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. 

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>TRC’s 9MFY23 core PATAMI of RM8.6m was within expectations.</li><li>Unbilled orderbook is running low at RM480m (0.8x cover). Tenders of ~RM4bn are largely attributed to MRT3.</li><li>Track record in LRT projects could be beneficial when bidding for Penang LRT. </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.

TRC’s 9MFY23 core PATAMI of RM8.6m was within expectations.Unbilled orderbook is running low at RM480m (0.8x cover). Tenders of ~RM4bn are largely attributed to MRT3.Track record in LRT projects could be beneficial when bidding for Penang LRT. 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>TRC’s ~RM400m orderbook could stay in a downward trajectory in the near term.</li><li>Tenders of ~RM4bn are largely attributed to MRT3 (~80%) with recent bids for KUTS packages turning out unsuccessful.</li><li>Its track record in LRT projects could be beneficial when bidding for Penang LRT. </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.

TRC’s ~RM400m orderbook could stay in a downward trajectory in the near term.Tenders of ~RM4bn are largely attributed to MRT3 (~80%) with recent bids for KUTS packages turning out unsuccessful.Its track record in LRT projects could be beneficial when bidding for Penang LRT. 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.

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

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.

<ul><li>Following our recent meet-up with TRC, we remain cautiously optimistic about the group's outlook.</li><li>The group is currently backed by an outstanding construction order book of around RM0.4bn, translating to about 0.7xFY22 construction revenue.</li><li>The depletion of the outstanding order book primarily resulted from a lack of new big contract wins over the past two years, as the group was not aggressively bidding for jobs. </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.

Following our recent meet-up with TRC, we remain cautiously optimistic about the group's outlook.The group is currently backed by an outstanding construction order book of around RM0.4bn, translating to about 0.7xFY22 construction revenue.The depletion of the outstanding order book primarily resulted from a lack of new big contract wins over the past two years, as the group was not aggressively bidding for jobs. 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.

TRC Synergy Berhad - Still Waiting for the Outcome of MRT3 Project

<ul><li>Stripping out the exceptional foreign exchange net gain amounting to RM8.2mn, TRC’s 1HFY23 core profit of RM4.2mn came in at 24.3% and 23.8% of ours and consensus’ full-year estimate, respectively.</li><li>We deem the results to be within expectations as we expect the earnings to be largely back-end loaded, given that the group historically reported stronger 2H.</li><li>YoY, 1HFY23 core profit dropped 30.6% to RM4.2mn, although revenue was 8.6% higher at RM407.5mn. </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.

Stripping out the exceptional foreign exchange net gain amounting to RM8.2mn, TRC’s 1HFY23 core profit of RM4.2mn came in at 24.3% and 23.8% of ours and consensus’ full-year estimate, respectively.We deem the results to be within expectations as we expect the earnings to be largely back-end loaded, given that the group historically reported stronger 2H.YoY, 1HFY23 core profit dropped 30.6% to RM4.2mn, although revenue was 8.6% higher at RM407.5mn. 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.

TRC Synergy Berhad - Eying for the MRT3 Project

<ul><li>We initiate coverage on TRC Synergy with a BUY recommendation and TP of RM0.40/share based on our SOP calculation with a deep 50% discount; reflecting small cap status and heavy public sector reliance.</li><li>Job opportunities are poised for an inflection buoyed by MRT3 to which we consider TRC a strong contender</li><li>TRC’s market cap trades at a -15% discount to its net cash position (1QFY22), we believe the market has ascribed a negative value to TRC’s real estate assets which we think is unwarranted.</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 initiate coverage on TRC Synergy with a BUY recommendation and TP of RM0.40/share based on our SOP calculation with a deep 50% discount; reflecting small cap status and heavy public sector reliance.Job opportunities are poised for an inflection buoyed by MRT3 to which we consider TRC a strong contenderTRC’s market cap trades at a -15% discount to its net cash position (1QFY22), we believe the market has ascribed a negative value to TRC’s real estate assets which we think is unwarranted.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.

Malaysia

TRC Synergy Berhad is an investment holding company. Through its subsidiaries, the Company operates as general contractors carrying out construction works, sells construction materials, and develops property. TRC Synergy also hires and services vehicles and manufactures concrete piles and ready-mixed concrete.

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TRC Synergy Bhd (TRC MK)

TRC Synergy - Looking for a Spark

TRC’s 9MFY23 core PATAMI of RM8.6m was within expectations. Unbilled orderbook is running low at RM480m (0.8x cover). Tenders of ~RM4bn are largely...

Hong Leong Investment Bank Berhad

TRC Synergy - Some Setbacks

TRC’s ~RM400m orderbook could stay in a downward trajectory in the near term.. Tenders of ~RM4bn are largely attributed to MRT3 (~80%) with recent...

Hong Leong Investment Bank Berhad

TRC Synergy Berhad - Still Waiting for the Outcome of MRT3 Project

The group is currently backed by an outstanding construction order book of around RM0.4bn, translating to about 0.7xFY22 construction revenue.

TA Securities Holdings Bhd

TRC Synergy Berhad - Eying for the MRT3 Project

Stripping out the exceptional foreign exchange net gain amounting to RM8.2mn, TRC’s 1HFY23 core profit of RM4.2mn came in at 24.3% and 23.8% of...

TA Securities Holdings Bhd

TRC Synergy - Down but Not Out

We initiate coverage on TRC Synergy with a BUY recommendation and TP of RM0.40/share based on our SOP calculation with a deep 50% discount;...

Hong Leong Investment Bank Berhad

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