@newbie8080 Question was raised during their Quarterly Result Briefing for 4Q2021, management mentioned that the total borrowing is only 1.5years worth of their expected earnings. which is around RM 500mil annually.
To me the lack of ability to pass through raising cost/hedge against devaluation of currency is more concerning as management mentioned in the briefing that they only have 1% fixed rate annual increment for their Don Sa Hong Hydro Powerplant tariff.
Crude oil price high or low doesn't really impact their mid-stream business, their capacity usually fully occupied and on take or pay basis or long term contracts. Only minority is based on spot rate.
That being said, high crude oil price benefit their upstream and downstream business. For the upstream business, higher crude oil price higher profit, in 2019, upstream business contributes around 20% of their earning.
For their downstream business, higher crude oil price, more positive industry outlook, players more willing to expand/spend, more CAPEX, more contract for Dialog. That being said, although no break down in Annual Report, a considerable part of Dialog's downstream business is maintenance based.
Dialog earning proportional in 2019 were reported at upstream 20%, midstream 40% and downstream 40%. For cumulative 2021 earning constributed by midstream should be more than 50% earning cause net profit margin very high at 33% which is not typical for upstream and downstream business.
EatCoconutCanWin Perodua reduced its sales target to 214k from 250k previously for FY2021 it's lower than 2018 (227k),2019 (240k) and 2020 (220k) historical sales but still higher than my expected sales given that they have been facing chip shortage and shut down of production plants and showroom.
In many places of Malaysia including KL and Selangor, personal vehicle is a neccessity and Perodua offers the most affordable cars starting at 30k and with 7-yeras loan, monthly payment is less than RM600 for the cheapest AT Axia and slightly under RM650 for the cheapest AT Bezza.
Of course you could argue that 2nd hand cars and motorcycle is another option, but they serve a different group consumers most of the time. I think bad economy not a major concern to Perodua sales, since given the adverse economic prospect Perodua is expected to eats up marketshare from more premium foreign brands as well.
bobvic96, earlier TNB has dispute on tax arrear with LHDN, previously quarter LHDN has give up on pursuing part of the tax arrear in question, hence the special dividend given. If the hearing in delay, the outcome on the courtcase will be delayed, no money in or money out.
From the official company announcement on BURSA.com:
"Preferential dividend of 5.25% per annum (based on the issue price of RM1.00 per ICPS) for the period from 3 December 2020 (being the issue date) up to and including 31 December 2020, in respect of the financial year ended 31 December 2020."
Meaning you don't have to worry about liquidity in normal conditions. That being said market maker have to obligation to do so and probably won't if there's extremes volatility and market crash. they're in it purely for the profit. I'm just bought my first batch last Friday just to try it out.