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10/4/2023

Aurelius is ramping things up according to Maybank

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00:00 This Thursday, we are looking at Aurelius Tech, where Maybank IB walked away from its

00:06 results briefing feeling positive.

00:08 It has kept its forecast and its buy call, and it has a RM3.13 target price on the tech

00:13 player, implying a possible upside of 21% from current levels.

00:18 In the second quarter of FY2024, A-Tech experienced a surge in short notice orders, which continued

00:24 with a recent RM40 million rush order expected to be delivered within the next few months.

00:29 While some line utilizations remain suboptimal, specific lines, like for CNI and ONG-related

00:36 products, have to operate at seven days per week.

00:40 Stronger margins are anticipated due to improved product mix and streamlined operations.

00:45 A-Tech has gained two new customers in video telematics and insulation monitoring devices

00:50 for EV/charging stations in the second quarter.

00:54 While their earnings contributions are currently small, this diversification aligns with the

00:58 group's strategy to expand its customer base and its product offerings.

01:03 The onboarding of a new automotive customer is progressing as planned, with mass production

01:07 anticipated in FY25.

01:10 This customer is expected to contribute 30-40% to revenue at mass production.

01:15 According to Bloomberg, the two latest updates come from Maybank and JFA Pax, and both are

01:20 buys on the company.

01:21 The average target price works out to RM3.18, which is 59 cent more than its last close.

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