HARTALEGA HOLDINGS BHD

KLSE (MYR): HARTA (5168)

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Last Price

4.24

Today's Change

-0.03 (0.70%)

Day's Change

4.24 - 4.35

Trading Volume

4,218,300


10 people like this.

22,355 comment(s). Last comment by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ 4 minutes ago

Posted by bang_miskin > 1 week ago | Report Abuse

Yes the result wasn't too bad when compared to last QR.
But RM408mil in tax, wow, speechless... gomen really kuat2 makan.

Calvin882

1,508 posts

Posted by Calvin882 > 1 week ago | Report Abuse

ASP bottoming and the share price is bottoming too. Hopefully this could be the best opportunity.

Anxious

216 posts

Posted by Anxious > 1 week ago | Report Abuse

Hopefully, the share price holds up, since this was already expected.

Posted by bang_miskin > 1 week ago | Report Abuse

Many people's first response is to sell all, but I am going to let this counter bleed cukup2 for the next few days, then buy.

Ryan83

1,711 posts

Posted by Ryan83 > 1 week ago | Report Abuse

Coming QR prospects even without prosperity tax still looks very bearish with increasing wages, depressed ASP price, supply chain disruptions and increasing gloves supply which leads to much lower profit margin

myway

407 posts

Posted by myway > 1 week ago | Report Abuse

NET PROFIT
-197,904 (-118%)

alex

1,281 posts

Posted by alex > 1 week ago | Report Abuse

no panic sell ... yay !!! hold tight2

Posted by investmalaysia618 > 1 week ago | Report Abuse

up wor. finally after qr results share price up

Sslee

9,532 posts

Posted by Sslee > 1 week ago | Report Abuse

Market Cap:14,910 Million
NOSH:3,428 MillionAvg Volume (4 weeks):3,509,9564 Weeks Range:4.25 - 4.784 Weeks Price Volatility (%):18.87%
52 Weeks Range:4.15 - 10.06

Is Harta worth a market cap of 14,910 million?

anzo888

153 posts

Posted by anzo888 > 1 week ago | Report Abuse

why not?

Sslee

9,532 posts

Posted by Sslee > 1 week ago | Report Abuse

Market Cap:4,732 Million
NOSH:2,558 Million
Avg Volume (4 weeks):2,789,456
4 Weeks Range:1.77 - 1.89
4 Weeks Price Volatility (%):66.67%
52 Weeks Range:1.61 - 4.46

Kossan Market Cap is now 4,732 million.

anzo888

153 posts

Posted by anzo888 > 1 week ago | Report Abuse

without cukai makmur, it would have reported a NP of around rm160 mil....eps about 4.7 sen....

Posted by YourQuirkyWays29 > 1 week ago | Report Abuse

@sslee buy more kossan then. It is like comparing iOS phones to android phones, both are phones, but price & premium differs.

caipok

2 posts

Posted by caipok > 1 week ago | Report Abuse

@Sslee harta revenue and net profit are three times of the kossan's revenue and net profit. People are silly enough to use market cap as reference to compare valuation...

Anxious

216 posts

Posted by Anxious > 1 week ago | Report Abuse

So far , price seems to be holding up quite well. Hopefully we get to weather this storm and the stock finally has bottomed. Then normalize again for steady growth....

Anxious

216 posts

Posted by Anxious > 1 week ago | Report Abuse

Still got 3.5 sen dividend, some consolation

Sslee

9,532 posts

Posted by Sslee > 1 week ago | Report Abuse

caipok @Sslee harta revenue and net profit are three times of the kossan's revenue and net profit.

Are you sure?
Have you compare kossan and Harta Revenue and net profit?

MiaoMiao7

429 posts

Posted by MiaoMiao7 > 1 week ago | Report Abuse

Qr without cukai makmur is reasonable lah. I dont own harta but i think can wait and see, maybe buy before next qr.

Anxious

216 posts

Posted by Anxious > 1 week ago | Report Abuse

By tmrow , all the analyst will come out and "hentam" Harta again. Get ready for more negativity.

Posted by YourQuirkyWays29 > 1 week ago | Report Abuse

If Harta manage to stable and move sideways until Friday, then I plan to buy some at 4.3X~, seems to be a solid bottom #notfinancialadvise #dyor

Posted by Angelramirez683 > 1 week ago | Report Abuse

First time losses due to cukai makmur but same goes to ASP. is asp bottomed now. Which is also a good news for harta.

Posted by NatsukoMishima > 1 week ago | Report Abuse

Harta will drop to rm 2.xx ! Hold longer loss bigger until u bankrupt , really a good value investment with 3 sens dividen at rm 4.xx per share ! Wake up dude !

ks5S

3,637 posts

Posted by ks5S > 1 week ago | Report Abuse

latex price very high. cannot tahan anymore

jolynce

545 posts

Posted by jolynce > 1 week ago | Report Abuse

Revenue is close to RM1B almost similar to last Qr. NP margin 22.5% vs Kossan's recent 13%. So much better result than expected. If not for the huge tax deduction, it would've been impressive!

Cerubic

31 posts

Posted by Cerubic > 1 week ago | Report Abuse

Price of everything up and up the sky...harta no continuously down and down, luckily not 6ft underground in value, still goin to receive dividend, still grounded in value, neednt queue up at Yayasan Hartalega....

Posted by bang_miskin > 1 week ago | Report Abuse

Hartalega still declares 3.5sen dividend. Not bad ah. If one doesn't focus on the large one-sum tax, Harta is doing okay IMO. As long as Harta can maintain good profit margin compared to its competitors, I think it is worth adding more IMO.

gohkimhock

2,453 posts

Posted by gohkimhock > 1 week ago | Report Abuse

revenue is within expectations but earnings are badly missed..

Investoz88

403 posts

Posted by Investoz88 > 1 week ago | Report Abuse

Next Qtr will be lot better with one off tax. ASP may reverse as well..

Investoz88

403 posts

Posted by Investoz88 > 1 week ago | Report Abuse

Without one off tax .. i mean

Posted by HK_Wealth_Management > 1 week ago | Report Abuse

Currently a lot of "Covid sick cat" in HongKong, lack of manpower

Anxious

216 posts

Posted by Anxious > 1 week ago | Report Abuse

RM5.00 by year end?

Posted by bang_miskin > 1 week ago | Report Abuse

Our main competitor (China) is still dealing with the "dynamic-zero" policy. I think we should have a slight advantage in the short run. Since we are back to a new normal, demand and ASP should normalised pretty soon. I don't think glove ASP will fall too much since price are rising across the board. As long as Harta can maintained a decent profit margin, we should see prices slowly moving back to normal (above RM5).

Slow and steady. I put them in the freezer. Can wait for another year or two.

titan3322

1,442 posts

Posted by titan3322 > 1 week ago | Report Abuse

Hahaha at this price if you don't cabut surely will regret by tomorrow it will certainly be red !

titan3322

1,442 posts

Posted by titan3322 > 1 week ago | Report Abuse

It just cannot hold long at this price investing has got no sentimental value just sell while the price is good and invest in some other stocks la

Posted by NatsukoMishima > 1 week ago | Report Abuse

KUALA LUMPUR (May 11): Analysts on Wednesday (May 11) cut their earnings forecasts for Hartalega Holdings Bhd on lower glove average selling prices (ASPs) and sales volume, as well as higher cost.

This was after the group posted its first-ever quarterly loss of RM197.9 million for the fourth quarter ended March 31, 2022 (4QFY22) due to a provision for the Prosperity Tax (Cukai Makmur). This brought its full-year earnings for FY22 to RM3.23 billion.

The results were within most analysts' expectations.

KAF Research analyst Nabil Zainoodin said in a note that he expects the group to return to profitability next quarter as the management had guided that the effective tax rate will be lower than the prevailing corporate tax rate of 24% from next quarter.

“That said, Hartalega's near- to mid-term outlook remains challenging given the intense competition resulting from the oversupplied glove market. The downward pricing pressure in the current environment would make it difficult for the group to fully pass on the rising input cost to customers, which could result in further margin compression,” he said.

Additionally, he said global logistics disruptions and container shipping shortages may continue to affect shipments and possibly may persist for the next few quarters.

Post the full FY22 results release and based on the management's forward guidance, he revised his FY23 and FY24 earnings forecasts for Hartalega downwards by 11% and 3% to RM582.8 million and RM528.3 million respectively.

"We maintain our 'sell' recommendation on Hartalega and revise our target price (TP) to RM3.66 from RM3.80 previously based on 2023 of 15.9 sen pegged at -0.5 standard deviation below the five-year historical mean forward price-earnings ratio (PER) of 23 times," he said.

Affin Hwang Investment Bank analyst Ng Chi Hoong also in a note lowered his FY23 and FY24 earnings per share (EPS) forecasts for Hartalega by 1.5% and 0.4% to RM634.3 million and RM832.7 million respectively to factor in the latest performance, and the latest ASP and sales volume assumptions.

“We are not expecting a major improvement in sales volume in the next few quarters as the lack of workers has limited Hartalega’s ability to increase output,” he said.

He also said the group’s margins are likely to remain depressed due to competition.

He believes that its earnings before interest, taxes, depreciation and amortisation (EBITDA) margin had yet to bottom at 26.7% in 4QFY22, given that it was still significantly above the 22% to 23% achieved in 2019.

“The management highlighted that as there is new capacity coming through in the first half of 2022, margins would continue to remain depressed as it would be challenging for Hartalega to raise ASPs to pass on the rising production cost. As such, we reckon that profit margins would only likely bottom out by the end of 2022,” he said.

He maintained his "sell" call on Hartalega due to continued uncertainty over future ASPs and lowered his TP to RM3 from RM4.60 based on 13 times 2023 PER (from 12.5 times 2022 PER).

Posted by HK_Wealth_Management > 6 days ago | Report Abuse

buy Serba Dinamik Holdings Bhd

Anxious

216 posts

Posted by Anxious > 5 days ago | Report Abuse

Holding up quite well so far. Hopefully it starts an uptrend and stabilizes at about RM5.00 plus. Not greedy. Will be happy with that for now.

stevenckheng

1,196 posts

Posted by stevenckheng > 5 days ago | Report Abuse

cukai makmur 1 off Q1 ?

Anxious

216 posts

Posted by Anxious > 23 hours ago | Report Abuse

Probably spoke too fast, its trending down again.

Posted by YourQuirkyWays29 > 22 hours ago | Report Abuse

@Anxious, hang in there, i wouldn't bet on it but possibly another round after ex-div price.

titan3322

1,442 posts

Posted by titan3322 > 18 hours ago | Report Abuse

Suruh cabut xmau ! now regret lor will drop futher until 3.50 or lower by end Sept

Posted by HK_Wealth_Management > 6 hours ago | Report Abuse

That is funny, where can top glove bigger share holder calling their senior management staff to buy share with internal unpublished news

Anxious

216 posts

Posted by Anxious > 1 hour ago | Report Abuse

Aiyoh, dont say 3.50 lah. 4.50 also teruk already, 50% down for me

Anxious

216 posts

Posted by Anxious > 1 hour ago | Report Abuse

Dividend only 3.5 sen, can't be going down 75 sen ex dividend for 3.5 sen dividend.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 1 hour ago | Report Abuse

KEY STOCK DATA
P/E Ratio (TTM)
3.19(05/18/22)
EPS (TTM)
RM1.33
Market Cap
RM15.00 B (RM4.25/share)
Shares Outstanding
3.43 B
Public Float
1.17 B
Yield
17.24%(05/18/22)
Latest Dividend
RM0.0350000001(06/09/22)


All values MYR Millions.
QUARTERLY
Sales/Revenue
1,005 (Dec 2021)
2,011
3,903
2,300
2,130 (Dec 2020)

Gross Income
334 (Dec 2021)
1,190
2,833
1,504
1,290 (Dec 2020)


Net Income
259 (Dec 2021)
914
2,260
1,119
1,002 (Dec 2020)


Free Cash Flow
(30) (Dec 2021)
1,630
1,457
846
739 (Dec 2020)

Cash Dividends Paid - Total
(1,878) (Dec 2021)
-
(605)
(331)
(204) (Dec 2020)


==========

All values MYR Millions.
ANNUAL
Sales/Revenue
6,703 (2021)
2,924
2,827
2,406
1,822 (2017)

Gross Income
4,098 (2021)
742
708
615
491 (2017)


Net Income
2,886 (2021)
434
455
439
283 (2017)

Free Cash Flow
2,735 (2021)
400
189
136
97 (2017)

Cash Dividends Paid - Total
(604) (2021)
(249)
(286)
(198)
(131) (2017)

Sslee

9,532 posts

Posted by Sslee > 32 minutes ago | Report Abuse

Market Cap: 14,567 Million
NOSH: 3,428 Million
Avg Volume (4 weeks): 4,136,937
4 Weeks Range: 4.24 - 4.71

3iii,
With the below latest quarterly financial result, is Harta worth 14,567 million market cap?


Quarter: Revenue: PBT: NP: NP to SH: NP Margin: ROE: EPS: DPS: NAPS
Financial Year: 31-Mar-2022
31-Mar-2022 968,693 218,376 -189,737 -197,904 -19.59% -3.86% -5.79 3.50 1.5000
31-Dec-2021 1,005,429 352,393 256,055 259,060 25.47% 4.46% 7.58 14.80 1.7000
30-Sep-2021 2,011,330 1,187,351 914,035 914,009 45.44% 13.50% 26.74 35.20 1.9800
30-Jun-2021 3,902,834 2,879,093 2,262,265 2,259,536 57.96% 34.60% 66.08 19.75 1.9100

Posted by Pgraduate123 > 20 minutes ago | Report Abuse

Mkt cap dwindling daily... Losses first time ever... And monkeys still want to charged cukai makmur..

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 minutes ago | Report Abuse

SSLee

I speculate or project the annual earnings of Harta will continue to decline to about RM 600m in the near term, mainly due to contracting ASP and profit margins.

At RM15B market cap today, you are paying a forward PE of 25.

There will be a period of consolidation within this industry and severe competition will kill off many newcomers to this industry. Mah Sing has indicated exiting this sector. Why did they even enter in the first place?

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