In Q3 2024, the market saw the strengthening of the Malaysian Ringgit (RM) against US Dollar (USD), with exchange rates at 4.11 as of 30 September 2024, compared to 4.72 on 30 June 2024, resulting in an unrealized forex loss incurred by Cahya Mata Phosphates Sdn Bhd (Cahya Mata Phosphates) which operates with a USD functional currency while holding RM-denominated shareholder loans. This also led to the Group reporting a loss before tax (LBT) of RM23.4 million for Q3 2024, compared to a profit before tax (PBT) of RM50.3 million for Q2 2024. It is important to note that this result was significantly impacted by an unrealized foreign exchange (forex) loss of RM74.9 million due to the revaluation of shareholder loans to Cahya Mata Phosphates. Excluding this unrealized forex loss, the normalized PBT for Q3 2024 is estimated to be RM51.5 million, in contrast to the LBT reported by the Group.
The unrealize loss was - RM 74.9m based on exchange rate recorded in Q3 is RM 4.11. These rate have since recover to RM 4.46 now. Hence, as much as RM 40m will be write back in next Q4
RM6.1 billion mega project - the North Coastal Highway - scheduled to commence from 2025 to 2030, funded by the state government, involves the construction of a four-lane highway connecting Miri, Limbang, and Lawas via Brunei Darussalam
MIDF Research Maintain BUY with an unchanged TP of RM1.53 Above expectations. Cahya Mata Sarawak’s core net profit, excluding an unrealised foreign exchange loss of -RM74.9m, almost tripled to RM60.6m in 3QFY24 despite a -0.7%yoy drop in revenue to RM299.9m, mainly due to improved gross profit margins from its cement and Oiltools division. The cumulative 9MFY24 core net profit was above expectations after rising +72.7%yoy to RM117.7m, making up 84.5% of our full-year estimates and 86.5% of consensus.
【Maybank Investment】 Core profit above expectations; maintain BUY TP : RM1.60 CMS’ 3Q24 headline net loss of MYR9m included a MYR75m unrealised FX loss at its phosphate ops. Excluding this, 3Q core net profit was MYR66m, bringing 9M24 core net profit to MYR126m, above expectations at 85% of our FY24E and 92% of consensus – the beat coming from its cement ops (on better-than-expected margins). No change to our earnings forecasts as we expect reversal of some of 3Q’s unrealised FX loss in 4Q. Our unchanged TP of MYR1.60 is based on 10x FY25E PER (-0.5SD of LT mean). The stock remains undervalued, trading at 7.5x FY25E PER and 0.4x P/B. BUY.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Winstar Capital Berhad, a specialist in the extrusion of aluminium profiles and fabrication of aluminium ladders aims to list on the ACE Market!
MQ Trader 169 views | 1 d ago
0:17
New IPO: Topvision Eye Specialist Berhad, specializing in medical eye care services aims to list on the ACE Market!
MQ Trader 104 views | 3 d ago
0:17
New IPO: TMK Chemical Bhd, a provider of total chemical management of inorganic chemicals aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
emiteno
38 posts
Posted by emiteno > 2 weeks ago | Report Abuse
after c49