Key data on ScienTex

研报英文原文证据摘录

Global Markets Research

Scientex STIK.KL SCI MK

19 August 2026

EQUITY: MATERIALS

Packaging segment benefiting from cost-optimization efforts

Rating

Remains

Structurally higher packaging margins, a bigger property

book; raising TP to MYR4.40

Target price

Increased from

MYR 4.13

MYR 4.40

Closing price

17 August 2026

MYR 3.78

Implied upside

+16.4%

Raising our earnings estimates by 3%/14% for FY26F/27F

We update our Scientex model with its FY25 numbers and roll forward our assumptions to

extend our forecast horizon to FY28F. Additionally, we make two changes to our

operating assumptions. In Packaging, we now assume a sustained 15% EBITDA margin

for FY26F and onwards (previously ~12%), reflecting an improved cost structure and

product mix. In Property, we lift our revenue assumptions on a stronger launch and

unbilled-sales pipeline, while normalizing the divisional EBITDA margin to 28.1% for

FY26F and onwards (previously ~28.7%), as earnings come off a high base. Overall, we

raise group core net profit estimates by ~3% for FY26F and ~14% for FY27F.

Buy

Market Cap (USD mn)

1,449.7

ADT (USD mn)

Relative performance chart

Packaging: we see the margin recovery as structural

We had previously assumed Packaging's EBITDA margin would settle back towards ~12%

over our forecast horizon. However, as per our last note on Scientex’s 3QFY26 results , the

packaging operating margin (segment PBT upon segment revenue) reached 11.6% in

3QFY26 (up 3.6pp q-q and up 6pp y-y), lifting 9MFY26 packaging operating margin to 9.0%

(vs 5.7% in 9MFY25, up 3.3pp y-y). This was achieved with plant utilization broadly flat at

~62%. In our view, The improvement reflects operational efficiency rather than volume

leverage, and according to management, it is not solely an ASP effect (details on page 4 ).

Valuation: raising SOTP-based TP to MYR4.40

We continue to value Scientex on an SOTP-based valuation methodology. Accounting for

the earnings upward revisions, our SOTP-derived TP rises to MYR4.13 (from MYR4.13).

The uplift in our TP is driven almost entirely by the higher Packaging free cash flow; the

Property leg is broadly unchanged as higher GDV is offset by the lower margin

assumptions.…