VALUATION
FISCAL YEAR ENDING 2023
LATEST NOSH (DILUTED, millions) 7,426.03
PRICE (ADJUSTED) 1.01
MARKET CAP (millions) 7,500.29

NAPS 0.30
EPS 0.07
P/B 3.40
P/E 15.38
EARNINGS YIELD 6.50%
FCF YIELD 6.56%
DIVIDEND YIELD 1.40%
ROA 15.76%
ROE 23.33%
DPO RATIO 21.59%

Today, Velesto is performing. Challenge - how to get to net carbon zero? How to invest into renewables? No plan for now.

Is Velesto price fully valued?
It is more expensive than other comparables.
Sustainable returns to shareholders? Little growth going forward.

How to bring value to shareholders? No plan for inorganic growth.

O&G is cyclical. Stay in upstream. Looking into production space. Operating expenditures only, not heavy capex needed. More sustainable. Must be asset light (based on recent past experience, victim of recent downturn in O&G).

Future: Focus on Asset light and Production.


Jaguh kampong! Dependent on Petronas (eg Sapura Kencana, others)
All 6 rigs operating in Malaysia. Is it able to compete internationally?

How to improve return to shareholders?
Utilisation rate is now 85%, where is the growth?
M&A? Rigs are very expensive. Not looking to increasing the number of rigs.

Can EBIT margin of 4th qtr of last year be maintained?

Short charter rate versus long term charter rate are different.

Presently, the situation is everyone wants rigs!

Daily charter rate near all time high.
High deployment of almost all their jack-up rigs.
Reported big free cash flow in latest results.
Distributed a dividend after many years of zero dividends.
Turnaround. Price has risen 100% from its lowest.

Cyclical business directly related to oil price.
Oil price is projected to be high for the near term.
Sustainability? Stability? Dependent on Petronas for contracts.
Focus on long term contracts. Revenues and profits visible for the next 2 years (2024 and 2025) for now.

For the last 12 quarters, its revenues grew q-q and y-y in 10 qtrs out of the 12 qtrs.

htt ps:/ /myinvestingnotes.blogspot.com/2024/04/myeg-at-glance.html

Investor's Checklist: Business Services

Understand the business model. Knowing if a company leverages technology, people, or hard assets will provide insight as to the kind of financial results the company may produce.

Look for scale and operating leverage. These characteristics can provide significant barriers to entry and lead to impressive financial performance.

Look for recurring revenue. Long-term customer contracts can guarantee certain levels of revenue for years into the future. This can provide a degree of stability in financial results.


Focus on cash flow. Investors ultimately earn returns based on a company's cash-generating ability. Avoid investments that aren't expected to generate adequate cash flow.

Size the market opportunity. Industries with big, untapped market opportunities provide an attractive environment for high growth. In addition, companies chasing markets perceived to be big enough to accommodate growth for all industry participants are less likely to compete on price alone.

Examine growth expectations. Understand what kind of growth rates are incorporated into the share price. If the rates of growth are unrealistic, avoid the stock.



(Example: MYEG leverages on technology.)

RANKING IN TERMS OF EARNINGS

BANKS: MBB> CIMB > PBB> HLB> HLFG> RHB> AMBANK

PLANTATIONS: SIME PLT> PPB > IOI CORP > KLK

TELECOMMUNICATIONS: TM > CDB > MAXIS > AXIATA

POWER: YTL POWER > TENAGA > PETGAS > PCHEM > PETDAG

OTHERS: SIME > IHH > MISC > YTL > PMETAL > GENTING > NESTLE > MRDIY > GENM > QL

NAME ### MCap.(M) ### Earnings ### Dividends ### DPO
MAYBANK ### 118,738.81 ### 9,349.51 ### 7,243.07 ### 0.77
CIMB ### 72,729.84 ### 6,979.83 ### 4,589.25 ### 0.66
PBBANK ### 81,719.01 ### 6,649.23 ### 3,685.53 ### 0.55
HLBANK ### 42,704.05 ### 3,910.63 ### 1,276.85 ### 0.33
SIME ### 19,288.14 ### 3,738.01 ### 885.33 ### 0.24
YTLPOWR ### 39,918.41 ### 3,343.25 ### 491.00 ### 0.15
IHH ### 55,572.12 ### 2,951.25 ### 1,639.38 ### 0.56
HLFG ### 20,104.50 ### 2,913.70 ### 562.93 ### 0.19
RHBBANK ### 23,574.91 ### 2,806.54 ### 1,713.90 ### 0.61
TENAGA ### 72,225.90 ### 2,770.46 ### 2,665.14 ### 0.96
MISC ### 36,513.83 ### 2,122.90 ### 1,606.61 ### 0.76
YTL ### 36,972.87 ### 2,006.12 ### 439.98 ### 0.22
TM ### 24,023.55 ### 1,870.99 ### 958.54 ### 0.51
SIMEPLT ### 30,982.40 ### 1,859.69 ### 1,037.91 ### 0.56
PETGAS ### 35,933.77 ### 1,819.43 ### 1,422.98 ### 0.78
AMBANK ### 13,985.86 ### 1,818.71 ### 606.99 ### 0.33
PCHEM ### 55,280.00 ### 1,696.23 ### 1,039.26 ### 0.61
CDB ### 48,099.18 ### 1,552.09 ### 1,548.79 ### 1.00
PPB ### 22,619.32 ### 1,394.53 ### 597.15 ### 0.43
PMETAL ### 44,329.15 ### 1,214.50 ### 576.28 ### 0.47
MAXIS ### 28,195.48 ### 993.15 ### 1,251.88 ### 1.26
PETDAG ### 21,736.77 ### 943.03 ### 795.57 ### 0.84
GENTING ### 17,407.26 ### 929.38 ### 581.40 ### 0.63
IOICORP ### 25,643.61 ### 874.02 ### 692.38 ### 0.79
NESTLE ### 30,086.35 ### 658.20 ### 628.80 ### 0.96
KLK ### 25,408.58 ### 618.21 ### 660.62 ### 1.07
MRDIY ### 16,724.25 ### 560.65 ### 302.71 ### 0.54
GENM ### 15,498.30 ### 436.82 ### 891.15 ### 2.04
QL ### 15,989.13 ### 412.41 ### 171.08 ### 0.41
AXIATA ### 26,719.38 ### -1,995.47 ### 1,285.20 ### -0.64

DATE --- KLCI INDEX --- M. CAP m (T30)
7.5.2024 --- 1,605.76 --- 1,118.72
28.8.2021 --- 1,601.38 --- 1,053.84
19.6.2020 --- 1,503.19 --- 964.98
5.3.2020 --- 1,491.03 --- 960.89
6.7.2018 --- 1,663.86 --- 1,028.10
18.1.2018 --- 1,824.81 --- 1,118.64
10.12.2017 --- 1,721.25 ---
2.11.2017 --- 1,742.49 --- 1,059.87
3.1.2014 --- 1,804.03 ---
7.6.2013 --- 1,775.59 --- 934.17
11.1.2013 --- 1,682.70 --- 902.68
19.10.2012 --- 1,666.35 --- 871.09
28.1.2010 --- 1,264.51 ---
9.7.2009 --- 1,065.68 ---
3.7.2008 --- 1,153.70 ---


When and how long was iCap in cash and bearish in the market over the last decade?
When and how long iCap recently turned bullish in the Malaysian market?

Portfolio of XXX14.08

Stock % Shares Position Change Value Record Date Report Year
PBA 0.30 1,000,000 - 2.15M 29 Mar 2024 2023
DKSH 0.25 400,000 NEW 1.93M 29 Mar 2024 2023
KFIMA 0.27 742,000 88,000 1.57M 26 Jun 2023 2023
PTARAS 0.48 800,000 - 1.26M 25 Aug 2023 2023
TONGHER 0.34 520,000 - 1.25M 27 Mar 2024 2023
PERSTIM 0.31 400,000 75,000 1.14M 30 Jun 2023 2023
FAVCO 0.21 485,000 NEW 1.10M 29 Mar 2024 2023
CHINWEL 0.26 750,000 150,000 908K 29 Sep 2023 2023
THPLANT 0.14 1,200,000 - 798K 20 Feb 2024 2023
FM 0.23 1,279,800 406,300 768K 29 Sep 2023 2023
SUBUR 0.41 778,900 - 697K 29 Mar 2024 2023
SUCCESS 0.22 500,000 - 498K 02 Oct 2023 2023

>>>
In such a future, it is reasonable to expect that icapital.biz Berhad’s NAV will more than double in 5 years – in the past, icapital.biz Berhad’s NAV has outperformed the KLCI by a big margin. In such a bullish market, ICAP’s discount will also disappear and a premium will arise.
>>>


?????

Insiders and KWAP loading up on this stock.

Our stock market was at its lowest point in June 2023. Since then, it has risen steadily.

The recent climb in the index has been led by big blue chips consumer stocks.

Is this the start of a bull run?

Hartalega and Kossan
Their share prices are trending upwards from their lowest in 2022.
Both these counters reported positive earnings the last 2 quarters.

Topglove and Supermax
Share prices remain flat since their lowest price of 2022.
Both these counters continue to report losses.
Topglove reported a smaller loss in its lastest quarter compared with its previous quarter.
Supermax reported a bigger loss in its lastest quarter compared with its previous quarter.

HARTALEGA
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
LATEST NOSH (DILUTED) 3,418.00 3,418.00 3,418.00 3,418.00 3,418.00
PRICE (ADJUSTED) 2.80 1.69 5.30 12.60 5.40
MARKET CAP (millions) 9,570.40 5,776.42 18,115.40 43,066.80 18,457.20

KOSSAN
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
LATEST NOSH (DILUTED) 2,552.00 2,552.00 2,552.00 2,552.00 2,552.00
PRICE (ADJUSTED) 2.20 1.13 1.78 4.97 2.13
MARKET CAP (millions) 5,614.40 2,883.76 4,542.56 12,683.44 5,435.76

SUPERMAX
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
LATEST NOSH (DILUTED) 2,637.00 2,637.00 2,637.00 2,637.00 2,637.00
PRICE (ADJUSTED) 0.85 0.87 1.42 6.84 0.69
MARKET CAP (millions) 2,241.45 2,294.19 3,744.54 18,037.08 1,819.53

TOPGLOVE
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
LATEST NOSH (DILUTED) 8,009.00 8,009.00 8,009.00 8,009.00 8,009.00
PRICE (ADJUSTED) 0.88 0.91 2.19 6.12 1.59
MARKET CAP (millions) 7,047.92 7,288.19 17,539.71 49,015.08 12,734.31

Hartalega, Kossan and Supermax are cash positive.
Hartalega and Supermax are burning cash; Kossan is adding to its cash.

Topglove is net debt positive and burning cash.


These companies are all in the same boat: rising and sinking in the same sector.

Hartalega
Fiscal year is April-March. All values MYR Millions. 2023 2022
CASH AND EQUIVALENT 1,724.00 2,378.00
ST DEBT & CURRENT PORTION OF LT DEBT 90.00 104.00
LT DEBT 64.00 140.00
TOTAL DEBT 154.00 244.00
NET CASH (DEBT) 1,570.00 2,134.00



Kossan
Fiscal year is January-December. All values MYR Millions. 2023 2022
CASH AND EQUIVALENT 2,089.00 2,073.00
ST DEBT & CURRENT PORTION OF LT DEBT 12.00 77.00
LT DEBT 5.00 7.00
TOTAL DEBT 17.00 84.00
NET CASH (DEBT) 2,072.00 1,989.00



Supermax
Fiscal year is July-June. All values MYR Millions. 2023 2022
CASH AND EQUIVALENT 2,146.00 3,032.00
ST DEBT & CURRENT PORTION OF LT DEBT 86.00 180.00
LT DEBT 19.00 53.00
TOTAL DEBT 105.00 233.00
NET CASH (DEBT) 2,041.00 2,799.00


Topglove
TOTAL DEBT 2023 2022
CASH AND EQUIVALENT 948.00 951.00
ST DEBT & CURRENT PORTION OF LT DEBT 542.00 309.00
LT DEBT 1,215.00 1,284.00
TOTAL DEBT 1,757.00 1,593.00
NET CASH (DEBT) -809.00 -642.00

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q2 Dec 23 ___ 145,553 ___ -63,245 ___ -44,361 ___ -1.72 ___ 722,623 ___ -93,504
Q1 Sep 23 ___ 177,963 ___ 3,145 ___ -2,053 ___ -0.08 ___ 751,855 ___ -157,211
Q4 Jun 23 ___ 223,365 ___ -23,028 ___ -7,172 ___ -0.27 ___ 821,856 ___ -149,448
Q3 Mar 23 ___ 175,742 ___ -74,976 ___ -39,918 ___ -1.51 ___ 898,717 ___ -109,222
Q2 Dec 22 ___ 174,785 ___ -104,805 ___ -108,068 ___ -4.07 ___ 1,130,774 ___ -56,295
Q1 Sep 22 ___ 247,964 ___ 6,103 ___ 5,710 ___ 0.21 ___ 1,479,531 ___ 99,614
Q4 Jun 22 ___ 300,226 ___ 29,174 ___ 33,054 ___ 1.25 ___ 2,687,227 ___ 732,428
Q3 Mar 22 ___ 407,799 ___ 18,280 ___ 13,009 ___ 0.49 ___ 4,262,483 ___ 1,658,088
Q2 Dec 21 ___ 523,542 ___ 91,946 ___ 47,841 ___ 1.83 ___ 5,792,200 ___ 2,650,291
Q1 Sep 21 ___ 1,455,660 ___ 930,851 ___ 638,524 ___ 24.6 ___ 7,267,303 ___ 3,661,913
Q4 Jun 21 ___ 1,875,482 ___ 1,230,578 ___ 958,714 ___ 36.93 ___ 7,164,180 ___ 3,812,905
Q3 Mar 21 ___ 1,937,516 ___ 1,342,294 ___ 1,005,212 ___ 38.83 ___ 6,217,822 ___ 3,253,809
Q2 Dec 20 ___ 1,998,645 ___ 1,397,240 ___ 1,059,463 ___ 41.14 ___ 4,727,553 ___ 2,319,653
Q1 Sep 20 ___ 1,352,537 ___ 1,049,242 ___ 789,516 ___ 30.58 ___ 3,114,405 ___ 1,290,355
Q4 Jun 20 ___ 929,124 ___ 519,007 ___ 399,618 ___ 30.58 ___ 2,131,809 ___ 525,586
Q3 Mar 20 ___ 447,247 ___ 95,277 ___ 71,056 ___ 5.42 ___ 1,578,649 ___ 141,027
Q2 Dec 19 ___ 385,497 ___ 41,829 ___ 30,165 ___ 2.31 ___ 1,492,601 ___ 104,588
Q1 Sep 19 ___ 369,941 ___ 32,443 ___ 24,747 ___ 1.89 ___ 1,492,205 ___ 112,559
Q4 Jun 19 ___ 375,964 ___ 16,198 ___ 15,059 ___ 1.15 ___ 1,489,316 ___ 123,754
Q3 Mar 19 ___ 361,199 ___ 49,416 ___ 34,617 ___ 2.64 ___ 1,442,808 ___ 118,536
Q2 Dec 18 ___ 385,101 ___ 54,317 ___ 38,136 ___ 5.82 ___ 1,408,678 ___ 117,295
Q1 Sep 18 ___ 367,052 ___ 52,676 ___ 35,942 ___ 5.48 ___ 1,359,491 ___ 115,062
Q4 Jun 18 ___ 329,456 ___ 23,444 ___ 9,841 ___ 1.49 ___ 1,304,460 ___ 107,021
Q3 Mar 18 ___ 327,069 ___ 45,454 ___ 33,376 ___ 5.06 ___ 1,287,589 ___ 105,525
Q2 Dec 17 ___ 335,914 ___ 57,634 ___ 35,903 ___ 5.42 ___ 1,268,746 ___ 91,903
Q1 Sep 17 ___ 312,021 ___ 40,655 ___ 27,901 ___ 4.19 ___ 1,169,569 ___ 78,571
Q4 Jun 17 ___ 312,585 ___ 36,042 ___ 8,345 ___ 1.25 ___ 1,126,550 ___ 70,207
Q3 Mar 17 ___ 308,226 ___ 20,894 ___ 19,754 ___ 2.94 ___ 1,080,504 ___ 68,649
Q2 Dec 16 ___ 236,737 ___ 26,985 ___ 22,571 ___ 3.36 ___ 997,280 ___ 68,565
Q1 Sep 16 ___ 269,002 ___ 26,488 ___ 19,537 ___ 2.89 ___ 1,051,280 ___ 84,814
- Jun 16 ___ 266,539 ___ 34,783 ___ 6,787 ___ 1 ___ 1,092,146 ___ 103,732
- Mar 16 ___ 225,002 ___ 33,484 ___ 19,670 ___ 2.89 ___ 1,054,989 ___ 121,688
- Dec 15 ___ 290,737 ___ 46,263 ___ 38,820 ___ 5.71 ___ 1,053,195 ___ 126,965
- Sep 15 ___ 309,868 ___ 48,327 ___ 38,455 ___ 5.65 ___ ___
- Jun 15 ___ 229,382 ___ 29,538 ___ 24,743 ___ 3.64 ___ ___
- Mar 15 ___ 223,208 ___ 28,227 ___ 24,947 ___ 3.67 ___ ___

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q2 Feb 24 ___ 550,334 ___ -43,062 ___ -51,197 ___ -0.64 ___ 2,050,278 ___ -702,642
Q1 Nov 23 ___ 493,459 ___ -52,860 ___ -57,711 ___ -0.72 ___ 2,117,950 ___ -816,111
Q4 Aug 23 ___ 475,865 ___ -461,896 ___ -463,145 ___ -5.78 ___ 2,257,022 ___ -926,638
Q3 May 23 ___ 530,620 ___ -138,532 ___ -130,589 ___ -1.63 ___ 2,771,259 ___ -516,079
Q2 Feb 23 ___ 618,006 ___ -145,929 ___ -164,666 ___ -2.06 ___ 3,705,283 ___ -370,198
Q1 Nov 22 ___ 632,531 ___ -151,642 ___ -168,238 ___ -2.1 ___ 4,536,574 ___ -117,983
Q4 Aug 22 ___ 990,102 ___ -44,030 ___ -52,586 ___ -0.66 ___ 5,488,163 ___ 235,973
Q3 May 22 ___ 1,464,644 ___ 38,389 ___ 15,292 ___ 0.19 ___ 6,614,452 ___ 896,506
Q2 Feb 22 ___ 1,449,297 ___ 112,275 ___ 87,549 ___ 1.09 ___ 9,312,552 ___ 2,917,379
Q1 Nov 21 ___ 1,584,120 ___ 258,845 ___ 185,718 ___ 2.32 ___ 13,228,737 ___ 5,698,807
Q4 Aug 21 ___ 2,116,391 ___ 729,516 ___ 607,947 ___ 7.59 ___ 16,403,870 ___ 7,888,864
Q3 May 21 ___ 4,162,744 ___ 2,603,506 ___ 2,036,165 ___ 25.44 ___ 17,396,595 ___ 8,572,912
Q2 Feb 21 ___ 5,365,482 ___ 3,724,994 ___ 2,868,977 ___ 35.77 ___ 14,922,175 ___ 6,884,642
Q1 Nov 20 ___ 4,759,253 ___ 3,095,525 ___ 2,375,775 ___ 29.64 ___ 10,786,470 ___ 4,131,348
Q4 Aug 20 ___ 3,109,116 ___ 1,623,554 ___ 1,291,995 ___ 15.95 ___ 7,236,317 ___ 1,866,999
Q3 May 20 ___ 1,688,324 ___ 422,020 ___ 347,895 ___ 13.59 ___ 5,316,795 ___ 655,056
Q2 Feb 20 ___ 1,229,777 ___ 130,374 ___ 115,683 ___ 4.52 ___ 4,818,706 ___ 381,826
Q1 Nov 19 ___ 1,209,100 ___ 125,452 ___ 111,426 ___ 4.36 ___ 4,748,894 ___ 371,935
Q4 Aug 19 ___ 1,189,594 ___ 81,160 ___ 80,052 ___ 3.13 ___ 4,801,759 ___ 370,564
Q3 May 19 ___ 1,190,235 ___ 82,239 ___ 74,665 ___ 2.92 ___ 4,829,021 ___ 392,104
Q2 Feb 19 ___ 1,159,965 ___ 125,470 ___ 105,792 ___ 4.14 ___ 4,739,360 ___ 435,010
Q1 Nov 18 ___ 1,261,965 ___ 141,879 ___ 110,055 ___ 4.31 ___ 4,537,835 ___ 438,228
Q4 Aug 18 ___ 1,216,856 ___ 141,987 ___ 101,592 ___ 7.95 ___ 4,213,986 ___ 433,618
Q3 May 18 ___ 1,100,574 ___ 134,209 ___ 117,571 ___ 9.36 ___ 3,899,545 ___ 430,648
Q2 Feb 18 ___ 958,440 ___ 124,524 ___ 109,010 ___ 8.68 ___ 3,668,612 ___ 390,790
Q1 Nov 17 ___ 938,116 ___ 121,990 ___ 105,445 ___ 8.41 ___ 3,561,709 ___ 364,834
Q4 Aug 17 ___ 902,415 ___ 99,117 ___ 98,622 ___ 7.87 ___ 3,409,176 ___ 332,704
Q3 May 17 ___ 869,641 ___ 91,504 ___ 77,713 ___ 6.2 ___ 3,228,875 ___ 299,722
Q2 Feb 17 ___ 851,537 ___ 102,728 ___ 83,054 ___ 6.63 ___ 3,031,504 ___ 284,465
Q1 Nov 16 ___ 785,583 ___ 89,756 ___ 73,315 ___ 5.85 ___ 2,873,822 ___ 306,018
Q4 Aug 16 ___ 722,114 ___ 75,776 ___ 65,640 ___ 5.24 ___ 2,888,515 ___ 361,051
Q3 May 16 ___ 672,270 ___ 73,743 ___ 62,456 ___ 4.99 ___ 2,875,846 ___ 398,530
Q2 Feb 16 ___ 693,855 ___ 131,841 ___ 104,607 ___ 8.36 ___ 2,864,766 ___ 408,348
Q1 Nov 15 ___ 800,276 ___ 161,268 ___ 128,348 ___ 20.64 ___ ___
Q4 Aug 15 ___ 709,445 ___ 134,461 ___ 103,119 ___ 16.68 ___ ___
Q3 May 15 ___ 661,190 ___ 100,581 ___ 72,274 ___ 11.7 ___ ___

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q4 Dec 23 ___ 400,149 ___ 3,434 ___ 806 ___ 0.03 ___ 1,585,879 ___ 14,223
Q3 Sep 23 ___ 403,479 ___ 48,957 ___ 40,969 ___ 1.61 ___ 1,667,176 ___ 10,928
Q2 Jun 23 ___ 387,543 ___ 2,530 ___ -3,298 ___ -0.13 ___ 1,824,213 ___ -6,781
Q1 Mar 23 ___ 394,708 ___ -19,074 ___ -24,254 ___ -0.95 ___ 2,026,529 ___ 42,509
Q4 Dec 22 ___ 481,446 ___ 956 ___ -2,489 ___ -0.1 ___ 2,322,453 ___ 156,866
Q3 Sep 22 ___ 560,516 ___ 27,799 ___ 23,260 ___ 0.91 ___ 2,765,562 ___ 378,029
Q2 Jun 22 ___ 589,859 ___ 64,295 ___ 45,992 ___ 1.8 ___ 3,507,814 ___ 882,972
Q1 Mar 22 ___ 690,632 ___ 119,839 ___ 90,103 ___ 3.53 ___ 5,155,970 ___ 1,901,827
Q4 Dec 21 ___ 924,555 ___ 273,704 ___ 218,674 ___ 8.57 ___ 6,657,487 ___ 2,853,547
Q3 Sep 21 ___ 1,302,768 ___ 696,778 ___ 528,203 ___ 20.69 ___ 7,039,954 ___ 3,177,360
Q2 Jun 21 ___ 2,238,015 ___ 1,403,749 ___ 1,064,847 ___ 41.72 ___ 6,770,533 ___ 2,997,898
Q1 Mar 21 ___ 2,192,149 ___ 1,373,540 ___ 1,041,823 ___ 40.76 ___ 5,234,198 ___ 2,064,108
Q4 Dec 20 ___ 1,307,022 ___ 764,868 ___ 542,487 ___ 21.21 ___ 3,653,514 ___ 1,087,088
Q3 Sep 20 ___ 1,033,347 ___ 436,393 ___ 348,741 ___ 27.27 ___ 2,924,841 ___ 605,604
Q2 Jun 20 ___ 701,680 ___ 160,836 ___ 131,057 ___ 10.25 ___ 2,422,751 ___ 306,038
Q1 Mar 20 ___ 611,465 ___ 82,534 ___ 64,803 ___ 5.07 ___ 2,271,604 ___ 230,864
Q4 Dec 19 ___ 578,349 ___ 72,279 ___ 61,003 ___ 4.77 ___ 2,221,607 ___ 224,784
Q3 Sep 19 ___ 531,257 ___ 62,768 ___ 49,175 ___ 3.84 ___ 2,232,630 ___ 223,295
Q2 Jun 19 ___ 550,533 ___ 69,980 ___ 55,883 ___ 4.37 ___ 2,275,270 ___ 228,266
Q1 Mar 19 ___ 561,468 ___ 75,078 ___ 58,723 ___ 4.59 ___ 2,221,524 ___ 217,086
Q4 Dec 18 ___ 589,372 ___ 71,400 ___ 59,514 ___ 4.65 ___ 2,144,234 ___ 203,652
Q3 Sep 18 ___ 573,897 ___ 70,826 ___ 54,146 ___ 4.23 ___ 2,032,635 ___ 190,602
Q2 Jun 18 ___ 496,787 ___ 54,904 ___ 44,703 ___ 6.79 ___ 1,947,918 ___ 182,136
Q1 Mar 18 ___ 484,178 ___ 53,032 ___ 45,289 ___ 6.96 ___ 1,941,645 ___ 182,943
Q4 Dec 17 ___ 477,773 ___ 58,997 ___ 46,464 ___ 7.18 ___ 1,957,445 ___ 184,189
Q3 Sep 17 ___ 489,180 ___ 58,195 ___ 45,680 ___ 7.14 ___ 1,917,859 ___ 182,358
Q2 Jun 17 ___ 490,514 ___ 56,084 ___ 45,510 ___ 7.12 ___ 1,842,718 ___ 170,701
Q1 Mar 17 ___ 499,978 ___ 56,330 ___ 46,535 ___ 7.28 ___ 1,755,977 ___ 166,159
Q4 Dec 16 ___ 438,187 ___ 54,393 ___ 44,633 ___ 6.98 ___ 1,668,279 ___ 170,930
Q3 Sep 16 ___ 414,039 ___ 42,608 ___ 34,023 ___ 5.32 ___ 1,669,255 ___ 181,503
Q2 Jun 16 ___ 403,773 ___ 50,741 ___ 40,968 ___ 6.41 ___ 1,696,959 ___ 202,646
Q1 Mar 16 ___ 412,280 ___ 65,652 ___ 51,306 ___ 8.02 ___ 1,678,965 ___ 209,118
Q4 Dec 15 ___ 439,163 ___ 78,514 ___ 55,206 ___ 8.63 ___ 1,635,941 ___ 203,262
Q3 Sep 15 ___ 441,743 ___ 70,846 ___ 55,166 ___ 8.63 ___ ___
Q2 Jun 15 ___ 385,779 ___ 60,174 ___ 47,440 ___ 7.42 ___ ___
Q1 Mar 15 ___ 369,256 ___ 59,006 ___ 45,450 ___ 7.11 ___ ___

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q4 Dec 23 ___ 400,149 ___ 3,434 ___ 806 ___ 0.03 ___ 1,585,879 ___ 14,223
Q3 Sep 23 ___ 403,479 ___ 48,957 ___ 40,969 ___ 1.61 ___ 1,667,176 ___ 10,928
Q2 Jun 23 ___ 387,543 ___ 2,530 ___ -3,298 ___ -0.13 ___ 1,824,213 ___ -6,781
Q1 Mar 23 ___ 394,708 ___ -19,074 ___ -24,254 ___ -0.95 ___ 2,026,529 ___ 42,509
Q4 Dec 22 ___ 481,446 ___ 956 ___ -2,489 ___ -0.1 ___ 2,322,453 ___ 156,866
Q3 Sep 22 ___ 560,516 ___ 27,799 ___ 23,260 ___ 0.91 ___ 2,765,562 ___ 378,029
Q2 Jun 22 ___ 589,859 ___ 64,295 ___ 45,992 ___ 1.8 ___ 3,507,814 ___ 882,972
Q1 Mar 22 ___ 690,632 ___ 119,839 ___ 90,103 ___ 3.53 ___ 5,155,970 ___ 1,901,827
Q4 Dec 21 ___ 924,555 ___ 273,704 ___ 218,674 ___ 8.57 ___ 6,657,487 ___ 2,853,547
Q3 Sep 21 ___ 1,302,768 ___ 696,778 ___ 528,203 ___ 20.69 ___ 7,039,954 ___ 3,177,360
Q2 Jun 21 ___ 2,238,015 ___ 1,403,749 ___ 1,064,847 ___ 41.72 ___ 6,770,533 ___ 2,997,898
Q1 Mar 21 ___ 2,192,149 ___ 1,373,540 ___ 1,041,823 ___ 40.76 ___ 5,234,198 ___ 2,064,108
Q4 Dec 20 ___ 1,307,022 ___ 764,868 ___ 542,487 ___ 21.21 ___ 3,653,514 ___ 1,087,088
Q3 Sep 20 ___ 1,033,347 ___ 436,393 ___ 348,741 ___ 27.27 ___ 2,924,841 ___ 605,604
Q2 Jun 20 ___ 701,680 ___ 160,836 ___ 131,057 ___ 10.25 ___ 2,422,751 ___ 306,038
Q1 Mar 20 ___ 611,465 ___ 82,534 ___ 64,803 ___ 5.07 ___ 2,271,604 ___ 230,864
Q4 Dec 19 ___ 578,349 ___ 72,279 ___ 61,003 ___ 4.77 ___ 2,221,607 ___ 224,784
Q3 Sep 19 ___ 531,257 ___ 62,768 ___ 49,175 ___ 3.84 ___ 2,232,630 ___ 223,295
Q2 Jun 19 ___ 550,533 ___ 69,980 ___ 55,883 ___ 4.37 ___ 2,275,270 ___ 228,266
Q1 Mar 19 ___ 561,468 ___ 75,078 ___ 58,723 ___ 4.59 ___ 2,221,524 ___ 217,086
Q4 Dec 18 ___ 589,372 ___ 71,400 ___ 59,514 ___ 4.65 ___ 2,144,234 ___ 203,652
Q3 Sep 18 ___ 573,897 ___ 70,826 ___ 54,146 ___ 4.23 ___ 2,032,635 ___ 190,602
Q2 Jun 18 ___ 496,787 ___ 54,904 ___ 44,703 ___ 6.79 ___ 1,947,918 ___ 182,136
Q1 Mar 18 ___ 484,178 ___ 53,032 ___ 45,289 ___ 6.96 ___ 1,941,645 ___ 182,943
Q4 Dec 17 ___ 477,773 ___ 58,997 ___ 46,464 ___ 7.18 ___ 1,957,445 ___ 184,189
Q3 Sep 17 ___ 489,180 ___ 58,195 ___ 45,680 ___ 7.14 ___ 1,917,859 ___ 182,358
Q2 Jun 17 ___ 490,514 ___ 56,084 ___ 45,510 ___ 7.12 ___ 1,842,718 ___ 170,701
Q1 Mar 17 ___ 499,978 ___ 56,330 ___ 46,535 ___ 7.28 ___ 1,755,977 ___ 166,159
Q4 Dec 16 ___ 438,187 ___ 54,393 ___ 44,633 ___ 6.98 ___ 1,668,279 ___ 170,930
Q3 Sep 16 ___ 414,039 ___ 42,608 ___ 34,023 ___ 5.32 ___ 1,669,255 ___ 181,503
Q2 Jun 16 ___ 403,773 ___ 50,741 ___ 40,968 ___ 6.41 ___ 1,696,959 ___ 202,646
Q1 Mar 16 ___ 412,280 ___ 65,652 ___ 51,306 ___ 8.02 ___ 1,678,965 ___ 209,118
Q4 Dec 15 ___ 439,163 ___ 78,514 ___ 55,206 ___ 8.63 ___ 1,635,941 ___ 203,262
Q3 Sep 15 ___ 441,743 ___ 70,846 ___ 55,166 ___ 8.63 ___ ___
Q2 Jun 15 ___ 385,779 ___ 60,174 ___ 47,440 ___ 7.42 ___ ___
Q1 Mar 15 ___ 369,256 ___ 59,006 ___ 45,450 ___ 7.11 ___ ___

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q4 Dec 23 ___ 400,149 ___ 3,434 ___ 806 ___ 0.03 ___ 1,585,879 ___ 14,223
Q3 Sep 23 ___ 403,479 ___ 48,957 ___ 40,969 ___ 1.61 ___ 1,667,176 ___ 10,928
Q2 Jun 23 ___ 387,543 ___ 2,530 ___ -3,298 ___ -0.13 ___ 1,824,213 ___ -6,781
Q1 Mar 23 ___ 394,708 ___ -19,074 ___ -24,254 ___ -0.95 ___ 2,026,529 ___ 42,509
Q4 Dec 22 ___ 481,446 ___ 956 ___ -2,489 ___ -0.1 ___ 2,322,453 ___ 156,866
Q3 Sep 22 ___ 560,516 ___ 27,799 ___ 23,260 ___ 0.91 ___ 2,765,562 ___ 378,029
Q2 Jun 22 ___ 589,859 ___ 64,295 ___ 45,992 ___ 1.8 ___ 3,507,814 ___ 882,972
Q1 Mar 22 ___ 690,632 ___ 119,839 ___ 90,103 ___ 3.53 ___ 5,155,970 ___ 1,901,827
Q4 Dec 21 ___ 924,555 ___ 273,704 ___ 218,674 ___ 8.57 ___ 6,657,487 ___ 2,853,547
Q3 Sep 21 ___ 1,302,768 ___ 696,778 ___ 528,203 ___ 20.69 ___ 7,039,954 ___ 3,177,360
Q2 Jun 21 ___ 2,238,015 ___ 1,403,749 ___ 1,064,847 ___ 41.72 ___ 6,770,533 ___ 2,997,898
Q1 Mar 21 ___ 2,192,149 ___ 1,373,540 ___ 1,041,823 ___ 40.76 ___ 5,234,198 ___ 2,064,108
Q4 Dec 20 ___ 1,307,022 ___ 764,868 ___ 542,487 ___ 21.21 ___ 3,653,514 ___ 1,087,088
Q3 Sep 20 ___ 1,033,347 ___ 436,393 ___ 348,741 ___ 27.27 ___ 2,924,841 ___ 605,604
Q2 Jun 20 ___ 701,680 ___ 160,836 ___ 131,057 ___ 10.25 ___ 2,422,751 ___ 306,038
Q1 Mar 20 ___ 611,465 ___ 82,534 ___ 64,803 ___ 5.07 ___ 2,271,604 ___ 230,864
Q4 Dec 19 ___ 578,349 ___ 72,279 ___ 61,003 ___ 4.77 ___ 2,221,607 ___ 224,784
Q3 Sep 19 ___ 531,257 ___ 62,768 ___ 49,175 ___ 3.84 ___ 2,232,630 ___ 223,295
Q2 Jun 19 ___ 550,533 ___ 69,980 ___ 55,883 ___ 4.37 ___ 2,275,270 ___ 228,266
Q1 Mar 19 ___ 561,468 ___ 75,078 ___ 58,723 ___ 4.59 ___ 2,221,524 ___ 217,086
Q4 Dec 18 ___ 589,372 ___ 71,400 ___ 59,514 ___ 4.65 ___ 2,144,234 ___ 203,652
Q3 Sep 18 ___ 573,897 ___ 70,826 ___ 54,146 ___ 4.23 ___ 2,032,635 ___ 190,602
Q2 Jun 18 ___ 496,787 ___ 54,904 ___ 44,703 ___ 6.79 ___ 1,947,918 ___ 182,136
Q1 Mar 18 ___ 484,178 ___ 53,032 ___ 45,289 ___ 6.96 ___ 1,941,645 ___ 182,943
Q4 Dec 17 ___ 477,773 ___ 58,997 ___ 46,464 ___ 7.18 ___ 1,957,445 ___ 184,189
Q3 Sep 17 ___ 489,180 ___ 58,195 ___ 45,680 ___ 7.14 ___ 1,917,859 ___ 182,358
Q2 Jun 17 ___ 490,514 ___ 56,084 ___ 45,510 ___ 7.12 ___ 1,842,718 ___ 170,701
Q1 Mar 17 ___ 499,978 ___ 56,330 ___ 46,535 ___ 7.28 ___ 1,755,977 ___ 166,159
Q4 Dec 16 ___ 438,187 ___ 54,393 ___ 44,633 ___ 6.98 ___ 1,668,279 ___ 170,930
Q3 Sep 16 ___ 414,039 ___ 42,608 ___ 34,023 ___ 5.32 ___ 1,669,255 ___ 181,503
Q2 Jun 16 ___ 403,773 ___ 50,741 ___ 40,968 ___ 6.41 ___ 1,696,959 ___ 202,646
Q1 Mar 16 ___ 412,280 ___ 65,652 ___ 51,306 ___ 8.02 ___ 1,678,965 ___ 209,118
Q4 Dec 15 ___ 439,163 ___ 78,514 ___ 55,206 ___ 8.63 ___ 1,635,941 ___ 203,262
Q3 Sep 15 ___ 441,743 ___ 70,846 ___ 55,166 ___ 8.63 ___ ___
Q2 Jun 15 ___ 385,779 ___ 60,174 ___ 47,440 ___ 7.42 ___ ___
Q1 Mar 15 ___ 369,256 ___ 59,006 ___ 45,450 ___ 7.11 ___ ___

(RM,000)
Quarter ___ Revenue ___ PBT ___ Net Profit ___ EPS (Cent) ___ ttm-Revenue ___ ttm-Net Profit
Q3 Dec 23 ___ 415,644 ___ 29,038 ___ 22,380 ___ 0.66 ___ 1,823,506 ___ -305,151
Q2 Sep 23 ___ 452,085 ___ 35,549 ___ 27,695 ___ 0.81 ___ 1,869,699 ___ -359,441
Q1 Jun 23 ___ 440,038 ___ -44,737 ___ -52,469 ___ -1.54 ___ 2,002,176 ___ -358,792
Q4 Mar 23 ___ 515,739 ___ -331,438 ___ -302,757 ___ -8.86 ___ 2,407,811 ___ -218,043
Q3 Dec 22 ___ 461,837 ___ -30,709 ___ -31,910 ___ -0.93 ___ 2,860,765 ___ -113,190
Q2 Sep 22 ___ 584,562 ___ 37,314 ___ 28,344 ___ 0.83 ___ 3,404,357 ___ 177,780
Q1 Jun 22 ___ 845,673 ___ 134,138 ___ 88,280 ___ 2.58 ___ 4,831,125 ___ 1,063,445
Q4 Mar 22 ___ 968,693 ___ 218,376 ___ -197,904 ___ -5.79 ___ 7,888,286 ___ 3,234,701
Q3 Dec 21 ___ 1,005,429 ___ 352,393 ___ 259,060 ___ 7.58 ___ 9,219,451 ___ 4,551,698
Q2 Sep 21 ___ 2,011,330 ___ 1,187,351 ___ 914,009 ___ 26.74 ___ 10,343,923 ___ 5,294,278
Q1 Jun 21 ___ 3,902,834 ___ 2,879,093 ___ 2,259,536 ___ 66.08 ___ 9,678,609 ___ 4,925,227
Q4 Mar 21 ___ 2,299,858 ___ 1,511,790 ___ 1,119,093 ___ 32.75 ___ 6,695,862 ___ 2,885,410
Q3 Dec 20 ___ 2,129,901 ___ 1,345,873 ___ 1,001,640 ___ 29.31 ___ 5,173,902 ___ 1,881,896
Q2 Sep 20 ___ 1,346,016 ___ 682,961 ___ 544,958 ___ 15.95 ___ 3,840,551 ___ 1,001,529
Q1 Jun 20 ___ 920,087 ___ 272,819 ___ 219,719 ___ 6.49 ___ 3,203,959 ___ 560,438
Q4 Mar 20 ___ 777,898 ___ 137,575 ___ 115,579 ___ 3.43 ___ 2,923,973 ___ 434,782
Q3 Dec 19 ___ 796,550 ___ 159,697 ___ 121,273 ___ 3.6 ___ 2,829,964 ___ 410,563
Q2 Sep 19 ___ 709,424 ___ 137,327 ___ 103,867 ___ 3.09 ___ 2,756,807 ___ 409,045
Q1 Jun 19 ___ 640,101 ___ 121,654 ___ 94,063 ___ 2.81 ___ 2,761,627 ___ 425,394
Q4 Mar 19 ___ 683,889 ___ 113,680 ___ 91,360 ___ 2.75 ___ 2,827,879 ___ 456,204
Q3 Dec 18 ___ 723,393 ___ 150,001 ___ 119,755 ___ 3.6 ___ 2,760,831 ___ 481,490
Q2 Sep 18 ___ 714,244 ___ 142,352 ___ 120,216 ___ 3.62 ___ 2,640,577 ___ 474,758
Q1 Jun 18 ___ 706,353 ___ 145,833 ___ 124,873 ___ 3.77 ___ 2,510,950 ___ 467,882
Q4 Mar 18 ___ 616,841 ___ 134,972 ___ 116,646 ___ 3.53 ___ 2,405,638 ___ 439,395
Q3 Dec 17 ___ 603,139 ___ 138,857 ___ 113,023 ___ 6.85 ___ 2,315,794 ___ 412,176
Q2 Sep 17 ___ 584,617 ___ 137,245 ___ 113,340 ___ 6.87 ___ 2,168,942 ___ 365,379
Q1 Jun 17 ___ 601,041 ___ 115,736 ___ 96,386 ___ 5.86 ___ 2,021,300 ___ 323,254
Q4 Mar 17 ___ 526,997 ___ 118,505 ___ 89,427 ___ 5.45 ___ 1,822,086 ___ 283,044
Q3 Dec 16 ___ 456,287 ___ 78,327 ___ 66,226 ___ 4.03 ___ 1,695,518 ___ 255,334
Q2 Sep 16 ___ 436,975 ___ 83,759 ___ 71,215 ___ 4.34 ___ 1,637,254 ___ 261,894
Q1 Jun 16 ___ 401,827 ___ 68,129 ___ 56,176 ___ 3.42 ___ 1,579,624 ___ 251,090
Q4 Mar 16 ___ 400,429 ___ 71,185 ___ 61,717 ___ 3.76 ___ 1,498,312 ___ 257,595
Q3 Dec 15 ___ 398,023 ___ 91,173 ___ 72,786 ___ 4.44 ___ 1,402,998 ___ 250,813
Q2 Sep 15 ___ 379,345 ___ 75,069 ___ 60,411 ___ 3.69 ___ 1,004,975 ___
Q1 Jun 15 ___ 320,515 ___ 79,924 ___ 62,681 ___ 7.65 ___ 625,630 ___
Q4 Mar 15 ___ 305,115 ___ 67,351 ___ 54,935 ___ 7.07 ___ 305,115 ___

HARTALEGA 30.4.2024

Fiscal year is April-March. All values MYR Millions.
ANNUAL
BUSINESS PERFORMANCE
INCOME STATEMENT 2023 2022
SALES/REVENUES 2,410.00 7,888.00
GROSS INCOME 319.00 4,795.00
PRETAX INCOME -214.00 4,637.00
NET INCOME -235.00 3,234.00
NOSH (DILUTED) 3,418.00 3,418.00
- -
CASH FLOW STATEMENT 2023 2022
FUNDS FROM OPERATIONS -123.00 3,565.00
NOCF -4.00 3,748.00
CAPEX -307.00 -847.00
FREE CASH FLOW -311.00 2,901.00
DIVIDENDS 239.00 2,989.00

In 2005, the risk free interest rate was probably about 6.5%. Today , perhaps 3.5% to 4%. Thus, risk free interest rate has dropped by half. This will affect the valuation or the PE of assets.

FROM 2005 TO 2024

NESTLE has grown its earnings from 114 sen to 280,70 sen. (2x) Its dividend distributed was 80.2 sen in 2005 and today it is 268 sen. (3x).

Its share price grew from 25 in 2005 to 125 today (5x).

PE expanded from 22 to 45 (2x)

Growth in share price is due to earnings growth x PE expansion.

Nestle
2005
Price 23 - 25.75 DPS 80.2 SEN EPS 114 DY 3.5 - 3.1% PE 20.2 - 22.6

2024
PRICE 127.50 DPS 268 SEN EPS 280.70 PE 45.42 DY 2.10%

A company with durable competitive advantage (Definition of a great company).

In Bursa, Nestle is a great company.
A great company can grow its revenues and earnings consistently and over a long time.
It maintains its margins.
It has healthy earnings, that is, its earnings generate a lot of cash from operations and net operating cash flow.
It requires to spend little to maintain and/grow its business (capex <<< earnings).
Thus, it generates a lot of free cash flow.
It does not need a lot of new capital to grow its earnings, thus, its ROE is very high.
It would be great if Nestle can reinvest this into its business but it is not able.
Not surprisingly, it distributed almost all its earnings to its shareholders.

All great company started small and grew over many years into its present size.
A small company can grow faster than a very big company.

Look for other companies in other sectors that have the characteristics of Nestle, and you will probably find a great company to analyse and ponder on.

The only thing is these great companies tend to trade at very good prices.
A great company can be a bad investment if you overpay to own it.

I have learned of many who trades actively in the market. It is often interesting to hear of people making 100% in a single transaction now and again. Some even more when they trade options. From my observation, I have not known of any who trade actively accumulating great wealth from the stock market, especially when they are very active. The majority eventually lose their money and are out of the market. There are many in the market with losses in their books for many years or a lifetime too. The truth is 90% or more will be losers in the stock market, and this is a fact. Just ask the stockbrokers, especially those who have retired after a lifetime in this service to their clients. The bosses of the stockbroking houses know this.

>>>
Posted by Windy1974 > 2 days ago | Report Abuse

SSlee is getting better in stock investment. However, most Malaysian can't afford his risk level.
Most Malaysian best follow 3iii, problem with 3iii, most can't understand what he said. He and most intellects don't understand that you need to converse at average IQ level.
Hence, please go and listen to Grand Pine Alfred youtube live every Tuesday 830pm. While i don't listen to it live, i always listen when i exercise. It will help most Malaysian. He is one guru i respect. Not like majority Malaysian gurus who are helping you without any motives (Most Malaysians dumb enough to believe)
BTW, he is from China. Reflect badly on Malaysians integrity

>>>

😀

Interesting remarks. I continue to learn from you and from everyone. Most importantly, self-learning. Being a non-financial person, learning from scratch has been a very steep climb.

Keep it simple.

Look for: 1. Business you can understand. 2. With good economic moats 3. Managed by honest, hardworking and intelligent people and 4. Buy at a fair price or bargain price (MOS).

Understand the business: narratives. Read, read, read .... Annual report, quarterly announcements, various articles. What services or products are the company selling? Who are their customers? How do they make their money? SWOT analysis.

Understand their financials: Accounting is the language of business. What are the accounts telling us? What is the story behind these numbers? How do you use these numbers in your hunting for the gems? Make investing fun.

1. Revenues
2. Earnings
3. Margins
4. ROE

You want a company with the ability to grow over a long runway. How fast is this growth? How many years do they have to grow - 3year, 5 years or forever? How CONSISTENT is growth projected to be (something to do with their economic moats)? Growth is fast in small companies.

Screen and focus on companies with high ROE. Compare this with the ROE on your fixed deposit!!!😀 You should love to concentrate on companies with high ROE.

Look at the margins. Are the management maintaining and/or increasing the margins?

ROE and margins reflect the quality of the management. Capital allocation by the management of company cash and resources reflect their integrity.




Always look at and focus on risks. Take care of these first, the upside will take care of itself.


How to own multi-baggers?
Always be long term focus. The power of compounding is so powerful at the end of a long period. (Just look at Buffett and Munger, most of their wealth 99% appeared after their 60th birthday, from the magic of compounding}.
Always reinvest your dividends.

Develop your own philosophy and method. Above all, understand yourself:
1. Your financial capacity
2. Your ability to accept risk (risk tolerance)
3. Your investment objectives
4. Your time horizon of your investment.


Each invest differently. I know of friends who only invest for dividends and doing very well too, but after a long period of investing. Now he has so much income he cannot spend it in time!!😀 Fong Si Ling bets BIG on penny stocks and he has the ability and intelligence to protect his downside and gains from the upsides of his investing. I think Fong Si Ling is a master in NOT LOSING HIS CAPITAL RULE, thus his survival in the market till today.

REGARDS

TOPGLOVE

CASH & EQ 948M
ST DEBTS 542M
LT DEBTS 1215M
TOTAL DEBTS 1757M

NET DEBT -809M

TOTAL LIABILITIES/TOTAL ASSET 0.33
TOTAL LIABILITIES/TOTAL EQUITY 0.49
LT DEBT/TOTAL EQUITY 0.26

Interesting facts:

Market cap of Topglove
2019 12.7b Price 1.59
2023 7.0b Price 0.88

In 2021, Topglove distributed 5.474b in dividends.
(Past dividends: 2019 217m, 2020 372m, 2022 529m, 2023 0m)

Revenue in 2019 4801m
Revenue in 2023 2257m
Last quarter Revenue Nov 2023 493m

Net earnings in 2019 365m
Net earnings in 2023 -925m
Last quarter Net Earnings Nov 2023 -58m

In 2019, its gross profit margin was 18%, PBT margin was 8.8% and NP margin was 7.60%.
In 2023, its gross profit margin was 2.8%, PBT margin was -39.7% and NP margin was -41%.

The last 5 quarters results:
The latest quarter: The gross profit margins, PBT margins and NP margins remained negative (-12%, -10.6% and -11.7% respectively). However, these are improvements when compared with the quarter Nov 22, where the gross profit margins, PBT margins and NP margins were worse (-22.6%, -24% and 26% respectively.

Quarterly revenues: Over the last 5 quarters, revenues declined every quarter, except the qtr Nov 23 (Rev 493m) which showed a slight increase over the previous qtr Aug 23 (Rev 476m).

One of the most effective methods to reduce tax leaks in this area is through e-invoicing implementation.

The Finance Ministry has previously stated that from 2000 to 2009, the shadow economy accounted for about 30.2% of Malaysia’s GDP, reducing to 21.2% from 2010 to 2019.

A significant reason for this decline was the implementation of the GST in 2015, introducing tax invoices and plugging some tax loopholes.

More comprehensive

When comparing tax invoices from the GST era with the planned e-invoicing system, it becomes evident that e-invoicing requires more comprehensive and detailed information.

This indicates that the IRB can gather more data to monitor transactions between businesses (B2B) and businesses and consumers (B2C), further sealing tax loopholes and increasing national revenue.

This is why many countries have either begun or planned to implement e-invoicing.

CHIN HIN 29.4.2024

Fiscal year is January-December. All values MYR Millions.

BUSINESS PERFORMANCE
INCOME STATEMENT 2023 2022 2021
SALES/REVENUES 2,057.00 1,630.00 1,150.00
GROSS INCOME 188.00 132.00 97.00
PRETAX INCOME 125.00 85.00 34.00
NET INCOME 150.00 97.00 31.00
NOSH (DILUTED) 1,769.00 1,769.00 1,573.00
- - -
CASH FLOW STATEMENT 2023 2022 2021
FUNDS FROM OPERATIONS 65.62 40.93 45.07
NOCF -137.90 5.47 -92.23
CAPEX -40.93 -19.58 -13.70
FREE CASH FLOW -178.83 -14.11 -105.93
DIVIDENDS #VALUE! 17.69 5.56
- - -
BALANCE SHEET 2023 2022 2021
RETAINED EARNINGS 334.00 177.00 128.00
TOTAL EQUITY (Book Value) 1,219.00 670.00 621.00
TOTAL ASSET 3,157.00 2,078.00 1,779.00


- - -
MANAGEMENT PERFORMANCE - - -
FISCAL YEAR ENDING 2023 2022 2021
GROSS PROFIT MARGIN 9.14% 8.10% 8.43%
PRETAX PROFIT MARGIN 6.08% 5.21% 2.96%
NET PROFIT MARGIN 7.29% 5.95% 2.70%
ASSET TURNOVER 0.99 0.92 1.07
FINANCIAL LEVERAGE 3.10 2.86 2.41
ROA 7.22% 5.45% 2.89%
ROE 22.39% 15.62% 6.97%
DPO RATIO #VALUE! 18.24% 17.94%


- - -
VALUATION - - -
FISCAL YEAR ENDING 2023 2022 2021
PRICE 5.30 3.23 1.31
MARKET CAP (millions) 9,375.70 5,713.87 2,060.63
- - -
NAPS 0.69 0.38 0.39
EPS 0.08 0.05 0.02
P/B 7.69 8.53 3.32
P/E 62.50 58.91 66.47
EARNINGS YIELD 1.60% 1.70% 1.50%
FCF YIELD -1.91% -0.25% -5.14%
DIVIDEND YIELD #VALUE! 0.31% 0.27%

VALUATION - - - - -
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 5.30 3.23 1.31 0.51 0.25
MARKET CAP (millions) 9,375.70 5,713.87 2,060.63 839.97 412.50

YTL CORP 29.4.2024

Fiscal year is July-June. All values MYR Millions.

BUSINESS PERFORMANCE
INCOME STATEMENT 2023 2022
SALES/REVENUES 29,616.00 24,242.00
GROSS INCOME 6,453.00 3,621.00
PRETAX INCOME 2,309.00 1,376.00
NET INCOME 1,096.00 695.00
NOSH (DILUTED) 11,025.00 11,018.00
- -
CASH FLOW STATEMENT 2023 2022
FUNDS FROM OPERATIONS 5,073.00 2,426.00
NOCF 4,671.00 1,544.00
CAPEX -2,160.00 -2,005.00
FREE CASH FLOW 2,578.00 -392.00
DIVIDENDS 329.00 274.00
- -
BALANCE SHEET 2023 2022
RETAINED EARNINGS 9,291.00 8,682.00
TOTAL EQUITY (Book Value) 20,113.00 17,794.00
TOTAL ASSET 81,460.00 72,985.00


- -
MANAGEMENT PERFORMANCE - -
FISCAL YEAR ENDING 2023 2022
GROSS PROFIT MARGIN 21.79% 14.94%
PRETAX PROFIT MARGIN 7.80% 5.68%
NET PROFIT MARGIN 3.70% 2.87%
ASSET TURNOVER 0.41 0.33
FINANCIAL LEVERAGE 4.10 4.52
ROA 1.50% 0.94%
ROE 6.16% 4.25%
DPO RATIO 30.02% 39.42%


- -
VALUATION - -
FISCAL YEAR ENDING 2023 2022
PRICE 3.20 0.57
MARKET CAP (millions) 35,280.00 6,280.26
- -
NAPS 1.82 1.61
EPS 0.10 0.06
P/B 1.75 0.35
P/E 32.19 9.04
EARNINGS YIELD 3.11% 11.07%
FCF YIELD 7.31% -6.24%
DIVIDEND YIELD 0.93% 4.36%

YTL POWER 29.4.2024

Fiscal year is July-June. All values MYR Millions.

BUSINESS PERFORMANCE
INCOME STATEMENT 2023 2022
SALES/REVENUES 21,890.00 17,805.00
GROSS INCOME 4,187.00 1,647.00
PRETAX INCOME 2,117.00 1,307.00
NET INCOME 2,028.00 1,477.00
NOSH (DILUTED) 8,198.00 8,144.00
- -
CASH FLOW STATEMENT 2023 2022
FUNDS FROM OPERATIONS 4,281.00 1,808.00
NOCF 3,830.00 1,672.00
CAPEX -2,317.00 -1,828.00
FREE CASH FLOW 1,580.00 -87.00
DIVIDENDS 405.00 365.00
- -
BALANCE SHEET 2023 2022
RETAINED EARNINGS 7,511.00 6,147.00
TOTAL EQUITY (Book Value) 16,401.00 14,331.00
TOTAL ASSET 59,132.00 51,326.00


- -
MANAGEMENT PERFORMANCE - -
FISCAL YEAR ENDING 2023 2022
GROSS PROFIT MARGIN 19.13% 9.25%
PRETAX PROFIT MARGIN 9.67% 7.34%
NET PROFIT MARGIN 9.26% 8.30%
ASSET TURNOVER 0.43 0.34
FINANCIAL LEVERAGE 3.58 4.03
ROA 3.95% 2.84%
ROE 14.15% 11.44%
DPO RATIO 19.97% 24.71%


- -
VALUATION - -
FISCAL YEAR ENDING 2023 2022
PRICE 4.79 0.74
MARKET CAP (millions) 39,268.42 6,026.56
- -
NAPS 2.00 1.76
EPS 0.25 0.18
P/B 2.39 0.42
P/E 19.36 4.08
EARNINGS YIELD 5.16% 24.51%
FCF YIELD 4.02% -1.44%
DIVIDEND YIELD 1.03% 6.06%

>>>
Posted by TheContrarian > 2 hours ago | Report Abuse

When I am 70 or maybe earlier at 65 I want to be totally out of the stock market.
>>>

You know best. Your decision will be based on your financial capacity, tolerance to risk, investing time horizon and investing objectives.

At a personal finance level, many retirees are careful to ensure their savings can sustain their standard of living until the last day of their life. Yes, they may not be able to risk losing money damaging their financial health, especially if they do not have another source of income.

Those who are financially better off, may take a different approach. In fact, they are not able to spend all their income. Incomes continue to accumulate and reinvested, and eventually passed onto their loved ones. In them, their investing time horizon is not what is left of their life span, but those of their loved ones which maybe many decades. Thus, they continue to invest in equities.

Growth without cash flow.
Versus
Growth with cash flow.

1. The right entrepreneurs.
2. Business opportunity itself.
3. Return of capital > 16%.
4. Growth in top line and bottom line.
5. Small is beautiful.

Check list is important.

Risks and Opportunities of MYEG
(as shared in the annual report)

Technology related risks
Non-renewal of e-Government services
Cybersecurity risks
Reduced consumer demand risks
Talent retention
Business strategy
Law and Legislation
Litigation

sailang_now Thanks for sharing.

34.200
Volume 90,900
VWAP 34.255
Change 0.760 (+2.3%)
Trade Value MYR 3,113,818

Fiscal year is March-February. All values MYR Millions. 2023.00 2022 2021 2020 2019
CASH AND EQUIVALENT 180.00 181.00 138.00 89.00 51.00
ST DEBT & CURRENT PORTION OF LT DEBT 201.00 190.00 125.00 133.00 195.00
LT DEBT 32.00 42.00 52.00 59.00 49.00
TOTAL DEBT 233.00 232.00 177.00 192.00 244.00
NET CASH (DEBT) -53.00 -51.00 -39.00 -103.00 -193.00

ACCOUNT RECEIVABLE 169.00 218.00 122.00 155.00 184.00
ACCOUNT PAYABLE 24.00 124.00 20.00 25.00 34.00

RETAINED EARNINGS 497.00 430.00 383.00 361.00 343.00

TOTAL EQUITY 821.00 754.00 674.00 659.00 586.00
TOTAL ASSET 1,146.00 1,170.00 907.00 909.00 892.00
TOTAL ASSET / TOTAL EQUITY 1.40 1.55 1.35 1.38 1.52

TOTAL CURRENT ASSET 781.00 821.00 557.00 555.00 603.00
TOTAL CURRENT LIABILITY 266.00 350.00 166.00 176.00 252.00
NET WORKING CAPITAL 515.00 471.00 391.00 379.00 351.00
CURRENT RATIO 2.94 2.35 3.36 3.15 2.39


Strong balance sheet.

MANAGEMENT PERFORMANCE - - - - -
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
GROSS PROFIT MARGIN 26.40% 24.63% 22.63% 21.06% 22.99%
PRETAX PROFIT MARGIN 14.93% 12.92% 7.41% 7.63% 10.02%
NET PROFIT MARGIN 11.18% 9.59% 5.35% 5.97% 7.72%
ASSET TURNOVER 0.89 0.83 0.53 0.68 #DIV/0!
FINANCIAL LEVERAGE 1.55 1.35 1.38 1.52 #DIV/0!
ROA 9.91% 7.94% 2.86% 4.04% #DIV/0!
ROE 15.38% 10.68% 3.95% 6.14% #DIV/0!
DPO RATIO 38.94% 32.28% 37.32% 41.66% 23.70%


- - - - -
VALUATION - - - - -
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 1.06 0.72 0.54 0.41 0.50
MARKET CAP (millions) 878.74 564.48 404.46 312.01 383.00
- - - - -
NAPS 0.99 0.96 0.90 0.87 0.77
EPS 0.14 0.09 0.03 0.05 0.06
P/B 1.07 0.75 0.60 0.47 0.65
P/E 7.58 7.84 15.56 8.67 8.15
EARNINGS YIELD 13.20% 12.76% 6.43% 11.54% 12.27%
FCF YIELD 6.38% -2.71% 19.41% 35.80% -18.00%
DIVIDEND YIELD 5.14% 4.12% 2.40% 4.81% 2.91%

PANTECH 26.4.2024

Fiscal year is March-February. All values MYR Millions.

BUSINESS PERFORMANCE
INCOME STATEMENT 2023 2022 2021 2020 2019 5 Yr total
SALES/REVENUES 1,038.00 751.00 486.00 603.00 609.00 3,487.00
GROSS INCOME 274.00 185.00 110.00 127.00 140.00 836.00
PRETAX INCOME 155.00 97.00 36.00 46.00 61.00 395.00
NET INCOME 116.00 72.00 26.00 36.00 47.00 297.00
NOSH (DILUTED) 829.00 784.00 749.00 761.00 766.00
- - - - -
CASH FLOW STATEMENT 2023 2022 2021 2020 2019
FUNDS FROM OPERATIONS 143.32 101.51 52.03 55.07 63.77 415.70
NOCF 71.23 -3.46 92.71 127.05 -34.86 252.68
CAPEX -15.20 -11.86 -14.19 -15.35 -34.07 -90.67
FREE CASH FLOW 56.03 -15.32 78.52 111.71 -68.93 162.01
DIVIDENDS 45.18 23.24 9.70 15.00 11.14 104.26
- - - - -
BALANCE SHEET 2023 2022 2021 2020 2019 5 Yr change
RETAINED EARNINGS 497.00 430.00 383.00 361.00 343.00 154.00
TOTAL EQUITY (Book Value) 821.00 754.00 674.00 659.00 586.00 235.00
TOTAL ASSET 1,146.00 1,170.00 907.00 909.00 892.00 254.00

At price of MYR 1.06, its market cap is 878,74m.
Over the last 5 years, it generated 297m in net earnings, that is about 60m per year.
Over the last 5 years, it generated 162m in FCF, that is about 32 m FCF per year.

The above translates into Earning Yield of 6.83% (PE of 14.6) and FCF yield of 3.64%. (=32m/878m)

From 2019 to 2023
Revenues grew >50% from 609m to 1,038m.
Gross profit grew 100% from 140m to 274m
Pretax income and Net income grew 250%.

Funds from operations were positive every year during this period.
Working capital increased during this period (increasing AR and inventories) in keeping with increased revenues.
Due to working capital changes, its NOCFs were volatile and negative in 2 of these 5 years. Overall, NOCF generated over the 5 years was 252.7m.
Its capex for the 5 years was -90.7m.
Its total FCF for the 5 years was 162m (averaging 52m per year).
It paid out 104.3m as dividends during the 5 years and this is a DPO of 35%.
During the 5 years, it retained a total of 154m and grew its net income by 69m from 47m in 2019 to 116 in 2023, giving a return on retained earnings of 69m/154m = 44%.

Its gross profit margins improved from 23% in 2019 to 26.4% in 2023.
Its net profit margins improved from 7.72% in 2019 to 11.18% in 2023.
ROA improved from 4.04% in 2020 to 9.91% in 2023.
ROE improved from 6.14% in 2020 to 15.38% in 2023.

In general, its business which is volatile (though profitable, the earnings are not consistent and not growing consistently), is enjoying a very good stretch this period. Its revenues and profits are the highest for this 5 year period.

The price of Pantech today is MYR1.06 and in 2019 it was MYR0.50. (100% rise).

Has the price reflecting already these good performance?
Will its good earnings sustain or increase in the next few years?
Is 2023 good performance, pent-up rebound demand from the Covide pandemic period?

If you can predict its revenues and earnings going forward, and with clarity, then you can value the share and thus make an intelligent investment.