may I know how to register for online AGM?

expecting PAT for FY2021 around 32M, including write-back then PAT around 36M

From UOB

• 2021 outlook − We expect SOP earnings to increase 13% yoy for 2021 on the back of:
a) Upstream operation continuing to benefit… Management guided FFB production for
2021 at 1.45m tonnes (7% yoy FFB production growth), taking into consideration the
labour shortage. Assuming SOP is able to bring in more foreign workers this year, there
will be more upside in its FFB production. But we remain conservative factoring in 4% yoy
FFB production growth for 2021. We expect higher yoy earnings from the upstream
operation, leveraging on high palm oil product prices. Besides, SOP guided that the group
had stopped forward sales and there is some carry forward sales volume from late-20
(<25% of 2020 total production) which will be committed in 2021.
b) …but partially mitigated by higher cost of production. The cost of production is
expected to be higher yoy in 2021 mainly due to harvesting costs and additional
incentives to retain workers. Besides, fertiliser costs have increased significantly due to
the rising prices of raw materials. Management guided that SOP managed to secure its
1H volume where prices were flat yoy, but 2H21 fertiliser prices should be higher yoy.
c) Lower margins for downstream operations. We expect lower downstream margins for
2021, mainly due to higher feedstock prices. We expect the 1H21 performance to be
satisfactory supported by SOP’s strategy in terms of timeliness of delivery of products.
EARNINGS REVISION/RISK
• Maintain earnings forecast. We maintain our earnings forecasts for 2021-23F at RM244m,
RM163m and RM175m respectively.
• Assuming CPO price assumption of RM3,500/tonne, SOP’s earnings will increase by
32%.
VALUATION/RECOMMENDATION
• Maintain BUY with a target price of RM4.75, based on 11x 2021F PE, or -1SD of the
stock’s five-year mean.
SHARE PRICE CATALYST
• Higher-than-expected CPO prices.
• Higher-than-expected FFB production and yield.

Sarawak Oil Palm (SOP MK)
Sells More In The Spot Market; Benefits From High CPO Prices
SOP has submitted relevant documentation to recruit foreign workers to overcome the
current labour shortage. As the only biodiesel supplier in the Sarawak region, SOP has
completed its biodiesel capacity expansion in expectation of full implementation of the
B20 biodiesel programme in Malaysia. As a pure Malaysia plantation player, SOP has
stopped forward selling so it will benefit from the high CPO prices. Maintain BUY.
Target price: RM4.75.
WHAT’S NEW
• Is the labour shortage over? Sarawak Oil Palm (SOP) has submitted relevant
documentation to the authorities to recruit foreign workers. Besides, incentives have been
given to the existing labour to retain them. According to our channel checks, plantation
companies are allowed to bring back labour with the approval of the relevant authorities. All
COVID-19-related expenses for the labour have to be borne by SOP (estimated cost is
RM2m-3m for 2021). SOP said if the process to recruit labour is approved, this would reduce
the labour shortage from 30% to below 20%.
• Biodiesel capacity expansion. SOP is the only biodiesel supplier in the Sarawak region.
Most of Malaysia’s biodiesel is B10 biodiesel, and B20 biodiesel is available only in certain
regions as the B20 biodiesel programme has been delayed due to the COVID-19 pandemic.
SOP expanded its biodiesel capacity in 2020 from 300,000 tonnes to 600,000 tonnes with
the expectation of full implementation of the B20 biodiesel programme in Malaysia. With the
new capacity, SOP’s biodiesel plant utilisation rate is at 40-50% (before expansion the
utilisation rate was 100% with full supply going for local blending).
• Acquisition of remaining 40% equity in SOP Sabaju. SOP has entered into a conditional
share sale agreement with Shin Yang Holding for the proposed acquisition with RM45.88m
cash, or RM42,000/planted ha. We deem that this is fair compared with earlier transactions
in the region. The proposed acquisition is expected to improve SOP’s age profile as SOP
Plantations (Sabaju) - SOP Sabaju - consists of young mature oil palms aged 11 years. The
purchase consideration will be funded internally, accounting for only about 7% of its total
cash. The proposed acquisition is expected to be completed in 2Q21.

not a bad deal, its a earnings accretion

AR released

OTHERS PROPOSED ACQUISITION OF THE REMAINING 40.0% EQUITY INTEREST NOT ALREADY HELD BY SOPB IN SOP PLANTATIONS (SABAJU) SDN. BHD. (SOP SABAJU) FROM SHIN YANG HOLDING SDN. BHD. FOR A TOTAL CASH CONSIDERATION OF RM45.880 MILLION (PROPOSED ACQUISITION)

https://www.kleinezeitung.at/wirtschaft/5968516/3DSensoren_ams-AG_Sorge-um-Auftraege-von-Apple

No sure. Wait official news

Ams ag key customer? Apple don wan use their sensor

https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/042121-world-bank-hikes-price-forecast-for-vegetable-oils-on-supply-shortfall

World Bank expects palm oil price at $975/mt in 2021

Palm oil to stay above $900/mt mark till 2025 at least

Analysts forecast palm oil prices to fall to $800 levels by June, 2021

https://www.google.com/amp/s/www.malaymail.com/amp/news/malaysia/2021/04/08/works-minister-five-new-work-packages-of-sabah-pan-borneo-project-under-ten/1964876

Competition act gov vs commercial use

KELINGTON GROUP: (KGRB MK, CP: MYR2.11, Not Rated) Bonus issue and free warrants
Maybank IB Retail Research

Kelington proposed to undertake: 1) a 1-for-1 bonus share issue; 2) a 1-for-3 bonus warrant issue; and 3) a diversification into the manufacturing, distribution and trading of industrial and specialty gases. Note that its Board intends to implement the proposed warrants issue after the completion of the bonus share issue. The proposed exercises are expected to be completed by 3Q of 2021.

Based on yesterday’s closing price of MYR2.11, the theoretical ex-bonus price is MYR1.055. Meanwhile, the 5-year warrant is theoretically worth MYR0.57 apiece, based on an indicative exercise price of MYR0.975 per warrant. One, however, should take note that it is the intention of the Board to fix the exercise price of the warrants on a premium of up to 30% to the ex-bonus price.

Although the warrants will not raise any funds when issued, Kelington could raise up to MYR209.7m at the indicative exercise price of MYR0.975 per warrant, assuming all warrants are exercised, which will be used to part finance the acquisition of assets for the industrial gas business, to meet its general working capital requirements and to partially repay borrowings.

The latest corporate exercises not only reward its existing shareholders but also to strengthen its balance sheet. Note that Kelington is sitting on a net cash of just MYR73.4m at end-Dec 2020 vs. its current outstanding order book stood at about MYR358m. Notwithstanding that, Kelington’s outstanding shares could balloon by about 167% on a fully diluted basis.

In spite of the EPS dilution in the immediate term (due to bonus share issue), it should not affect brokers’ rating. Currently, research houses are positively biased on Kelington with three Buys and one Hold, with a mean target price of MYR2.24. This is likely premised on its growth prospects. At present, the street is forecasting a 21.6% 3-year EPS CAGR for FY20-23. Valuation wise, the stock is trading at 25.4x consensus FY21 EPS of 8.3sen, above its 3-year historical average P/E of 18x.

Diversification of principle actitivy is the key

Goos ah

On behalf of the Board of Directors of Kelington ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOB Kay Hian") wishes to announce that the Company proposes to undertake the following:-

(i) bonus issue of up to 322,623,476 new ordinary shares in Kelington ("Kelington Share(s)" or "Share(s)") ("Bonus Share(s)") on the basis of 1 Bonus Share for every 1 existing Share held on an entitlement date to be determined and announced later by the Board ("Bonus Entitlement Date") ("Proposed Bonus Issue of Shares");

(ii) issuance of up to 215,082,317 free warrants in Kelington ("Warrant(s)") on the basis of 1 Warrant for every 3 Shares held on an entitlement date, which will be after the Bonus Entitlement Date, to be determined and announced later by the Board ("Warrants Entitlement Date") ("Proposed Issuance of Free Warrants"); and

(iii) diversification of the existing principal activities of Kelington and its subsidiaries ("Kelington Group" or the "Group") to include manufacturing, distribution and trading of industrial and specialty gases ("Industrial Gases Business") ("Proposed Diversification").

The Proposed Bonus Issue of Shares, Proposed Issuance of Free Warrants and Proposed Diversification are collectively referred to as the "Proposals".

Further details of the Proposals are set out in the attachment enclosed.

Dato’ Kamisah’s subscription to GBG shares would immediately
raise the Group’s bumiputera shareholders to 48.92%.

https://www.google.com/amp/s/www.bharian.com.my/amp/berita/nasional/2021/04/803079/kerajaan-sambung-projek-mrt3-mulai-pertengahan-tahun-ini

they need enlarge capital base for securing project

https://www.klsescreener.com/v2/news/view/808921

According to industry observers, the potential beneficiaries include Sime Darby Plantation Bhd, Sarawak Oil Palms Bhd, United Plantations Bhd, Carotino Sdn Bhd, a subsidiary of Johor-based JC Chang Group and Harvist by Profes Lipid Sdn Bhd.

https://www.klsescreener.com/v2/news/view/808437

The good for sop they wanted this for so long

palm oil price will be supported by sustainable high soybean oil price (by us government).

By UOB 19/3:-
Still strong visibility from RF segment. While 1QCY typically is a softer quarter,
management noted that the loading came in unexpectedly strong. Meanwhile, the visibility
from its RF business remains decent with three months of fixed orders plus another three
months of floating orders. This signifies strong demand from its integrated device
manufacturer (IDM) customer on the back of overwhelming smartphone demand alongside
mitigation against any lockdown disruption. Beyond this, Inari is already working with its IDM
customer for the next flagship smartphone which will see additional 10-15% content boost.
Additionally, its IRIS scanner adoption business is picking up steam. Note that the revenue
contribution from this segment was at RM150m in FY18.

Optoelectronics - seeing light at the end of tunnel. The demand for its automobile and
industrial products has improved since 1QFY21 vs 2HFY20, after a washout FY20 which
was dragged by the weak automobile sales and lockdown restrictions which affected its
China and Philippines operations. Utilisation-wise, it is running at 65% vs 50% previously,
although the momentum is still partially hindered by the shortages of key components. Note
that such shortfall is expected to improve from Apr 21 onwards.

New business expansion underway at P55 and P34 plants. Inari (which still has a
remaining vacant space of 480,000 sf out of its new 680,000sft build-up in its P34 plant, and
50,000 sf at its new P55 plant) is benefitting from the ongoing trade tension. The group is
being approached by MNC customers with trade diversion-related orders. The group is
currently exploring business opportunities with three US and Chinese customers for
assembly services related to: a) optical transceiver modules, b chips and modules, and c)
power modules. We believe the net margins should be lucrative (at least 15%) judging from
the group’s track record of customer acquisitions. Management believes that this vacant
floor space could yield a RM700m revenue in a blue-sky scenario. On its floor space
allocation, the plan is to still have Block A reserved for its German customer and its acquirer
(with Inari now the approved vendor for the new entity following the M&A activities), Block B
for its US customer (for RF testers and PCL), while Block C is for customer C (with expertise
in RF tech) and new prospects.

Bonus only can drive the price

https://www.klsescreener.com/v2/news/view/805399

As at 28 February 2021, KESH’s accumulated Y2021 new order was recorded at RMB34 million included other hook up contracts worth RMB32.8 million secured from the largest semiconductor foundry company in China. With this new award of Contract, the latest orderbook of KESH is now at RMB94 million, worth approximately RM59.4 million.

4

MBB:-

Looking forward to an even better year in FY21

FY20: Posted one of its highest profits in history
4Q20 core PATMI would have been MYR58m if not for accounting FV loss on derivative FI (MYR39m). Despite this, SOP posted one of its highest core PATMI in history in FY20 (MYR197m; +139% YoY). Positively, the FV
loss will likely reverse in FY21E. Coupled with higher CPO ASP, we expect SOP to deliver 16% EPS growth for FY21E. Trading at just 10x PER, we maintain our BUY on SOP with a higher TP of MYR5.59 on 14x 2021 PER
peg, its updated historical 5Y mean (from MYR5.36 on 15x 2021 PER).

4Q20: Core results hurt by FV loss on derivative FI
4Q20 core PATMI of MYR19m (-59% YoY, -72% QoQ) brings 12M20 core
PATMI to MYR197m (+139% YoY), which met just 84%/81% our/street full-
year forecasts – below estimates. Key surprise in 4Q20 was the MYR39m
in accounting FV loss on derivative FI and a share of JV losses (MYR12m).
Otherwise, its full-year results would have been within expectations.

FY20: Benefitted from higher palm oil prices
FY20 strong earnings growth was mainly driven by high palm oil products prices (MYR2,779/t; +29% YoY) and PK prices (MYR1,862/t; +28% YoY) as FFB output was just a tad higher (+1% YoY). While it is unclear how SOP’s
downstream performed, we believe it would have had a small positive contribution if not for the overall FV loss on derivative FI of MYR12m in FY20. As for cost, we estimate SOP’s FY20 all-in operating cost of production to be slightly higher at MYR1,549/t (+4% YoY).

FY21-22E EPSs raised by 12%/6%
For FY21E, SOP guides for +7-10% YoY FFB output growth (MKE: +7% YoY). And incorporating our higher industry-wide CPO ASP forecasts of
MYR2,700/t (from 2,500/t) for 2021, and MYR2,600/t (from 2,500/t) for 2022, we raise our FY21-22E core EPS by 12%/6%. We believe the present high CPO ASP will more than offset the challenging downstream
environment. We introduce our FY23E forecast. As for dividend, SOP will declare a final DPS closer to its AGM date.

PCL is the world’s largest maker of 16-gigabit small form-factor pluggable (SFP) optical transceiver modules, as well as one of the two 32G product suppliers globally. The Taipei-based company counts Foxconn Optical Interconnect Technology (鴻騰光電), Huawei Technologies Co (華為) and NEC Corp among its major clients.

Be patient...

aminvest tp should be more than 60c. error in report i suppose

Affinhwang

Earnings upgrade cycle is underway
 Excluding forex losses, Inari’s 2QFY21 core profit breached the
RM100m/quarter mark for the first time
 EBITDA margin surprised on the upside, hitting 34.7% in 2QFY21. 1HFY21
EBITDA margin of 33% was well ahead of our previous forecast of 27%
 Remains a high conviction 5G pick as adoption of the technology should
catalyse earnings. Maintain BUY with TP raised to RM5.92

Kgb latest substantial shareholder aberdeen

3.53

Bumi Armada Berhad (“Bumi Armada” or the “Company”) refers to its previous announcement on 24 April 2019 with respect to the above matter.



Bumi Armada wishes to announce that the Facility Agreement has been amended on 23 February 2021 to extend the final maturity date for Tranche 1 (USD260 million or approximately RM1,051 million*) of the USD660 million (approximately RM2,668 million*) Term Loan Facilities to 23 November 2022.



The final maturity date of 23 May 2024 for Tranche 2 (USD400 million or approximately RM1,617 million*) remains unchanged.



The above revision takes into consideration the impact of the COVID-19 pandemic and the resulting significant slowdown in global business activities, which have in turn impacted the progress of Bumi Armada’s monetisation initiatives.



Notwithstanding the above and barring unforeseen circumstances, Bumi Armada expects continued stable operations for its FPO business. The OMS segment is expected to remain soft with relatively subdued industry activity. Bumi Armada has COVID-19 mitigation measures in place and will continuously monitor the situation to ensure the ongoing safety of its employees and assets.



This announcement is dated 23 February 2021.

Leong. Dry ice contribute less than 2% to the group

7.8+

Can armada bid for petronas osv biz?

5.17 very conservative TP if urs know how to project the earnings for inari.

Inari now mainly driven by rf. Go read osram presentation and latest uob report indicated that osram parent company, ams ald approved inari as their vendor as well. Optical transreceiver module another catalyst. Check pcl qoq earnings growth rate in taiwan. And other partnership. 700m of profit is achieveable in 3 yeara time

Therefore, he raised his target prices (TPs) for Inari Amertron Bhd (TP: RM5.17), Malaysian Pacific Industries Bhd (TP: RM41.50), Unisem (M) Bhd (TP: RM8.50) and KESM Industries Bhd (TP: RM20.60). Affin

all automotive companies will have multiple vendors. if one cant supply due to capacity constrain then order will move to their competitors.

After two consecutive years of earnings decline, Inari is poised for a strong
comeback in FY21, as we expect it to benefit from the deployment of 5G
wireless technology with more RF contents to be included in 5G devices. Inari
has recently increased its number of SiP lines to 22, from the initial 8 lines, in
order to cater for the strong volume loading. Its new JV with PCL
Technologies also serves as another prong of growth to the Group,
underpinned by the adoption of 400G Ethernet ports. With that being said, we
forecast a CAGR of 32.1% on Inari’s FY20-23F earnings. We initiate Inari with
an Outperform call, with a TP of RM3.80. We derive our TP based on a PE
multiple of 42x, which is c.15% premium to its local peers’ average. We deem
the premium multiple justifiable, given its multiple prong growth strategy that
will support the Group’s near to medium term outlook.
 Closest proxy to 5G. We believe Inari will greatly benefit from the
transition to the emerging 5G technology, given that the wireless
technology evolution will result in higher number of frequency bands
supported by 5G devices, which in turn, increases the need for more RF
filters to be fitted. Inari provides assembly and testing services to its long-
time customer, Broadcom for the latter’s premium FBAR filters. We
highlight that Inari has installed a total of 22 SiP lines currently, from 8
lines initially. Its RF segment is expected to flourish, considering the
overwhelming demand for the US-based smartphone maker’s latest 5G
model. We opine that the wireless component supply agreement signed
between Broadcom and the US phone smartphone maker also helps to
provide clarity to Inari in the short to medium term.
 New JV to start bearing fruit. Inari’s 30%-owned JV with the Taiwan-
based PCL Technologies will be focused on producing optical
transceivers with transfer speeds up to 400Gbps, which is 4x the speed
of current optical transceivers used in data centers. The growth of the
optical transceiver market will be underpinned by the adoption of 400G
Ethernet ports as well as data center growth. The new venture has made
its first shipment in June 2020 and we also expect to see positive
contribution from this JV to the Group in FY21.
 Valuation. We initiate coverage on Inari with an Outperform call,
ascribing a PE multiple of 42x on its CY21F EPS of 9.1sen per share.
The 42x multiple implies c.15% premium to local peers’ average. We
deem the premium justifiable, considering (i) its strong 3-year earnings
CAGR of 32.1%, (ii) closest proxy for 5G growth, and (iii) its exposure to
the growing optical transceiver space.

We project 60% yoy RF sales growth in FY6/21F, driven by SiP assembly
and tester capacity expansion on new 5G smartphone launch cycles.
■ We raise FY21-23F EPS by 6-10%, and expect a 3-year EPS CAGR of 30%.
■ Reiterate Add with a higher RM3.70 TP, based on a higher 35x P/E.

Cimb

FF la