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Research by Maybank
Buy – TP RM6.05

“A secular growth stock poised to ride on a multi-year upcycle"

We initiate coverage on SAM Engineering & Equipment (SAMEE) with a BUY rating and a TP of MYR6.05 – based on 31x PER on CY25E EPS, which is at parity to +1SD to its 5-year forward PER. We believe that SAMEE is well positioned to capitalise on the expected cyclical recovery of both the aerospace and front-end semicon sectors. Key risk would be a longer-than-expected recovery of the global semiconductor industry.

Analysts:
Jeremie Yap
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Desmond Ch'ng, BFP, FCA
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$KLSE-SAM
Research by Maybank
Buy – TP RM6.05

“A secular growth stock poised to ride on a multi-year upcycle"

We initiate coverage on SAM Engineering & Equipment (SAMEE) with a BUY rating and a TP of MYR6.05 – based on 31x PER on CY25E EPS, which is at parity to +1SD to its 5-year forward PER. We believe that SAMEE is well positioned to capitalise on the expected cyclical recovery of both the aerospace and front-end semicon sectors. Key risk would be a longer-than-expected recovery of the global semiconductor industry.

Analysts:
Jeremie Yap
jeremie.yap@maybank-ib.com
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com

$SAM / 9822 (SAM ENGINEERING & EQUIPMENT (M) BERHAD)