MEGA FIRST CORPORATION BHD

KLSE (MYR): MFCB (3069)

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Last Price

4.94

Today's Change

+0.08 (1.65%)

Day's Change

4.89 - 4.94

Trading Volume

476,700

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 1,253,916 1,283,761 1,317,635 1,339,635 914,673 767,126 701,933 874,119 910,862 600,738 588,686 672,465 7.75%
PBT 471,284 502,606 476,788 490,569 539,580 388,997 188,404 197,440 192,935 137,560 147,524 153,020 13.45%
Tax -39,100 -20,095 -25,148 -14,842 -8,915 -10,787 -11,984 -37,908 -35,225 -22,004 -39,870 -45,724 -6.42%
NP 432,184 482,511 451,640 475,727 530,665 378,210 176,420 159,532 157,710 115,556 107,654 107,296 17.30%
-
NP to SH 381,856 408,624 383,708 396,804 462,330 321,290 153,668 129,266 138,336 120,741 74,264 69,899 20.81%
-
Tax Rate 8.30% 4.00% 5.27% 3.03% 1.65% 2.77% 6.36% 19.20% 18.26% 16.00% 27.03% 29.88% -
Total Cost 821,732 801,250 865,995 863,908 384,008 388,916 525,513 714,587 753,152 485,182 481,032 565,169 4.85%
-
Net Worth 3,158,242 3,158,242 3,054,539 2,750,840 2,395,603 1,932,610 1,520,622 1,342,332 1,221,573 1,057,434 813,028 739,059 17.06%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div - 77,860 77,777 70,425 63,914 59,209 24,136 15,745 15,611 17,278 17,819 17,808 17.78%
Div Payout % - 19.05% 20.27% 17.75% 13.82% 18.43% 15.71% 12.18% 11.28% 14.31% 24.00% 25.48% -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 3,158,242 3,158,242 3,054,539 2,750,840 2,395,603 1,932,610 1,520,622 1,342,332 1,221,573 1,057,434 813,028 739,059 17.06%
NOSH 988,352 988,352 988,352 988,352 988,352 494,176 437,425 417,325 410,785 345,566 222,747 222,608 18.00%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin 34.47% 37.59% 34.28% 35.51% 58.02% 49.30% 25.13% 18.25% 17.31% 19.24% 18.29% 15.96% -
ROE 12.09% 12.94% 12.56% 14.42% 19.30% 16.62% 10.11% 9.63% 11.32% 11.42% 9.13% 9.46% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 133.00 136.17 139.76 141.71 96.60 161.95 174.49 222.06 233.39 173.84 264.28 302.08 -8.20%
EPS 40.52 43.34 40.65 41.98 48.81 70.58 37.40 33.03 36.02 34.19 33.34 31.40 2.90%
DPS 0.00 8.25 8.25 7.45 6.75 12.50 6.00 4.00 4.00 5.00 8.00 8.00 0.34%
NAPS 3.35 3.35 3.24 2.91 2.53 4.08 3.78 3.41 3.13 3.06 3.65 3.32 -0.27%
Adjusted Per Share Value based on latest NOSH - 988,352
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 126.87 129.89 133.32 135.54 92.55 77.62 71.02 88.44 92.16 60.78 59.56 68.04 7.75%
EPS 38.64 41.34 38.82 40.15 46.78 32.51 15.55 13.08 14.00 12.22 7.51 7.07 20.81%
DPS 0.00 7.88 7.87 7.13 6.47 5.99 2.44 1.59 1.58 1.75 1.80 1.80 17.80%
NAPS 3.1955 3.1955 3.0905 2.7833 2.4238 1.9554 1.5385 1.3582 1.236 1.0699 0.8226 0.7478 17.06%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 29/03/24 29/03/24 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 4.33 4.33 3.69 3.32 3.50 6.90 5.11 3.10 3.67 2.15 2.49 2.40 -
P/RPS 3.26 3.18 2.64 2.34 3.62 4.26 2.93 1.40 1.57 1.24 0.94 0.79 14.33%
P/EPS 10.69 9.99 9.07 7.91 7.17 10.17 13.38 9.44 10.35 6.15 7.47 7.64 1.92%
EY 9.35 10.01 11.03 12.64 13.95 9.83 7.48 10.59 9.66 16.25 13.39 13.08 -1.87%
DY 0.00 1.91 2.24 2.24 1.93 1.81 1.17 1.29 1.09 2.33 3.21 3.33 -4.30%
P/NAPS 1.29 1.29 1.14 1.14 1.38 1.69 1.35 0.91 1.17 0.70 0.68 0.72 5.23%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 23/05/24 23/05/24 28/02/24 27/02/23 25/02/22 26/02/21 25/02/20 27/02/19 23/02/18 27/02/17 25/02/16 26/02/15 -
Price 4.87 4.87 3.85 3.68 3.60 7.69 5.30 3.88 3.60 2.81 2.30 2.48 -
P/RPS 3.66 3.58 2.75 2.60 3.73 4.75 3.04 1.75 1.54 1.62 0.87 0.82 14.38%
P/EPS 12.02 11.24 9.46 8.77 7.37 11.34 13.87 11.82 10.16 8.04 6.90 7.90 2.02%
EY 8.32 8.90 10.57 11.41 13.56 8.82 7.21 8.46 9.85 12.43 14.50 12.66 -1.98%
DY 0.00 1.69 2.14 2.02 1.88 1.63 1.13 1.03 1.11 1.78 3.48 3.23 -4.46%
P/NAPS 1.45 1.45 1.19 1.26 1.42 1.88 1.40 1.14 1.15 0.92 0.63 0.75 5.25%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
17 people like this. Showing 50 of 3,646 comments

Pinky

Please welcome me to the club 😁

2024-01-09 15:53

troy88

This underrated gem should challenge RM4 soon..

2024-01-26 15:44

Pinky

Wow early Monday morning so positive here

2024-01-29 09:41

Pinky

Foreseeing bad results? 🤔

2024-02-19 11:32

1DERFUL

Does anyone know of platform/site to check individual stock dividends history ?

2024-02-20 23:15

BursaVulture

right here lah...

https://klse.i3investor.com/web/stock/entitlement/3069

2024-02-20 23:59

1DERFUL

@BursaVulture . Thanks👍

2024-02-21 10:46

Choivo Capital

Through my many interactions with them, i have a strong confidence in their thought processes and business thinking, so its quite likely they have found a way to do it very well, likely via certain fruits/vegetables/herbs, that have very different margin profile etc, due to different methods of growth, geographic constraints, supply/demand mismatch etc.


BursaVulture

To be honest, I am not a fan of indoor farming or vertical farming or whatever they call it. Most greenhouse farming simply doesn't work. I am still holding MFCB and will continue to do so, I hope if things doesn't work out, they will shut it down. But I hope they succeed.

I hope they are smart enough to plant Herbs, Onions, Mushrooms and etc. Dont compete with those in Cameroon, compete with food we import, if they are able to scale, our gov might help out without hurting the small farmers in Malaysia.

2024-02-25 22:25

skyjet

Good QR with 4.25 cents dividend

2024-02-28 17:48

Pinky

Good results with increased dividend. Good! No regrets buying into this.

2024-02-28 18:02

Kitty Kitty

great growth stock. slow and steady

2024-02-28 18:38

EngineeringProfit

My favourite but dah kenyang

2024-02-28 18:49

Kitty Kitty

Volume picking up to challenge RM4 ..

2024-03-14 07:31

Jack888

go...go...go

2024-03-18 15:22

TerrenceLim

upcoming quarter profit is crazy......it is like a new YTL Power 2.0

2024-03-18 16:40

BursaVulture

why would it be crazy? you can say slightly higher but crazy is too crazy. almost 90% profit is from their hydro. unless all the other subsidiaries grow at exponential rate, unlikely to be crazy. hydro power gen already somewhat max.

2024-03-18 18:53

EngineeringProfit

Exactly

Posted by TerrenceLim

upcoming quarter profit is crazy......it is like a new YTL Power 2.0

2024-03-18 19:55

man8636

is it possible to buy in now??😣

2024-03-19 11:18

EngineeringProfit

Everything is possible...................but >10% from break out price!! Bilises must have the discipline - not to chase high.

2024-03-19 13:19

BursaVulture

I own MFCB too, i call super crazy high profit for next QR pure BS. Most likely they will sign a new deal, probably extension from 25 years to 30? who knows. if you read the report, you know 90% profit from hydro, no more room to grow.

2024-03-19 20:01

newbie8080

5th turbine is completing soon.
Hopeful that it will provide additional revenue and profit

2024-03-27 10:52

Jack888

Next resistance 5.40 ...???

2024-04-03 11:08

BLee

“Jack888
Next resistance 5.40 ...???
19 minutes ago”

Yes, MFCB is having a good meteoric rise this year. Few days ago, I did a calc for Insas' CAGR, also checked on MFCB over a 10 year period. The results are much better than Insas. Will find time to post the results, maybe over the coming weekend.
Happy Trading and TradeAtYourOwnRisk.

2024-04-03 11:40

Jack888

Slow and steady...keep on moving uptrend.

2 months ago

Pinky

Kuat punya Mega!

2 months ago

Jack888

https://www.youtube.com/watch?app=desktop&v=WzYWoTRrYY8

2 months ago

Pinky

So, what's the TP now?

2 months ago

Nepo

Food Security Division
As of the end of FY2023, the cumulative planted area of our plantation in Cambodia totalled an estimated 2,560 hectares,
comprising 1,830 hectares of coconuts and 730 hectares of macadamias. The coconut trees will progressively reach
commercial scale maturity starting from 2024, while the macadamia trees are expected take another 1-2 years to reach the
same.
After careful consideration, we have opted to concentrate on harvesting flower sap of the coconut trees, and refining it
into coconut sugar products, including syrup and granulated sugar. This strategic choice is motivated by the scarcity of
pure, unadulterated coconut sugar products in both industrial and retail markets, alongside a steady and expanding global
demand (forecasted CAGR: 4.8% from 2018-2030). This market potential is underpinned by the superior health benefits of
coconut sugar compared to refined white sugar.
We are confident that leveraging the capacity of our plantation presents a significant opportunity to meet the burgeoning
global demand for coconut sugar products. Upon reaching maximum harvest capacity, we anticipate establishing ourselves
as the largest and foremost fully integrated company dedicated to coconut sugar products worldwide.
Looking ahead, our commitment remains steadfast in nurturing and expanding the Food Security Division to make a
substantial contribution to the Group’s long-term earnings, whether through expansion, diversification or strategic
acquisitions

2 months ago

Pinky

👌💪👏👍

2 months ago

kai8994

"We are confident that leveraging the capacity of our plantation presents a significant opportunity to meet the burgeoning global demand for coconut sugar products. Upon reaching maximum harvest capacity, we anticipate establishing ourselves as the largest and foremost fully integrated company dedicated to coconut sugar products worldwide."

Good highlight, Nepo. Can't wait to ask them more about the venture into coconut sugar biz in the coming AGM / quarterly briefing. Wondering how much revenue they are expecting from this venture. According to this report the top 3 players are having between USD169m - 260m revenue.
https://www.globalmarketmonitor.com/report_blog/1861531.html

2 months ago

Nepo

https://theedgemalaysia.com/node/709303

2 months ago

Nepo

oops, Maybank downgrade..

but frankly speaking, could we keep?

2 months ago

kai8994

Maybank's valuation did not ascribe any value to the new ventures. The company is reinvesting the cash to grow and at the same time giving out decent dividend. Why sell?

2 months ago

troy88

Uptrend to resume after recent correction. Ambank TP 5.40 still intact..

1 month ago

kritikos

M&A activities.. they bought 64% interest in CSC Agriculture for RM25m...
https://www.nst.com.my/business/corporate/2024/05/1048189/mega-first-corp-takes-64pc-interest-csc-agriculture-rm25m

1 month ago

Pinky

Good company but limited upside already...made 20% with this stock in 6 months and sold.

Will look to re-enter around 4.50 maybe

1 month ago

EngineeringProfit

Agree. Profits so good. Just take

1 month ago

newbie8080

https://theedgemalaysia.com/node/712541
Mega First Corp Bhd (KL:MFCB), which is involved in renewable energy sales, limestone quarrying and packaging, said its first quarter net profit rose 35.32% to RM95.46 million from RM70.55 million a year earlier amid a significant improvement at its resource division.

The higher earnings were also attributed to a one-time boost from fire insurance compensation. The group said it recognised RM22.39 million in insurance income for the fire incident in its flexible plastic packaging factory.

1 month ago

VincentTang

Bad qr. Sold all mfcb

1 month ago

VincentTang

22.39 mils from net profit claim from insurance which is one off profit

1 month ago

kai8994

Y-o-Y
Group’s profit after tax and non-controlling interest (“PATNCI”) rose 35.3% from
RM70.5 million to RM95.5 million. “Normalised” Group PATNCI (by excluding share of
joint ventures and associates’ results, and non-operational one-off items) grew 22.4%
from RM79.5 million to RM97.4 million.

Q-o-Q
Excluding joint ventures and associates, and one-off items
in both periods, the Group's normalised PATNCI remained flat quarter-on-quarter at
RM98.2 million (compared to RM98.7 million in 4Q2023). This was achieved despite
seasonally lower hydro energy sales, underscoring the earnings strength of the
Group's core operations and the positive impact of increased effective equity interest
in DSPC.

How was it a bad quarter? In fact if you follow the Company closely you will know that they will do well this year with the increased effective stake in DSPC and the upcoming 5th turbine running in second half. And next year it will be even more exciting with the Food Security Division plus additional capacity coming from packaging division.

1 month ago

Pinky

Southeast Asia extreme weather. Will that affect that hydro dam? I'm a bit worried.

1 month ago

hopetobecorrect

@kai8994,, i think next year MFCB Laos tax free status will expire? sure this will affect the profit unless i miss something

1 month ago

kai8994

@hopetobecorrect, yes you right, in fact there is another clause which says the tariff will be adjusted downward at 10th year if I not mistake. The management did highlight the new CA is more favourable to the Company, lets see how it goes.

Anyway, irregardless of the terms of the CA, to me the value proposition of MFCB is about the capable management team who know how to reinvest the strong cashflow and enhance the shareholder value. Bet the jockey :)

1 month ago

hopetobecorrect

@kai8994, thank you for the information. Will take the mgmt words on this

1 month ago

goldmanbull

Hopefully got chance to masuk MFCB

1 month ago

Kitty Kitty

may enter consolidation phase soon .. opportunity will come thereafter

2 weeks ago

Pinky

Debt-Saddled Laos Turns to Deferrals as Repayments Nearly Double:
https://www.bloomberg.com/news/articles/2024-07-01/debt-saddled-laos-turns-to-deferrals-as-repayments-nearly-double

Should MFCB investors be concerned?

1 day ago

kai8994

@Pinky,

The poor financial position of the Laos government is not something new. The management has explained this many times. Actually, the off-taker for the power generated is Cambodia. As long as Cambodia is paying, MFCB will also get paid. Moreover, the payment is in USD.”

1 day ago

Pinky

Thanks for explanation

9 hours ago

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