MEGA FIRST CORPORATION BHD

KLSE (MYR): MFCB (3069)

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Last Price

3.48

Today's Change

-0.01 (0.29%)

Day's Change

3.42 - 3.48

Trading Volume

362,500

Financial
Market Cap

Market Cap

3,439 Million

NOSH

988 Million

Latest Quarter

Latest Quarter

31-Mar-2022 [#1]

Announcement Date

25-May-2022

Next Quarter

30-Jun-2022

Est. Ann. Date

19-Aug-2022

Est. Ann. Due Date

29-Aug-2022

QoQ | YoY

-61.78% | 10.90%

T4Q Result

Revenue | NP to SH

993,339.000 | 470,325.000

RPS | P/RPS

100.50 Cent | 3.46

EPS | P/E | EY

47.59 Cent | 7.31 | 13.67%

DPS | DY | Payout %

6.47 Cent | 1.86% | 13.59%

NAPS | P/NAPS

2.45 | 1.42

QoQ | YoY

1.73% | 39.47%

NP Margin | ROE

54.54% | 19.43%

F.Y. | Ann. Date

31-Mar-2022 | 25-May-2022

Latest Audited Result

Latest Audited Result

31-Dec-2021

Announcement Date

27-Apr-2022

Next Audited Result

31-Dec-2022

Est. Ann. Date

27-Apr-2023

Est. Ann. Due Date

29-Jun-2023

Annual (Unaudited)

Revenue | NP to SH

914,673.000 | 462,330.000

RPS | P/RPS

92.55 Cent | 3.76

EPS | P/E | EY

46.78 Cent | 7.44 | 13.44%

DPS | DY | Payout %

6.47 Cent | 1.86% | 13.82%

NAPS | P/NAPS

2.42 | 1.44

YoY

43.9%

NP Margin | ROE

58.02% | 19.30%

F.Y. | Ann. Date

31-Dec-2021 | 25-Feb-2022

Annualized Result

Revenue | NP to SH

1,089,536.000 | 325,352.000

RPS | P/RPS

110.24 Cent | 3.16

EPS | P/E | EY

32.92 Cent | 10.57 | 9.46%

DPS | DY | Payout %

-

NAPS | P/NAPS

-

QoQ | YoY

-29.63% | 10.9%

NP Margin | ROE

35.42% | 13.44%

F.Y. | Ann. Date

31-Mar-2022 | 25-May-2022

Business Process

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 0 / 4 0.00% 0 / 8 0.00%
Total Positive Profit Years 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Positive Profit 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Profit Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted EPS Growth 0 / 4 0.00% 0 / 8 0.00%
Total Dividend Years 2 / 4 50.00% 4 / 8 50.00%
Continuous Quarters Of Dividend 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 4 0.00% 0 / 8 0.00%
Average ROE 5.08% 4.81%
Average Net Profit Margin 53.68% 51.74%

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Quarters Of Revenue Growth 2 / 5 40.00% 2 / 10 20.00%
Total Positive Profit Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Positive Profit 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Profit Growth 3 / 5 60.00% 3 / 10 30.00%
Continuous Quarters Of Adjusted EPS Growth 3 / 5 60.00% 3 / 10 30.00%
Total Dividend Years 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Dividend 5 / 5 100.00% 10 / 10 100.00%
Continuous Quarters Of Dividend Growth 4 / 5 80.00% 4 / 10 40.00%
Continuous Quarters Of Adjusted Dps Growth 4 / 5 80.00% 4 / 10 40.00%
Average ROE 13.40% 11.74%
Average Net Profit Margin 33.60% 25.33%
Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 993,339 1,089,536 914,673 729,466 833,742
NP to SH 470,325 325,352 462,330 160,177 240,978
Dividend 63,929 0 63,914 26,416 35,723
Adjusted EPS 47.59 32.92 46.78 16.21 24.38
Adjusted DPS 6.47 0.00 6.47 2.67 3.61

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.

Growth

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue -2.93% 40.61% 40.61% 9.68% 21.50%
NP to Owner -61.78% 10.90% 10.90% -30.82% -19.42%
Dividend 0.00% 0.00% 0.00% 0.00% 0.00%
Adjusted EPS -61.78% 10.90% 10.90% -30.82% -19.42%
Adjusted DPS 0.00% 0.00% 0.00% 0.00% 0.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue 8.60% 19.14% 36.17% 19.12% 30.68% 49.36% 19.23% 9.71% 25.39%
NP to Owner 1.73% 95.17% 193.63% -29.63% 35.01% 103.12% 43.90% 91.86% 188.64%
Dividend 0.02% 78.96% 142.01% 0.00% 0.00% 0.00% 7.95% 78.91% 141.95%
Adjusted EPS 1.73% 95.17% 193.63% -29.63% 35.01% 103.12% 43.90% 91.86% 188.64%
Adjusted DPS 0.02% 78.96% 142.01% 0.00% 0.00% 0.00% 7.95% 78.91% 141.95%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

Discussions
14 people like this. Showing 50 of 3,488 comments

BursaVulture

I hope no more share buyback. I dont like share buyback, I rather they hold cash and wait for opportunities.

1 month ago

snowball2000

Kudos to mfcb mgt for another sterling quarter..

1 month ago

snowball2000

The speed with which the new venture was turned around is another surprise on the upside..

1 month ago

jonathan_k

Surprisingly good QR, utilization rate 90%

1 month ago

nickinvests

Mega First opens results briefing to public, likely first listed company in Malaysia to do so

https://www.theedgemarkets.com/article/mega-first-opens-results-briefi...

Transparency and management quality of this company is second to none!

See u folks soon

1 month ago

UPlanet

Utilisation 90%??? Omg!!! So room to increase only left 10%???

1 month ago

snowball2000

I missed the webinar today due to work schedule. Can someone please share some insight from management? Many thanks!

1 month ago

DannyArcher

Uplanet, Their hydro is pretty much max, why are you surprised? That is why the PE is low. But how they use their existing cash flow to expand is another question.

1 month ago

snowball2000

Excellent, MFCB ventruing into potentially very lucrative business..

1 month ago

snowball2000

Fresh from turning around its newly acquired oleochemicals business, Mega First Corp Bhd (MFCB) has further expanded its exposure in the booming semiconductor space, following its acquisition of a 28.83% stake in Integrated Smart Technology Sdn Bhd (IST) for RM5.56 million. IST, which is involved in automated test machines for the semiconductor sector, is expected to generate around RM10 million per year or around RM2.9 million for MFCB’s equity portion.

1 month ago

newbie8080

My opinion is this IST group will require at least 5 years before it's able to provide meaningful contribution to MFCB

1 month ago

terence775

Hi guys, hope everyone benefitted from the session. PM me if you want the presentation slides. And congratulations to MFCB for another great quarter.

1 month ago

Jack888

I want to buy price at 3.50 see another coming few days.

1 month ago

steady31

Most boring stock.Share price flat for almost 2 years now.Dividend meagre despite so much cash balance after all the new investment spending.No wonder seeing a lot of selling from institutional holders. who canot afford portfolio to show no gain. All the hype for nothing

1 month ago

InsiderShark

the problem is you expect it to fly after you buy. go back and look at other charts, companies like PPB, QL, or Harta (Before covid) had a few years of flat share price, sometimes as long as 4 years, then it flies. sometimes 2 years, we dont know. The key is to buy a company that wants to grow their earnings and wait.

1 month ago

newbie8080

@steady31
Are you sure you are looking at the right chart?
With exception for the panic selling at the early stage of pandemic in March 2020, from Jan 2020 to June 2022, the stock price (adjusted for stock split) appreciated 44% excluding dividend. If you had collected it during the march 2020 selloff, you would have made 140%.

1 month ago

snowball2000

MFCB is heavily traded (>3.5mil shares at time of writing, with positive bias) with uptrend today. Does anyone have any news?

4 weeks ago

nickinvests

steady rock stock. recession proof.

3 weeks ago

newbie8080

@nickinvests

Without a good dividend yield, it would still be volatile.
It's almost 10% off it's 52-week high.
Probably slow down as it reached closer to 3.35

2 weeks ago

BursaVulture

@Just88

Don Sahong sells power to Cambodia, not Laos. Cambodia is the one you should be looking at. If you attend the AGM, you'll know this.

2 weeks ago

Just88

Only 195MW out of 260MW is sold to Cambodia. I might be wrong, you can check it up.

2 weeks ago

Just88

The electricity is sold to cambodia thru EDL, who will collect the payment and pay to MFCB. Any risk ?

2 weeks ago

DannyArcher

260 is the max capacity, dont expect them to generate 100% all the time all day. In the AGM, I heard the director said all power are sold to cambodia, not to laos. Worry when Cambodia got problem.

2 weeks ago

DannyArcher

80% of 260 is about 200, plus minus, one average if we factor dry season and service downtime.

2 weeks ago

BursaVulture

Obviously EDL will collect the bill. EDL also owns 10% or was it 20% of Don Sahong, not sure which. Don Sahong is generating foreign cash for Laos. 25 years later, they will have the entire dam. They want FDI to come in and build dam to generate power to sell to the entire SEA and China, thus they know they need to honor their words regardless of what.

Their goal is to be the battery of SEA, by selling power to many countries including Singapore via Thailand-Malaysia.

https://www.andritz.com/hydro-en/hydronews/hydro-news-asia/laos

2 weeks ago

LongTermInvestor8

On this Laos thing. Here is my take.

https://asiatimes.com/2022/05/perfect-storm-of-turbulence-for-indebted...

"Laos had the chance to sign up for the World Bank’s Debt Service Suspension Initiative but decided instead to go down the path of direct debt restructuring arrangements with China, its largest creditor. That saw Electricité du Laos, the state-run power company, partially sold off to a Chinese firm."

- DSH sells 100% power to Cambodia, not Laos
- DSH earn USD for Laos, Laos needs all the USD they can get.
- EDL is partially own by China
- Laos gov owns 20% of DSH
- DSH is profitable for all parties
- Unlikely for Laos to nationalize any foreign dam, this will chase away FDI which they badly needs.
- The risk is high, thus explains the very low PE, at PE7.
- Very likely China will help Laos to roll over the debt, push the problem down the road so to speak.
- Unlikely for China to let Laos collapse and allow countries like USA to be friendly to Laos. China will not want to see IMF or World Bank bail out Laos and to have a say in how Laos is run - becomes a democracy.
- China will do whatever it takes to prop up Laos, just like how China prop up North Korea. Better to have a friendly nation at your border than to have an enemy with US putting missiles on Laos soil. China is already not on good terms with vietnam.
- Will EDL delay payment? Possible. This is the biggest risk factor.
- Will EDL renego the contract? Possible but unlikely. if they do, it will probably extend the 25 years to 30 years or more.

I see MFCB as a high risk investment on the short term, if nothing bad happens within this coming 10 years, they would have made enough to diversify into other business to balance their cash flow.

Currently 90% of their profit comes from the hydro, based on my calculation, if all things goes accordingly, 10 years time it will be 50% hydro and 50% others. Which is good enough.

I understand the management is focusing on renewable and ESG, I still think ESG is just a scam. If the bankers and funds are so concern about ESG, MFCB would not be at such low valuation, right? In the end, it is all about profits.

Thus, I dont understand why they choose not to continue their coal or gas power plant. They should just build more, or buy up some palm oil plantation when palm oil price crash, not now. Do whatever it takes to boost earnings. ESG is a scam and renewables are not profitable.

1 week ago

newbie8080

@LongTermInvestor8

Don Sahong has COD since Sept 2020.

Didn't see any news from Management on the delay in payment during AGM or bursa news.

1 week ago

LongTermInvestor8

someone correct me if I am wrong, I read somewhere that delayed payment was paid already. I think from the AGM Q&A or something like this, someone asked, they replied regarding this issue.

1 week ago

LongTermInvestor8

Quote: "A common concern is with regards to high receivables and potential bad debt. In Q4 2020, management guided that increment in receivables was due to December payments came in January due to late acceptance in EDC which subsequently causing EDL to pay late. By Feb, receivables had gone back down to 3-4 months. Management also mentioned that EDL will not be bankrupt as it’s guaranteed by the MOF."

Payment cleared.

p.s. I can't post the URL or PDF file. i3 dont allow me to. The info is by Rondy, go check his website, the pdf if there, he is the host for MFCB live AGM.

1 week ago

snowball2000

MFCB keeps dropping.... How low can it go?

1 week ago

newbie8080

@LongTermInvestor8

It was a one time off delay in 2020.
Since then, didn't hear any more delays.

1 week ago

LongTermInvestor8

Quote Public Bank Report 21/6/22: "Troubled state-owned electricity operator, Electricite du Laos (EDL) accounted for nearly a third of publicly-guaranteed debt last year and much was owed to the Electricity Generating Authority of Thailand. This raises concerns over the collection for MFCB’s 80%-owned Don Sahong Hydropower plant. Nevertheless, we think that it is unlikely to see payment defaults from EDL as the electricity is effectively sold to neighbouring Cambodia under a 700MW G-to-G PPA contract signed in 2019. We understand that there is a legal arrangement for EDL to use the proceeds from the sale of electricity to Cambodia for the payment to Don Sahong Hydropower before it is allowed to be used for other purposes."

To simply summarise:
1) EDL payment a function of whether EDC pays EDL. Cambodia needs power & is in much stronger financial position than Laos.
2) Legal arrangement for EDL to pay EDC proceeds to MFCB *FIRST* before they can use balance for own purposes.

1 week ago

newbie8080

@LongTermInvestor8
Thanks for the details.
Looks like just posted today by PBB.
Good thing Finance Minister addressed on this concern a few hours ago.
Lao Finance Minister Bounchom Oubonpaseuth has assured National Assembly (NA) members that public debt is still manageable, despite the total amount remaining considerable, Vientiane Times reported.
https://en.vietnamplus.vn/laos-public-debt-remains-manageable-minister...

1 week ago

HengyuanZai

sendiri jaga jaga lo.. this company many hidden problems .. high chance like serbadk

1 week ago

Just88

Lao kips is dropping at an alarming rate ....

1 week ago

BursaVulture

Government of Laos to export 100 MW of electricity to Singapore
https://southeastasiainfra.com/government-of-laos-to-export-100-mw-of-...

1 week ago

BursaVulture

Singapore began receiving hydropower from Laos wired through Thailand and Malaysia on Thursday, the city-state’s first renewable electricity imports as it looks beyond its borders to meet climate change goals.

https://www.theedgemarkets.com/article/singapore-imports-clean-power-f...

1 week ago

HengyuanZai

don't bodoh bodoh... distance from Laos to SG around 2000km, a lot of energy loss in the process

1 week ago

HengyuanZai

my take is that mfcb will drop below 3.00 in a few months

1 week ago

walkman660

aiyo hengyuanzai , please lar, when comment please dun just comment half half.

(i) you said many hidden problem, what's that? at least elaborate it lar
(ii) drop below 3.00 in a few months ? how long ?

this counter YTD drop only 4 ~ 5% & I believe outperform at least 80% of the counters in Malaysia, what else you want? I've been follow this counter for more than 2 years after hydropower plant started operates, also attended few post QR briefing, so please be responsible when you give comment, else just don't comment. Cash flow, trade receivable all are ok, so i really don't know what's your "hidden problem".

1 week ago

HengyuanZai

sooner later you will know

1 week ago

walkman660

instead of put ur nickname as hengyuanzai, better you put as so zai , I only want you elaborate on the hidden problems , and u reply "sooner later you will know" ?

1 week ago

BursaVulture

HengyuanZai, I dont think you understand how it works. They dont really transfer from Laos to Singapore. Simply put it Malaysia will sell to Singapore, Thailand will sell to Malaysia, and the Laos sells to Thailand. Contra it, and Singapore will pay for it.

1 week ago

LongTermInvestor8

https://www.thestar.com.my/business/business-news/2022/06/25/no-signif...


“We do not foresee the current crisis in Laos to have a significant impact on MFCB. The power generated by DSPC in Laos is 100% evacuated to Cambodia via two government-to-government power purchase agreements signed between Electricite Du Laos (EDL) and Cambodia’s Electricity Authority (EDC),” MFCB executive director Khoo Teng Keat tells StarBizWeek.

Elaborating, Khoo says revenue collection is smooth.

“Cambodia’s EDC has been prompt in its payment to EDL. In turn, EDL has been paying DSPC every month,” he adds.

6 days ago

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