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.
"SAMEE foresees short term soft demand in equipment business due to broad base inventory adjustments and underutilisation," it said in a note released today.
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.
It said 2023 was a record year for commercial aircraft in terms of aircraft deliveries, net new orders and order backlog.
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%.
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.
"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.
HLIB Research將SAM Engineering & Equipment (M) Bhd(SAMEE)的評級從 "買入 "下調至 "持有"，52周目標價維持在4.92令吉。該股從昨天的5.09令吉下跌了5％，至4.85令吉。
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。”
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％。
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。
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％。
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。”
