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西牛证券:首予槟杰科达(01665)“买入”评级 目标价1.23港元

West Bull Securities: First “buy” rating for Ben Jacoda (01665) with a target price of HK$1.23

Zhitong Finance ·  Dec 22, 2023 11:05

West Bull Securities estimates that Benjakoda (01665)'s revenue will increase by about 16.2%-23.4% over the next three years.

The Zhitong Finance app learned that Xiniu Securities released a research report stating that Benjakoda (01665) received the first “buy” rating, with a target price of HK$1.23. The bank estimates that the company's revenue will increase by about 16.2%-23.4% over the next three years, and estimates that the Group can achieve total revenue of over RM1 billion by 2025. According to forecasts, it is possible to achieve a net profit level of approximately RM140 million this year, an increase of 6.8% over the previous year. The bank believes that depreciation and staff costs will reduce the Group's profitability in the short term, but the net profit margin is expected to rise to ~ 21% - ~ 22% after the completion of the third phase of the plant.

The main views of Nishiniu Securities are as follows:

It mainly provides automation technology and solutions for multinational manufacturers in the automotive, semiconductor, telecommunications, consumer electronics, and medical industries.

In the first nine months of 2023, Penjakoda achieved total revenue of approximately RM520 million, of which 68.5% and 31.5% came from automated testing equipment (ATE) and factory automation solutions (FAS) businesses, respectively.

STAY ON THE RIGHT TRACK:

Benjakoda is an asset-light enterprise that focuses on research and development. About 70% of the company's employees are R&D personnel. The Group's experienced management team, technology-oriented and customized solutions operating model bring flexibility to cope with market changes. In 2018, it actively developed solutions related to 3D sensing, which was one of the important upgrades and catalysts for the mobile phone market at the time. By 2020, thanks to the rapidly rising penetration rate of ADAS and new energy vehicles, the automotive industry has become one of the main sources of revenue. It is no accident that West Bull Securities believes that Ben Jacoda can continue to deliver strong results. Management's choices and the Group's operating model play a very important role in helping the Group run on the right track.

Future growth drivers:

The medical business segment is one of the important components of Pinecoda's order. The group has also successfully established three main revenue streams from the medical business division, including i) selling machinery and equipment through designated and authorized distributors, ii) providing customers with factory automation solutions, and iii) manufacturing single-use medical devices. Furthermore, Penjacoda has successfully entered the global supply chain of automotive semiconductor participants, enabling the Group to directly benefit from increased penetration of electric vehicles and improved technology.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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