SAM Engineering Downgraded to 'Hold', Aerospace Strength to Offset Equipment Weakness in the Near Term
SAM Engineering Downgraded to 'Hold', Aerospace Strength to Offset Equipment Weakness in the Near Term
SAM Engineering & Equipment (M) Bhd (SAMEE) has been downgraded to 'Hold' from 'Buy' at HLIB Research with an unchanged 52-week target price of RM4.92. The counter dropped 5% to RM4.85 from RM5.09 yesterday.
SAM工程與設備（M）有限公司（SAMEE）的評級已從HLIB Research的 “買入” 下調至 “持有”，52周目標價保持不變，爲4.92令吉。該櫃台從昨天的5.09令吉下跌了5％，至4.85令吉。
"SAMEE foresees short term soft demand in equipment business due to broad base inventory adjustments and underutilisation," it said in a note released today.
該公司在今天發佈的一份報告中表示：“由於廣泛的基礎庫存調整和利用率不足，SAMEE預計，設備業務的短期需求將疲軟。”
It noted that air travel has recovered to almost pre-pandemic levels with revenue passenger kilometers (RPKs) and available seat kilometers (ASK) back 94% and 98% of pre-Covid levels.
它指出，航空旅行已恢復到幾乎疫情前的水平，收入乘客里程（RPK）和可用座位里程（ASK）回落了COVID前水平的94％和98％。
It said 2023 was a record year for commercial aircraft in terms of aircraft deliveries, net new orders and order backlog.
它說，就飛機交付量、淨新訂單和訂單積壓而言，2023年是商用飛機創紀錄的一年。
The revenue contribution from B737 Max family products is less than 5%. The consolidation of Aviatron is projected to elevate aerospace contribution from 23% to 35%.
B737 Max系列產品的收入貢獻不到5％。預計Aviatron的整合將使航空業的貢獻從23％提高到35％。
On the outlook for SAMEE, HLIB Research said it likes the counter given its exposure in both the ultra-fast-growing aerospace and semiconductor industries, which it deemed both to be long-term complementary.
關於SAMEE的前景，HLIB Research表示，它喜歡該櫃台，因爲它在超快速增長的航空航天和半導體行業都有曝光率，它認爲這兩個行業是長期互補的。
"SAMEE is a highly rare secular growth stock and we are positive for the following reasons: (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," it said.
“SAMEE是一種非常罕見的長期增長股票，我們持樂觀態度，原因如下：（i）全球半導體行業正在逐漸從庫存修正週期中恢復過來；（ii）隨着全球航空旅客旅行恢復到疫情前水平的99％以上，航空航天業正在強勁轉機。它說，儘管該集團在泰國的擴張需要一段時間才能實現收支平衡，但我們對隨後每個季度的虧損縮小感到鼓舞。”
譯文內容由第三人軟體翻譯。