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

inari TP likely will be revised upward by analysts in feb stay tune

Ops. Kenanga tp so close to my tp of 3.5

Upgrade TP to RM3.10 (55% upside). After a very positive meeting with the management, we believe that FY21 could see yet another year of record high orders, building upon the RM490m all-time high order secured in FY20. SMIC has continued to award more jobs with the latest one secured in Dec 2020. Existing SMIC jobs at hand will keep the group busy till June, excluding on-going 2021 tenders. Being the incumbent, we believe KGB has the advantage in winning the 2021 bids which will consist of UHP hook-up in all four SMIC fabs. Its LCO2 plant’s utilisation recently picked up from 50% to 100% due to strong demand from Singapore, leading to higher ASP. Halal certification for its LCO2 is expected to be secured in a month’s time, facilitating its plan to penetrate the food and beverage segment. Hence, we believe there is room for more ASP hikes.

From affin

Inari reported its strongest-ever headline profit in 1Q FY21 underpinned by strong
demand for RF filters as its northern US-based smartphone client introduced 5G into
its entire model line-up this year. With clear order visibility over the next 2 quarters,
Inari is set to benefit from the 2.75x increase in its assembly capacity. *******Growth
catalyst is likely to come from its Korean smartphone brand and contribution from the
business in Philippines and its JV in the equipment business, which we have yet to
incorporate into our model.********We forecast a FY20-23E earnings CAGR of 49% and
recently raised our 12-month TP to RM3.33, based on 35x CY21E PER. Downside
risk: loss of market share by its key smartphone client.

https://www.gizmochina.com/2021/01/19/broadcom-supply-samsung-wifi-6e-galaxy-s21-ultra/

Banks and technology players were the key areas of foreign interests
The top three stocks that attracted foreign net buys were Top Glove, Public Bank and
Inari.

4 skid tanks are ready for export....co2

275m

In our recently meeting with Kelington Group, we noted that SMIC is still rushing the group to speed up on the delivery and hinted of more UHP-related jobs to be awarded in 2021.

Kelington’s orderbook hits RM490m with new RM118m contracts | https://www.klsescreener.com/v2/news/view/779747

Dont forget my 3.5 lol

2

Rm3.5

KUALA LUMPUR (Jan 9): Exports of Malaysian palm oil products for December rose 20.35% to 1,709,084 tonnes from 1,420,103 tonnes shipped during November, independent inspection company AmSpec Agri Malaysia said last week.

If cpo stay at 3000 for 2021. Sop earnings likely to hit 350 to 400m

Well done

Malaysian exports in December could climb to 1.6 million tons, the stronger shipments, as well as a likely reduction in production and stockpiles, are mostly priced in, Bagani said. The market is now looking at external factors, such as strikes by workers at soybean export plants in Argentina and market optimism related to the Covid-19 vaccine, he said.

Indonesia’s move to raise its export tax on crude palm oil for January may underpin the market, Bagani said.


Malaysia’s palm oil exports jumped 17% from a month earlier to 1.34 million tons during December 1-25 , according to cargo surveyor AmSpec Agri.

Nothing news

Industrial gas is the future

Hydrogen is the future. In March 2020.

Gan said the company is also looking to continue exploring opportunities in other gases such as nitrogen, hydrogen, oxygen and others. “We want to build our presence here in this market,” he added.

Apple aims to make 30% more iPhones in first half of 2021 - Nikkei

https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKBN28P0EA

Good time will come just be patient

plantation stocks usually good run in beginning of the year.
q4 bull run just more on speculating...if FCPO bull effect sustainable and the effect spill over next year...the bull will start
2019 price drop after hit 4.2 bcos the above didnt happen.
this round...cpo bull due to structural changed (back by fundamental).
u guys can check the stock price of sop or any other plantation companies since 2010 and read together with fcpo.

80c

Armada real catalyst will be from loan restructuring
Now just small show

51 otw

announce during historical high QR ... possible otw

Relax...20c to 38c closed to 100% now dowm bit then sudden all so negative

NARI AMERTRON (INRI MK)
(TP: RM3.33) BUY
Inari reported its strongest-ever headline profit in 1Q FY21 underpinned by strong demand for RF filters as its northern US-based smartphone client introduced 5G into its entire model line-up this year. With clear order visibility over the next 2 quarters, Inari is set to benefit from the 2.75x increase in its assembly capacity. Growth catalyst is likely to come from its Korean smartphone brand and contribution from the business in Philippines and its JV in the equipment business, which we have yet to incorporate into our model. We forecast a FY20-23E earnings CAGR of 49% and recently raised our 12-month TP to RM3.33, based on 35x CY21E PER. Downside
risk: loss of market share by its key smartphone client.

Whats ur email

Just be patient. Sop is the most cheapest plantation stock in the industry

RHB

9M20 unit cost was at MYR1,600/tonne (from MYR1,700/tonne in FY19).
This marked improvement stemmed from SOP’s ongoing cost cutting
initiatives (via staff cuts and mechanization). In addition, SOP has applied
85% to 90% of its fertilizer requirements during 9M20 and, as such, we
expect unit costs to come down in the remaining 4Q20.


Higher downstream profit.
Given its downstream lead time of c.2 months,
SOP is likely to have captured feedstock at lower prices and this trading
profit further boosted the performance of its downstream operations.
Moving forward, we expect SOP to benefit from the pick-up in demand from
key markets as business operations resume post-lockdowns. Its biodiesel
capacity expansion to 200,000 tonne pa is expected to be completed in
FY21.

https://www.streetinsider.com/dr/news.php?id=17659630&gfv=1