MORNING CALL: 2/10/23 - video Dailymotion

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10/1/2023

TA Securities isn’t too upbeat on Beshom’s outlook

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00:00 Bishrom Holdings, formerly Hi-O, is our stroke in focus today.

00:05 TA Securities keeping its sell recommendation on the counter with a lower target price of

00:10 71 cent, down from 96 cent previously.

00:14 The stock settled on Friday at RM1.02.

00:17 So according to TA, Bishrom's first quarter FY24 core earnings of RM2.6 million only accounted

00:24 for 12% of its full-year estimate and 13.5% of consensus full-year forecasts.

00:30 This was no thanks to the weakened consumer sentiment and lower demand for non-essential goods.

00:36 TA cut its earnings forecasts for FY24 by 31.2%, FY25 by 35.4% and FY26 by 32%, citing

00:47 challenges and a dampened outlook across the board.

00:51 Drilling down to the segments, the Research House says MLM is expected to be clouded by

00:55 weakened consumer spending in view of the rising cost of living.

00:59 The wholesale segment's turnover should remain status quo in the next quarter since

01:04 the sales peak usually occurs in its third quarter thanks to Chinese New Year festive sales.

01:10 And finally, sales outlook for the retail segment is projected to stay sluggish due

01:15 to lower foot traffic and demand for premium supplement products.

01:18 Quick peek now at consensus.

01:21 According to Bloomberg data, TA aside, CJSC and MB Research is the only one covering Bishom,

01:26 with a hold recommendation and target price of 99 cent.

01:30 So that's one hold, one sell.

01:32 Average target price 85 cent, down 16.7% from the stock's last close of RM1.02.

01:38 [MUSIC]

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