[%HGaJ%] 
Research by HLIB
Hold – TP of MYR 26.90

“Ended with a bang” 

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin. We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to >99% of pre-pandemic level. While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.

Analyst(s):
Tan J Young
[%Kcyi%]

$KLSE-SAM 
Research by HLIB
Hold – TP of MYR 26.90

“Ended with a bang” 

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin. We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to >99% of pre-pandemic level. While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.

Analyst(s):
Tan J Young
jytan@hlib.hongleong.com.my

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