Local player with superior profit and vast global presence; initiating with Buy

Selamat Sempurna (SMSM) is the largest filter manufacturer in the region, and among the few local companies that have extensive export market penetration with presence in more than 120 countries. SMSM also delivers superior profitability compared to its peers, commanding an average FY16-18 ROE of 31% and average EBIT margin of 21%. SMSM's solid track record and vast global presence coupled with ample capacity provide the right recipe for delivering superior growth with strong cash flow generation.

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