reports
- Jack Lai Yuan Khai
Scientex (SCI MK) - 9MFY25: Packaging Continued To Drag
9MFY25: Packaging Continued To Drag Scientex’s 9MFY25 results came in marginally below expectations. Stiff competition and unfavourable forex resulted in continued weakness in the packaging segment, offset partially by slightly better performance from the property division. Looking forward, the immediate outlook appears mixed with headwinds in the packaging sector stemming from oversupply from China clouding the more robust property earnings. Maintain BUY with a higher target price of RM4.10 as ...
- Jack Lai Yuan Khai
Scientex (SCI MK) - 1HFY25: Weaker Packaging Drags Earnings
1HFY25: Weaker Packaging Drags Earnings Scientex’s 1HFY25 results missed expectations. While the property division posted respectable results, earnings were dragged by margin compression in the packaging segment. Looking forward, the outlook appears mixed with the challenging environment for the packaging segment offsetting growth from the more robust property division. While we lower our target price to RM4.05, we upgrade our call to BUY on valuation grounds.
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Guan An Tan
- Jack Lai Yuan Khai
- Jonathan Koh
- Roy Chen Chengzhi
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, March 13, 2025
GREATER CHINA Results Cathay Pacific Airways (293 HK/HOLD/HK$10.90/Target: HK$11.20) 2024: Results slightly miss our forecast but a solid beat of consensus estimates. Yields to moderate further in 2025. Maintain HOLD. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,260) Leveraging stability in oil & gas business. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.04/Target: RM1.00) 9MFY25: Results below e...
TISCO TISCO FINANCIAL GROUP
RAJA RUKUN RAHARJA
KBANK KASIKORNBANK PUBLIC CO. LTD.
6493 TTBIO
BBL BHP GROUP PLC
BAUTO BERMAZ AUTO BHD
KTB KONTOOR BRANDS
SCI SCI E&C
SCB SCB X PUBLIC COMPANY LIMITED
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
AKA A.K.A. BRANDS HOLDINGS
- Jack Lai Yuan Khai
Scientex (SCI MK) - 4QFY24: Capping Off A Stellar Year
4QFY24: Capping Off A Stellar Year Scientex recorded record-high earnings in FY24, underpinned by a strong showing from its property division. The packaging segment also managed to sustain its performance despite a challenging environment as improving demand for industrial packaging managed to offset the slowing consumer segment. Looking forward, we expect the property division to be the main driver of growth as Scientex continues to increase its landbank. Maintain BUY with a higher target price...
- Adrian Loh Tzum Yung
- Damon Shen
- Desmond Chong Chee Wai
- Jack Lai Yuan Khai
- Jieqi Liu
- Kenny Yong Hui Lim
- Philip Wong
- Stevanus Juanda
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Wednesday, September 25, 2024
GREATER CHINA Strategy PBOC Turns On The Tap The PBOC announced a series of easing measures on Tuesday. INDONESIA Update Astra International (ASII IJ/BUY/Rp5,275/Target: Rp5,800) About 70% of car and motorcycle sales to benefit from rate cut. Upgrade to BUY. MALAYSIA Results MyNews Holdings (MNHB MK/SELL/RM0.60/Target: RM0.52) 3QFY24: Results improved sequentially but disappointed consensus expectations. Valuations...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
TISCO TISCO FINANCIAL GROUP
KBANK KASIKORNBANK PUBLIC CO. LTD.
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
ASII PT ASTRA INTERNATIONAL TBK
6493 TTBIO
VSI V.S. INDUSTRY BERHAD
MNHB MYNEWS HOLDINGS BHD
KTB KONTOOR BRANDS
SCI SCI E&C
TSVT 2SEVENTY BIO INC
DFI DFI RETAIL GROUP HOLDINGS LIMITED
Z29 029 GROUP SE
- Jack Goh Tooan Orng
Scientex (SCI MK) - 3QFY24: Another Excellent Quarter
3QFY24: Another Excellent Quarter Scientex recorded the highest 3Q earnings in 3QFY24, well above the pre-pandemic level. This mainly reflects volume expansion for its manufacturing segment on a better product mix, besides steady construction and take-up rates for its property segment. The group’s unique dual-segment business model has been proven to be effective and continues to entrench substantial earnings growth amid global economy volatility. Maintain BUY with a target price of RM4.89 as we...
- Jack Goh Tooan Orng
Scientex (SCI MK) - Fundamental Refuge Amid Volatile Market Dynamics
Fundamental Refuge Amid Volatile Market Dynamics Despite global market uncertainties, Scientex will prevail as a defensive refuge for investors to weather through potential cyclical downturns. This is backed by the group’s unique dual-segment business model which complements its earnings stability during FY24-25, solid balance sheet foundation, and pristine execution track record. The group is on track to deliver 7-18% earnings growth in FY24-25. Maintain BUY and target price of RM4.58.
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - 2Q23 Results Season Winners
2Q23 Results Season Winners The 2Q23 reporting season should deliver a noticeable host of earnings winners, in part due to a meaningful rebound from the unusually disappointing 1Q23 which prompted a 5% downgrade in our 2023 earnings forecast for FBMKLCI. We expect >25% of our coverage universe to deliver appreciably stronger earnings qoq in 2Q23. We foresee significant upside for the key 2Q23 earnings winners, particularly for the gaming stocks, Alliance Bank, MrDIY, MYEG, VS Industry and Yinson...
7777 3-D MATRIX
4731 SCIENTEX
3IN 3I INFRASTRUCTURE PLC
MISC MISC BHD
YNS YINSON HOLDINGS BHD
GENT GENTING BHD
VSI V.S. INDUSTRY BERHAD
BST BERJAYA SPORTS TOTO BHD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
ABMB ALLIANCE BANK MALAYSIA BHD
GENM GENTING MALAYSIA BHD
SCI SCI E&C
HUME HUME INDUSTRIES BHD
RGB RGB INTERNATIONAL BHD
MRDIY MR DIY GROUP M BHD
FFNT 4FRONT VENTURES CORP
- Jack Goh Tooan Orng
Scientex (SCI MK) - Poised For Cyclical Recovery
Poised For Cyclical Recovery With the global economic outlook stabilising and the rate hike cycle heading towards an inflection point, we anticipate Scientex to benefit from multiple tailwinds such as recovery of global trade flows, easing input costs and better property sales. Scientex’s manufacturing segment is poised for margin expansion on easing resin costs, while the property segment is expected to deliver better earnings on more project launches. Maintain BUY with a higher target price of...
- Adrian Loh Tzum Yung
- Jack Goh Tooan Orng
- Jo Yee Ng
- Kampon Akaravarinchai
- Stevanus Juanda
- Tham Mun Hon
- Zhifeng Shen
Regional Morning Notes - Monday, September 19, 2022
GREATER CHINA Economics Economic Activity: Low base effect aside, we expect recovery to gain traction. Sector Consumer: Positive RSV recovery in August; four key areas in the consumer space bear watching. INDONESIA Small/Mid Cap Highlights Cisarua Mountain Dairy (CMRY IJ/NOT RATED/Rp4,360): Sustainable 25% CAGR NPAT growth for three years. MALAYSIA Update Scientex (SCI MK/HOLD/RM3.75/Target: RM4.01): Scientex continues to offer decent mid- to long-term prospects alongside palatable valuations....
- Arsit Pamaranont
- Clement Ho Jia Xing
- Hazmy Hazin
- Jack Goh Tooan Orng
- Ken Lee
- Selvi Ocktaviani
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, December 09, 2021
GREATER CHINA Sector Automobile: Weekly: PV retail sales recover in the last week of November. Maintain MARKET WEIGHT. Top picks: BYD, CATL, EVE, Xusheng and Nexteer. INDONESIA Small/Mid Cap Highlights Wijaya Karya Bangunan Gedung (WEGE IJ/NOT RATED/Rp208): Innovative building construction with implementation of technology. MALAYSIA Sector Building Materials: The aluminium, ferroalloy and tin segments will lead the sector’s recovery in 1H22, while cement and steel may experience a slower recov...
- Adrian Loh Tzum Yung
- Arandi Ariantara
- Arsit Pamaranont
- Jack Goh Tooan Orng
- Kowit Pongwinyoo
- Neo Chen Wentao
- Philip Wong
- Sandra Huang Jieqiong
- Shaun Tan
- Singapore Research Team
- Thunya Sutavepramochanon
- Ziv Ang Sze Champ
Regional Morning Notes - Wednesday, March 10, 2021
GREATER CHINA Sector Machinery: Feb 21: Expect historical high sales in March. Upgrade to MARKET WEIGHT. Results Wharf Holdings (4 HK/HOLD/HK$18.96/Target: HK$20.65): 2020: Below expectations. INDONESIA Update AKR Corporindo (AKRA IJ/BUY/Rp3,640/Target: Rp4,400): Land sales and 10% yoy petrol sales volume growth should drive 2021 earnings. MALAYSIA Results Scientex (SCI MK/BUY/RM4.00/Target: RM4.43): 2QFY21: Stronger yoy earnings growth but below expectations. We expect better earnings momentu...
SCI E& C JSC: 1 director sold
A director at SCI E& C JSC sold 26,600 shares at 0.000VND and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
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