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.

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

<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

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

Kenanga Investment Bank Bhd

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.

<ul><li>HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023.</li><li>We widen our FY24F net loss forecast by 28% to RM105m (from RM82m) but maintain our FY25F numbers.</li><li>We trim our assetbased TP slightly to RM1.85 (from RM1.90) and reiterate our 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.

HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023.We widen our FY24F net loss forecast by 28% to RM105m (from RM82m) but maintain our FY25F numbers.We trim our assetbased TP slightly to RM1.85 (from RM1.90) and reiterate our 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.

Results Note - Hartalega Holdings - A Weak Start to FY24

Malaysia

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.

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Hartalega Holdings (HART MK)

Hartalega Holdings Berhad - Still Challenging

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.

Public Investment Bank Bhd

Results Note - Hartalega Holdings - A Weak Start to FY24

HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023. We widen our FY24F net...

Kenanga Investment Bank Bhd

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