Coraza Integrated Technology Berhad

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$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)

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Good morning 🌻

*CORAZA (Maintain BUY, TP at RM0.60 based on 25x 2025 PE)*

• *Above expectations, turning the corner after four quarterly losses.* Coraza Integrated Technology (Coraza) delivered a remarkable pre-tax profit of RM3.0m in 4Q24 (+17x qoq, +3x yoy), reversing its 9M24 pre-tax losses of RM2.0 to pre-tax profit of RM1m in 2024.

• This was mainly driven by continuous improvement in top-line performance alongside better operational efficiency, which led to its optimal performance at the operational level.

• *In terms of top-line improvement,* the recovery was driven by a rebound in demand from semiconductor customers and phasing in / conversion of new project introduction (NPI), marking a key step forward in Coraza's journey toward sustained profitability.

• *Yoy, 2024 revenue returned to a positive growth trajectory of 35%,* rebounding from a 16% decline in 1H24. This was driven by a stronger order ramp-up amid the semiconductor industry’s recovery and additional contributions from NPI.

• Excluding provision of inventories write-off and unrealised forex portion, the group achieved an adjusted profit before tax (PBT) of RM3.9m, supported by improved operational efficiency.

• *Qoq, revenue improved by 12%* fuelled by the semiconductor industry’s gradual recovery. As a result of better operational efficiency, the group recorded core PBT of RM4.0m.

• *Seeing light at the end of tunnel.* Coraza’s order on hand remains steady compared with the preceding quarter, with around 50% of the total orders coming from the semiconductor industry while 32% are coming from instrumentation. Meanwhile, the increasingly higher NPI activities in the past few quarters have started contributing positively to total orders and revenue.

• *Consistent sequential revenue improvements* over the past four quarters indicate that the group’s recovery is on track. The current outstanding orderbook stands at RM70m, which is >10% higher than the last quarter’s quantum.

• After model updates, we increased our 2025/26 earnings by 23-25% respectively to account for higher sales and margins assumptions.

• *Maintain BUY and a higher target price of RM0.60* (from RM0.48), still based on 25x 2025F PE.

Thanks.

Titan Trading Notes For Wednesday [5/2/2025]:

KLCI had a decent rebound back towards the 1564 points region with an overall positive market sentiment as we started to rebound from last week's sell off. Daily trading volume however remains low as we closed the day with only around 2.2 billion.

Main stocks that showed strong buying momentum would be the likes of HM, KOPI, MYEG, NATGATE, GAMUDA, CIMB, TANCO, EKOVEST, PBBANK, YEWLEE, and ATAIMS. All of which were able to sustain their rallies throughout the day on the top volumes list.

$KOPI / 0338 (ORIENTAL KOPI HOLDINGS BERHAD) since retracing back towards the RM 0.835+ main support levels, been able to breakout from its RM 0.865 resistance and rallied all the way towards the RM 0.90+ regions with good volume and buying momentum today.

So far looking quite strong here and as long as able to sustain above its RM 0.88 immediate support, could continue on towards and beyond its RM 0.915 - RM 0.935 major resistance levels for a further breakout.

Will be monitoring KOPI closely here as still trending up strong.

$NATGATE / 0270 (NATIONGATE HOLDINGS BERHAD) since retracing all the way back towards the RM 1.68+ main support levels, been rebounding here back towards the RM 1.85+ regions today with good volume and buying momentum.

So far seems to have formed its base region already and as long as able to sustain above its RM 1.83 immediate support, could continue to trend back u ptowards the RM 1.90 - RM 2+ major resistance levels soon for a further rebound.

Will be monitoring NATGATE closely here

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since retracing back towards its RM 0.55+ main support levels over the past week, was able to rebound quiet well today back towards the RM 0.60 regions with decent volume and buying momentum here on the daily chart.

Right now seems to have formed its higher low regions already and if able to sustain, could breakout back towards the RM 0.675 major resistance levels soon in the coming weeks here for an uptrend continuation pattern.

Will be monitoring CORAZA.

Titan Trading Notes For Tuesday [28/1/2025]:

KLCI took a hit and retraced back towards the 1558 points region with an overall negative market sentiment as China's DeepSeek tore the market apart, especially those that are related to data centres.

There were no stocks among those on the top volumes list that did well today as most of them took a pretty huge hit.

Among those that took a huge hit, 1 of the main ones were $YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) as it broke below its RM 3.45+ main support levels and retraced all the way back towards the RM 3.22+ main support levels today with huge volume.

So far not looking too good here and needs to hold well above its RM 3.20+ support. Otherwise, could be retracing back towards the RM 3 main support levels soon.

DeepSeek really casted a huge doubt on the demand for NVIDIA's high end graphics cards...as such, YTLPOWR also took a huge hit.

Will have to monitor YTLPOWR closely and see if able to rebound soon or not.

$GAMUDA / 5398 (GAMUDA BERHAD) on the other hand also took a huge hit and retraced back towards the RM 4.06 regions with huge selling activities here.

Nothing too surprising as GAMUDA is involved in building lots of data centres in Malaysia, and the overall outlook is not looking too good yet with DeepSeek coming into the markets.

For now needs to hold well above its RM 3.95+ main support levels on the daily chart otherwise, could retrace further down towards the RM 3.60+ regions in the coming weeks.

Will be monitoring GAMUDA closely.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) although had a huge breakout towards the RM 0.675 regions from the day before, took a pretty significant hit as it retraced back towards the RM 0.575 regions today.

Overall seems to have been dragged down by the market sentiment here. For now as long as able to hold above its RM 0.57 support, could still bounce back towards the RM 0.60+ regions.

Otherwise, may retrace back towards the RM 0.54+ main support levels. Will continue to monitor CORAZA

Titan Trading Notes For Monday [27/1/2025]:

KLCI retraced back towards the 1573 points region during last Friday with an overall negative market sentiment as we saw over 650 counters closing red along with it. Daily trading volume settled around the 3 billion mark, which is still decent.

Main stocks that showed strong buying momentum would be the likes of VELESTO, MYEG, CORAZA, RL, SRIDGE, CIMB, and MAYBANK. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$MYEG / 0138 (MY E.G. SERVICES BERHAD) since retracing back towards the RM 0.87+ main support levels over the past 2 weeks, been able to rebound quite well on the daily chart here, hovering around its RM 0.96+ regions with good volume.

For now as long as able to sustain above its RM 0.945+ immediate support, could continue to trend back up towards the RM 1+ major resistance levels soon in the coming weeks.

Will be monitoring MYEG closely here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) n the other hand was definitely one of the star performers on Friday as it managed to breakout from its RM 0.625+ major resistance and rallied all the way towards the RM 0.675 regions with huge volume and buying momentum despite the weak market sentiment.

For now looking strong despite facing some selling pressure above the RM 0.65+ major resistance. As long as able to keep this up, could continue to trend back up towards the RM 0.70+ major resistance levels soon.

Will be monitoring CORAZA closely.

$GENETEC / 0104 (GENETEC TECHNOLOGY BERHAD) since retracing back towards the RM 1.25+ main support levels over the past few weeks, been able to form a solid base here and broke out all the way towards the RM 1.50+ regions with good volume over the past week here.

So far looking quite bullish and as long as able to hold above its RM 1.40+ main support levels on the daily chart, could continue to trend back up towards the RM 1.80+ major resistance levels soon in the coming weeks.

Will be monitoring GENETEC closely here.

Titan Trading Notes For Tuesday [7/1/2025]:

KLCI retraced slightly back towards the 1625 points region with an overall mixed market sentiment as we still had over 570 counters closing red along with it for the day. Daily trading volume however was able to remain around the 3.4 billion mark, which is a pretty decent sign.

Main stocks that showed strong buying momentum would be the likes of VELOCITY, TOPGLOV, HM, CAREPLS, SUPERMX, ARMADA, GAMUDA, CRPMATE, NATGATE, SNS, CARLORINO, IJM, GENM, and WONG. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$NATGATE / 0270 (NATIONGATE HOLDINGS BERHAD) was definitely one of the star performers today as it was able to breakout from its RM 2.60 previous all time high levels and rallied all the way towards the RM 2.82 regions with huge volume and buying momentum, forming a new all time high here.

So far looking quite bullish here and if able to sustain above its RM 2.60+ immediate support levels on the daily chart, could continue on this bullish rally here, potentially towards the RM 3 major psychological resistance levels in the coming weeks.

Will be monitoring NATGATE closely here as something big seems to be brewing.

$GAMUDA / 5398 (GAMUDA BERHAD) since retracing back towards the RM 4.50+ regions over the past few weeks, was able to form a solid base and broke out strong towards the RM 4.86+ regions today with good volume and buying momentum.

Definitely looking very bullish here and if able to sustain, could be testing its RM 4.90 all time high levels soon in the coming weeks here for a strong uptrend continuation pattern.

Will be monitoring GAMUDA closely here as it's on a healthy uptrend.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) n the other hand was able to perform well after breaking out from its RM 0.57+ major resistance, rallied all the way towards the RM 0.61 regions today with huge volume and buying momentum despite the mixed market sentiment.

For now looking very strong here and if able to sustain above its RM 0.57+ immediate support on the daily chart, could continue towards its RM 0.625+ major resistance levels soon in the coming week.

Will be monitoring CORAZA closely here.

Titan Trading Notes For Friday [27/12/2024]:

KLCI had a decent rebound back towards the 1613 points region with an overall positive market sentiment as we started to rebound strong from last week's sell off. Daily trading volume however still hovering low around the 2.4 billion mark, which isn't so good.

Main stocks that showed strong buying momentum would be the likes of JCY, SNS, VANZO, GENM, GTRONIC, YTL, YTLPOWR, CEB, WINSTAR, GENETEC, CAPITALA, DNEX, MYEG, SCGBHD, ARMADA, TANCO, NATGATE, SIMEPROP, NOTION, GENTING, and SUPERMX. All of which were able to sustain their rallies throughout the day on the top volumes list.

$SNS / 0259 (SNS NETWORK TECHNOLOGY BERHAD) was definitely the star performer for the day as it was able to rally all the way towards the RM 0.67+ regions with huge volume and buying momentum here out of nowhere.

This came after a brief consolidation period over the past month since its earlier breakout towards the RM 0.60+ major resistance levels. So far looking quite strong here and as long as able to sustain above its RM 0.61 immediate support, could continue to trend back up towards the RM 0.70+ major resistance levels soon.

Will be monitoring SNS closely here as something big seems to be brewing.

$VANZO / 0333 (VANZO HOLDINGS BERHAD) on the other hand since its IPO earlier last week, been consolidating around its RM 0.16+ support levels over the past few trading days, but was finally able to breakout strong towards the RM 0.205 regions today with huge volume and buying momentum.

So far looking quite strong here and as long as able to sustain above its RM 0.19 immediate support, could continue to trend back up towards and beyond this RM 0.205 all time high levels for a bullish continuation pattern.

Will be monitoring VANZO closely here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since retracing back towards its RM 0.50+ major support levels last week, had been able to sustain the buying momentum and even broke out towards the RM 0.57 regions today with good volume,

Although still unable to breakout from its RM 0.575 local high levels, as long as able to hold above its RM 0.55 immediate support, could continue to trend back up towards the RM 0.60+ regions soon for an uptrend continuation pattern soon.

Will be monitoring CORAZA closely here

Titan Trading Notes For Friday [20/12/2024]:

KLCI had a slight rebound, closing green around the 1600 points region but the overall market sentiment was definitely a bearish one as we had almost 700 counters closing red for the day. Daily trading volume was able to surge back towards the 3.2 billion mark, which was pretty good.

Main stocks that showed strong buying momentum would be the likes of YTL, YTLPOWR, WINSTAR, TOPGLOV, SUPERMX, GENETEC, TANCO, CIMB, KPJ, and SIMEPROP. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

YTL and YTLPOWR without a doubt were the star performers for the day. This should not come as surprising since MACC cleared their case on the 1Bestarinet issue yesterday evening.

$YTL / 4677 (YTL CORPORATION BERHAD) was able to gap up and broke out from its RM 2.30 major resistance and rallied all the way towards the RM 2.55+ regions, breaking out strong from its EMA 200 resistance of RM 2.50 here with huge volume and buying momentum.

For now definitely looking very bullish here and if able to keep this up, could trend back up towards the RM 2.80+ major resistance levels in the coming weeks until its next pullback.

Will be monitoring YTL closely here as it looks poised for a potential huge recovery.

$YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) on the other hand was also able to gap up strong and broke out from its RM 3.80+ main downtrend resistance and rallied all the way towards the RM 4.08 regions with huge volume and buying momentum.

Looking very bullish here and if able to sustain its buying momentum, could trend back up towards its RM 4.40+ major resistance levels in the coming weeks for an uptrend continuation pattern.

Will continue to monitor YTLPOWR closely here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) n the other hand although retraced back towards the RM 0.50+ support levels this morning, was able to rebound strong to close green around the RM 0.545 regions with good volume and buying momentum.

It may have formed its higher low regions already over the past few days of retracement. If able to sustain above its RM 0.525 immediate support, could trend back up towards the RM 0.575 major resistance levels soon.

Will be monitoring CORAZA closely.

Titan Trading Notes For Monday [16/12/2024]:

KLCI had a slight rebound back towards the 1608 points region with an overall mixed market sentiment as we still had almost 500 counters closing red for the day during last Friday. Daily trading volume settled lower around the 2.7 billion mark.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, JFTECH, SUPERMX, ARMADA, INARI, ECA, SIMEPROP, 99SMART, AZAMJAYA, SUNWAY, YTL, and KPJ. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) was definitely the star of the glove scene recently. Since breaking out from its RM 1.17+ major resistance levels earlier this month, been rallying all the way towards the RM 1.40+ regions on Friday with huge volume and buying momentum here despite being overbought.

So far still not showing any sign of weaknesses yet and as long as able to hold above its RM 1.30+ immediate support on the daily chart, could continue on towards and beyond its RM 1.50+ regions soon for an uptrend continuation pattern.

Will be monitoring TOPGLOV closely here.

$JFTECH / 0146 (JF TECHNOLOGY BERHAD) recently been making headlines, since breaking out from its RM 0.60+ main downtrend resistance over the past 2 weeks, been trending up strong and even broke out towards the RM 0.80+ regions with huge volume and buying momentum here.

Looks very ripe for a brand new uptrend here and seems like something big could be brewing behind the scenes. For now as long as able to sustain above its RM 0.74 immediate support, could continue on towards and beyond its RM 0.88+ regions soon.

Will be monitoring JFTECH closely

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breaking out towards the RM 0.57+ major resistance levels earlier last week, been consolidating and able to hold well above its RM 0.54+ immediate support levels on the daily chart despite the mixed market sentiment.

So far looking very strong here since breaking out from its RM 0.50+ main downtrend resistance earlier this month. As long as able to keep this up, could continue to trend up towards the RM 0.60 - RM 0.62+ regions soon in the coming weeks.

Will be monitoring CORAZA closely here

Titan Trading Notes For Friday [13/12/2024]:

KLCI closed red around the 1602 points region with an overall negative market sentiment today as we saw almost 550 counters closing red for the day along with it. Daily trading volume however was able to jump back towards the 3.3 billion mark, whish isn't too bad.

Main stocks that showed strong buying momentum would be the likes of TMK, KPJ, GTRONIC, EWINT, AZAMJAYA, RL, SUNWAY, and YNHPROP. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$AZAMJAYA / 5329 (AZAM JAYA BERHAD) since its earlier rally towards the RM 1.32 all time high levels, had been retracing over the past few weeks here, heading back towards the RM 0.785+ major support levels.

Over the past few days, it was able to rebound and broke out from its RM 0.90+ major resistance levels, rallying back towards the RM 1.02+ regions with good volume and buying momentum here.

So far still looking not too bad here and as long as able to hold above its RM 0.99 support, could trend back up towards the RM 1.05 - RM 1.10+ regions soon. Will be monitoring AZAMJAYA closely here.

$SCGBHD / 0225 (SOUTHERN CABLE GROUP BERHAD) since breaking out from its RM 0.92+ main downtrend resistance levels earlier last month, had been trending up since then and even broke out towards the RM 1.16 regions with good volume and buying momentum today, forming a new all time high.

For now not showing any signs of weakness yet and as long as able to hold above its RM 1.08+ immediate support on the daily chart, could continue to trend back up towards and beyond its RM 1.16 regions for an uptrend continuation pattern.

Will be monitoring SCGBHD closely here as trending up strongly.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) although facing some selling pressure around the RM 0.57 regions, still able to hold well above its RM 0.54+ immediate support level on the daily chart here despite being slightly overbought.

For now if able to form a higher low region here, could start trending back up towards the RM 0.57 - RM 0.58+ major resistance levels soon for an uptrend continuation pattern. Recently saw insiders buying back their shares on open market too, could be a good booster for CORAZA.

Will be monitoring CORAZA closely here

Titan Trading Notes For Wednesday [11/12/2024]:

$KLCI closed slightly red back towards the 1608 points region today with an overall mixed market sentiment as we saw over 510 counters closing red along with it for the day. Daily trading volume settled low around the 2.7 billion mark.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, SUPERMX, JCY, YNHPROP, GENETEC, MICROLN, JHM, PCHEM, GTRONIC, HARTA, and GAMUDA. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) since breaking out from its RM 1.15+ major resistance levels earlier last week, had been able to sustain its buying momentum and rallied all the way towards the RM 1.40 regions today despite being overbought here on the daily chart.

Although still facing some selling pressure around the RM 1.40 regions, as long as able to sustain above its RM 1.30 immediate support, could continue on this parabolic rally soon.

Will be monitoring TOPGLOV closely here as something big seems to be brewing here.

$SUPERMX / 7106 (SUPERMAX CORPORATION BERHAD) on the other hand also was able to perform well today, breaking out all the way towards the RM 1.10 regions with good volume and buying momentum despite the mixed market sentiment.

For now looks like on a parabolic rally here and despite being overbought, still not showing any signs of weakness yet. If able to sustain above its RM 1.03+ immediate support, could continue on towards the RM 1.15+ regions soon for an uptrend continuation pattern.

Will be monitoring SUPERMX closely here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breakout from its RM 0.48 main downtrend resistance levels over the past week, had been able to sustain the buying momentum and even broke out towards the RM 0.575 regions here with good volume and buying momentum despite being overbought.

So far looking quite strong here and could be on a brand new uptrend. As long as able to sustain above its RM 0.54+ immediate support on the daily chart, could continue on towards and beyond its RM 0.60+ major resistance levels soon.

Will be monitoring CORAZA closely here.

$NOTION / 0083 (NOTION VTEC BERHAD) n the other hand since retracing back towards its RM 1.30+ support levels, was able to hold strong and rebound back towards its RM 1.39 regions today with good volume, even closing on its intraday high here.

So far looking quite bullish and as long as able to sustain above its RM 1.33+ immediate support levels on the hourly charts, could continue on towards testing its RM 1.45+ major resistance levels soon.

Monitoring NOTION closely.

Titan Trading Notes for Tuesday [10/12/2024]

$KLCI retraced back towards the 1611 points region with an overall negative market sentiment as we saw over 660 counters closing red for the day. Daily trading volume settled slightly over the 3 billion mark, which is still ok for current conditions.

Main stocks that showed strong buying momentum would be the likes of MYEG, DSONIC, GFM, DIALOG, CORAZA, and JTIASA. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$MYEG / 0138 (MY E.G. SERVICES BERHAD) since breaking out towards the RM 1.15 major resistance levels during June, had been retracing and consolidating over the past 5-6 months without much volume and action here on the daily chart.

Today, it was able to breakout strong from its RM 0.925+ main downtrend resistance on the daily chart with huge volume and buying momentum, rallying all the way towards the RM 0.95+ regions here despite the weak market.

So far looking quite strong here and will be monitoring MYEG closely as could be the start of a new uptrend.

$JTIASA / 4383 (JAYA TIASA HOLDINGS BHD) on the other hand although retraced back towards the RM 1.40 support levels, was able to rebound and breakout strong all the way towards the RM 1.50 regions with huge volume and buying momentum despite being massively overbought here.

For now definitely looking parabolic and as long as able to sustain above its RM 1.40+ immediate support on the daily chart, could be testing its RM 1.53+ major resistance levels very soon here.

Will be monitoring JTIASA closely as something big seems to be brewing here.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breaking out from its RM 0.48+ major downtrend resistance, had been able to hold well and even broke out all the way towards the RM 0.56 regions with huge volume and buying momentum today.

Looking very bullish here on the daily chart despite being slightly overbought. As long as able to hold above its RM 0.52+ immediate support, could trend back up towards the RM 0.585 - RM 0.60+ major resistance levels soon for an uptrend continuation pattern.

Will be monitoring CORAZA closely as seems to be starting a new uptrend wave.

Titan Trading Notes For Wednesday [4/12/2024]:

$KLCI had a decent rebound back towards the 1606 points region with an overall positive market sentiment as our market sentiment starts to recover pretty well. Daily trading volume also was able to close back towards the 3.3 billion mark, which is a good sign too.

Main stocks that showed strong buying momentum would be the likes of JCY, GENETEC, MYEG, YTLPOWR, SIMEPROP, YTL, NOTION, CEB, YNHPROP, SNS, GTRONIC, CORAZA, JPG, ECA, SPSETIA, WCT, SUNWAY, ECOWLD, and MRCB. All of which were able to sustain their rallies throughout the day on the top volumes list.

$YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) since breaking out from its RM 3.30+ main downtrend resistance over the past week, had been able to stay well above its support level and today, was able to breakout strong all the way towards the RM 3.70+ regions with huge volume and buying momentum.

So far looking quite strong here and as long as able to sustain above its RM 3.60+ immediate support level, could continue on towards and beyond its RM 3.80 - RM 4 major resistance levels soon for a further rally soon.

Will be monitoring YTLPOWR closely here as seems ripe for a major trend reversal

$NOTION / 0083 (NOTION VTEC BERHAD) n the other hand was definitely one of the star performers today as it was able to breakout strong from its RM 1.30+ major resistance levels, rallying all the way towards the RM 1.44 regions with huge volume and buying momentum.

For now, it's looking very strong although unable to close on its intraday high. As long as able to sustain above its RM 1.32+ immediate support levels, could continue on towards and beyond its RM 1.50+ major resistance levels soon.

Will be monitoring NOTION closely here as the data center themed stocks seem to be coming back with NOTION taking the lead.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) although retraced slightly back towards the RM 0.48 regions this morning, was able to breakout strong all the way towards the RM 0.54 regions with huge volume and buying momentum today.

So far looking very bullish here and as long as able to sustain above its RM 0.50+ immediate support, could continue on this uptrend wave all the way back towards the RM 0.565 - RM 0.58+ regions soon.

Will be monitoring CORAZA closely

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)
Research by TA

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)
Research by RHB

Sharing from remisier. Hot stock today

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)

Good morning 🌿

*CORAZA (Maintain BUY, TP of RM0.48 based on 25x 2025 PE)*

• *Below expectations, but turning the corner after four quarterly losses.* CORAZA delivered a breakeven core profit of RM1.9m in 3Q24 (+7x qoq, +2.8x yoy), marking a turnaround from previous losses.

• Although the quarter was weighed down by significant realised forex losses, *the improved topline performance enabled the company to breakeven,* bringing 9M24 results back into positive territory with a cumulative core net profit of RM0.2m.

• *This recovery was driven by a rebound in demand from semiconductor customers* and enhanced operational efficiency, marking a key step forward in Coraza's journey toward sustained profitability.

• *Yoy, 9M24 revenue returned to a positive growth trajectory of 13%,* rebounding from a 16% decline in 1H24. This was driven by a stronger order ramp-up amid the semiconductor industry’s recovery and additional contributions from new product introductions (NPI).

• Excluding unrealized forex losses of RM1.8m, the group achieved a core net profit of RM0.2m, supported by improved operational efficiency.

• *Qoq, revenue surged by an impressive 46%* fuelled by the semiconductor industry’s recovery. As a result of better operational efficiency, the group recorded core net profit of RM1.9m after four consecutive quarter of sequential losses.

• *Seeing lights at the end of tunnel.* Coraza’s order on hand remains steady compared with the preceding quarter, with c.50% of the total orders coming from the semiconductor industry while 32% are coming from instrumentation.

• Meanwhile, the increasingly higher New product introductions (NPI) activities in the past few quarters have started contributing positively to total orders and revenue. Consistent sequential revenue improvements over the past three quarters indicate that the group’s recovery is on track.

• The current outstanding orderbook stands at RM60m, which is similar to last quarter’s quantum.

• *After model updates,* we recalibrate our 2024/25 earnings forecasts to RM2.1m/RM9.7m respectively to account for unprecedented forex losses.

• *Maintain BUY and a lower target price of RM0.48* (from RM0.58), based on 25x 2025F PE. Our target price implies 1.3x PBV which is at the lower range of its closest peers’ PBV range 5.1-5.3x.

Thanks.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)
Research by TA
Buy - TP RM0.53

"Seeing a Second Consecutive QoQ Improvement"

After revising the earnings forecasts, we revised the target price from RM0.69 to RM0.53, based on a PE multiple of 22.0x CY25F EPS. Maintain a Buy call on the stock. Overall, we like CORAZA for its medium-to-long- term earnings growth prospects backed by its expansion plans and exposure to high-growth industries, including semiconductor, instrumentation, and medical and life science.

Analyst:
Chan Mun Chun
mcchan@ta.com.my

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)
Research by RHB
Buy - TP RM0.62

"Improving Outlook; Still BUY"

Still BUY, new MYR0.62 TP from MYR0.68, 49% upside. 1H24 results missed expectations on softer-than-expected sales and margins. Although the recovery has been uneven and gradual, we believe the recent share price weakness has priced in the low expectations. We expect a stronger performance in 2H, driven by improving demand for semiconductor equipment, which leverages on Coraza Integrated Technology’s solid customer base and exposure in the front-end semiconductor supply chain.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Lee Meng Horng
lee.meng.horng@rhbgroup.com

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) AGM 2024

📌 Despite a significant drop in revenue last year, the company is continuing to expand. Plant 5 is anticipated to commence operations in Q4FY24, while Plant 3 is currently under construction. The overall utilization rate of the production facilities is low as the company is gearing up for the next expansion cycle, planning to ramp up capacity quickly to secure more and faster orders.

📌 The company believes that the worst is behind them. The overall upstream expansion and recovery are occurring rapidly, particularly with the support of artificial intelligence. However, the recovery in Malaysia is slower due to its more traditional semiconductor industry. The company believes recovery will be gradual, with 2025 expected to be the peak period for semiconductor recovery and growth.

📌 The company is now entering Phase 4, which includes constructing new production facilities with a clean room, attracting new customers, pursuing new acquisitions, expanding regionally, and preparing for the next upward phase of the semiconductor cycle.

📌 The company has seen a significant number of inquiries and orders from customers J and P, which are gradually resuming. More orders are anticipated in the second half of the year and into next year.

📌 The company is concentrating on offering end-to-end services. Previously, surfacing processes were outsourced, but now the company is prepared to manage this in-house, with a focus on weldment and frame.

📌 The semiconductor sector contributes approximately 60-70% of the company's revenue, with a larger portion coming from the back-end rather than the front-end. The company plans to secure more front-end semiconductor business in the future, not for higher profit margins, but because of the significant and promising expansion and development opportunities.

📌 Within the aviation sector, the company requires additional time to secure the requisite certifications, a common requirement within this industry.

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : COMBINATION OF NEW ISSUE OF SECURITIESCORAZA INTEGRATED TECHNOLOGY BERHAD ("CORAZA" OR "COMPANY")

(I) PRIVATE PLACEMENT; AND
(II) LTIP

(COLLECTIVELY, THE "PROPOSALS")

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD)
Research by RHB
Buy (Maintained) – TP RM0.68

“Recovering Steadily; Stay BUY"

Stay BUY, new MYR0.68 TP from MYR0.64, 24% upside. Coraza Integrated Technology’s 1Q24 results met expectations, with sales showing its first QoQ uptick after six consecutive quarters of contraction. We anticipate more substantial improvement in the demand outlook in 2H, which is set to drive margin expansion through operating leverage for the group. We continue to like Coraza for its strong engineering know-how, positioning it to capitalise on the recovery in semiconductor equipment demand.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Lee Meng Horng
lee.meng.horng@rhbgroup.com

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

General Meetings: Outcome of Meeting

Titan Trading Notes For Monday [13/5/2024]:

$KLSE-KLCI had a brief retracement back towards the 1600 points region with an overall mixed market sentiment here as we had over 530 counters closing red for the day here. Daily trading volume settled around the 4.6 billion mark here, which is still pretty good.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, CAREPLS, CORAZA, AHB, PRTASCO, GLXT, KOBAY, SENDAI, WENTEL, TOPMIX, and SEALINK. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$TOPGLOV / 7113 (TOP GLOVE CORPORATION BHD) had a strong breakout from its RM 0.93+ main downtrend resistance last week which saw it rally all the way towards the RM 0.97+ regions with good volume and buying momentum here.

For now still looking quite strong here and as long as able to sustain above its RM 0.92+ main support levels, could continue on towards and beyond the RM 1+ major resistance levels soon.

Will be monitoring TOPGLOV closely here to see how it develops.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) after consolidating over the past month here, seems to have formed its higher low region around the RM 0.55+ levels here on the daily chart as it was able to breakout towards the RM 0.60+ regions with good volume and buying momentum.

For now looking quite strong here and as long as able to sustain above its RM 0.57+ immediate support levels, could continue on towards the RM 0.65 - RM 0.70+ major resistance levels soon for an uptrend continuation pattern.

Will be monitoring CORAZA closely as I believe there's a good chance for it to be a tech theme leader.

$RGB / 0037 (RGB INTERNATIONAL BHD) since breaking out towards the RM 0.41 major resistance levels, had been retracing over the past few weeks here, forming a decent support around the RM 0.375+ regions here on the daily chart. l

For now seems to be able to hold here and could rebound and breakout back towards and beyond its RM 0.41+ major resistance levels soon for an uptrend continuation pattern soon in the coming weeks.

Will be monitoring RGB closely as still on a healthy uptrend here

Titan Trading Notes For Friday [10/5/2024]:

$KLSE-KLCI retraced briefly back towards the 1601 points region with an overall mixed market sentiment as we saw over 450 counters closing red along with it. Daily trading volume remained healthy around the 4.6 billion mark, which is pretty good.

Main stocks that showed strong buying momentum would be the likes of PMHLDG. SNS, VELESTO, SENDAI, CUSCAPI, GHLSYS, REVENUE, CLOUDPT, VSTECS, and SPESTIA. All of which were able to sustain their rallies throughout the day on the top volumes list.

$PMHLDG / 1287 (PAN MALAYSIA HOLDINGS BERHAD) was definitely the main star performer for the day was it was able to breakout from its RM 0.25+ major resistance levels and rallied all the way towards the RM 0.30 regions with huge volume and buying momentum.

So far looking very bullish here and as long as able to sustain above its RM 0.25+ immediate support levels on the daily chart, could continue on towards and beyond the RM 0.30+ regions soon in the coming weeks.

Will be monitoring PMHLDG closely here.

$SENDAI / 5205 (EVERSENDAI CORPORATION BERHAD) since breaking out from its RM 0.425+ major resistance levels last week, had been breaking out all the way towards the RM 0.615 regions today with huge volume and buying momentum despite being overbought.

For now still not showing any signs of weakness yet and as long as able to sustain above its RM 0.55 immediate support levels, could continue on towards and beyond the RM 0.63+ regions soon.

Will be monitoring SENDAI closely.

$CORAZA / 0240 (CORAZA INTEGRATED TECHNOLOGY BERHAD) since breaking out from the RM 0.50+ major resistance levels over the past 1-2 months, had been slowly trending upwards here and forming higher low regions along the way on the daily chart.

For now as long as able to sustain above its RM 0.535+ immediate support levels on the daily chart, could continue to trend up towards and beyond the RM 0.60+ regions soon in the coming weeks.

Will be monitoring CORAZA closely here

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Circular to Shareholders in relation to Proposed Renewal of Existing Shareholders Mandate for Recurrent Related Party Transactions of a revenue or trading nature

Annual Report & CG Report - 2023

General Meetings: Notice of Meeting

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

OTHERSCORAZA INTEGRATED TECHNOLOGY BERHAD ("CORAZA" OR "THE COMPANY")
PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE")