External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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Equity Bottom-Up

<ul><li>OSK reported 3Q23 core PATAMI of RM122.8m (-6.1% QoQ; +8.9% YoY), which brought 9M23’s sum to RM369.1m (+21.5% YoY), beating our expectation at 80.5% of full year forecast.</li><li>The positive deviation was due to stronger-than-expected contribution from industries and capital financing.</li><li>We increase our FY23/24/25 forecasts by +5.0%/1.7%/1.3% to impute higher utilisation rate for industries segment and higher loan portfolio assumptions. </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.

OSK reported 3Q23 core PATAMI of RM122.8m (-6.1% QoQ; +8.9% YoY), which brought 9M23’s sum to RM369.1m (+21.5% YoY), beating our expectation at 80.5% of full year forecast.The positive deviation was due to stronger-than-expected contribution from industries and capital financing.We increase our FY23/24/25 forecasts by +5.0%/1.7%/1.3% to impute higher utilisation rate for industries segment and higher loan portfolio assumptions. 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.

OSK Holdings - Surpassing Expectations Again

<ul><li>Our recent meeting with the management has bolstered optimism about the group's future prospects.</li><li>The capital financing segment performed exceptionally well with 1H23 PBT of RM39.6m (+26.5% YoY), driven by growing loan portfolios in civil servant financing and Australia.</li><li>The group has expanded its reach in civil servant financing, now holding its own Angkasa license and targeting a vast potential market of over 1.7m civil servants. </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.

Our recent meeting with the management has bolstered optimism about the group's future prospects.The capital financing segment performed exceptionally well with 1H23 PBT of RM39.6m (+26.5% YoY), driven by growing loan portfolios in civil servant financing and Australia.The group has expanded its reach in civil servant financing, now holding its own Angkasa license and targeting a vast potential market of over 1.7m civil servants. 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.

OSK Holdings - Capital Financing & Industries Lead the Charge

<ul><li>We believe the group will continue to show steady growth in FY23, underpinned by an improvement in all segments.</li><li>Property segment will benefit from a healthy pipeline of launches, pick up in domestic sales as well as better site progress.</li><li>For capital financing, we continue to see room for growth for its civil financing and Australia segments. </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.

We believe the group will continue to show steady growth in FY23, underpinned by an improvement in all segments.Property segment will benefit from a healthy pipeline of launches, pick up in domestic sales as well as better site progress.For capital financing, we continue to see room for growth for its civil financing and Australia segments. 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.

OSK Holdings - Steady Improvement from All Segments

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121" rel="noopener">Lippo Karawaci (LPKR IJ)</a> 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on track</li><li><a href="https://www.smartkarma.com/entities/osk-holdings-bhd" target="_blank" data-smartkarma-citation="entities:4155" rel="noopener">O.S.K. Holdings (OSK MK)</a> property arm on pace to launch MYR750m pipeline in FY22</li><li><a href="https://www.smartkarma.com/entities/ioi-properties-group-bhd" target="_blank" data-smartkarma-citation="entities:18876" rel="noopener">IOI Properties Group (IOIPG MK)</a> sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development</li></ul>

Lippo Karawaci (LPKR IJ) 1H22 revenue fell 7.6% YoY; Full-year marketing sales target of IDR5.2tn remains on trackO.S.K. Holdings (OSK MK) property arm on pace to launch MYR750m pipeline in FY22IOI Properties Group (IOIPG MK) sold ~4.8acre land to OMS in Bandar IOI Segamat for hospital development

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

Malaysia

OSK Holdings Berhad is an investment holding company. Through its subsidiaries, the Company provides retail and institutional broking in equities, futures and fixed income, underwriting and placement of securities, corporate finance and advisory, commercial and wholesale banking, asset management, trustee services and issues derivatives and structured products.

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O.S.K. Holdings (OSK MK)

OSK Holdings - Surpassing Expectations Again

OSK reported 3Q23 core PATAMI of RM122.8m (-6.1% QoQ; +8.9% YoY), which brought 9M23’s sum to RM369.1m (+21.5% YoY), beating our expectation at...

Hong Leong Investment Bank Berhad

OSK Holdings - Capital Financing & Industries Lead the Charge

The capital financing segment performed exceptionally well with 1H23 PBT of RM39.6m (+26.5% YoY), driven by growing loan portfolios in civil...

Hong Leong Investment Bank Berhad

OSK Holdings - Steady Improvement from All Segments

Property segment will benefit from a healthy pipeline of launches, pick up in domestic sales as well as better site progress.For capital financing,...

Hong Leong Investment Bank Berhad

ASEAN Builder's Scoop (31Aug22) - LPKR Maintains Full-Year Mktg Sales Target of IDR5.2tn

OSK property to launch MYR750m pipeline in FY22; Phils developers urged to expand industrial spaces; HDB launching ~5k BTO flats

SCCM Asia Research

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