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.

2 minute summary for my kids:

A digital technology company. Has been innovative and growing its revenues and earnings. Its earnings are healthy, generating a lot of cash. Due to high capex for growth, its free cash flow is slightly negative most years.

Risks: political risks (many political approved contracts), new projects not playing out as planned.

Company Profile
Sector: TECHNOLOGY

Subsector: DIGITAL SERVICES

Description:

MY E.G.Services Bhd, or MYEG, provides electronic government solutions and services in Malaysia. The company is primarily engaged in the development and implementation of the Electronic Government Services project, the provision of other related services, and investment holding. Electronic Government Services include the testing, issuance, and renewal of drivers' licenses, renewal of vehicle road tax, vehicle ownership transfer, the renewal of foreign workers permits, bankruptcy status searches, and payment systems. The company also provides commercial offerings, such as insurance, credit and debit payment solutions, tracking systems, and telecommunications services.


Fiscal year is January-December. All values MYR Millions. 2023
Total Current Assets 1,157
Net Property, Plant & Equipment 368
Intangible Assets 1,226


This company leverages on digital technology. Thus, it is fixed asset light.

However, with its high earnings of 487m and generating NOCF of 504m, its net DEBT of 798m is not a problem. It can easily be paid off over 2 years should it stop its capex!

Fiscal year is January-December. All values MYR Millions. 2023 2022 2021 2020 2019
CASH AND EQUIVALENT 84 76 89 235 76
ST DEBT & CURRENT PORTION OF LT DEBT 145 158 68 48 49
LT DEBT 737 325 98 123 137
TOTAL DEBT 882 483 166 171 186
NET CASH (DEBT) -798 -407 -77 64 -110


Rapid growth comes with some risk. Debts increased.

Fiscal year is January-December. All values MYR Millions. 2023 2022 2021 2020 2019
CASH AND EQUIVALENT 84 76 89 235 76
ST DEBT & CURRENT PORTION OF LT DEBT 145 158 68 48 49
LT DEBT 737 325 98 123 137
TOTAL DEBT 882 483 166 171 186
NET CASH (DEBT) -798 -407 -77 64 -110


Rapid growth comes with some risk. Debts increased.

Very high gross profit and net profit margins. High ROE 26%. P/B 2.64 and P/E11.95. High capex for growth. FCF yield 0.4%. DPO 0.22 and DY at Price of RM 0.785 was 1.81%.

Despite growing revenues and earnings the last 5 years, its price had trended downwards.


Fiscal year is January-December. All values MYR Millions. 2023 2022 2021 2020 2019
SALES/REVENUES 774.28 651.11 703.53 511.23 461.11
GROSS INCOME 524.51 470.72 398.29 339.41 331.93
NET INCOME 487.65 398.66 315.94 268.66 242.47
NOSH (DILUTED) 7,426.03 7,401.34 7,243.49 7,075.13 7,064.55
- - - - -
- - - - -
FUNDS FROM OPERATIONS 547.23 414.18 378.29 303.75 340.69
NOCF 504.07 303.67 121.31 294.65 153.71
CAPEX -480.78 -541.96 -285.03 -52.04 -69.87
FREE CASH FLOW 23.29 -238.29 -163.73 242.61 83.84
DIVIDENDS 105.30 45.48 79.00 86.32 66.20


FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 0.785 0.87 1.07 0.94 0.57
P/B 2.64 3.44 5.03 5.82 5.69
P/E 11.95 16.15 24.53 24.76 16.61

MYEG 20.4.2024

Fiscal year is January-December. All values MYR Millions. 2023
SALES/REVENUES 774.28
GROSS INCOME 524.51
NET INCOME 487.65
NOSH (DILUTED) 7,426.03
-
-
FUNDS FROM OPERATIONS 547.23
NOCF 504.07
CAPEX -480.78
FREE CASH FLOW 23.29
DIVIDENDS 105.30
-
-
Fiscal year is January-December. All values MYR Millions. 2023
RETAINED EARNINGS 1,334.00
TOTAL EQUITY (Book Value) 2,209.00
TOTAL ASSET 3,227.00

-
-
Fiscal year is January-December. All values MYR Millions. 2023
GROSS PROFIT MARGIN 67.74%
NET PROFIT MARGIN 63.0%
ASSET TURNOVER 0.30
FINANCIAL LEVERAGE 1.36
ROA 19.2%
ROE 26.0%
DPO RATIO 0.22
-
-
FISCAL YEAR ENDING 2023
PRICE 0.785
-
-
MARKET CAP 5,829.44
NAPS 0.30
EPS 0.07
-
-
P/B 2.64
P/E 11.95
EARNINGS YIELD 8.37%
-
-
FCF YIELD 0.40%
DIVIDEND YIELD 1.81%

A beaten down stock maybe a good investment opportunity. At its beaten down price, the upside reward is high and the downside risk is low. Assumption: it is a temporary downturn in its business.

Why one should be optimistic and greedy?
Revenue growth
Profitable
Margin expansion
PE expansion

Anyone can become a successful lifelong stock investor by following sound, practical investing principles.

We are stock investors in high-quality growth companies — not stock traders.

We look to hold a company in our stock portfolio as long as the company's fundamentals remain intact and the potential for an appropriate return on our investment exists.

COMMENTS:

Looks like a well run property company.

Profitable the last 5 years.
High Gross Profit margin and Net Profit margin. High ROE.

Description:

Kerjaya Prospek Property Group (KPPG) was set up in 2009 by Datuk Tee Eng Ho, the Executive Chairman of Kerjaya Prospek Group Bhd (formerly known as Fututech Berhad, a construction group that has listed in the Bursa Malaysia since 1996). The founders of KPPG has more than 20 years' construction experience in the high-end property development segment with premium clients, such as EcoWorld, E&O (St Mary and Dua Residency), SP Setia, IOI Group, AP Land, UM Land, MRCB, BCB, Belle View Group, and ECH Development Sdn Bhd for the Lumina development in Mont' Kiara.

VALUATION -
FISCAL YEAR ENDING 2023
PRICE 0.800
MARKET CAP (millions) 735.88
-
NAPS 0.69
EPS 0.10
P/B 1.16
P/E 8.04
EARNINGS YIELD 12.44%
FCF YIELD 13.42%
DIVIDEND YIELD 2.26%

MANAGEMENT PERFORMANCE - - - - -
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
GROSS PROFIT MARGIN 37.35% 42.53% 38.00% 28.29% 42.42%
NET PROFIT MARGIN 24.7% 27.1% 20.9% 9.9% 19.1%
ASSET TURNOVER 0.34 0.31 0.34 0.36 #DIV/0!
FINANCIAL LEVERAGE 1.93 1.80 2.76 2.35 #DIV/0!
ROA 8.5% 8.4% 7.2% 3.6% #DIV/0!
ROE 16.4% 15.1% 19.8% 8.4% #DIV/0!
DPO RATIO 0.18 0.12 0.17 #VALUE! #VALUE!

KPPROP 20.4.2024
BUSINESS PERFORMANCE
Fiscal year is April-March. All values MYR Millions. 2023 2022 2021 2020 2019
INCOME STATEMENT
SALES/REVENUES 370.62 270.89 301.99 214.08 145.88
GROSS INCOME 138.42 115.21 114.75 60.56 61.89
NET INCOME 91.51 73.29 63.09 21.24 27.82
NOSH (DILUTED) 919.85 919.81 786.49 130.60 109.11


CASH FLOW STATEMENT - - - - -
FUNDS FROM OPERATIONS 100.43 72.52 77.51 21.95 17.67
NOCF 180.75 140.37 51.56 28.96 -47.20
CAPEX -82.02 -173.59 -11.80 -1.96 -1.05
FREE CASH FLOW 98.73 -33.22 39.76 27.00 -48.25
DIVIDENDS 16.66 8.90 10.77 #VALUE! #VALUE!


BALANCE SHEET - - - - -
Fiscal year is April-March. All values MYR Millions. 2023 2022 2021 2020 2019
RETAINED EARNINGS 165.00 82.00 8.00 -55.00 236.00
TOTAL EQUITY (Book Value) 635.00 558.00 486.00 318.00 252.00
TOTAL ASSET 1,081.00 1,079.00 873.00 879.00 593.00

The business of Dutch Lady remains exceptional. Despite huge capex, it carries little long-term debt on its balance sheet. Dutch Lady remains highly profitable and it is self financing the building of its new manufacturing facility (compensation of its old factory and land acquired by the authority, through internally generated profits, retaining more of its earnings by paying out lower dividends and through funding from its suppliers).

Due to its economic moat, Dutch Lady is able to grow without the need to borrow large sums of money.

Calvin is not honest.

When a company lost money, he was already out, having sold earlier.

When the company is in the money, after very long period, his recommendation was a gem.

GSB was a gruesome business, dealing with CD business and property. The company was promoted as cash rich by Calvin because it sold a hotel for $12 million and as was usual, Calvin hyped this to the hilt. We know the story of how the first owner (GSB bears his name) sold out to this new owner. As far as Calvin's promotion was concerned, it ended then.

Well, kudos to the new management if they have turned around this company with new injection of fresh capital, assets, and new ideas.

I would not attribute this to the "slow and steady" win the race, as the title claimed.

It is possible and almost probable, should NETX turned out to do well, we will see another similar post on NETX.

Good morning to all.

Fiscal year is January-December. All values MYR Millions. 2023
CASH AND EQUIVALENT 785
ST DEBT & CURRENT PORTION OF LT DEBT 587
LT DEBT 3,235
TOTAL DEBT 3822
NET CASH (DEBT) -3037

EBIT 452
Interest Expense 205

KPJ 20.4.2024
BUSINESS PERFORMANCE
Fiscal year is January-December. All values MYR Millions. 2023
INCOME STATEMENT
SALES/REVENUES 3,419.00
GROSS INCOME 1,432.00
NET INCOME 281.00
NOSH (DILUTED) 4,361.00
-
CASH FLOW STATEMENT -
FUNDS FROM OPERATIONS 619.55
NOCF 607.85
CAPEX -240.50
FREE CASH FLOW 370.35
DIVIDENDS 146.20
-
BALANCE SHEET -
Fiscal year is January-December. All values MYR Millions. 2023
RETAINED EARNINGS 1,390.00
TOTAL EQUITY (Book Value) 2,528.00
TOTAL ASSET 7,246.00

-
MANAGEMENT PERFORMANCE -
Fiscal year is January-December. All values MYR Millions. 2023
GROSS PROFIT MARGIN 41.88%
NET PROFIT MARGIN 8.2%
ASSET TURNOVER 0.49
FINANCIAL LEVERAGE 2.97
ROA 4.0%
ROE 11.9%
DPO RATIO 0.52
-
VALUATION -
FISCAL YEAR ENDING 2023
PRICE 2.000
MARKET CAP 8,722.00
-
NAPS 0.58
EPS 0.06
P/B 3.45
P/E 31.04
EARNINGS YIELD 3.22%
FCF YIELD 4.25%
DIVIDEND YIELD 1.68%

Dutch Lady

This company is suffering from some short-term business problems. The market has beaten its share price down a lot.

Look at the company in greater detail. It is growing its revenues. Despite huge capital expenditure to set up the new manufacturing plant, its short term and long term debts remained very low. It is able to generate cash from its operations and delaying payments to its creditors to finance the capex. Though its dividends were slashed over the last 5 years, it is still paying 50 cents per share in dividends. All these points to Dutch Lady has economic moat. Its business will sail on through troubled times.

It is a company that is not hurting for cash and is not sitting on a mountain of debt.

Once the new manufacturing plant is up and functioning fully, we can expect to see ton of cash piling up, little debts and its dividends creeping up again.

Dutch Lady Milk Industries is a Malaysia-based company that produces and distributes dairy products. The company?s products include infant formula milk, growing-up milk, ultra-high-temperature processing milk, pasteurised milk, sterilised milk, family powdered milk, low-fat and zero-fat drinking yoghurt, and fruit juice drink. The products are packaged and marketed in various formats under the brand Dutch Lady. The company primarily operates domestically, but it distributes some of its products to surrounding countries in Asia and Oceania. Dutch Lady Milk Industries is owned by Royal FrieslandCampina.

FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 0.785 0.87 1.07 0.94 0.57
EPS 0.07 0.05 0.04 0.04 0.03
P/B 2.64 3.44 5.03 5.82 5.69
P/E 11.95 16.15 24.53 24.76 16.61



GROSS PROFIT MARGIN 67.74% 72.30% 56.61% 66.39% 71.98%
NET PROFIT MARGIN 63.0% 61.2% 44.9% 52.6% 52.6%
ROA 19.2% 21.2% 22.3% 26.1%
ROE 26.0% 25.9% 27.6% 37.9%
DPO RATIO 0.22 0.11 0.25 0.32 0.27

Revenues, profits before tax and earnings trending upwards the last few years.


OTOH, price of its stock trending downwards.

Huge capex and high borrowings (debts).

>>>
Posted by Vdhawan > 12 hours ago | Report Abuse

its current pe is only around 8x. Still cheap 😁
>>>

Never use PE as a single indicator. A low PE does not equate to cheap. When the price of a stock drops, ALL valuation parameters look "cheap".

As Daniel Kahneman shared in his wonderful book, engage your System 2 (slow) thinking.

<<<
Posted by Raymond Tiruchelvam > 4 hours ago | Report Abuse

yinson is a standard story, company with the single highest book order.... in the magnitude of $22b of RM102b.... which company can even come close ??? but this comes at a very high cost.... RISK, as just one fpso screw up or delay can alter the whole revenue chain, but if alls well there is only hard cash to be earned, besides yinson will be heavily financing all this book order by itself.... largely, so there u go
>>>

Probability and consequences, like the game of Russian roulette.

NESTLE MALAYSIA

This is definitely a GREAT company.

Revenues grew from 5.5b in 2019 to 7.1b in 2023.
Gross Income grew from 2.1b in 2019 to 2.2b in 2023.
Net Income dropped from 673m in 2019 to 660m in 2023.

From 2019 to 2023 (a period of 5 years), it generated 4.1b in net cash from its operations.
From 2019 to 2023 (a period of 5 years), it spent 1.4b on capex.
From 2019 to 2023 ( a period of 5 years), it generated 2.7b in Free Cash Flows.
From 2019 to 2023 ( a period of 5 years), it distributed 3.04b as dividends.

How much was retained earnings from 2019 to 2013? 10m
Its total equity in 2019 was 665m and in 2023 was 675m.

Its gross profit margin was a high of 37.6% in 2019 and a low of 30.9% in 2022. Its average GPM over the 5 years was 34.1%. In 2023, its gross profit margin was 31.64%.

Its Net Profit Margin shrunk from 12.2% in 2019 to 9.3% in 2022. The Net Profit Margin in 2023 was 9.4%. The average Net Profit Margin for the last 5 years was 10.2%.

We can expect its profit margins to expand in the near future when the costs of its goods are cheaper.

Its Dividend Payout Ratio was a high of 0.99 over the 5 year period.

Over the last 5 years, its average P/B was 52.2x, its average P/E was 52.7, its average Earnings Yield was 1.91%, FCF Yield was 1.70% and its average DY was 1.89%.

In 2023, its P/B was 44x and P/E was 45x, both were the lowest for the last 5 years.

In 2023, its earnings yield was 2.22%, its FCF yield was 2.91% and its DY was 2.07%; these are the highest for the last 5 years.

QUALITY: GREAT BUSINESS
MANAGEMENT: EXCELLENT, SUPERB
VALUATION: FAIR PRICE (FOR THOSE WITH LONG TERM HORIZON)

Gross profit margins of Nestle

2023 32%
2022 31%
2021 34%
2020 36%
2019 38%

How to monitor Nestle's performance?

Look at its profit margins.

QL
Fiscal year is April-March.
All values MYR Millions. 2023 2022 2021 2020 2019
SALES/REVENUES 6,243.00 5,236.00 4,379.00 4,156.00 3,619.00
GROSS INCOME 1,254.00 902.00 870.00 826.00 687.00
NET INCOME 347.00 217.00 312.00 239.00 217.00
NOSH (DILUTED) 2,434.00 2,434.00 2,434.00 2,434.00 2,434.00
- - - - -
- - - - -
FREE CASH FLOW 345.52 218.42 223.20 67.75 -49.67
DIVIDENDS 170.36 85.18 73.01 73.01 73.01
- - - - -
- - - - -
TOTAL EQUITY (Book Value) 2,888.00 2,706.00 2,546.00 2,091.00 2,014.00
TOTAL ASSET 5,285.00 4,957.00 4,877.00 4,096.00 3,708.00
RETAINED EARNINGS 2,103.00 1,933.00 1,803.00 1,566.00 1,412.00
TOTAL 5 YR RETAINED EARNINGS 691.00
- - - - -
- - - - -
Fiscal year 2023 2022 2021 2020 2019
GROSS PROFIT MARGIN 20.09% 17.23% 19.87% 19.87% 18.98%
NET PROFIT MARGIN 5.6% 4.1% 7.1% 5.8% 6.0%
ASSET TURNOVER 1.26 1.07 1.07 1.12 #DIV/0!
FINANCIAL LEVERAGE 1.83 1.92 1.96 1.84 #DIV/0!
ROA 7.0% 4.4% 7.6% 6.4% #DIV/0!
ROE 12.8% 8.5% 14.9% 11.9% #DIV/0!
DPO RATIO 0.49 0.39 0.23 0.31 0.34
- - - - -
- - - - -
FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 6.37 5.51 4.6 6.12 5.57
- - - - -
- - - - -
MARKET CAP 15,504.58 13,411.34 11,196.40 14,896.08 13,557.38
NAPS 1.19 1.11 1.05 0.86 0.83
EPS 0.14 0.09 0.13 0.10 0.09
- - - - -
- - - - -
P/B 5.37 4.96 4.40 7.12 6.73
P/E 44.68 61.80 35.89 62.33 62.48
EARNINGS YIELD 2.24% 1.62% 2.79% 1.60% 1.60%
- - - - #DIV/0!
- - - - -
FCF YIELD 2.23% 1.63% 1.99% 0.45% -0.37%
DIVIDEND YIELD 1.10% 0.64% 0.65% 0.49% 0.54%

Quality: GREAT
Management: Very good. Profit margins maintained. ROE high.
Valuation: ----

GREAT COMPANY. Revenue grew the last 5 years, though showing a decline over the last 3 years. Generating a lot of free cash flows. DPO ratio is 0.97.

At present price, it is not cheap. Those buying at present price will need to be convinced that this company can grow its revenues and earnings over the next 5 years to 10 years, consistently; introducing a bit of speculation into their buying of this company at present price.

INARI

FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 3.04 2.61 3.89 2.76 1.68

MARKET CAP 11,336.16 9,630.90 12,973.15 8,928.60 5,409.60
NAPS 0.70 0.68 0.41 0.37 0.35
EPS 0.09 0.11 0.10 0.05 0.06

ROE 12.43% 15.57% 23.97% 12.90% 17.11%
ROA 10.92% 13.51% 18.13% 10.66% 14.33%
P/B 4.35 3.84 9.42 7.39 4.82
P/E 34.99 24.63 39.31 57.23 28.18
EARNINGS YIELD 2.86% 4.06% 2.54% 1.75% 3.55%
FCF YIELD 2.70% 4.09% 2.99% 2.89% 1.60%
DIVIDEND YIELD -3.02% -4.50% -1.68% -1.58% -3.91%

Fiscal year 2023 2022 2021 2020 2019 5 Yr AVG
GROSS PROFIT MARGIN 26.22% 30.36% 29.67% 20.42% 23.33% 26.00%
NET PROFIT MARGIN 23.93% 25.26% 23.09% 14.74% 16.65% 20.74%
ASSET TURNOVER 0.46 0.53 0.79 0.72 0.86 0.67
FINANCIAL LEVERAGE 1.14 1.15 1.32 1.21 1.19 1.20
ROA 10.92% 13.51% 18.13% 10.66% 14.33% 13.51%
ROE 12.43% 15.57% 23.97% 12.90% 17.11% 16.40%
DPO RATIO -1.06 -1.11 -0.66 -0.90 -1.10 -0.97

Fiscal year 2023 2022 2021 2020 2019 5 Yr AVG
GROSS PROFIT MARGIN 26.22% 30.36% 29.67% 20.42% 23.33% 26.00%
NET PROFIT MARGIN 23.93% 25.26% 23.09% 14.74% 16.65% 20.74%
ASSET TURNOVER 0.46 0.53 0.79 0.72 0.86 0.67
FINANCIAL LEVERAGE 1.14 1.15 1.32 1.21 1.19 1.20
ROA 10.92% 13.51% 18.13% 10.66% 14.33% 13.51%
ROE 12.43% 15.57% 23.97% 12.90% 17.11% 16.40%
DPO RATIO -1.06 -1.11 -0.66 -0.90 -1.10 -0.97

INARI 20.4.2024

Fiscal year is July-June. All values MYR Millions. 2023 2022 2021 2020 2019
SALES/REVENUES 1,354.00 1,548.00 1,429.00 1,058.00 1,153.00
GROSS INCOME 355.00 470.00 424.00 216.00 269.00
NET INCOME 324 391 330 156 192
NOSH (DILUTED) 3,729 3,690 3,335 3,235 3,220

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
FREE CASH FLOW 305,964 394,097 387,373 257,642 86,493
DIVIDENDS 342,383 433,169 217,962 140,772 211,621

Fiscal year is July-June. All values MYR Millions. 2023 2022 2021 2020 2019
TOTAL EQUITY (Book Value) 2,606.00 2,511.00 1,377.00 1,209.00 1,122.00
TOTAL ASSET 2,967.00 2,895.00 1,820.00 1,464.00 1,340.00

This company's business is very challenging. In my book, it remains a gruesome company.

Many years ago, it was struggling and for a period, its business became good for a period. A turnaround stock, during the global financial crisis. The other cocoa processors in Europe and US were facing difficulties financially and GCB benefitted during that period.

To grow, it requires a lot of capital. Profit margins are thin and volatile. Need to hedge the cocoa price which can be extremely volatile. The management, I recalled, hedge the cocoa price by stocking up with each contract received: thus ensuring a profitable transaction in the process.

Fiscal year is January-December. All values MYR Thousands. 2023 2022 2021 2020 2019
NET INCOME 139,143.00 188,081.40 196,759.90 267,319.90 266,860.60
D&A - 64283.4 62329 55787.6 32048
FUNDS FROM OPERATIONS -352,049.00 241,038.40 189,593.50 254,326.40 268,969.90
CWC -429,208.00 36,669.50 -268,727.20 -163,273.90 -362,669.20
NOCF -781,257.00 277,707.90 -79,133.70 91,052.40 -93,699.20
CAPEX -164,522.00 -274,821.70 -174,311.50 -212,459.90 -64,401.70
FREE CASH FLOW -945,779.00 2,886.30 -253,445.20 -121,407.50 -158,100.90
DIVIDENDS - -70,035.50 -36,276.20 -20,447.60 -33,971.70

https://m-bagger.blogspot.com/2017/04/analabs-hidden-gem.html

King of Analabs has done well, assuming he has been holding this stock since more than a decade ago.

King of Insas and Analabs 😀😀

The best way to avoid being scammed is to simply ignore unknown calls, as this completely removes the risk of being cheated over the phone.

Agree completely.

Fiscal year 2023 2022 2021 2020 2019
GROSS PROFIT MARGIN 4.68% 15.81% 13.60% 13.28% 33.15%
NET PROFIT MARGIN -0.32% -4.07% -2.49% -12.88% -3.20%
ASSET TURNOVER 0.37 0.33 0.34 0.31 0.47
FINANCIAL LEVERAGE 3.53 3.63 3.34 3.98 2.58
ROA -0.12% -1.34% -0.84% -3.97% -1.51%
ROE -0.41% -4.85% -2.80% -15.82% -3.90%



FISCAL YEAR ENDING 2023 2022 2021 2020 2019
PRICE 0.24 0.13 0.20 0.17 0.22

MARKET CAP (MILLION) 270.02 148.72 215.40 181.39 234.74
NAPS (BV) 2.10 2.14 2.65 2.46 3.10
EPS -0.01 -0.10 -0.07 -0.39 -0.12

ROE -0.41% -4.85% -2.80% -15.82% -3.90%
ROA -0.12% -1.34% -0.84% -3.97% -1.51%
P/B 0.11 0.06 0.08 0.07 0.07
P/E -27.00 -1.25 -2.69 -0.44 -1.82
EARNINGS YIELD -3.70% -80.02% -37.14% -228.79% -54.95%
FCF YIELD 273.32% 164.74% 427.58% 10.47% -10.22%
DIVIDEND YIELD 0.00% 0.00% 0.00% 0.00% 0.00%