluggish Global Economy

CJ Century Logistics Holdings’ (CJ Century) 9M23 core profit of RM9.3mn after stripping out forex and disposal gains, came in below expectations at...

TA Securities Holdings 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

CJ Century Logistics - Supported by Resurgent Aircond Demands Worldwide

CJ Century Logistics Holdings’ (CJ Century) 1H23 core profit of RM6.9mn accounted for 40% of our full-year projections and 31.5% of consensus...

TA Securities Holdings Bhd

Singpost (SPOST): Riding the E-Commerce Awakening in ASEAN

SPOST trades at the lowest EV/EBITDA multiples to its peers and below book value. Q4 has traditionally a strong season and now that it has become...

Henry Soediarko

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