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

Sam Engineering & Equipment / Equity Bottom-Up

<ul><li>SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent 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.

SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent 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.

SAM Engineering & Equipment - A Disappointing Start

<ul><li>SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.</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.

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.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.

SAM Engineering & Equipment - Ended with a Bang

<ul><li>Air travel has recovered to almost pre-pandemic levels with RPKs and ASKs back 94% and 98% of pre-Covid levels.</li><li>2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog.</li><li>The revenue contribution from B737 Max family products is less than 5%. </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.

Air travel has recovered to almost pre-pandemic levels with RPKs and ASKs back 94% and 98% of pre-Covid levels.2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog.The revenue contribution from B737 Max family products is less than 5%. 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.

SAM Engineering & Equipment - Aerospace Strength to Offset Equipment Weakness in the near Term

<ul><li>SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year estimates.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent 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.

SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year estimates.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent 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.

SAM Engineering & Equipment - Results in Line Despite Sequential Weakness

<ul>
<li>SAMEE reported 1HFY24 core earnings of RM53m (+5% YoY).</li>
<li>We deem the results to be within expectations at 58% and 61% of ours and consensus full-year estimates.</li>
<li>While we think that SAMEE is a highly rare secular growth stock, we remain wary as: (i) the global semiconductor industry is going through a cycle of inventory correction; and (ii) we are seeing a considerable slowdown in demand for both data storage and consumer electronics segments globally. </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.


SAMEE reported 1HFY24 core earnings of RM53m (+5% YoY).
We deem the results to be within expectations at 58% and 61% of ours and consensus full-year estimates.
While we think that SAMEE is a highly rare secular growth stock, we remain wary as: (i) the global semiconductor industry is going through a cycle of inventory correction; and (ii) we are seeing a considerable slowdown in demand for both data storage and consumer electronics segments globally. 

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.

SAM Engineering & Equipment - Sequential Improvement

Malaysia

Sam Engineering & Equipment (M) Bhd manufactures production equipment and aerospace products.  The Company produces manufacturing machinery including test handlers, laser mark handlers, material handling systems, vision inspection and automation solutions; and offers metal machining and sheet metal fabrication services.

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Sam Engineering & Equipment (SEQB MK)

SAM Engineering & Equipment - A Disappointing Start

SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Ended with a Bang

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Aerospace Strength to Offset Equipment Weakness in the near Term

2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog. The revenue contribution...

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Results in Line Despite Sequential Weakness

SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year...

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Sequential Improvement

SAMEE reported 1HFY24 core earnings of RM53m (+5% YoY). We deem the results to be within expectations at 58% and 61% of ours and consensus full...

Hong Leong Investment Bank Berhad

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