Broker Name: Maybank Investment Bank Berhad
Date of Report: November 18, 2025

Excerpt from Maybank Investment Bank Berhad report.

Report Summary

• SAM Engineering & Equipment (SAM E&E) reported weaker-than-expected 1HFY26 results, with core earnings down 14% year-over-year, mainly due to margin compression from adverse forex movements, higher start-up costs in Thailand, and softer operating leverage despite resilient demand.
• Maybank downgraded the stock to SELL (from HOLD), lowered the target price to MYR3.39, and cut earnings forecasts by 13–34%, citing persisting weak margins and subdued near-term outlook, though long-term prospects remain constructive.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website : www.maybank.com/investment-banking