AYS reported EPS 6.51 sen for its 2^nd quarter ending Sept which is less than its 1^st quarter EPS 8.5 sen. The total profit for 1^st half year is 15.01 sen. Since there is no more MCO lockdown in the next quarter, AYS should be able to report better profit. 

Assuming its 2^nd half year EPS is the same as its 1^st half year, its annual EPS will be 30 sen.

Its last traded price is 68.5 sen. It is selling at 2 PE ratio which is so ridiculous.

The first day after the Budget 2022 announcement, Bursa Malaysia took a beating. The FBM KLCI, which is a gauge of the 30 biggest companies on Bursa Malaysia, dipped by 2.2%. RM34bil of market capitalisation was wiped off from the stock market, 178 stocks went up, 996 stocks dropped with 327 unchanged.

The biggest culprit is the windfall tax.    

The government also proposed a one-off windfall tax called Cukai Makmur, and higher stamp duty for stock trading on Bursa Malaysia, to raise its revenue.

Under the Cukai Makmur, companies that churn more than RM100mil in annual income will be taxed 33% in 2022, from the current 24% tax rate. This additional tax will affect all the larger companies that can make an annual profit exceeding Rm 100 million.

All the institutional and foreign investors with good foresight, can see that most of the larger companies will report reduced profit next year. As a result, they are dumping their holdings which has been dragging down even smaller companies, like AYS.

Since there is no more MCO lockdown in the next quarter, AYS should be able to report better profit.