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 4Q23 RM97m (-21% QoQ; -20.1% YoY), which brought FY23’s sum to RM466.1m (+10.2% YoY).</li><li>The results were within our expectation, making up 96.9% of our full year forecast.</li><li>The group’s 4Q23 core earnings dipped both QoQ and YoY as a result of higher tax expenses during the quarter.</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 4Q23 RM97m (-21% QoQ; -20.1% YoY), which brought FY23’s sum to RM466.1m (+10.2% YoY).The results were within our expectation, making up 96.9% of our full year forecast.The group’s 4Q23 core earnings dipped both QoQ and YoY as a result of higher tax expenses during the quarter.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.

<ul><li>Our recent meeting with the management has bolstered optimism about the group's future prospects.</li><li>The recent -6.1% QoQ decline in 3Q23 core earnings was primarily due to a drop in profit share from RHB which overshadowed the robust growth and strength of OSK's business segments, notably from cables, IBS, and capital financing.</li><li>The bright prospects of capital financing and cables are reflected in the valuation and share price of OSK’s listed peers. </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 recent -6.1% QoQ decline in 3Q23 core earnings was primarily due to a drop in profit share from RHB which overshadowed the robust growth and strength of OSK's business segments, notably from cables, IBS, and capital financing.The bright prospects of capital financing and cables are reflected in the valuation and share price of OSK’s listed peers. 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 - Uncovering Underlying Business Strength

<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

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 - Record High Revenue

OSK reported 4Q23 RM97m (-21% QoQ; -20.1% YoY), which brought FY23’s sum to RM466.1m (+10.2% YoY). The results were within our expectation, making...

Hong Leong Investment Bank Berhad

OSK Holdings - Uncovering Underlying Business Strength

We maintain our BUY rating with a higher TP of RM2.04 (from RM1.77) based on 30% discount to our revised SOP-derived value of RM2.91.

Hong Leong Investment Bank Berhad

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

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