tag:blogger.com,1999:blog-33773594270593746602024-03-25T22:30:17.683+08:00Bursa Stock TalkMalaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.comBlogger311125tag:blogger.com,1999:blog-3377359427059374660.post-51897234043671738832024-03-25T20:08:00.000+08:002024-03-25T20:08:17.852+08:00New Telegram ChannelJoin newly created Bursa Stock Talk Telegram Channel for stock/ market updates: <div><br /></div><div><a href="http://t.me/bursastocktalk">t.me/bursastocktalk</a> </div><div><a href="http://t.me/bursastocktalk">t.me/bursastocktalk</a> </div><div><a href="http://t.me/bursastocktalk">t.me/bursastocktalk</a></div>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-76857807335166979812024-01-22T00:00:00.145+08:002024-01-22T00:00:00.208+08:00KENANGA (6483) – A Growth Stock With Decent Dividend Yield?<p><b>Reason for the significant
earnings improvement</b></p>
<p class="MsoNormal" style="margin-bottom: 0in;">Based on the performance of FBMKLCI
and Average Daily Value of KLSE, 2022 and 2023 were lackluster years for the
local stock market.</p><p class="MsoNormal" style="margin-bottom: 0in;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEji6HK61TjFWgEmxtcMFqaYajD2CkjP4WDIXNw8mWDic3eo7Wzv-z2k8nOScRjMEGvns2aP4EPDuuFIi6W9yHCevI66Wu9ZoWNTDRDtYKUyP0AZDD6vqskBuGBk_yOs-zK5pvRqGA3HkH0RGPD-3lMh4_i5VzjPwOLnL4aNbdAG1UNQHEPe0tDMN6Hpk2jn" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="537" data-original-width="956" height="359" src="https://blogger.googleusercontent.com/img/a/AVvXsEji6HK61TjFWgEmxtcMFqaYajD2CkjP4WDIXNw8mWDic3eo7Wzv-z2k8nOScRjMEGvns2aP4EPDuuFIi6W9yHCevI66Wu9ZoWNTDRDtYKUyP0AZDD6vqskBuGBk_yOs-zK5pvRqGA3HkH0RGPD-3lMh4_i5VzjPwOLnL4aNbdAG1UNQHEPe0tDMN6Hpk2jn" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiA8Exhbq27KwQCQz58pPY73RLOr8n14JBUVjLUVlJpm20ae8iYiZKBE2_WrjmBEHfOMYO8UBpiwg3t8BThhe9-VVaKVIrd_fBLVXP2lSkxt-7zXeJzCP83UaQpz4FQcEKgySe2Jz3kycLknSmKVu37Y7dSqXh97LclF4k3QISKEyoH_DQjXUfBGVNw8-mt" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="568" data-original-width="955" height="380" src="https://blogger.googleusercontent.com/img/a/AVvXsEiA8Exhbq27KwQCQz58pPY73RLOr8n14JBUVjLUVlJpm20ae8iYiZKBE2_WrjmBEHfOMYO8UBpiwg3t8BThhe9-VVaKVIrd_fBLVXP2lSkxt-7zXeJzCP83UaQpz4FQcEKgySe2Jz3kycLknSmKVu37Y7dSqXh97LclF4k3QISKEyoH_DQjXUfBGVNw8-mt=w640-h380" width="640" /></a></div><br /><div style="text-align: justify;">However, despite the weak market sentiment in FY22 and 9M23, KENANGA has reported significantly improved earnings in FY22 and 9MFY23 compared to years before the onset of the Covid-19 pandemic. The key driver behind this growth is the investment and wealth management segment.</div><p></p><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEihT6ka1Yh1Y03EchKFEA-zyV0opabMq3zd7chlZmd2wDqdcKDL13oTqxsN7WWFH74S4zoxSIU3Mix_DvqXEcYZpm7RMZpVWZtnCN3cKNBfJK4083icMpPS6Z_1OONdKR9S3F7TBkmDqXcTfKrzbcunR5ezjLmVBaPJGp3f1H-yXBbnftrGcc2t9OLCltNI" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="392" data-original-width="974" height="258" src="https://blogger.googleusercontent.com/img/a/AVvXsEihT6ka1Yh1Y03EchKFEA-zyV0opabMq3zd7chlZmd2wDqdcKDL13oTqxsN7WWFH74S4zoxSIU3Mix_DvqXEcYZpm7RMZpVWZtnCN3cKNBfJK4083icMpPS6Z_1OONdKR9S3F7TBkmDqXcTfKrzbcunR5ezjLmVBaPJGp3f1H-yXBbnftrGcc2t9OLCltNI=w640-h258" width="640" /></a></div><br />The segment struggled in 2016 and
2017 but managed to turn things around in 2018 with minimal profit before tax.<p></p><p class="MsoNormal" style="margin-bottom: 0in;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhvU7AXYCkKALpqtCO7iNYMmv2AVR8gnbMF8qJyIPuZvahobi3jUb4VKeZMr6A5c4U_zeaGl2hiJrWSi2fs5TQmYHz1xDC8sL7Et4D00HpeuN4lHIq5I-ctMovJWOWgsyl0G4VgFiVc4BZWU9nKBAMLLIujm9v8GyCRykNlt8xyt2VK5DcY__NoHyRfvWwV" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="342" data-original-width="922" height="238" src="https://blogger.googleusercontent.com/img/a/AVvXsEhvU7AXYCkKALpqtCO7iNYMmv2AVR8gnbMF8qJyIPuZvahobi3jUb4VKeZMr6A5c4U_zeaGl2hiJrWSi2fs5TQmYHz1xDC8sL7Et4D00HpeuN4lHIq5I-ctMovJWOWgsyl0G4VgFiVc4BZWU9nKBAMLLIujm9v8GyCRykNlt8xyt2VK5DcY__NoHyRfvWwV=w640-h238" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEibF4_ZgypxPar_tvWp1Yhle4E0In_AaHu1bPBs4OhPiuQQK-sQyuHEZjKShk3ZIH6vCttHznlXjfxpl3KAer9J89tBZCepUu6STv4kAx5SkAMrWNlS1f8sHXk_QYh78ii6EQihdtN8CHTmRrr_X_4ZgroADeGBy6wkZJq36qU5stvoY4NkPjfFVUlpQNyr" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="398" data-original-width="927" height="274" src="https://blogger.googleusercontent.com/img/a/AVvXsEibF4_ZgypxPar_tvWp1Yhle4E0In_AaHu1bPBs4OhPiuQQK-sQyuHEZjKShk3ZIH6vCttHznlXjfxpl3KAer9J89tBZCepUu6STv4kAx5SkAMrWNlS1f8sHXk_QYh78ii6EQihdtN8CHTmRrr_X_4ZgroADeGBy6wkZJq36qU5stvoY4NkPjfFVUlpQNyr=w640-h274" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgftVX_Y0P9e-6B05daPHRkH4YkVFFhBAIwh_dtyFxP2yIOQ6cWk0Zt3JSVHuOsMdxlJ1_HM2WCZVf7Vqanx0mEEjUx6fK9F8v2L5L71V8qrLk2lFIsRbP9-UiwZAuGfFj3o-V02v2rDURNaeinKEQvsYQiglZa7MAhQHjhPQse_qvuq8AaUa4kBKv_S0UN" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="562" data-original-width="974" height="370" src="https://blogger.googleusercontent.com/img/a/AVvXsEgftVX_Y0P9e-6B05daPHRkH4YkVFFhBAIwh_dtyFxP2yIOQ6cWk0Zt3JSVHuOsMdxlJ1_HM2WCZVf7Vqanx0mEEjUx6fK9F8v2L5L71V8qrLk2lFIsRbP9-UiwZAuGfFj3o-V02v2rDURNaeinKEQvsYQiglZa7MAhQHjhPQse_qvuq8AaUa4kBKv_S0UN=w640-h370" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjJl4AYrKMETr9Vk8PaTtDCeKR68UcAUt1CBGcHffqfCK-dC3IFqGgiSv8okFm6tuuQMGr3lJVtfakHbiomwAWRZR-OiC0MTrEIyfXHIE6FFfGMmqHHWrzvbnKXAXxNU7_mUgbjQGZwbMAiEZ3fLK8MUITHGGLJlxVT9VUb_XNGfGMXDAva2bh6E1lX10UZ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="532" data-original-width="974" height="350" src="https://blogger.googleusercontent.com/img/a/AVvXsEjJl4AYrKMETr9Vk8PaTtDCeKR68UcAUt1CBGcHffqfCK-dC3IFqGgiSv8okFm6tuuQMGr3lJVtfakHbiomwAWRZR-OiC0MTrEIyfXHIE6FFfGMmqHHWrzvbnKXAXxNU7_mUgbjQGZwbMAiEZ3fLK8MUITHGGLJlxVT9VUb_XNGfGMXDAva2bh6E1lX10UZ=w640-h350" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div></div></div><p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: left;"><span style="text-align: justify;">It has since grown significantly and now contributes the most to
the company's profits.</span></div></div><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="text-align: left;">This success can be attributed to
the rapid growth in the group's assets under management (AUM). In just 10
years, the AUM has surged from RM3.13 billion to over RM20 billion as of the end
of 2022.</span></p><p class="MsoNormal" style="margin-bottom: 0in;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;"><o:p> </o:p></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 299px;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"> <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">Assets under Management (RM'm)<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2022<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">> 20,000<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2021<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">18,800<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2020<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">13,830<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2019<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">13,490<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2018<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">7,860<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">8,700<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2016<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">7,400<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2015<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">6,430<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2014<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">5,450<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2013<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">6,250<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2012<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.0pt;" valign="bottom" width="235">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3,130<o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<br /><div><div style="text-align: justify;">In the third quarter of 2019, Kenanga Investors Berhad (KIB), the asset management subsidiary of Kenanga Group, completed its acquisition of 100% equity share in Libra Invest Berhad, a fund management arm of ECM Libra Financial Group Berhad. The acquisition, has increased KIB’s total AUM to RM13.5 billion, solidifying its position as one of Malaysia’s leading unit trust and asset management companies. (Annual Report 2019)</div><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;"><b>Are the improved earnings in
FY22 and 9M23 sustainable?</b><br /><br /></p><div style="text-align: justify;">The key earnings contributor, the investment and wealth management segment generates income from management fees. Unless there are significant fund withdrawals or a market crash, the earnings from this segment is likely to be recurring and sustainable.</div><p></p><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><b>Decent dividend yield</b></p>
<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">With improving financing performance, KENANGA has consistently
paid dividends since FY15 and maintained a generous payout ratio ranging from 60.4%
to 89.6%.</p><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="text-align: left;"> </span></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 269px;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"> <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">EPS<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">DPS<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">Payout (%)<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2022<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">7.50<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">6.00<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">80.00<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2021<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">16.29<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">10.50<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">64.46<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2020<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">14.56<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">8.80<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">60.44<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2019<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3.78<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3.25<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">85.98<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2018<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1.67<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1.10<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">65.87<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3.35<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3.00<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">89.55<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2016<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2.59<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2.25<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">86.87<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2015<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1.47<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1.00<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">68.03<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2014<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">3.83<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">0.00<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">0.00<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2013<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">0.80<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">0.00<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.0pt;" valign="bottom" width="77">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">0.00<o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="margin-bottom: 0in;"></p><div style="text-align: justify;"><br /></div><div style="text-align: justify;">With a PATAMI of RM50.6m in 9M23 (full-year FY22: RM54.5m), KENANGA is likely to achieve better full-year results than in FY22. The Company paid a dividend of 6sen/share for FY22.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">To be conservative, assuming KENANGA maintain a dividend of 6sen/share for FY23, based on current share price of RM1.01, this translates into a decent dividend yield of about 6%.</div><div style="text-align: justify;"><b><br /></b></div><div><b>INVESTMENT THESIS:</b><br /><ul style="text-align: left;"><li>A decent dividend yield of 6% could limit the downside of the share price. Given the expected better profit in FY23 and potentially FY24, it is not unreasonable to expect a dividend yield of 6% or more.</li></ul><ul style="text-align: left;"><li>Stockbroking and asset management businesses are highly scalable and have low marginal costs, resulting in faster bottom-line growth when revenue improves. A fund manager who manages a portfolio of RM100m can easily handle a larger portfolio, such as RM200m or even RM500m, as fund management is scalable. For this reason, the bottom line grows at a faster pace when revenue improves. The revenue for FY20 and FY21 were roughly about 50% higher than FY19 but the bottom line quadrupled.</li></ul><ul style="text-align: left;"><li>It is a bonus to shareholders of KENANGA if there is a bull market. A bull market would benefit KENANGA through higher brokerage for stockbroking, increased AUM from portfolio appreciation and net inflow of funds, and significant margin expansion due to economies of scale and low marginal costs.</li></ul><ul style="text-align: left;"><li>The market may not be fully aware that the significant improvement in KENANGA's earnings in FY22 and 9M23 (>100%) compared to previous years (FY16, FY17, FY18 and FY19) was primarily due to the recurring contribution from the investment and wealth management segment.</li></ul></div><p class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0in 20.25pt; text-align: justify; text-indent: -0.25in;"><o:p></o:p></p>
<p class="MsoNormal" style="margin: 0in 0in 0in 2.25pt; text-align: justify;"><b><o:p> </o:p></b></p>
<p class="MsoNormal" style="margin: 0in 0in 0in 2.25pt; text-align: justify;"><b>CONCLUSION:
</b>With a decent dividend yield,<b> </b>KENANGA is worth monitoring as it
offers limited downside potential and good upside potential based on historical
growth of AUM growth and the scalability of its core businesses.<o:p></o:p></p></div>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-279964313181929722023-12-12T00:19:00.001+08:002023-12-12T00:19:13.842+08:00CRESNDO - Potential Beneficiary of Data Center, JB-Singapore RTS<p> As we approach the end of 2023, a wave of good news is buoying the stock market.</p><p class="MsoNormal"><o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjpBdItCtODHhmiL7ADMkTHgdi7DUvaaTBcfUpJHJKLh-8b5fY1HtvmuMLWan8yfcTqpT_XYsi1NET9SaV9xG0K2CwZBdmOszL2bZUbGuyxPyF8IaTmoEYHe-4nzOwxMsw1zZ-6dS2Rwzuju6ubW8Fb8rcMyEOLCDyY9EpYnOM3tAhQQaDdX-plc7V6blN0" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="746" data-original-width="975" height="489" src="https://blogger.googleusercontent.com/img/a/AVvXsEjpBdItCtODHhmiL7ADMkTHgdi7DUvaaTBcfUpJHJKLh-8b5fY1HtvmuMLWan8yfcTqpT_XYsi1NET9SaV9xG0K2CwZBdmOszL2bZUbGuyxPyF8IaTmoEYHe-4nzOwxMsw1zZ-6dS2Rwzuju6ubW8Fb8rcMyEOLCDyY9EpYnOM3tAhQQaDdX-plc7V6blN0=w640-h489" width="640" /></a></div><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Johor is rapidly becoming a major hub for data centers in Malaysia, offering a viable alternative for Southeast Asia. This surge in interest is driven by several factors:<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">•<span style="mso-tab-count: 1;"> </span>Capacity Constraints in Singapore: Overflowing demand due to limited space has companies seeking alternative locations.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">•<span style="mso-tab-count: 1;"> </span>Favourable Conditions in Johor: Close proximity to Singapore, supportive local authorities, and lower land and power costs make Johor highly attractive.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">•<span style="mso-tab-count: 1;"> </span>Land Cost Advantage: Johor offers significantly cheaper land compared to Cyberjaya<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Nusajaya Tech Park, Sedenak Tech Park, YTL Green Data Centre Park, and Nusa Cemerlang Industrial Park are poised to become major data center hotspots in Johor.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Access to reliable <u>land</u>, facilities, and power is key to a successful computing infrastructure, as Nvdia CEO Jensen Huang emphasises.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b><u><span style="font-size: 16pt; line-height: 22.8267px;">Case Study: Crescendo Corporation Berhad (CRESCENDO)</span></u></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">This low-profile Johor-based property developer is positioned to benefit significantly from the data center boom. Last month, within a span of 10 days, CRESCENDO announced three proposed land disposals to data center players (including Microsoft), totaling RM543.19m - nearly its entire market capitalisation. This translates to a potential gain of RM310.26m.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>7 Nov 2023</b>: Proposed disposal of 975,173 sqft of land to STT Singapore-based data centre operator STT GDC Malaysia 2 Sdn Bhd for RM117.02m<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>15 Nov 2023</b>: Proposed disposal of 887,984 sqft of land to Yu Ao Sdn Bhd for RM111m<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>17 Nov 2023</b>: Proposed disposal of 2.62m sqft to Microsoft for RM315.7m<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEge7hgUYq4HtGXqFqVHT8VV0RLrZltvBSozMQiZELy8QtOGHeKxqmDHk3sZmOsWh71ayXeMupgN7RJRwfvJA2Ynnscet4CuzqEJiPVktvEdPc1bTgnU-zMB21VH7EerXl2mB-_Rj9ykKLOUsskYeHHHZAVJ0DTr6lnn_Xga5YY1pzYkW0SZKXiIrEz24UXM" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="450" data-original-width="667" height="432" src="https://blogger.googleusercontent.com/img/a/AVvXsEge7hgUYq4HtGXqFqVHT8VV0RLrZltvBSozMQiZELy8QtOGHeKxqmDHk3sZmOsWh71ayXeMupgN7RJRwfvJA2Ynnscet4CuzqEJiPVktvEdPc1bTgnU-zMB21VH7EerXl2mB-_Rj9ykKLOUsskYeHHHZAVJ0DTr6lnn_Xga5YY1pzYkW0SZKXiIrEz24UXM" width="640" /></a></div><p></p><div class="separator" style="clear: both;"><i style="text-align: justify;"><span style="font-size: 8pt; line-height: 11.4133px;">(Source: Company website </span></i><a href="https://crescendo.com.my/core-files/uploads/2023/10/CCB_Analyst-Briefing-2024-Q2-30092023.pdf" style="text-align: justify;"><i><span style="font-size: 8pt; line-height: 11.4133px;">https://crescendo.com.my/core-files/uploads/2023/10/CCB_Analyst-Briefing-2024-Q2-30092023.pdf</span></i></a><i style="text-align: justify;"><span style="font-size: 8pt; line-height: 11.4133px;">)</span></i></div><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">After selling approximately 100 acres of lands, CRESCENDO still has about 100 acres of land in Nusa Cemerlang Industrial Park. Based on market value of RM120 psf, the 202 acres of land in Nusa Cemerland Industrial Park alone carries a gross value of more than RM1b, about double of CRESCENDO’s current market cap.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Based on its current market cap of RM555m and a net debt position of RM216.691m, its enterprise value stands at RM771.691m. In other words, if the group divests its 202 acres of lands in Nusa Cemerlang Industry Park, it would essentially be giving the remaining 2,385 acres of landbank and properties for free. Of the 2,385 acres of lands, about two-thirds of them are located within 20km of Johor Bahru.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Crescendo’s 2023 annual report shows that the company owned 20 properties in Johor, including industrial plots, factory buildings, vacant land parcels and an oil palm estate approved for residential and commercial development. These properties, which are mostly on freehold land, were acquired in the 1990s and early 2000s. <i>(The Edge </i><a href="https://theedgemalaysia.com/node/690525"><i>https://theedgemalaysia.com/node/690525</i></a><i>)<o:p></o:p></i></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">The 20 properties listed in the latest annual report carry a total book value in excess of RM1.1b.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Major landbanks like Bandar Cemerlang (1269 acres), with majority of them are oil palm estates currently, haven't been revalued since 2001, resulting in an undervalued book value of RM5.23 psf. More than 500 acres of lands in Bandar Cemerlang are intended for industrial development.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Similarly, the 216-acre water-fronting lands at Tanjung Senibong, with a carrying value of RM18.57 psf, has not been revalued since 2006.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Meanwhile, its 794 acres of unconverted lands at Ambok Resorts, located within a 20 minutes’ drive from RAPID Pengerang and have not been revalued since 2005, carry a book value of only RM1.30 psf.<span style="mso-spacerun: yes;"> </span><o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEibdIDRUdQiYrJT7h9jTWPLhfHuqBKFjA2Af1Us2tRPuvjXq5hgBBIcy8eFFoJAEHu6IuK3OqzTMgPm0WqeLqqNvoiqRxNS23I7dYYjrW73ZMMY0GYdVFigpEAgIyTNJwcZaSiy8iPMJkKPsbD7rsejaPDGCa-zLN2lq1lYTyaGzxVNxGU_TajF8mqyA7jg" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="710" data-original-width="975" height="466" src="https://blogger.googleusercontent.com/img/a/AVvXsEibdIDRUdQiYrJT7h9jTWPLhfHuqBKFjA2Af1Us2tRPuvjXq5hgBBIcy8eFFoJAEHu6IuK3OqzTMgPm0WqeLqqNvoiqRxNS23I7dYYjrW73ZMMY0GYdVFigpEAgIyTNJwcZaSiy8iPMJkKPsbD7rsejaPDGCa-zLN2lq1lYTyaGzxVNxGU_TajF8mqyA7jg" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgpbJk0The4GgpZD-v3cjj4uJmOwMSebRjB7ocU2qJgnWxz_Am7dgkgpNTyxS_aZAJ5NJKITuFcRH4lpRv3DVvhsnGyuRN8gbo4p4v5yQuA_9xVFPke9gixTIZsMAvHFRtvtWwt0V-GttALqvjfRxQHtJ61BpA-5pAxWEp4r5tKh32cAWh1N-RedAHC1ZKh" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="687" data-original-width="975" height="451" src="https://blogger.googleusercontent.com/img/a/AVvXsEgpbJk0The4GgpZD-v3cjj4uJmOwMSebRjB7ocU2qJgnWxz_Am7dgkgpNTyxS_aZAJ5NJKITuFcRH4lpRv3DVvhsnGyuRN8gbo4p4v5yQuA_9xVFPke9gixTIZsMAvHFRtvtWwt0V-GttALqvjfRxQHtJ61BpA-5pAxWEp4r5tKh32cAWh1N-RedAHC1ZKh" width="640" /></a></div><br /><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Other factors that could bode well for land value within the Iskandar Malaysia region include:</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">i) The revolutionary Johor Bahru-Singapore Rapid Transit System</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgO58NHtn1EvFvSdfTWi_TMZ7xHGLW3IxzSzm0a6YsMCkt8uCmudIcx5HsrcOgINp3RMnly7ALaaSFUPeMolmR7j3TTQv4Yea5ysUq5arF1i50qd1xeorrEr2sXgaTxhCHevwHKAdOQTAbDVoO8HWZ9gmO-MqH4Q1CfK-nxwfzuw99OXR6ZcA4rcReuE9eh" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="449" data-original-width="594" height="483" src="https://blogger.googleusercontent.com/img/a/AVvXsEgO58NHtn1EvFvSdfTWi_TMZ7xHGLW3IxzSzm0a6YsMCkt8uCmudIcx5HsrcOgINp3RMnly7ALaaSFUPeMolmR7j3TTQv4Yea5ysUq5arF1i50qd1xeorrEr2sXgaTxhCHevwHKAdOQTAbDVoO8HWZ9gmO-MqH4Q1CfK-nxwfzuw99OXR6ZcA4rcReuE9eh=w640-h483" width="640" /></a></div><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">The Johor Bahru and Singapore sections of the RTS Link are expected to be physically connected on 11 January 2024.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">ii) Potential revival of KL-Singapore High Speed Rail</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjBPnECjeXMedJg1uMbTTppLaFzLocZ8OrqlLfAcudcB7ncg37lAmYc4fBmOIlnjFcBlBr27ClrZ1gA6l0ziudjuKj1yZK32mrLeiy1J-5TDacvRNDACA6u16cSllvZOvR3FNeVjG77gZzUCwSZBMU3WOBRL38C1Lays9BImaEpPPhJSY7WlXOaZ9FrB3qZ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="531" data-original-width="636" height="535" src="https://blogger.googleusercontent.com/img/a/AVvXsEjBPnECjeXMedJg1uMbTTppLaFzLocZ8OrqlLfAcudcB7ncg37lAmYc4fBmOIlnjFcBlBr27ClrZ1gA6l0ziudjuKj1yZK32mrLeiy1J-5TDacvRNDACA6u16cSllvZOvR3FNeVjG77gZzUCwSZBMU3WOBRL38C1Lays9BImaEpPPhJSY7WlXOaZ9FrB3qZ=w640-h535" width="640" /></a></div><br /><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">iii) High rents in Singapore<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">It costs RM5,000 a month to rent a room in Singapore, while the entire condo unit across the strait can be rented for RM2,000<span style="mso-spacerun: yes;"> </span>a month. (<a href="https://www.youtube.com/watch?v=zRtoXiHbLsM">https://www.youtube.com/watch?v=zRtoXiHbLsM</a>)<o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiPkYzLKxBwnHsOivv8U9fCQ2Cn2Yahh1NXZMh7Nsg6gZ02JSKAR56hzyCB6KEcFwkB_aNGl33Ui7DPH-6WL8Vf2L3-12SXl2qxfTHXw1Rp24K1EgoVMcaJFUSuaVf9WyMoMm4lKSPxl1GSbVuW4m2CmsvePB62JEQwuoFtqpDMKhTla5Ouw9MOV6iuXG4Y" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="410" data-original-width="705" height="372" src="https://blogger.googleusercontent.com/img/a/AVvXsEiPkYzLKxBwnHsOivv8U9fCQ2Cn2Yahh1NXZMh7Nsg6gZ02JSKAR56hzyCB6KEcFwkB_aNGl33Ui7DPH-6WL8Vf2L3-12SXl2qxfTHXw1Rp24K1EgoVMcaJFUSuaVf9WyMoMm4lKSPxl1GSbVuW4m2CmsvePB62JEQwuoFtqpDMKhTla5Ouw9MOV6iuXG4Y=w640-h372" width="640" /></a></div><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><a href="https://api.nst.com.my/property/2023/04/896949/johors-property-market-may-thrive-thanks-singapores-fast-and-furious-rental">https://api.nst.com.my/property/2023/04/896949/johors-property-market-may-thrive-thanks-singapores-fast-and-furious-rental</a><o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">iv) The Gemas-JB electrified double track, which is expected to be completed by 2025, will connect Johor Bahru to Kuala Lumpur and all the way to Padang Besar in northern Malaysia.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>Recurring incomes<o:p></o:p></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">While its core property development business is cyclical, CRESCENDO’s recurring income streams from property investment and education businesses provide earnings stability. There are 14 units of factories with GDV of RM279m that are currently fully tenanted and expected to generate approximately RM14m of annual rental income. The property investment, management services, investment holding, providing education services and cultivation of oil palm contributed about 23% and 28% of the group’s operating profit in FY22 and FY23 respectively.<b><o:p></o:p></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>Dividend<o:p></o:p></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="mso-spacerun: yes;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjGXynOVEOxrSQd4nodZfVVVatNG87jDEj4i0ra94GRHFeM_HZGt9m9liN2r9wOnRYZCJEcw3EH8k2HFxwZgldmWt0Zx6XOYdz6tuUELaQaBXtRt8jOjZSEt-h-_ff2osJLdulMudNr4DOOwxPTpXMOz4VUsh-j8E4Kfd4hqPzoddgcQxKYqrF0jIyCbegN" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="228" data-original-width="974" height="150" src="https://blogger.googleusercontent.com/img/a/AVvXsEjGXynOVEOxrSQd4nodZfVVVatNG87jDEj4i0ra94GRHFeM_HZGt9m9liN2r9wOnRYZCJEcw3EH8k2HFxwZgldmWt0Zx6XOYdz6tuUELaQaBXtRt8jOjZSEt-h-_ff2osJLdulMudNr4DOOwxPTpXMOz4VUsh-j8E4Kfd4hqPzoddgcQxKYqrF0jIyCbegN=w640-h150" width="640" /></a></div><o:p></o:p><p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Except for FY20, during the Covid-19 pandemic, the company has consistently paid out at least 50% of its earnings as dividend in recent years.<b><o:p></o:p></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b>Valuation<o:p></o:p></b></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Calculating the precise RNAV is challenging due to outdated land valuations. As majority of the lands have not been revalued for years, and if we assume a net gain of RM600m from the remaining 202 acres of industrial land in Nusa Cemerlang Industrial Park and a RM1b revaluation surplus for its remaining landbank and properties, this will bump up its net asset per share to RM9, versus its current share price of below RM2 per share.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">The market typically applies a discount on RNAV of property stocks, which could range from 50% to 80%, depending on management quality, dividend yield, earnings and growth potential.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">During the Iskandar Malaysia rush 10 years ago, Crescendo's share price surged to RM3.80. I believe we have even more real and sustainable catalysts now to support further appreciation of land prices in Iskandar Malaysia, including the RTS and data centers. <span style="mso-spacerun: yes;"> </span><o:p></o:p></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Johor is a rising star in the data center landscape, and CRESCENDO is well-positioned to capitalise on this growth. Coupled with the company's undervalued landholdings, partial recurring incomes, and decent dividend history, do these factors make CRESCENDO an attractive stock for investors seeking exposure to growing data center industry in Johor and RTS Link, the potential game-changer for property market in Johor Bahru?</p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-9517301382460053222023-10-17T00:01:00.001+08:002023-10-17T00:01:00.138+08:00SMETRIC - A dark horse in the digital security space? <p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiqPUK3Mq7mrEL_JP9muvC840LOiiZNrZVAgjVmajKY5ZGFQ_kqwZio63mSYCklMuJJMHEQ0CzgYGhJmyBHMS5qTvnXabMiz8c1xpECloCT1PipTm3V-dW4f81I9hGZgXfy4quHlOZWbZ_390KHwKcaTEX0UmpnprPk6CiLirFRxZMapRzkNFl6knD9sSn4" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="61" data-original-width="359" height="34" src="https://blogger.googleusercontent.com/img/a/AVvXsEiqPUK3Mq7mrEL_JP9muvC840LOiiZNrZVAgjVmajKY5ZGFQ_kqwZio63mSYCklMuJJMHEQ0CzgYGhJmyBHMS5qTvnXabMiz8c1xpECloCT1PipTm3V-dW4f81I9hGZgXfy4quHlOZWbZ_390KHwKcaTEX0UmpnprPk6CiLirFRxZMapRzkNFl6knD9sSn4" width="200" /></a></div><br /><br /><p></p>
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</tbody></table><b style="text-align: justify;"><i><span style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-themecolor: accent2;">Why
Securemetric Berhad?</span></i></b><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><ul><li><b><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">In the right industry. Growth opportunities in
digitalisation and </span></i></b><b style="text-align: left;"><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">increasing demand for digital security
solutions.</span></i></b></li></ul><ul><li><b><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">A leading and prominent digital security
solutions provider in ASEAN.</span></i></b></li></ul><ul><li><b><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">Being a small-base microcap company, with a
current market cap of </span></i></b><b style="text-align: left;"><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">merely RM89m, smaller than some LEAP
market-listed tech companies, </span></i></b><b style="text-align: left;"><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">there could be significant room for growth.</span></i></b></li></ul><ul><li><b><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">Healthy balance sheet with a net cash position
of RM24.24m and zero </span></i></b><b style="text-align: left;"><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">borrowing.</span></i></b></li></ul><ul><li><b><i><span face=""Calibri",sans-serif" style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-themecolor: accent2;">Increasing revenue from recurring maintenance
services.</span></i></b></li></ul><p></p><p class="MsoNormal" style="margin-bottom: 0in; margin-left: .5in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 0.5in; text-align: justify; text-indent: -0.5in; text-justify: inter-ideograph;"><b><i><span style="color: #ed7d31; font-size: 15pt; line-height: 107%; mso-themecolor: accent2;"><o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><span style="background: black; color: white; font-size: 13pt; line-height: 107%; mso-highlight: black; mso-themecolor: background1;">About
Securemetric Berhad (SMETRIC)</span></b><b><span style="font-size: 13pt; line-height: 107%;"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Securemetric is one of Southeast
Asia’s leading regional players in the field of digital security solutions with
a core focus in Software Licensing Protection (Software License Dongle,
Software Protection Dongle), 2-Factor Authentication (2FA), Advance Identity
& Access Management, Public Key Infrastructure (PKI) solutions and
Cryptography.<o:p></o:p></span></p>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEilRrohfUA6KoPGd1GLPIH0Y23FGb5By10kQ6kaO-WdSSQaovwi9TOx3T_tfQe2BWERrKIcJSebtZgqaPHO5G2GkdcOEIIdyTYBeePipRrXc1sDcs7JkfNNKITzcYjykemRONxZM4HNW620TWcJc-AtlhNWx0oWc1a-hbrw0IeL230xp71-vZFL_Az4Krn6" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="530" data-original-width="971" height="349" src="https://blogger.googleusercontent.com/img/a/AVvXsEilRrohfUA6KoPGd1GLPIH0Y23FGb5By10kQ6kaO-WdSSQaovwi9TOx3T_tfQe2BWERrKIcJSebtZgqaPHO5G2GkdcOEIIdyTYBeePipRrXc1sDcs7JkfNNKITzcYjykemRONxZM4HNW620TWcJc-AtlhNWx0oWc1a-hbrw0IeL230xp71-vZFL_Az4Krn6" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiQm9kVdibAXMltfltikwCMUqlv21EN3PqX9i99UdLBPbucq_7Jq1rqg5D6S9TLytDY8t0s7fFkOBjvvyKCf4m6YAuwJsp0KSCtFgdjtgnIHitJB79WIFJCGnhrqyqW3EU-z9SlC5BzvDKYYEVDl4ekaXVJ4pypQWfg41WLhHQd9b51Npgywp_Aau8T9u3k" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="784" data-original-width="888" height="565" src="https://blogger.googleusercontent.com/img/a/AVvXsEiQm9kVdibAXMltfltikwCMUqlv21EN3PqX9i99UdLBPbucq_7Jq1rqg5D6S9TLytDY8t0s7fFkOBjvvyKCf4m6YAuwJsp0KSCtFgdjtgnIHitJB79WIFJCGnhrqyqW3EU-z9SlC5BzvDKYYEVDl4ekaXVJ4pypQWfg41WLhHQd9b51Npgywp_Aau8T9u3k=w640-h565" width="640" /></a></div><p class="MsoNormal"><i><span style="font-size: 10pt; line-height: 107%;">Securemetric IPO Prospectus</span></i></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Securemetric’s key markets include
Malaysia, Indonesia, Philippines, Singapore and Vietnam, with customers ranging
from public sector to large regional and multinational companies.</span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;"><br /></span></p><p class="MsoNormal"><b><span style="background: black; color: white; font-size: 13pt; line-height: 107%; mso-highlight: black; mso-themecolor: background1;">A
Potential Beneficiary of Budget 2024?</span></b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgCaMa4K_MPw9fL1Y2j3o75xgyqkituq26Xq7r5xi4hLvx6tNWDtQ2qmRbrDzGaI86LoaML0QrOuYkMV3G3E6IJ4rYnZomttuFBpeSPWQY0Dx0dxPHH1yUm2Xe9fF-CH6TBWBP8gm545mvhdaYOEV8FsNqEWe3IecUSsqkEybPW9xKUp72AgBSIKaSd-EJd" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="656" data-original-width="860" height="480" src="https://blogger.googleusercontent.com/img/a/AVvXsEgCaMa4K_MPw9fL1Y2j3o75xgyqkituq26Xq7r5xi4hLvx6tNWDtQ2qmRbrDzGaI86LoaML0QrOuYkMV3G3E6IJ4rYnZomttuFBpeSPWQY0Dx0dxPHH1yUm2Xe9fF-CH6TBWBP8gm545mvhdaYOEV8FsNqEWe3IecUSsqkEybPW9xKUp72AgBSIKaSd-EJd" width="629" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEj-j0Kxxr5HXD2AeU8WTRhhtGepTpsk9D16xIGAhzQvHPhmt4E3fTxEcoOHx_ACoiw8mf4f0nw8L6HvsfNH7retDG2OjJA2Cadkcu_ScqCyaVi6wgXj4LEqwXnu_nN3WTzE-b3Cbyq2aIxTl_cG_OCtr34V8LzCdgUtvgWN2B0p2-z3A27ZpDwWhElmepwY" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="255" data-original-width="975" height="167" src="https://blogger.googleusercontent.com/img/a/AVvXsEj-j0Kxxr5HXD2AeU8WTRhhtGepTpsk9D16xIGAhzQvHPhmt4E3fTxEcoOHx_ACoiw8mf4f0nw8L6HvsfNH7retDG2OjJA2Cadkcu_ScqCyaVi6wgXj4LEqwXnu_nN3WTzE-b3Cbyq2aIxTl_cG_OCtr34V8LzCdgUtvgWN2B0p2-z3A27ZpDwWhElmepwY" width="640" /></a></div><i style="text-align: left;"><span style="font-size: 10pt; line-height: 107%;">Budget 2024</span></i><p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">In Budget 2024, the government will
accelerate the development of the National Digital Identity to improve the
efficiency of the civil services. <o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Malaysia’s National Digital ID project
aims to create a Verifiable Platform of Trust that will be utilised by the
public and private sectors to verify the identity of their respective users
when conducting digital transactions. The government of Malaysia is
implementing targeted subsidies, and the rollout of the National Digital ID,
which can be used to authenticate a person's identity, may be crucial for the
successful implementation of the targeted subsidies.<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhchoSgvrLIXyHVp50ZBHBdWak-Hgot3FaF2lWfka5lZAoRBpaw8J09KTdEoTEcbhXRpyAV150RK6Nwu9Y4ymV3zeVEyLeBQuJigX2Y_0Yr8StSEUOxHZ-0elKu2vH_qe_hZ4mWE_SEMHWgVi66JUvr2v1QjUBVK_jjd1Ul4icB1zIn0kCHUhOp-bdsi5mj" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="700" data-original-width="856" height="524" src="https://blogger.googleusercontent.com/img/a/AVvXsEhchoSgvrLIXyHVp50ZBHBdWak-Hgot3FaF2lWfka5lZAoRBpaw8J09KTdEoTEcbhXRpyAV150RK6Nwu9Y4ymV3zeVEyLeBQuJigX2Y_0Yr8StSEUOxHZ-0elKu2vH_qe_hZ4mWE_SEMHWgVi66JUvr2v1QjUBVK_jjd1Ul4icB1zIn0kCHUhOp-bdsi5mj=w640-h524" width="640" /></a></div><br /><span style="font-size: 13pt;">“Apart
from that, Rafizi said, Padu serves not only as a tool for targeted subsidies
but also for optimising social assistance, ensuring accurate allocation and
preventing benefit dilution or unfair distribution. Additionally, it provides
a foundation for advancements in GovTech, </span><b style="font-size: 13pt;">Digital ID</b><span style="font-size: 13pt;">, and
product-building.”</span><p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">( </span><a href="https://theedgemalaysia.com/node/685513"><span style="font-size: 13pt;">https://theedgemalaysia.com/node/685513</span></a><span style="font-size: 13pt;">)<o:p></o:p></span></p>
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<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">Digital identity requires PKI to function.
The solutions offered by Securemetric have empowered countries to digitise
their identities, </span><span style="font-size: 13pt;"> </span><span style="font-size: 13pt;">enabling a complete
mobilisation of their citizen’s electronic services.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /></p>
<p class="MsoNormal"><b><span style="background: black; color: white; font-size: 13pt; line-height: 107%; mso-highlight: black; mso-themecolor: background1;">Digital
Signature – Another Growth Driver for Securemetric?</span></b><b><span style="color: white; font-size: 13pt; line-height: 107%; mso-themecolor: background1;"><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size: 13pt; line-height: 107%;">What is SigninigCloud<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">In an era where digital interactions
have become the norm, the need for secure and efficient online transactions has
never been more crucial.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">SigningCloud is a Signing as a
Service (SaaS)-based digital signing solution powered by Securemetric
Technology Pte Ltd, a wholly-owned subsidiary of Securemetric Bhd.<b><o:p></o:p></b></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">SigningCloud makes document signing
easy. Sign your documents anytime, anywhere with almost any device, be it your
personal tablet or your work computer. The secured and cost-effective
electronic signature solution simplifies workflows, eliminates paperwork, and
ensures compliance.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">All signatures created via the
platform can be recognised as effective, <u>valid and enforceable under the
Electronic Commerce Act 2006 and also the Digital Signature Act 1997</u> if the
signature is verifiable by a valid digital certificate issued by any licensed
certification authority in Malaysia.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Recently, it has announced its partnership
with SingPass, Singapore’s trusted authentication gateway, to revolutionise the
security landscape and offer Singaporeans and advanced solution for secure and
efficient online transactions. (Source: </span><a href="https://www.securemetric.com/2023/07/17/signingcloud-collaborates-with-singpass-to-safeguard-digital-transactions-with-advanced-security-measures-in-singapore/#:~:text=The%20collaboration%20between%20SigningCloud%20and%20Singpass%20streamlines%20the,ensuring%20a%20seamless%20experience%20from%20login%20to%20signing."><span style="font-size: 13pt; line-height: 107%;">SigningCloud Collaborates with
Singpass to Safeguard Digital Transactions with Advanced Security Measures in
Singapore</span></a><span class="MsoHyperlink"><span style="font-size: 13pt; line-height: 107%;">)</span></span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span style="font-size: 13pt;">What is SingPass<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">SingPass (</span><a href="https://www.singpass.gov.sg/main/"><span color="windowtext" style="font-size: 13pt;">https://www.singpass.gov.sg/main/</span></a><span style="font-size: 13pt;">) is every Singapore resident’s trusted digital
identity for easy and secure access to over 2,000 government and private
sector services online and in person. <o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">Of the 4.5
million residents on SingPass, more than 3.5 million users are on the SingPass
app. Users can log in to digital services, prove their identity over
counters, digitally sign documents and do more with the SingPass app.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">SingPass
is managed by the Government Technology Agency (GovTech) and is one of eight
strategic national projects that drive Singapore’s Smart Nation vision.</span><span style="font-size: 13pt;"> </span></p>
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<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt;">Digital signatures play a vital role
in ensuring the authenticity and integrity of electronic documents and
transactions. Through this collaboration and as one of Singpass’ signing
partners, SigningCloud empowers SingPass users in Singapore to sign documents
digitally, eliminating the vulnerability of traditional paper-based signatures.
Backed by SingPass’s high-security authentication measures, SigningCloud’s
digital signatures are legally binding and </span><u style="font-size: 13pt;">recognised under Singapore’s
Electronic Transactions Act</u><span style="font-size: 13pt;">.</span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">What sets SigningCloud apart is its
seamless integration with Singpass, the gold standard in authentication
gateways. Singpass, leveraging signing certificates issued by the National
Certification Authority, empowers businesses and their customers to digitally
sign agreements securely. By utilising SingPass's robust infrastructure,
SigningCloud ensures that each signature is cryptographically linked to the
signer, providing an additional layer of security.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">The collaboration serves as an
endorsement of SigningCloud’s product and services, particularly due to its
partnership with the Government of Singapore. As a partner of a Singaporean
government agency in the field of digital signatures, SigningCloud’s market
awareness and confidence will greatly benefit. Consequently, the company will
find it easier to market its products and services.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Also, the collaboration will Increase
the likelihood of SigningCloud realising its vision of cross-border signing and
playing a significant role in the digital signing ecosystem in the ASEAN
region.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">The collaboration will expand
SigningCloud’s recurring revenue. According to its website (</span><a href="https://signingcloud.com/my/pricing/"><span style="font-size: 13pt; line-height: 107%;">https://signingcloud.com/my/pricing/</span></a><span style="font-size: 13pt; line-height: 107%;">), the service is billed on a monthly
basis.</span><span style="font-size: 13pt; text-align: left;"> </span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: 13pt;">More about SigningCloud (</span><a href="https://www.thestar.com.my/business/business-news/2021/10/20/sign-off-digitally-with-confidence"><span style="font-size: 13pt;">https://www.thestar.com.my/business/business-news/2021/10/20/sign-off-digitally-with-confidence</span></a><span style="font-size: 13pt;">)<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: 13pt;"><br /></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: 13pt;">Learn more about SigningCloud and its benefits:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: 13pt;">Youtube: </span><a href="https://youtu.be/cLF16YBqeC4"><span style="font-size: 13pt;">https://youtu.be/cLF16YBqeC4</span></a><span class="MsoHyperlink"><span style="font-size: 13pt;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p><br /></o:p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><o:p><a href="https://www.youtube.com/watch?v=cLF16YBqeC4&pp=ygUrU2lnbmluZyBDbG91ZCBZb3VyIFRydXN0ZWQgU2lnbmluZyBQbGF0Zm9ybQ%3D%3D">Signing Cloud Your Trusted Signing Platform</a></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><o:p></o:p></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjovojzSl8o00ijWQjUMtnvD9XSiNtFMsC0xeZ0lnQePPCHHEc4qBpFbm5w1A6GaOJzlYfO82IfEiPfWZ1iPRuOY-M3uRI6S9wGBHisOrPAN7cJ0_jQ3VvLMCDfbdX9n_loxJuJGr4yxJwhxACZooqerPXpuKOn-l6_1QN-70jBRsv6j-J-_dAfuD6A5Mh3" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="503" data-original-width="938" height="344" src="https://blogger.googleusercontent.com/img/a/AVvXsEjovojzSl8o00ijWQjUMtnvD9XSiNtFMsC0xeZ0lnQePPCHHEc4qBpFbm5w1A6GaOJzlYfO82IfEiPfWZ1iPRuOY-M3uRI6S9wGBHisOrPAN7cJ0_jQ3VvLMCDfbdX9n_loxJuJGr4yxJwhxACZooqerPXpuKOn-l6_1QN-70jBRsv6j-J-_dAfuD6A5Mh3=w640-h344" width="640" /></a><span style="font-size: 13pt; text-align: left;"> </span></b></div><p></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-size: 13pt; line-height: 107%;"><o:p> </o:p></span><b><span style="font-size: 13pt; line-height: 107%;">Existing
customers</span></b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">SigningCloud’s customers include industry
leaders such as Atlantic Blue, a wholly-owned subsidiary of Solarvest, as well
as prominent property developers such as Gamuda Land, S P Setia and Sunway. Undoubtedly,
these companies have compelling reasons for incorporating digital signatures into
their business operations.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;"><o:p> </o:p></span></p><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgcLfZnG5bNwUpm-4kDLlrK4aQKuAK68l85ttQfwECcjpTNjT-erHabdrQaLMVnC3M87tNcFQbpqxkgHZWQjsD_Y-tggKIC2-1chlzNKDt-V23M253B_B_PrK92BdiOKX4m2qVq9fQKcoghYVo_qiUbfnZ8XcJscvZ-U0fDSYTn2TbBf5a7wmdG4AC4o-cq" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="156" data-original-width="336" height="93" src="https://blogger.googleusercontent.com/img/a/AVvXsEgcLfZnG5bNwUpm-4kDLlrK4aQKuAK68l85ttQfwECcjpTNjT-erHabdrQaLMVnC3M87tNcFQbpqxkgHZWQjsD_Y-tggKIC2-1chlzNKDt-V23M253B_B_PrK92BdiOKX4m2qVq9fQKcoghYVo_qiUbfnZ8XcJscvZ-U0fDSYTn2TbBf5a7wmdG4AC4o-cq=w200-h93" width="200" /></a><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhfEnLpYfZrpFSbb_by7kgfzezSXB4_i7kBb1VopSJE1122wSIqAvVWyNUa7lhxBrPnW1xdEuHJN1UaQddooCLl9K0L00W5iKXu9c8zh5PtWUxA4dUoToZISLg38MdKlzO-HARIkzuIENTWD9y00-FAn80oncvQNgV856WUeOFonOSgFkFtlnHn0TvMS7RX" style="font-size: 13pt; 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line-height: 107%;"><br /></span></b></div><div class="separator" style="clear: both; text-align: left;"><b style="text-align: justify;"><span style="font-size: 13pt; line-height: 107%;">Product testimony by Solarvest</span></b></div></div>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEi-fPl9m-tdSq0DttUA-ekXITfAVC61f5lkf5p7RoO1XM_ECjdOtiPT0x6hODD9zxAts2S_HBklFpIjoayw5HDYpHfAVYxsBbmQb8s1SBscfYgJwSImETPf41L1ai4OOis1eDfyj4dF8PZVcG3GD8dnxvmLQM1Kd_c8WXz4kKQ3BQlMGpbqeE21tSnh41ER" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="524" data-original-width="975" height="344" src="https://blogger.googleusercontent.com/img/a/AVvXsEi-fPl9m-tdSq0DttUA-ekXITfAVC61f5lkf5p7RoO1XM_ECjdOtiPT0x6hODD9zxAts2S_HBklFpIjoayw5HDYpHfAVYxsBbmQb8s1SBscfYgJwSImETPf41L1ai4OOis1eDfyj4dF8PZVcG3GD8dnxvmLQM1Kd_c8WXz4kKQ3BQlMGpbqeE21tSnh41ER=w640-h344" width="640" /></a></div><br /><i><span style="font-size: 10pt; line-height: 107%;">(page 98 of Solarvest’s
Sustainability Statement 2023)</span></i><p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=227359&name=EA_DS_ATTACHMENTS">https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=227359&name=EA_DS_ATTACHMENTS</a><o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size: 13pt; line-height: 107%;"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="background: black; color: white; font-size: 13pt; line-height: 107%; mso-highlight: black; mso-themecolor: background1;">Growing
Recurring Income</span></b><b><span style="color: white; font-size: 13pt; line-height: 107%; mso-themecolor: background1;"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgOgm2QJP3Kjh-S21ik7mRAM0u5aan4yuYlTN8e4674MNR1Ek6pGJHKoARvJmHdvSzspCinRYlQuHYuV3Q8UccKkol5jDMe2teXdIgmxca-GtJy0JVC9HEHKJpIQ0zoqB1F-zixiwOqY62x3qMAQECS8JBSCmqbqCT6G5Ppy2RPrB6IjCJ1cfzUCBNGmTuz" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="189" data-original-width="733" height="104" src="https://blogger.googleusercontent.com/img/a/AVvXsEgOgm2QJP3Kjh-S21ik7mRAM0u5aan4yuYlTN8e4674MNR1Ek6pGJHKoARvJmHdvSzspCinRYlQuHYuV3Q8UccKkol5jDMe2teXdIgmxca-GtJy0JVC9HEHKJpIQ0zoqB1F-zixiwOqY62x3qMAQECS8JBSCmqbqCT6G5Ppy2RPrB6IjCJ1cfzUCBNGmTuz=w400-h104" width="400" /></a></div><br /><span style="font-size: 13pt;">While the revenue has remained
relatively flat for the past 5 years and the group has yet to report a meaningful
bottom line, it should be noted that the contribution from the Others segment, primarily
from recurring maintenance service charges, has been increasing.</span><p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjkgZr7gVqXEJ6wowChJKpOfPn7jte-hjXpg-tKZzfdQLG-2QiLru4thTrbAXVvXAhbxn86udalYIe1p-bU9KQ_wzyyt00fDJdCQ3vpV_HvzM0RqYQkj8rMJzjiU826yuCV88DL5Y7sHm2WfpXSZnrYEit0aXO_6x0e-JKUdHqX6xg3Y9DAQZz8iGimxWsJ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="369" data-original-width="675" height="350" src="https://blogger.googleusercontent.com/img/a/AVvXsEjkgZr7gVqXEJ6wowChJKpOfPn7jte-hjXpg-tKZzfdQLG-2QiLru4thTrbAXVvXAhbxn86udalYIe1p-bU9KQ_wzyyt00fDJdCQ3vpV_HvzM0RqYQkj8rMJzjiU826yuCV88DL5Y7sHm2WfpXSZnrYEit0aXO_6x0e-JKUdHqX6xg3Y9DAQZz8iGimxWsJ=w640-h350" width="640" /></a></div><br /><span style="font-size: 13pt;">The contribution of the Others
segment to the group’s total revenue has progressively increased from 5.5% in
2015 to over a third currently.</span><p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjA284MiXSs5zUGiILXK8W0T3vVk8fGrFmbM_ygLZ5WkEncl8L4g9GVezFibNvEA_u1uTM-y6Tt38FJQIhAxmCaypUIox9wkFRslQ5YOCAEmzcSdMkutxR2yQ1Zbq_a1cn1clbpww5qYfjSw0VvxR06bvUGj7FEkYEjmaT-mTiCb9RyaGvzW8syZQ4QHAGw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="452" data-original-width="752" height="384" src="https://blogger.googleusercontent.com/img/a/AVvXsEjA284MiXSs5zUGiILXK8W0T3vVk8fGrFmbM_ygLZ5WkEncl8L4g9GVezFibNvEA_u1uTM-y6Tt38FJQIhAxmCaypUIox9wkFRslQ5YOCAEmzcSdMkutxR2yQ1Zbq_a1cn1clbpww5qYfjSw0VvxR06bvUGj7FEkYEjmaT-mTiCb9RyaGvzW8syZQ4QHAGw=w640-h384" width="640" /></a></div><br /><span style="font-size: 13pt;">Moving forward, as the group
completes more projects, we can expect to see an increasing contribution from
the recurring maintenance service charges.</span><p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;">Once Securemetric reaches a critical
mass, coupled with the recurring income from the maintenance service charges,
we may start to see the group reporting meaningful earnings. <o:p></o:p></span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span style="font-size: 13pt; line-height: 107%;"><br /></span></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><b><i><span style="color: #4472c4; font-size: 15pt; line-height: 107%; mso-themecolor: accent1;">Given
the rise of the digital economy and the growth potential in the tech sector,
tech companies listed in Bursa Malaysia command a premium in valuation. With a
current market cap of merely RM89m, this company is smaller than some LEAP
market-listed tech companies. Will the rollout of the <span style="mso-spacerun: yes;"> </span>National Digital Identity project and
increasing adoption of digital signature help this net cash microcap company
leapfrog to become a significant player in the ASEAN market for digital
security solutions? Perhaps this stock deserves a place on your radar screen.</span></i></b></p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-77197451776032053802023-08-18T09:09:00.004+08:002023-08-18T09:09:52.190+08:00PARKSON: Is The Worst Over?<p><span style="text-align: justify;">The
businesses of Parkson Holdings Berhad (KL:5657) are spearheaded by i) The 54.67%-owned
Parkson Retail Group Limited (“PRGL”), listed on The Stock Exchange of Hong
Kong Limited; and ii) The 67.96%-owned Parkson Retail Asia Limited, listed on the Singapore Exchange
Securities Trading Limited.</span></p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Parkson
Holdings Berhad's 2Q23 results will be released soon, following the recent
release of results by its overseas-listed subsidiaries.</p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 551px;">
<tbody><tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border: 1pt solid windowtext; height: 15pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Company<o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 15pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 15pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Market<o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 15pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Currency<o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 15pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">1Q23 PATAMI<o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: none; border-right: 1pt solid windowtext; border-top: 1pt solid windowtext; height: 15pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">2Q23 PATAMI<o:p></o:p></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: none; border-left: 1pt solid windowtext; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-right: solid windowtext 1.0pt; border: none; height: 15pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-right: solid windowtext 1.0pt; border: none; height: 15pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-right: solid windowtext 1.0pt; border: none; height: 15pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-right: solid windowtext 1.0pt; border: none; height: 15pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">(million)<o:p></o:p></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-right: solid windowtext 1.0pt; border: none; height: 15pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">(million)<o:p></o:p></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td nowrap="" style="border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Parkson Retail Group Limited<o:p></o:p></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">54.67%<o:p></o:p></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">HKEX<o:p></o:p></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">RMB<o:p></o:p></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">19.896<o:p></o:p></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">43.197<o:p></o:p></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Parkson Retail Asia Limited<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">67.96%<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">SGX<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">SGD<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">9.176<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="bottom" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">8.85<o:p></o:p></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 143pt;" valign="top" width="191">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">Parkson Holdings Berhad<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 38pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"> <o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">BURSA<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">RM <o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="top" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">20.681<o:p></o:p></p>
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">(EPS:1.8sen)<o:p></o:p></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 68pt;" valign="top" width="91">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">?<o:p></o:p></p>
</td>
</tr>
</tbody></table><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">The Hong
Kong-listed Parkson Retail Group Limited reported a significant improvement in
PATAMI q-o-q, more than doubling from RMB19.896m to RMB43.197m.</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">It
has been almost 5 years, since the previous dividend was declared by the Hong
Kong-listed Parkson Retail Group Limited. With a turnaround in results, it has
declared a dividend of RMB0.01/share.<o:p></o:p></p>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEitNIRQdI1BGmaF4d0rCbxt3lQAJ3MbnJnZZfwMDC80GmHLw8MSdKmSWtqAoec2TLLFelgx9ey8juHgCEpOXlRXEG2XLMS8WJaPhykjkcsTwcJ0ac8nWx9uIuJQQQedZwrLCSUFij7t2CtFyD1X_bdUzT7D22ARnLJkPhFBPtjKCgtpxpg8PtgqoccCKdRc" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="375" data-original-width="634" height="378" src="https://blogger.googleusercontent.com/img/a/AVvXsEitNIRQdI1BGmaF4d0rCbxt3lQAJ3MbnJnZZfwMDC80GmHLw8MSdKmSWtqAoec2TLLFelgx9ey8juHgCEpOXlRXEG2XLMS8WJaPhykjkcsTwcJ0ac8nWx9uIuJQQQedZwrLCSUFij7t2CtFyD1X_bdUzT7D22ARnLJkPhFBPtjKCgtpxpg8PtgqoccCKdRc=w640-h378" width="640" /></a></div><br /><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">“Looking ahead, with four new stores in the pipeline, the Group is well-positioned to capture growth opportunities in markets that we are very familiar with. These new stores will enable us to offer our customers an even wider range of high-quality products. As an outstanding commercial space operator, we aim to provide our customers with an exceptional shopping and life experiences. We are confident that these experiences will contribute significantly to our long-term sustainable growth and profitability.”</p><p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">Meanwhile,
even though Parkson Retail Asia Limited reported a slightly decrease in PATAMI
on a sequential basis, from SGD9.176m to SGD8.85m, the PATAMI in Ringgit Malaysia
term, could be little changed due to the strengthening of SGD against RM.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">As
these two foreign-listed companies are the two key subsidiaries of Parkson
Holdings Berhad, we could reasonably expect the holding company to report
stronger earnings in 2Q23 compared to the immediate preceding quarter.</p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 572px;">
<tbody><tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: 10.6667px; text-wrap: wrap;">Parkson Retail Group Limited</span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2013<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2014<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2015<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2016<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2018<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2019<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2020<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2021<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2022<o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="font-size: 10.6667px; text-align: start; text-wrap: wrap;">PATAMI </span></p></td></tr><tr style="height: 23.25pt; mso-yfti-irow: 1;"><td style="border-top: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75"><p><span style="font-size: 10.6667px;">PATAMI (RMB)</span></p></td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">353.65 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">235.03 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(186.15)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">147.26 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(135.95)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(79.28)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(222.75)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(250.11)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(175.98)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(413.18)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><b><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">63.09 <o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td colspan="3" nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 120pt;" valign="top" width="160">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 6pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">*Financial year end 31
December<o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 6pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><br /></span></p>
</td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37"></td>
</tr>
<tr style="height: 23.25pt; mso-yfti-irow: 3;">
<td style="border: 1pt solid windowtext; height: 23.25pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">Parkson Retail Asia
Limited<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2013<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2014<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2015<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2016<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2018<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2019<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2020<o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2021<br />
18 months<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2022<o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-left: none; border: 1pt solid windowtext; height: 23.25pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><b><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1H23<o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">PATAMI (SGD)<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">38.58 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">34.38 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(34.69)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">30.18 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(58.22)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(42.67)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(34.60)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(84.93)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">13.73 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">28.76 <o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><b><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">18.03 <o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 5;">
<td colspan="3" nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 120pt;" valign="top" width="160">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 6pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">*Financial year end 30
June (2013-2020)<o:p></o:p></span></p>
</td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"><br /><br /></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37"></td>
</tr>
<tr style="height: 34.5pt; mso-yfti-irow: 6;">
<td style="border: 1pt solid windowtext; height: 34.5pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">Parkson Holdings Berhad<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2013<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2014<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2015<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2016<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2018<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2019<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2020<o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2021<br />
18 months<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">2022<o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-left: none; border: 1pt solid windowtext; height: 34.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><b><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">1H23<o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 56pt;" valign="bottom" width="75">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">PATAMI (RM)<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">238.20 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">138.15 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">46.59 <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(95.74)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(120.90)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(99.44)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(129.18)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(436.35)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(101.80)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: red; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">(119.95)</span><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;"><o:p></o:p></span></p>
</td>
<td nowrap="" style="background: rgb(189, 215, 238); border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><b><span style="color: black; font-size: 8pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">?<o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td colspan="3" nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 120pt;" valign="top" width="160">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; font-size: 6pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-hansi-font-family: Calibri; mso-ligatures: none;">*Financial year end 30
June (2013-2020)<o:p></o:p></span></p>
</td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 32pt;" valign="bottom" width="43"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 30pt;" valign="bottom" width="40"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 44pt;" valign="bottom" width="59"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 35pt;" valign="bottom" width="47"></td>
<td nowrap="" style="height: 15pt; padding: 0in 5.4pt; width: 28pt;" valign="bottom" width="37"></td>
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</tbody></table>
<p class="MsoNormal" style="margin-bottom: 0in;">Parkson Holdings Berhad (KL:5657)
reported EPS of 1.8sen in 1Q23. With an expectation of stronger 2Q23 results, it
is likely that Parkson Holdings Berhad will turn around and record a full-year
profit in 2023, after 7 consecutive years of losses. <o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;">How much EPS could Parkson
Holdings Berhad make a year going forward? What is the reasonable target PE
multiple for the stock?</p><p class="MsoNormal" style="margin-bottom: 0in;"><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom: 0in;">Parkson Holdings Berhad: 10-year chart</p><p class="MsoNormal"><o:p></o:p></p>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEj0Qo578L7oHk8kzK9iRrAUyp8MfCFMCu4Rmd_lp45jrEu4CTzXhycbjTJwHnGNIYbPi50mQy827uYndQTvODxFo3cSjiw8J7npGZ7Rz38rq25At6bdoQCYwRAONxOY0rIxJsVoqU2IjZJJ6U0a9yaXa8xDpKLnsUgSTqLxZWUgxpIozpl1MduPDIbFE_cd" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="768" data-original-width="1366" height="360" src="https://blogger.googleusercontent.com/img/a/AVvXsEj0Qo578L7oHk8kzK9iRrAUyp8MfCFMCu4Rmd_lp45jrEu4CTzXhycbjTJwHnGNIYbPi50mQy827uYndQTvODxFo3cSjiw8J7npGZ7Rz38rq25At6bdoQCYwRAONxOY0rIxJsVoqU2IjZJJ6U0a9yaXa8xDpKLnsUgSTqLxZWUgxpIozpl1MduPDIbFE_cd=w640-h360" width="640" /></a></div><br /><p class="MsoNormal"><b><span style="color: #ed7d31; mso-themecolor: accent2;">PARKSON
RETAIL GROUP LIMITED (HK:3368)</span></b></p>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiGeCCkK39WVXgWyB1nuV8ECD4sqaiuw0GTmWLI7vzTj5p1gsO4IOLiRiuWx84iJ-wM8MKFEKLFZ830ujah4_4ouiQQHsDube4xxPH6cyCzXGnOpvgR0psbKakiEXQtfEFL0AUIVJGk89kEkvWpZKh1iUNH-xfrQRjrqKY4K6l4sHHVBYSfESrvgJEgjYy-" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="285" data-original-width="929" height="196" src="https://blogger.googleusercontent.com/img/a/AVvXsEiGeCCkK39WVXgWyB1nuV8ECD4sqaiuw0GTmWLI7vzTj5p1gsO4IOLiRiuWx84iJ-wM8MKFEKLFZ830ujah4_4ouiQQHsDube4xxPH6cyCzXGnOpvgR0psbKakiEXQtfEFL0AUIVJGk89kEkvWpZKh1iUNH-xfrQRjrqKY4K6l4sHHVBYSfESrvgJEgjYy-=w640-h196" width="640" /></a></div><br /><p class="MsoNormal"><b><span style="color: #ed7d31; mso-themecolor: accent2;">PARKSON
RETAIL ASIA LIMITED (SI:O9E)<o:p></o:p></span></b></p><p class="MsoNormal"><b><span style="color: #ed7d31; mso-themecolor: accent2;"></span></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgf1yz0V98IoYveywnrV7QZmkb5HBOYkDFErzFFxjTLNDGyNZxVrm6A0icxHiOwCxbu3jnzrnUIbQKKVAbFVv5bDeThBodUcCIKiysb8iIYmKNIzmXwZsSlR_jJi_eaWQ_ldBB5QH6M5i7aJKj8d2FrauZT_qc31gdmW8jZwCcEHrPh5sgn_CrMm0fx6E-M" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="335" data-original-width="804" height="266" src="https://blogger.googleusercontent.com/img/a/AVvXsEgf1yz0V98IoYveywnrV7QZmkb5HBOYkDFErzFFxjTLNDGyNZxVrm6A0icxHiOwCxbu3jnzrnUIbQKKVAbFVv5bDeThBodUcCIKiysb8iIYmKNIzmXwZsSlR_jJi_eaWQ_ldBB5QH6M5i7aJKj8d2FrauZT_qc31gdmW8jZwCcEHrPh5sgn_CrMm0fx6E-M=w640-h266" width="640" /></a></b></div><p></p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-11722636019557009382023-06-01T22:15:00.003+08:002023-06-01T22:17:37.970+08:00CANDIDLY SPEAKING: AGM of Malaysia Airports Holdings Berhad (AIRPORT)<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify;">The 24th AGM of AIRPORT took place
today, during which comparisons were made between KLIA and other international
airports, particularly Changi Airport in our neighbouring country, regarding
amenities, operational efficiency, and cleanliness. How does a country with a
population of less than 6 millions on a tiny island managed to host close to 70
millions of passengers pre-pandemic? </p>
<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify;">The management of AIRPORT then
explained that, to be fair, a departing passenger has to pay RM105 of passenger
service and security fee plus RM38 of airport development levy to Changi
Airport, while at Kuala Lumpur International Airport (KLIA), a departing
passenger pays only RM35 of passenger service charge. </p>
<p class="MsoNormal" style="margin-bottom: 0in; text-align: justify;">I did a check, and the total
payable to Changi Airport was actually close to RM200, or RM194.31 at the time
of checking. </p><p class="MsoNormal" style="margin-bottom: 0in; text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqXDEHEKH5pWQRPvyTfQBe-4UC--8oMGPSbhO1-mF5cHAok7Kga53wH_8WF0B-LjGZMphWiX4lufUdwNW7snUwueFOx8imCKYtcpgi7iji63kTIks1jU0pbwkl8YfmOkAfSRqlG5g8u0uRp1libq3K5kOsuRRJAyxTiQ-uEzvBgtnEXzV3_Yp5vc1gpw/s479/PSC1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="318" data-original-width="479" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqXDEHEKH5pWQRPvyTfQBe-4UC--8oMGPSbhO1-mF5cHAok7Kga53wH_8WF0B-LjGZMphWiX4lufUdwNW7snUwueFOx8imCKYtcpgi7iji63kTIks1jU0pbwkl8YfmOkAfSRqlG5g8u0uRp1libq3K5kOsuRRJAyxTiQ-uEzvBgtnEXzV3_Yp5vc1gpw/w640-h424/PSC1.jpg" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: justify;"><b>CANDIDLY SPEAKING:</b> Well, for a
departing international passenger, the amount payable to Changi Airport is
about 5.5 times the amount paid to AIRPORT. Despite this, over 100 airlines
continue to operate at Changi Airport, while KLIA has 63 airlines including
codesharing. </div>
<p class="MsoNormal" style="margin-bottom: 0in;"><o:p></o:p></p><p style="text-align: justify;">Why does Changi Airport have the
pricing power to fix the fees and levies at such high levels? This is something
that the government and AIRPORT need to consider. </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgOVFiln-4Iz7BD3KFEkOGQLCEAi88As5pHQCOy5ZPOsMlEw-5hmUQnx-DjbGPUO_4pIJPAtfB1YdgfRWmeModpemzolNgFJWFeQEkmL7pJpe8GSsVptyWtgxDu1ZsURd0tNTy_GS4zsCWi9PzlmkfKTjjPEWVUVYhKsQCnT4jGcGTidrNtnpEN4UGtIg" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1746" data-original-width="903" height="1211" src="https://blogger.googleusercontent.com/img/a/AVvXsEgOVFiln-4Iz7BD3KFEkOGQLCEAi88As5pHQCOy5ZPOsMlEw-5hmUQnx-DjbGPUO_4pIJPAtfB1YdgfRWmeModpemzolNgFJWFeQEkmL7pJpe8GSsVptyWtgxDu1ZsURd0tNTy_GS4zsCWi9PzlmkfKTjjPEWVUVYhKsQCnT4jGcGTidrNtnpEN4UGtIg=w626-h1211" width="626" /></a></div>https://www.klia.info/airlines/index.htm<p></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgv9PSU96C_CRSivgvSBCedGbWScHxaq_L3Pbmd8Xvmq4XIwd2wGDAIDUgb6YQS60hQ1jG6lsZBGOChpp9eX1U1VnQvq7PIytCwZ8Od24B6MwS1U5s8ZgqO2lrhjxqZWnmKm1PHZjdfqbJTZc13dFiIABpXTLhGKPjJDQnCdfgNp-ZUEx149qiyIxmN4A" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="155" data-original-width="507" height="196" src="https://blogger.googleusercontent.com/img/a/AVvXsEgv9PSU96C_CRSivgvSBCedGbWScHxaq_L3Pbmd8Xvmq4XIwd2wGDAIDUgb6YQS60hQ1jG6lsZBGOChpp9eX1U1VnQvq7PIytCwZ8Od24B6MwS1U5s8ZgqO2lrhjxqZWnmKm1PHZjdfqbJTZc13dFiIABpXTLhGKPjJDQnCdfgNp-ZUEx149qiyIxmN4A=w640-h196" width="640" /></a></div><div class="separator" style="clear: both; text-align: left;">https://www.changiairport.com/corporate/partnerships/airlines.html</div><p></p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-12129192910461138502023-05-25T00:01:00.006+08:002023-05-25T00:01:00.136+08:00Parkson: The Lion Regains Its Roar<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dw601MEnsXeCEC6IrUkxzBqy8V7C2HyoLJcgbhbi7GWRAbyQ6KdNr_ENWC_3le1c-H-ZaCNIBlqhTz3n3Z2Vg' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><p style="text-align: justify;">Imagine a wounded lion, enduring hardship, tending to its injuries yet preserving its inner strength. This metaphor mirrors Parkson, Lion Group's retail arm, as it navigated through years of core losses. </p><p style="text-align: justify;">However, like a revitalized lion that has healed from its wounds, Parkson released a subtle yet distinct roar of recovery in Q1 2023, signalling a recovery in the retail market. </p><p style="text-align: justify;">Parkson's Malaysian operations showed significant recovery, with revenues reaching RM201 million and operating profit up 60% to RM56 million. Meanwhile, in China, sales slightly dipped but operating profit rose to RM58 million due to improved efficiencies and cost control. </p><p style="text-align: justify;">However, the company decided to bite the bullet and cease operations in Vietnam after recording losses. </p><p style="text-align: justify;">Other divisions contributed higher revenue of RM16 million and operating profit of RM0.1 million. </p><p style="text-align: justify;">Notably, the Group achieved 23% revenue growth to RM838 million and a pre-tax profit of RM54 million (which includes a gain of RM23.8 million from the disposal of properties in China). </p><p style="text-align: justify;">Parkson has successfully achieved a positive turnaround, reporting a core profit of RM7.6m in Q1 2023, after excluding the gain from exceptional disposal. Its current market cap is RM172m.</p><p style="text-align: justify;">Parkson Group may have a promising asset that is often overlooked in its portfolio: a controlling interest of 55% in Parkson Credit, a company specialising in motorcycle financing. Despite already achieving net profits of RM12m in FY2021 and RM14m in FY2022, as revealed by the company at the AGM yesterday, there are still opportunities for further expansion that the management is optimistic about.</p><p style="text-align: justify;">At a closing price of 15 sen, the company is currently being traded at an 88.8% discount to its net asset per share of RM1.34, despite having achieved profitability in Q1 2023.</p><p style="text-align: justify;">With the second quarter on the horizon, Parkson is optimistic. Expecting benefits from festive buying in Malaysia and resumed travel in China, they aim to further improve operational efficiency and diversify income sources. </p><p style="text-align: justify;">Parkson's roar of recovery, it seems, may reverberate even stronger in the coming quarters.</p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-86815509591974071412023-02-27T00:00:00.001+08:002023-02-27T00:04:18.276+08:00SMRT: A Beneficiary of 5G Rollout?<p><span style="text-align: justify;">5G, 5</span><sup style="text-align: justify;">th</sup><span style="text-align: justify;"> generation wireless
technology, is a great enabler for IoT. It allows massive number of connected
devices and sensors to communicate with each other via wireless technology,
known as the Internet of Things, IoT. It is key in creating the interconnected
world of the future. </span></p><p><span style="text-align: justify;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgJgIGqTdF8X2OdE5SsBVfWDmvjM8VJHwfeskb7MeEJgtOn5Xjby-98XzbeKIhWeUP5PZzl-4vhDNX3Kbp2_L-CF-_kDCE8hLah5CINX8yoC7Ch-dQKp_vZYeOMOXQ8WqprwF9zlU_cppQmK2tje6ce4zpQtqMhn4VTDZ_aVtO1PObSiA4OgAIfgGp_Ng" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="557" data-original-width="975" height="366" src="https://blogger.googleusercontent.com/img/a/AVvXsEgJgIGqTdF8X2OdE5SsBVfWDmvjM8VJHwfeskb7MeEJgtOn5Xjby-98XzbeKIhWeUP5PZzl-4vhDNX3Kbp2_L-CF-_kDCE8hLah5CINX8yoC7Ch-dQKp_vZYeOMOXQ8WqprwF9zlU_cppQmK2tje6ce4zpQtqMhn4VTDZ_aVtO1PObSiA4OgAIfgGp_Ng=w640-h366" width="640" /></a></div><div class="separator" style="clear: both; text-align: left;"><i>(<span style="text-align: justify;">Source: </span><a href="https://5g.co.uk/news/cloud-and-5g-central-bringing-ar-vr-life/4466/" style="text-align: justify;">https://5g.co.uk/news/cloud-and-5g-central-bringing-ar-vr-life/4466/</a>)</i></div><p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><i><o:p></o:p></i></p><p><span style="text-align: justify;">N’Osairis Technology Solutions Sdn Bhd
(“NTS”), a 64% subsidiary of Bursa Malaysia listed </span><b style="text-align: justify;">SMRT Holdings Berhad
(0117)</b><span style="text-align: justify;">, is a leading end-to-end provider of IoT solutions in South East
Asia. It specializes in designing, setting up, and managing entire IoT
ecosystem. It handles all the nitty-gritty details so that the clients can
leverage the power of the Industry 4.0 revolution and run their businesses more
efficiently than ever before. </span><i style="text-align: justify;">(source: <a href="https://nosairis.com/">https://nosairis.com/</a>)</i></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p><span></span></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg2Vygma3SH9B7_0dI-BZ7zglXtO0D_0hKDwVSaPzuTJmcSSYoP9QapVFue5OrgfF-SBBawLET8X7Ny_8O9Kyf4hyh8FvrJUQeUo-Enas0blJFOvZ2ZoMXaWAOZAid0H38fYdYzvGhUiShDVVdTYcUYiKsKgDjswYLDY9wubK_InZ8kNFU9oLwpyDXDaQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="453" data-original-width="975" height="298" src="https://blogger.googleusercontent.com/img/a/AVvXsEg2Vygma3SH9B7_0dI-BZ7zglXtO0D_0hKDwVSaPzuTJmcSSYoP9QapVFue5OrgfF-SBBawLET8X7Ny_8O9Kyf4hyh8FvrJUQeUo-Enas0blJFOvZ2ZoMXaWAOZAid0H38fYdYzvGhUiShDVVdTYcUYiKsKgDjswYLDY9wubK_InZ8kNFU9oLwpyDXDaQ=w640-h298" width="640" /></a></div><p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><i>(source: <a href="https://nosairis.com/#services">https://nosairis.com/#services</a>)</i><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">SMRT Holdings is exiting education business
and becoming a pure play IT solutions firm. <i>(source: <a href="https://www.theedgemarkets.com/node/654303">https://www.theedgemarkets.com/node/654303</a>)</i>. </p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiWsHyYvbuCQYN1UjZK7g8S-vqsrCaWQfxzLrmcIync9N4jFP2j14DpHjwlJxIh9upZVSzhUhEQSLNXW-gaWbso2617c4yC8GqyjGPc8BitqAsRQfXdqguMzBwoWr3oua27Xxz6ONBnxtku0J8M_qkgi9E5_VHPp5dvnWU2yrtudGc7U8Z1xTyyIi0JbA" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="430" data-original-width="412" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEiWsHyYvbuCQYN1UjZK7g8S-vqsrCaWQfxzLrmcIync9N4jFP2j14DpHjwlJxIh9upZVSzhUhEQSLNXW-gaWbso2617c4yC8GqyjGPc8BitqAsRQfXdqguMzBwoWr3oua27Xxz6ONBnxtku0J8M_qkgi9E5_VHPp5dvnWU2yrtudGc7U8Z1xTyyIi0JbA=w613-h640" width="613" /></a></div><br /><br /></div><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">In the company announcement dated 7 February, it proposed to:</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">i) Acquire the remaining 36% equity
interest in NTS for a purchase consideration of RM72m (this values N’OSairis at
RM200m)</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">ii) Dispose the 100% stake in SMR Education
Sdn Bhd<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">iii) Establish a share grant plan of up to
20% of the total number of issued shares of SMRT for a duration of 10 years<o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><i>(source: <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=133806&name=EA_GA_ATTACHMENTS">https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=133806&name=EA_GA_ATTACHMENTS</a>)</i><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Historical revenue and PATAMI of NTS</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhQG4t4DiXEFS5mdQg9bYq6IpTAa_TH6eUVvG5vGgUvI-2uWRjv-soblxW0h-TW5xE7Yf-Wp7qz_Uym6-pFkIDrWDBGOp37myg5HyYwgAwsjy2kAtdfnttVLfHVtKmATlXFymZt3Vd9LdxELaVQ6781Abs5OWFyiP4sgMtQ26QJmpO2pYea3rTflbS6mg" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="134" data-original-width="802" height="106" src="https://blogger.googleusercontent.com/img/a/AVvXsEhQG4t4DiXEFS5mdQg9bYq6IpTAa_TH6eUVvG5vGgUvI-2uWRjv-soblxW0h-TW5xE7Yf-Wp7qz_Uym6-pFkIDrWDBGOp37myg5HyYwgAwsjy2kAtdfnttVLfHVtKmATlXFymZt3Vd9LdxELaVQ6781Abs5OWFyiP4sgMtQ26QJmpO2pYea3rTflbS6mg=w640-h106" width="640" /></a></div><br /><i>(source: page 29 of the company
announcement <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=133806&name=EA_GA_ATTACHMENTS">https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=133806&name=EA_GA_ATTACHMENTS</a>)</i><p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><i><o:p></o:p></i></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">NTS reported increasing PATAMI in the
recent years.</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgSZqBBO8zczPO4leH4bxfpRDkbd3-56sg5I7jez3glPIRzcWA-Z4W2-fCAe1IvF2B390tkw_XRiNLpFrOpdekw05vYQ6vxCHfSmyldUYv9NQfecj7IlYTZfoHjAtspKSvRno-R4TexM_GjsWYwjdFPlHT3jgsdO4rJCdfTAPpe9VE27RN09JK-znBK3w" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="808" data-original-width="825" height="627" src="https://blogger.googleusercontent.com/img/a/AVvXsEgSZqBBO8zczPO4leH4bxfpRDkbd3-56sg5I7jez3glPIRzcWA-Z4W2-fCAe1IvF2B390tkw_XRiNLpFrOpdekw05vYQ6vxCHfSmyldUYv9NQfecj7IlYTZfoHjAtspKSvRno-R4TexM_GjsWYwjdFPlHT3jgsdO4rJCdfTAPpe9VE27RN09JK-znBK3w=w640-h627" width="640" /></a></div><br /><p></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 125.75pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Balance sheet<o:p></o:p></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 341.75pt;" valign="top" width="456">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">as at end-2021, NTS has <b>net cash</b>
of about RM26m.<o:p></o:p></p>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 125.75pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">PAT margin<o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 341.75pt;" valign="top" width="456">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">has increased from 21.8% for FY19 to
39.4% for FY21<o:p></o:p></p>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 125.75pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Cash flow<o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 341.75pt;" valign="top" width="456">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">strong operating cashflow<o:p></o:p></p>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 125.75pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Dividend<o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 341.75pt;" valign="top" width="456">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">has been declaring dividend with decent
payout ratio of 35.8% to 49.7%<o:p></o:p></p>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 125.75pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">ROE<o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 341.75pt;" valign="top" width="456">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">ROE of <b>56.1%</b> and <b>60.0%</b> for
FY21 and FY22 respectively<o:p></o:p></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p> </o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEisyco62hRqEVBozrUUVvtPWCpnlYvj1lZuBM9H82L6oOcGBwOKKDh7EqWdP-7K9sruJucIOE1_BQQybOFRIk6rWingmFecFqbSc1nQ8q7eCvfiqyO9DtPBBlnbz8kts4O6xbZ6V6qWsBeAVL8JXkoGwBIis5fdrsnGoMNaRDAWjLIelFeyEe89rGX3qA" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="371" data-original-width="975" height="244" src="https://blogger.googleusercontent.com/img/a/AVvXsEisyco62hRqEVBozrUUVvtPWCpnlYvj1lZuBM9H82L6oOcGBwOKKDh7EqWdP-7K9sruJucIOE1_BQQybOFRIk6rWingmFecFqbSc1nQ8q7eCvfiqyO9DtPBBlnbz8kts4O6xbZ6V6qWsBeAVL8JXkoGwBIis5fdrsnGoMNaRDAWjLIelFeyEe89rGX3qA=w640-h244" width="640" /></a></div><br /><p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">After the proposed disposal and
acquisition, on pro-forma basis, the group has total borrowings of RM2.285m and
likely to be in a net cash position.</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"> </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 381px;">
<tbody><tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: 1pt solid windowtext; height: 15pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.05pt;" valign="bottom" width="173">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"> <o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 11.9pt;" valign="bottom" width="16">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">FY19<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">FY20<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">FY21<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-left: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9MFY22<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.05pt;" valign="bottom" width="173">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">NTS
PATAMI<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 11.9pt;" valign="bottom" width="16">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9142<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14017<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">20109<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">?<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.05pt;" valign="bottom" width="173">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">NTS
PAT<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 11.9pt;" valign="bottom" width="16">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9092<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">13986<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">20150<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">?<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.05pt;" valign="bottom" width="173">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">SMRT
Tech segment PAT<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 11.9pt;" valign="bottom" width="16">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15509<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">13659<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">17470<o:p></o:p></span></p>
</td>
<td nowrap="" style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">19425<o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">It was not disclosed how much NTS made for
9MFY22. The technology segment of SMRT has 2 subsidiaries, namely NTS (64%
stake) and Talentoz Sdn Bhd (55% stake). Its 9MFY22 PAT of RM19.425m for SMRT
tech segment <b>has exceeded</b> FY21 full-year PAT of RM17.470m.</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">The proposed acquisition of the remaining
36% stake in NTS at RM72m values the entire NTS at RM200m.</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">At a closing price of <b>RM0.31</b>, SMRT has a <b>market cap of RM138.732m</b>. If the proposals go through, for a tech
company that has <b>high profit margin</b>, <b>high ROE</b>, <b>healthy balance
sheet</b>, <b>good cashflow</b> and could <b>potentially benefit from the
rollout of 5G network</b>, what is the fair target P/E multiple and market cap
for the group?</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Target market cap (RM’m) = target P/E (x) X
Expected earnings (RM’m)</p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><span style="mso-no-proof: yes;"><v:shape id="Picture_x0020_5" o:spid="_x0000_i1025" style="height: 256.5pt; mso-wrap-style: square; visibility: visible; width: 468pt;" type="#_x0000_t75">
<v:imagedata o:title="" src="file:///C:/Users/Asus/AppData/Local/Temp/msohtmlclip1/01/clip_image006.emz">
</v:imagedata></v:shape></span><o:p></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;"><o:p> <a href="https://blogger.googleusercontent.com/img/a/AVvXsEjQcSRMLYVRk_gKW9L6-GcacAgX-LA_rWNwRdKmOiilraYsLZg8Gqp2grqiFbelB-3kC9W51uabl8pWorD1OswU-EqNOvxqympRqGLazVb4M06tlue4c1DBtKjPJZCe0oZ4iF09UqDcp0EW0dRCv9pxGayZe4yHqAx2pJLi2ukmWDGiDmMBQmOIjWGZ8g" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="" data-original-height="534" data-original-width="975" height="350" src="https://blogger.googleusercontent.com/img/a/AVvXsEjQcSRMLYVRk_gKW9L6-GcacAgX-LA_rWNwRdKmOiilraYsLZg8Gqp2grqiFbelB-3kC9W51uabl8pWorD1OswU-EqNOvxqympRqGLazVb4M06tlue4c1DBtKjPJZCe0oZ4iF09UqDcp0EW0dRCv9pxGayZe4yHqAx2pJLi2ukmWDGiDmMBQmOIjWGZ8g=w640-h350" width="640" /></a><br /><br /></o:p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; text-justify: inter-ideograph;">Board of directors: <a href="https://www.smrt.holdings/board-of-directors">https://www.smrt.holdings/board-of-directors</a></p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-49098308184568234762021-11-22T12:02:00.000+08:002021-11-22T12:02:02.224+08:00ICAP: Pros and Cons of Share Buyback<p>Due to the steep and persistent share price to NAV/share discount, share buyback has been a contentious issue at ICAP AGMs. </p><p>Does share buyback make sense for ICAP?</p><p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-plNZjdmz6Oc/YZsS2ac3EiI/AAAAAAAABJc/t-bWRfcUbUkBc6zkzkEJbVWcxbs0QvRsgCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="241" data-original-width="852" height="181" src="https://lh3.googleusercontent.com/-plNZjdmz6Oc/YZsS2ac3EiI/AAAAAAAABJc/t-bWRfcUbUkBc6zkzkEJbVWcxbs0QvRsgCLcBGAsYHQ/w640-h181/image.png" width="640" /></a></div><br /><div style="text-align: justify;"><br /></div></div></div><p></p><p style="text-align: justify;">Based on the latest quarterly results (end-August 2021) and assuming that ICAP buys back 10m at RM2.43 (last Friday closing), spending about 5% of the NAV to perform share buyback will enhance the NAV/share by 2.3%.</p><p>While it can enhance the value for shareowners, the downsides are:</p><p>i) Lower share trading liquidity due to reduced number of shares, and this may lead to illiquidity discount; and</p><p>ii) Reduced fund size, which means lower fee (in absolute terms) for the fund manager .</p><p>What say you?</p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-76453809087826088792021-10-12T01:38:00.000+08:002021-10-12T01:38:41.119+08:00Beli Lokal<p style="text-align: justify;">Most of the businesses, especially small local businesses are suffering due to Covid pandemic. The government has limited resources to assist these business owners after spending billions battling the pandemic. Therefore, it is crucial that the Rakyat support the local businesses so that they can survive through the challenging time.</p><p style="text-align: justify;">For the longer term, supporting local businesses provides job opportunities to the locals and industries along the value chain, including supporting services such as financing, which help to grow our economy.</p><p style="text-align: justify;">Besides, buying local products (such as local fruits) or buying from businesses within walking distance from our house/ office is more environmental friendly as it reduces emission of carbon and traffic congestion. </p><p>We have local brands that make us proud. These include:</p><p><b><a href="https://www.mykuali.com.my/">MYKUALI</a></b></p><p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-1yWFxfXdOzE/YWRfKnitstI/AAAAAAAABH4/vKCer6Uow7EIz9_cUCTZPutABD56pcDiQCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="700" data-original-width="700" height="640" src="https://lh3.googleusercontent.com/-1yWFxfXdOzE/YWRfKnitstI/AAAAAAAABH4/vKCer6Uow7EIz9_cUCTZPutABD56pcDiQCLcBGAsYHQ/w640-h640/image.png" width="640" /></a></div><br /></div><ul style="text-align: left;"><li>MyKuali Penang White Curry Noodle rated as Top #1 Best Instant Noodles of All Time 2014 </li><li>MyKuali Penang Red Tom Yum Goong Noodle rated as Top #1 Best Instant Noodles of All Time 2015</li><li>MyKuali Penang Hokkien Prawn Noodle rated as Top #2 Best Instant Noodles of All Time 2016</li><li>MyKuali Penang Hokkien Prawn Soup Rice Bihun rated as Top #1 </li><li>MyKuali Hokkien Prawn Cup Noodle rated as Top #2 Instant Cup Noodles of All Time 2019/2020</li><li>MyKuali White Fish Broth Bihun rated as Top #1 Instant Rice Noodles of All Time 2020 </li><li>MyKuali White Fish Broth Cup Noodle rated as Top #1 Instant Cup Noodles of All Time 2020/2021 </li></ul><p><b><a href="https://www.spritzer.com.my/" target="_blank">SPRITZER</a></b></p><p><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://lh3.googleusercontent.com/-ycvhptWKP3s/YVvXK1Y9yCI/AAAAAAAABGw/faT2DMMTnxw56ZDvAA3pqMqgaGKYepomACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1600" data-original-width="1600" height="640" src="https://lh3.googleusercontent.com/-ycvhptWKP3s/YVvXK1Y9yCI/AAAAAAAABGw/faT2DMMTnxw56ZDvAA3pqMqgaGKYepomACLcBGAsYHQ/w640-h640/image.png" width="640" /></a></b></div><b><br /></b><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: left;"><a href="https://www.spritzer.com.my/news/aluminium-is-linked-to-alzheimers-disease/">Clinical trials conducted in UK</a> had shown that SPRITZER, the silica rich natural mineral water is very effective in removing aluminium, a neurotoxin that is linked to Alzheimer's disease from the body through urine.</blockquote><p></p><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: left;">Spritzer has won World Branding Awards for 2014-2015, 2016, 2017, 2018, 2019, 2020-2021. </p></blockquote><p><b><a href="https://ming.watch/">MING</a> </b></p><p><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://lh3.googleusercontent.com/-OlBUAxGxf-8/YVwEsPfRTGI/AAAAAAAABG4/oGOqc85l2Ggg2Q6_2pSE7wXzXrJAHTVrgCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="600" data-original-width="900" height="426" src="https://lh3.googleusercontent.com/-OlBUAxGxf-8/YVwEsPfRTGI/AAAAAAAABG4/oGOqc85l2Ggg2Q6_2pSE7wXzXrJAHTVrgCLcBGAsYHQ/w640-h426/image.png" width="640" /></a></b></div><b><br /></b><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-djxbMhbdQWw/YVwFcpql4KI/AAAAAAAABHA/ChypC8pY7dIIqBJ3T4vnL5ZsZIYnmSDPACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="467" data-original-width="700" height="426" src="https://lh3.googleusercontent.com/-djxbMhbdQWw/YVwFcpql4KI/AAAAAAAABHA/ChypC8pY7dIIqBJ3T4vnL5ZsZIYnmSDPACLcBGAsYHQ/w640-h426/image.png" width="640" /></a></div><br /><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: justify;">Ming Thein, Malaysian, is the name, designer behind the brand of the <a href="https://ming.watch/">Ming</a> luxury watch. His watch 'Mosaic', which was released last year and sold out, costs SFr 14.500 or about RM65,000 each. He and the brand were featured in <a href="https://www.ft.com/content/8b658473-ddc2-434a-b4ef-7eeae665e801">Financial Times</a>. </blockquote><p></p><p> <b><a href="https://www.airasia.com/en/gb" target="_blank">AIRASIA</a></b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-GeMf7IhRBsA/YWKr09jKpFI/AAAAAAAABHI/SioSEoi4TDI7VSEcX_X3uO3xVMiGK6lTACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="398" data-original-width="1064" height="240" src="https://lh3.googleusercontent.com/-GeMf7IhRBsA/YWKr09jKpFI/AAAAAAAABHI/SioSEoi4TDI7VSEcX_X3uO3xVMiGK6lTACLcBGAsYHQ/w640-h240/image.png" width="640" /></a></div><br /><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: left;">Thanks to AirAsia, overseas travel has become affordable for Malaysians. </blockquote><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-1WaqPjEjPJ8/YWO2gxRbkLI/AAAAAAAABHg/Y0k9MWeQGTYORSybGTLl22RQDO7c4tG1ACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="400" data-original-width="800" height="320" src="https://lh3.googleusercontent.com/-1WaqPjEjPJ8/YWO2gxRbkLI/AAAAAAAABHg/Y0k9MWeQGTYORSybGTLl22RQDO7c4tG1ACLcBGAsYHQ/w640-h320/image.png" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-XTyT13kDYkU/YWO2p7QyjPI/AAAAAAAABHk/OrcdNuadWW8H6hcO0XqpNhFlB9Dmin1dwCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="159" data-original-width="318" height="320" src="https://lh3.googleusercontent.com/-XTyT13kDYkU/YWO2p7QyjPI/AAAAAAAABHk/OrcdNuadWW8H6hcO0XqpNhFlB9Dmin1dwCLcBGAsYHQ/w640-h320/image.png" width="640" /></a></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: justify;">AirAsia which has strong presence in ASEAN is building a unicorn of Asian super-apps. </blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><p style="text-align: justify;">Grab, which has presence in 8 Asean countries, namely Singapore, Indonesia, Malaysia, Cambodia, Myanmar, Philippines, Thailand and Vietnam, and is scheduled to list in US with an estimated market cap of US$40b.</p></blockquote><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div style="text-align: justify;">Don't we hope to see a successful Malaysian unicorn? And potentially becoming the biggest listed company in Bursa Malaysia one day?</div></blockquote><div><p></p><p><b><a href="https://www.farmfresh.com.my/" target="_blank">FARM FRESH</a></b></p><p><b></b></p><div class="separator" style="clear: both; text-align: center;"><b><a href="https://lh3.googleusercontent.com/-6NCsvHmNprw/YWKs1KDCTMI/AAAAAAAABHQ/C_2jrgbYBREtOg-bKco4qhxXU0dw5CNdACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1446" data-original-width="2048" height="452" src="https://lh3.googleusercontent.com/-6NCsvHmNprw/YWKs1KDCTMI/AAAAAAAABHQ/C_2jrgbYBREtOg-bKco4qhxXU0dw5CNdACLcBGAsYHQ/w640-h452/image.png" width="640" /></a></b></div><b><br /><br /></b></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div style="text-align: justify;">Heading for a listing on Bursa Malaysia Main Market, Farm Fresh is the only integrated dairy company of scale in Malaysia that produces (i) chilled RTD milk, (ii) ambient RTD milk, (iii) edible yoghurt, and (iv) drinking yoghurt without using reconstituted /recombined milk or milk powder sources for our own FarmFresh branded products.</div></blockquote><div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-L5VZmXWFwMU/YWMCU2qB8jI/AAAAAAAABHY/NxEF-ERTErYnINnlgNYvVKyGAM7PHfXDwCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="473" data-original-width="652" height="464" src="https://lh3.googleusercontent.com/-L5VZmXWFwMU/YWMCU2qB8jI/AAAAAAAABHY/NxEF-ERTErYnINnlgNYvVKyGAM7PHfXDwCLcBGAsYHQ/w640-h464/image.png" width="640" /></a></div><div><br /></div></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div><div style="text-align: left;">Farm Fresh's ready-to-drink milk and yoghurt have been gaining market share.</div></div></div></blockquote><div><br /><p><b><a href="https://marrybrown.com/" target="_blank">MARRYBROWN</a></b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-wBz46hnarYg/YWRe4xDQ9GI/AAAAAAAABHw/6sp2FjrUtOIfe7omNngs27ZchXwtKaUnACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="189" data-original-width="267" height="454" src="https://lh3.googleusercontent.com/-wBz46hnarYg/YWRe4xDQ9GI/AAAAAAAABHw/6sp2FjrUtOIfe7omNngs27ZchXwtKaUnACLcBGAsYHQ/w640-h454/image.png" width="640" /></a></div><br /></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px; text-align: left;"><div><div style="text-align: justify;">Celebrating its 40th anniversary this year, the Malaysian brand quick service restaurant has more than 500 restaurants in 16 countries, with majority of them located overseas. </div></div></blockquote><div><div style="text-align: justify;"><br /></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div style="text-align: justify;">While the entries of Japanese and Korean convenient stores to Malaysia have caused a frenzy among some Malaysians, the owners of Marrybrown introduce Malaysian local delicacies in foreign soil.</div></div></blockquote><div><div style="text-align: left;"><br /></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div style="text-align: left;">It deserves better recognition in the local market.</div></div></blockquote><div><div><br /></div><div>Other local brands that are worth mentioning include:</div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-oXNG0UBLeig/YWRyux5GJmI/AAAAAAAABIg/4d7Zc7re_74y-x-mVR5sG8PgM6ayKov5wCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="400" data-original-width="760" height="336" src="https://lh3.googleusercontent.com/-oXNG0UBLeig/YWRyux5GJmI/AAAAAAAABIg/4d7Zc7re_74y-x-mVR5sG8PgM6ayKov5wCLcBGAsYHQ/w640-h336/image.png" width="640" /></a></div></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div style="text-align: left;">Photo by: <a href="https://twitter.com/moonstarbyulie/status/1189505396660031489" target="_blank">moonstarbyulie</a></div></div></blockquote><div><div><br /></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div style="text-align: left;"><a href="https://www.ofih.com.my/product/super-ring-60g/" target="_blank">SUPER RING</a> - Popularised in South Korea by Blackpink's Jisoo and Jennie</div></div></blockquote><div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-0HT4wIlypGI/YWRzCoH0IMI/AAAAAAAABIo/T_Cgci-j9rYtQ6ZYaLt2Mp4midU9RNZZgCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="800" data-original-width="800" height="640" src="https://lh3.googleusercontent.com/-0HT4wIlypGI/YWRzCoH0IMI/AAAAAAAABIo/T_Cgci-j9rYtQ6ZYaLt2Mp4midU9RNZZgCLcBGAsYHQ/w640-h640/image.png" width="640" /></a></div></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div><div style="text-align: justify;"><a href="http://kawanfood.com/" target="_blank"></a><a href="http://kawanfood.com/" target="_blank">KAWAN FOOD</a> - World's first frozen paratha producer with more than 40 years of production experience </div></div></div></blockquote><div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-GDn9FHlKx50/YWRzQDk6qBI/AAAAAAAABIs/jKefhbLd7W4JZRo1enFj6PqM1CHVBo2OgCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1159" data-original-width="900" height="640" src="https://lh3.googleusercontent.com/-GDn9FHlKx50/YWRzQDk6qBI/AAAAAAAABIs/jKefhbLd7W4JZRo1enFj6PqM1CHVBo2OgCLcBGAsYHQ/w496-h640/image.png" width="496" /></a></div></div></div><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div><div><div style="text-align: justify;"><a href="https://www.julies.com.my/" target="_blank">JULIE's</a> - Well-known for its peanut butter biscuits. Its products are exported to over 80 countries. In 2014, it managed to attract Hershey's to collaborate with Julie's to rollout 6 variants of Julie's Hershey's cookies which were sold in all 10 ASEAN countries.</div></div></div></blockquote><div><div><p></p><p><b style="background-color: black;"><span style="color: red;">So</span><span style="color: #04ff00;"> </span><span style="color: white;">let's</span><span style="color: #04ff00;"> </span><span style="color: #2b00fe;">Beli</span><span style="color: #04ff00;"> </span><span style="color: #fcff01;">Lokal</span><span style="color: #04ff00;"> </span><span style="color: red;">and</span><span style="color: #04ff00;"> </span><span style="color: white;">build</span><span style="color: #04ff00;"> </span><span style="color: #fcff01;">Malaysian</span><span style="color: #04ff00;"> </span><span style="color: #2b00fe;">brands </span><span style="color: red;">together</span><span style="color: white;">!</span><span style="color: #2b00fe;"> </span></b></p><p>A related article by YB Sim Tze Tzin titled '<a href="https://www.theedgemarkets.com/article/my-say-development-plans-must-make-made-malaysia-great-again" target="_blank">Development plans must make 'Made in Malaysia' great again</a>'. <br /><br />Follow Bursa Stock Talk on <span style="background-color: #0b5394;"><b><a href="https://www.facebook.com/bursastocktalk"><span style="color: white;">facebook</span></a></b></span></p></div></div>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com1tag:blogger.com,1999:blog-3377359427059374660.post-55109133634006376702021-09-30T16:09:00.000+08:002021-09-30T16:09:00.692+08:00Another capital protected grower scheme with a guaranteed yield of 18% to 50%?<div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-ZPVEPJFdeCM/YVVvyVDgAxI/AAAAAAAABGQ/6Jm6wTBmh8I2Osq2lk1XDhX1xl4gSmL0QCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="479" data-original-width="504" height="607" src="https://lh3.googleusercontent.com/-ZPVEPJFdeCM/YVVvyVDgAxI/AAAAAAAABGQ/6Jm6wTBmh8I2Osq2lk1XDhX1xl4gSmL0QCLcBGAsYHQ/w640-h607/image.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-JqEOZtbg7OE/YVVv48g2GjI/AAAAAAAABGU/7uQMKZ8UFIEXl7YNOO5dHkmxK1pJy3jUACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="696" data-original-width="452" height="640" src="https://lh3.googleusercontent.com/-JqEOZtbg7OE/YVVv48g2GjI/AAAAAAAABGU/7uQMKZ8UFIEXl7YNOO5dHkmxK1pJy3jUACLcBGAsYHQ/w416-h640/image.png" width="416" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-W-XODIu8n9Y/YVVv-RD26eI/AAAAAAAABGY/d1XKcDtG7WgLFWYvadtCdRkiIHxMgQqGQCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1080" data-original-width="695" height="640" src="https://lh3.googleusercontent.com/-W-XODIu8n9Y/YVVv-RD26eI/AAAAAAAABGY/d1XKcDtG7WgLFWYvadtCdRkiIHxMgQqGQCLcBGAsYHQ/w411-h640/image.png" width="411" /></a></div><br /></div>Came across another grower scheme on facebook. <div><br /></div><div><ul style="text-align: left;"><li>CAPITAL PROJECTED </li><li>Passive income
Low entry from RM10k onwards </li><li>High GUARANTEED yield from 18% - 50% </li></ul></div><div><br /></div><div>My points: </div><div><br /></div><div><ul style="text-align: left;"><li>1. Since the project is so secured, why does the company not source financing from the banks as funding cost is much cheaper than guaranteed yield of 18% - 50% to be paid to investors? </li></ul><ul style="text-align: left;"><li>2. Why does the company set the minimum investment amount so low to target small investors? Why not approach the smart high net worth investors to significantly reduce number of accounts to be managed by the company? </li></ul><ul style="text-align: left;"><li>3. If the scheme is so attractive and lucrative, it would have likely been fully and overly subscribed by super-rich and well-connected VIPs. Does such incredible deal come to commoners like you and me? Does the company really have to advertise in the first place? </li></ul><ul style="text-align: left;"><li>4. Where would there be such a big frog hopping around the street? (邊度會有咁大隻蛤乸隨街跳㗎?) </li></ul></div><div><br /></div><div>From a puzzled amateur investor <br /><br />Follow on Facebook: <a href="https://www.facebook.com/bursastocktalk" target="_blank">Bursa Stock Talk</a> </div>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-17132595902311125992021-07-25T01:14:00.001+08:002021-07-25T10:03:43.433+08:00Is it time to take a relook at United Plantations Berhad?<p><b>1) 2Q21 results</b></p><p>2Q21 was a record quarter for UTDPLT in terms of revenue (RM481.9m) and PATAMI (RM135.8m). This was despite the fact that 2Q21 results were dragged by RM34.1m of realised losses on commodities futures contracts.</p><p>PE multiple for the stock is 10.5x if we annualise the 2Q PATAMI.</p><p>Palm oil prices ranged between RM3,200/MT and RM4,500/MT in 1H21. However, UTDPLT recorded relatively lower average selling price of RM2,967/MT (Malaysia: RM3,020/MT; Indonesia: RM2,751/MT) in 1H21. <br /><br />This was because UTDPLT practises a forward sale policy. In a rising trend, UTDPLT would record lower average selling price than market average, and vice versa. </p><p><b>2) Likely higher average CPO selling prices in coming quarters</b></p><p>Given the palm oil price is on an uptrend, UTDPLT is likely to report stronger average selling prices in coming quarters versus that of 2Q21.</p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-NLnztWD3gPA/YPw3-NJUBqI/AAAAAAAABFU/UrNdL6fuHF8kLn4ym4ZrxmKSJbVBoFcrQCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="419" data-original-width="1332" height="202" src="https://lh3.googleusercontent.com/-NLnztWD3gPA/YPw3-NJUBqI/AAAAAAAABFU/UrNdL6fuHF8kLn4ym4ZrxmKSJbVBoFcrQCLcBGAsYHQ/w640-h202/image.png" width="640" /></a></div><i>UTDPLT is likely to report stronger average selling prices in coming quarters (vs 2Q21) as UTDPLT's 1H21 average selling price was significantly lower than year-to-date average, even lower than the lowest of year-to-date daily palm oil price.</i><br /><p><b>3) Improved margin of safety after a divergence between CPO price and share price</b></p><p>UTDPLT share price closed at 1-year high of RM15.00 on 21 September 2020 while CPO price closed at RM2,909.50/MT on the same day. Since then, UTDPLT share price has eased to RM13.72 last Friday but the CPO price ended significantly higher at RM4,364.50/MT. Due to the divergence, margin of safety for UTDPLT has improved.</p><p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-PuvMYRYJXdI/YPw5cVNUXfI/AAAAAAAABFg/fxzWCrRivM4Rv30VNe6G3fzLAuyQCQLSACLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="574" data-original-width="986" height="372" src="https://lh3.googleusercontent.com/-PuvMYRYJXdI/YPw5cVNUXfI/AAAAAAAABFg/fxzWCrRivM4Rv30VNe6G3fzLAuyQCQLSACLcBGAsYHQ/w640-h372/image.png" width="640" /></a></div><br /><div style="text-align: left;"><i>12-month share price performance of UTDPLT.</i></div></div><div><br /></div><b>4) In net cash with minimal borrowing</b> <p></p><p>As of end-2Q21, it was in a net cash position of RM411.4m, or 7.2% of its existing market cap.<br /><br /><b>5) Decent dividend yield</b></p><p>Assuming it can maintain FY20 dividend payout of 85sen/share, this will translate into a dividend yield of 6.2%.</p><p><b>6) Most importantly, UTDPLT is a well-run company</b></p><p>a) It recorded a CPO yield of 5.93MT/ha for FY20 (Dec), among the highest in the industry.</p><p>IOICORP 4.64MT/ha for FY20 (Jun);</p><p>KLK 4.81MT/ha for FY20 (Sep); </p><p>IJM 4.2MT/ha for FY20 (Mar)</p><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-yzPn5WwrCY0/YPw94GptycI/AAAAAAAABF0/hLhOIe4lPy44t-KuHDmA7ptkZY6CIzMAwCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="333" data-original-width="630" height="338" src="https://lh3.googleusercontent.com/-yzPn5WwrCY0/YPw94GptycI/AAAAAAAABF0/hLhOIe4lPy44t-KuHDmA7ptkZY6CIzMAwCLcBGAsYHQ/w640-h338/image.png" width="640" /></a></div><p></p><p><i>Superior CPO yield</i></p><p>b) It has 587km of light railway system within its estates to facilitates an efficient transport of harvested FFB to the palm oil mill for production of high quality palm oil. </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-mmddnJ0SK84/YPw8cPpiEWI/AAAAAAAABFs/uJ8KLIRnkO0-6mwBHZzmALJOeCQvD1hSgCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="554" data-original-width="793" height="448" src="https://lh3.googleusercontent.com/-mmddnJ0SK84/YPw8cPpiEWI/AAAAAAAABFs/uJ8KLIRnkO0-6mwBHZzmALJOeCQvD1hSgCLcBGAsYHQ/w640-h448/image.png" width="640" /></a></div><i>Light rail system within UTDPLT estates</i><p></p><p>c) The total cost of production including depreciation and additional remuneration/ bonuses is among the lowest in the industry at RM1,235/MT for 2020 and RM1,286/MT for 2019. </p><p>d) On average UTDPLT can harvest 12ha/worker versus industry average of 8ha/worker. </p><p>e) World's first RSPO certified company.</p><p>f) Among the earliest to issue annual report. UTDPLT issued FY20 (Dec) annual report on 22 February 2021. As the company is able to issue the annual report within 2 months from the close of the financial year end, Bursa has allowed UTDPLT to dispense the announcement of 4Q results. <br /><br /><b><i>Is it time to relook at United Plantations Berhad?</i></b><br /><br />Join our facebook page: <a href="https://www.facebook.com/bursastocktalk">Bursa Stock Talk | Facebook</a></p>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-48719168736510948612021-07-03T01:43:00.002+08:002021-07-03T02:46:11.044+08:00CTOS Digital Berhad vs Credit Bureau Asia LimitedCTOS is en route for listing on Bursa Malaysia Main Market on 19 July 2021. <div><br /></div><div>There are no Bursa-listed companies that are directly comparable to CTOS. The most comparable listed company could be Credit Bureau Asia listed in Singapore Exchange. <div><br /></div><div>A brief comparison is made between the two companies.</div></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://lh3.googleusercontent.com/-WWLQWZuU8-U/YN9e2hY1bAI/AAAAAAAABE8/ZWjCw8-tlYoQriTAHKLdVwu_dKbu_ChtQCLcBGAsYHQ/image.png" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="861" data-original-width="790" height="640" src="https://lh3.googleusercontent.com/-WWLQWZuU8-U/YN9e2hY1bAI/AAAAAAAABE8/ZWjCw8-tlYoQriTAHKLdVwu_dKbu_ChtQCLcBGAsYHQ/w587-h640/image.png" width="587" /></a></div><br /><br /></div>Facebook: <a href="https://www.facebook.com/bursastocktalk">Bursa Stock Talk</a> </div>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-18782118739207878372020-07-21T09:24:00.000+08:002020-07-21T09:24:44.837+08:00SCOMNET: 隐形的冠军 (产品篇)在4月MCO 期间,笔者闲在家里作研究,写了一篇《<a href="http://bursastocktalk.blogspot.com/2020/04/scomnet.html" target="_blank">SCOMNET: 隐形的冠军</a>》,当时SCOMNET 的股价还处于RM0.50-0.60之间,怎知道才三个多月光景,SCOMNET 股价已经涨了超过100 巴仙,而且在六月中旬还两度涨停版,引来大马交易所发出不寻常交投(UMA)的质询,涨势才缓和下来,可说是“ 沉睡十数载,一醒惊天下”!<br />
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以7月17日闭市价计算,SCOMNET 的市值已经来到马币8亿,到底SCOMNET 是否仍具备投资价值?笔者试着从SCOMNET 皇冠上的宝石 Supercomal Medical Products (SMP)所生产的医疗产品中寻求一些端倪。<br />
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<b>1.Disposable Pressure Transducer (DPT)</b><br />
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<a href="https://1.bp.blogspot.com/-3L4mcAAaslY/XxT9mi_AAdI/AAAAAAAABAM/t4D0q0ell4wf85Dcrb-AQ_VNujjZvtb8gCLcBGAsYHQ/s1600/Disposable%2Bpressure%2Btransducers.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="395" data-original-width="1045" height="240" src="https://1.bp.blogspot.com/-3L4mcAAaslY/XxT9mi_AAdI/AAAAAAAABAM/t4D0q0ell4wf85Dcrb-AQ_VNujjZvtb8gCLcBGAsYHQ/s640/Disposable%2Bpressure%2Btransducers.jpg" width="640" /></a></div>
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DPT 可说是SMP 成立以来的首个主攻产品。SMP 在2010年开始生产DPT,并在2014年以及2017 年进行改良升级。从Edwards 的网站可以发现到,DPT 直到今天依然在手术室/重症监护室 (ICU )被高度使用着,而且DPT 如今更是医治COVID-19 重症病患的辅助医疗器具。<br />
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基本上,在手术室/ICU 里,安置在病人身上的DPT会 联接上EV1000 的监测系统,藉此定时测量病人的血压、血温以及血液含氧度。<br />
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<b>2.DPT Flotrac</b><br />
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" 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SMP 大约在2014年开始生产DPT Flotrac。此产品的功能与DPT 相似,只是装上了感应器,拥有更高的敏感度以及准确度。与DPT 一样,如今DPT Flotrac 同样被使用在 COVID-19 重症病患的医治上。<br />
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<b>3.Electrocardiogram Cable ( ECG 电线)</b><br />
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Scomnet 本来就有生产汽车与电子产品的电线电缆,因此当SMP 成立之后,公司开发医疗使用的ECG电线可说是顺理成章。从上图所示,SMP 所生产的ECG 电线从2014年的5.59百万件到2016年的1千万件,展现惊人的成长。笔者预计,如今SMP 所生产的 ECG 电线可能巳经超过两千万件一年。<br />
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<b>4.Disposable Bronchoscope (一次性使用支气管镜)</b><br />
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在SCOMNET 最新的年报里,管理层讨论与分析(MDA)的部分提到公司有生产 Disposable Bronschoscope。这项产品现今有用于Covid-19病患的检查与治疗。SCOMNET 董事经理 James Shiue 在今年股东大会中提到,Disposable Bronchoscope 在一两年前已经推出,在COVID-19 疫情袭虐时期,这项产品的需求量增加了接近40巴仙。<br />
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<b>5.D*CLOT HD Embolectomy Catheters ( D*clot HD取血栓导管)</b><br />
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在刚结束不久的股东大会里,SCOMNET 向小股东展示了这项刚获得FDA 批准的新产品。根据老板说,D*Clot HD取血栓导管从研发到面市历时大约4年,可说是SMP 与它的客户呕心呖血之作!<br />
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D*Clot HD 的诞生,为心血管阻塞病人提供额外的选择。传统的通波仔 (Angiopasty)手术会为病人血管植入支架 (Stent),手术之后病人必需终生服药。而D*Clot HD 的创新技术,能够为病人清除心血管的血栓,却无需植入支架,病人术后也无需服药。<br />
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网上资料显示,在欧美国家,每年接受Angioplasty 手术的病人就大约有2.5 百万人,如果D*Clot HD可以争取到5 到10 巴仙的市场份额,这对提振SCOMNET 的业绩是不容小觑的。<br />
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<b>6.D*Clot OTW Embolectomy Catherers ( D*Clot OTW 取血栓导管) </b><br />
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D*Clot OTW 的功能与D*Clot HD 大致相同。D*Clot OTW 主要是针对下肢血管阻塞的创新疗法,它能成功的去除血栓,打通血管。<br />
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从以上SMP所生产的6种主要医疗产品里,笔者发现这些都是一次性使用、用后即弃的产品,而且这些产品的需求是长青的。就拿DPT 为例,该产品在2010年开始投产,直到今天仍然持续成长。老板也在股东大会中表示,客户对 DPT 的需求将在2021 年提高10至15巴仙。根据笔者粗略计算,明年 DPT 的生产量应该会超过两千万支。<br />
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从SMP 的产品进化看来,公司拥有強劲的研发团队,而且他们都不满足于现状,并致力于开发更多高技术含量的医疗器械。以 D*Clot HD & OTW 为例,它属于高附加价值的成品医疗器械 ( High Value Added Finished Device,Under Class II)。笔者相信,SMP 可能是大马唯一或者为数极少有能力生产FDA 第2级別 (Class II) 医疗器械的科技公司。<br />
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另外,SCOMNET 的董事经理在刚结束的股东大会上回答问题时披露,今年SMP 将会推出3-4样新产品。小股东们听了之后雀跃不已,充满期待,希望这些新产品都同样属于精密、高附加价值的医疗器械,在造福人类的当儿,也能把公司的盈利带往更高的层次。<br />
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SMP一路走来,每年生产数千万件的DPT、 ECG Cable 以及其他现有的产品已经能够为公司赚取大约马币两千万的净利润。笔者大胆推测,如果SMP 刚推出的D*Clot HD &OTW 取血栓导管,以及即将推出的新产品能够得到市场的认可,SMP 在数年后的净利可能是现在的好几倍!<br />
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股票有两种:一种是买来卖的(Buy to Sell),另一种是买来收的 (Buy to Hold)。对笔者来说,SCOMNET 更象是一支值得买来收藏的股票。<br />
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最后说一说 SCOMNET 最新的年报。封面是一朵生机勃勃的太阳花,让人眼前一亮,象是管理层给予投资者的开示:向阳花开,花开富贵,寓意SCOMNET 前景亮丽!(信则有,得永生。再坚持一个三到五年,届时时间便会告诉你答案。)<br />
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<i>By External Contributor</i>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com2tag:blogger.com,1999:blog-3377359427059374660.post-36764697174630536962020-04-08T00:01:00.000+08:002020-04-08T00:02:46.601+08:00SCOMNET: 隐形的冠军?! <div style="text-align: justify;">
<span style="font-size: large;">今天要研究一间特别的公司:SCOMNET (0001)。</span></div>
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<span style="font-size: large;">单单0001这个股票代码,就已经可以写上一大段文字了。要知道在香港带有好意头的股票代码是需要花钱买的,比如中国人寿(2628.HK) ,容易记又带有“越捞越发”的寓意。无独有偶,香港首富李嘉诚旗下的长和集团恰恰就拥有0001.HK 这个尊贵的股票代码,可以说是实至名归。</span></div>
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<span style="font-size: large;">为什么马来西亚一间知名度不高的公司SCOMNET 会拥有0001 这样尊贵的股票代码?原来大约20年前,政府为了鼓励科技新创公司的发展,创立了 MESDAQ Board (现已易名为 ACE Market),而刚巧SCOMNET 是MESDAQ 首间上市公司,所以便被分配到这个稀有又珍贵的股票代码0001,这是否预示着《冠军》将是SCOMNET 的最终宿命?</span></div>
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<span style="font-size: large;">从2001年上市至今,SCOMNET 与其子公司的主要业务都是环绕在电线电缆的制造以及组装,产品主要用于汽车、电子电器领域。公司所生产的优质电线产品虽然说是投入了极大的研发努力,但是始终敌不过2001年中国加入WTO 后隨之而来的激烈竞争。在2005年,SCOMNET 迎来上市以来的首次亏损 (税后亏损马币4.18百万),尽管公司管理层尝试力挽狂澜,亏损的业绩仍然持续至2010年,连续亏了六年,这是SCOMNET 一段苦涩的历史!</span></div>
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<span style="font-size: large;">SCOMNET 的业绩终于在2011转亏为盈,并且在2012年到2017年持续有盈利,但是盈利数字还是乏善可陈。</span></div>
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<span style="font-size: large;">SCOMNET 的转捩点就在2017年10月13日,当SCOMNET 宣布收购它的联号公司Supercomal Medical Products Sdn Bhd (SMP)其余80%股份,从而让 SMP 成为SCOMNET 100% 的子公司。</span></div>
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<span style="font-size: large;">原来SCOMNET 大股东在2004年电线电缆业务面对激烈竞争时,已悄悄叧寻出路,毅然探讨进入属于蓝海、高门槛作业的医疗器械领域。SMP 自2004年成立以来,经过12年的努力经营,终于在2016年达到了RM16Mil 的净利。最难能可贵的是,持有SMP 80%股份的共同股东,竟以本益比6倍的估值,把SMP 注入SCOMNET,从而让SMP 成为SCOMNET 皇冠上的宝石!这项企业动作,可被解读为大股东善待小股东的重要依据。</span></div>
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<a href="https://1.bp.blogspot.com/-XhPVFeQIiXI/XoySDORBF0I/AAAAAAAAA90/S7ihLRORLtUK1-0FjkZawyWls_O2p014ACLcBGAsYHQ/s1600/SMP%2Btable.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="87" data-original-width="564" height="98" src="https://1.bp.blogspot.com/-XhPVFeQIiXI/XoySDORBF0I/AAAAAAAAA90/S7ihLRORLtUK1-0FjkZawyWls_O2p014ACLcBGAsYHQ/s640/SMP%2Btable.png" width="640" /></a></div>
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<span style="font-size: large;">根据报纸与网上的报导,SMP 拥有两个重量级的客户:Edwards Life Sciences 和 AMBU,笔者从这些资料再深入发掘。EDWARDS Life Sciences 是一间美国上市的医疗设备公司,在心血管领域赫赫有名,也是2019年全球排名24的医疗设备公司,市值接近400 亿美元。SMP 何德何能,拥有怎样的竞争优势,可以赢得 Edwards 的信赖,成为它的合作伙伴?美国与吉打 SG PETANI 小镇可是超过半个地球的距离呀。这个问题的答案可能要等到今年SCOMNET 的股东大会才能获得解答。</span></div>
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<span style="font-size: large;">AMBU 是在哥本哈根上市的一间医疗设备公司,它的产品在全球超过3000间医院被使用着,从 AMBU 的年报中可以知道,该公司未来的成长动力来自一次性内窥镜 (Disposable Endoscopy)市场。Disposable Endoscopy 的使用可以避免病人在检测时受到感染,这项产品得到了美国食品药品监督管理局( FDA) 的大力推祟,而AMBU 正是 Disposable Endoscopy 的领先业者。</span></div>
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<span style="font-size: large;">在SCOMNET 2018年年报有提到,SMP 已经有生产内窥镜的零部件,相信就是提供给AMBU 使用的。笔者认为,Disposable Endoscopy 在不久未来将会在全球各大医院受到广泛应用,而且AMBU 在 Disposable Endoscopy 这块的销售额也逐年增加,2020年的预估销量是90万支,比去年大幅成长45%。AMBU 在全球拥有3个生产基地,其中一个就坐落在槟城,SMP 可说是近水楼台先得月,有机会分享 Disposable Endoscopy 的市场大饼。</span></div>
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<span style="font-size: large;">自从流浪在外的SMP 回归SCOMNET 的怀抱,SCOMNET 的盈利呈现大幅度的成长,2018 年净利 RM11mil,2019年更提升到了RM18.8mil 的净利,算是吐气扬眉了!而且公司也在2019 年开始派发 1.5 Sen 的股息,与小股东分享公司的盈利成果。如无意外,相信SCOMNET 今年依然会派发股息,大家就耐心等待吧。</span></div>
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<span style="font-size: large;">接下来,SCOMNET 的路会否愈走愈宽?隋着经济的发展,人民收入的提高,人口老龄化,慢性病不断增加,医疗保险制度的普及化,肯定会推动医疗器械市场的扩大,SCOMNET 可望持续受惠于这未来的大趋势。</span></div>
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<span style="font-size: large;">另外,SCOMNET 在2018年年报有透露,公司正计划推进第2 级别 ( Class II) 医疗器材的设计与开发。此类別医疗器材供中等至高等风险病人使用,而且需要 FDA 的审批。如果成功的话,这表示SCOMNET 将会生产出更精密与复杂的医疗器械,到时公司产品的售价与利润率肯定会更好,SCOMNET 要成为冠军似乎隐隐成形了。</span></div>
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<span style="font-size: large;">一口气读完了SCOMNET 上市至今的所有年报,笔者看到了一间上市企业的起伏跌宕,也深切感受到管理层在面对困难时的坚忍不拔,把握机遇,并勇敢进入充满未知数的新领域,臥薪尝胆了好几年,直到新投资渐入佳境。笔者用”臥薪尝胆”是别有用意的,要知道SMP 在成立的首4年里,几乎没有任何营业额,而且业绩还是在微小亏损之中。</span></div>
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<span style="font-size: large;">德国名哲学家尼采说过:凡是杀不死你的,就会使你更强大!这句话恰恰可以形容SCOMNET 的际遇。如此看来,SCOMNET 管理层的能力应该还是不赖的。</span></div>
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<span style="font-size: large;">SCOMNET 冠军之路还有那些挑战?2017年之前,SCOMNET 的股价因为业绩平平而长期处于两毛钱以下,而且在2012年间又卷入政治人物的抄作疑云,股价在短时间内暴起暴跌,这些事件发生让 SCOMNET 形象受损,抄股的形象依然根植在许多投资者的脑海中。</span></div>
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<span style="font-size: large;">时过境迁,今天的SCOMNET 看起来具有投资价值。管理层应该在这个时候走出去,在投资者关系方面作出积极动作,比如分析员报告,会见基金经理,让投资大众更加了解SCOMNET 的业务发展,为 SCOMNET 正名。</span></div>
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<span style="font-size: large;">为了更加远大的旅程,SCOMNET 必须离开它呆了接近20年的ACE Market,投向主要交易版,这不仅能提高公司形象,吸引机构投资者进驻,也能藉此招揽各领域人才,发展公司的业务。 </span></div>
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<span style="font-size: large;">在新冠病毒肆虐的2020年,许多上市公司都面对困难,如果SCOMNET 可以继续交出好业绩,又成功转至主版交易,这肯定能夠赢得投资者的赞声,并让SCOMNET 成为大马股市里掷地有声的0001!不负0001这个尊贵的冧巴。</span></div>
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<span style="font-size: large;">南洋财经: </span><a href="https://www.enanyang.my/news/20200404/%E7%A5%9E%E9%80%9A%E7%BD%91%E7%BB%9C%E5%8C%BB%E7%96%97%E8%AE%BE%E5%A4%87%E9%9C%80%E6%B1%82%E6%BF%80%E5%A2%9E/" style="font-size: x-large;" target="_blank">神通网络医疗设备需求激增</a></div>
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<span style="font-size: large;">New Straits Times: </span><a href="https://www.nst.com.my/business/2020/04/580881/stb-sees-surge-new-orders" style="font-size: x-large;" target="_blank">SCOMNET sees surge in new orders</a></div>
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<span style="font-size: medium;">By External Contributor</span><br />
<span style="font-size: medium;"><br /></span>
<span style="font-size: medium;"><a href="https://www.facebook.com/Bursa-Stock-Talk-1881247538855038/" target="_blank">BURSA STOCK TALK facebook page</a></span></div>
Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-29888133820635200442020-04-03T12:25:00.003+08:002020-04-03T12:25:39.373+08:00SCOMNET - STB sees surge in new ordersApril 3, 2020 @ 11:52am<br />
NST BUSINESS<br />
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KUALA LUMPUR: Supercomnet Technologies Bhd (STB) has emerged as a beneficiary of the increased global healthcare expenditure as a result of the coronavirus (Covid-19) pandemic.<br />
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The company, which manufactures critical devices used for Covid-19 treatment, has recorded an increase in product demand, particularly since the beginning of 2020.<br />
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Moving into the second quarter of the year, STB expects to see further increase in new orders, especially from the United States and Europe.<br />
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"The company is working hard to fulfill the demand that it received. Based on inquiries and orders, we anticipate demand for medical devices to further increase in the US and Europe over the next few months.<br />
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“This is because Covid-19 is at different stages in each country, and all governments are trying their best to contain the infections," STB spokesperson said in a statement today.<br />
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Among its products that have seen a surge in orders include the disposable bronchoscope, which is used in the first line of lung treatment for patients with suspected or confirmed Covid-19 infections.<br />
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The usage of the bronchoscope is currently highly recommended by the American Association for Bronchology and Interventional Pulmonology.<br />
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The other product is a critical care monitoring cable that is presently being used for Covid-19 patients in the intensive care unit.<br />
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STB produces medical cables that are generally used for connecting various medical devices outside the human body.<br />
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It also produces reinforced tubes - used as endoscope and part of endoscopy accessories, connectors and medical tubes.<br />
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All of its medical tubes are produced for the North and Central American and European markets.<br />
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Due to the critical mission nature of its products, its cables are approved by various approving authorities such as the European Medical Agency, and the Food and Drug Administration of the United States.<br />
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Meanwhile, STB production activities remain undisrupted despite the Covid-19 pandemic, and affirmed its ability to meet the sudden increase in product orders.<br />
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Early last week, STB received the approval from the Ministry of International Trade and Industry (MITI) to allow the group’s subsidiaries, Supercomal Medical Products Sdn Bhd (SMP) and Supercomal Technologies Sdn Bhd (SCTB) to operate during the Movement Control Order (MCO) from March 18 to April 14.<br />
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“Although our working staff have been halved, the plants are operating at maximum level for critical devices used for Covid-19 treatment. We are confident of fulfilling our existing customer orders for the year. I would also like to thank the government’s support and our hardworking staff for all their efforts during this time,” said the company spokesperson.<br />
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For its financial year (FY) ended Dec 31, 2019, STB recorded a 54.61 per cent jump in net profit to RM18.82 million on the back of a 39.28 per cent increase in revenue to RM122.97 million.<br />
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The Group currently has a dividend yield of 3 per cent based on the 1.5 sen it distributed last year.<br />
<br />
<a href="https://www.nst.com.my/business/2020/04/580881/stb-sees-surge-new-orders">https://www.nst.com.my/business/2020/04/580881/stb-sees-surge-new-orders</a>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-64119175153071250532019-03-25T18:48:00.002+08:002019-03-26T09:07:05.407+08:00Acquisition of KIANJOO by CANONE, a classic case of little fish eating big fish<div class="separator" style="clear: both; text-align: center;">
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There was a sense of Deja Vu when CANONE launched an offer to acquire KIANJOO. But in this round, which is about 10 years later, the little fish has almost swallowed the big fish. At the time of writing, it has gained control over more than 80% of KIANJOO shares.</div>
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23 Feb 2009 was a watershed moment of CANONE group. The conditional offer made by CANONE to acquire 146,131,500 or 32.9% stake in KIANJOO for RM241.1m, or RM1.65 per KIANJOO share (higher than market price), was accepted!</div>
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The news caught market’s attention as it was a case of a small fish eating a bigger fish. When the announcement was made, KIANJOO, at RM1.30/share had a market cap of RM577.4m. Even the acquisition amount of RM241.1m to acquire 32.9% stake KIANJOO was already much greater than CANONE’s market cap of RM130.3m at that point of time.</div>
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What actually impressed me more is the ability of CANONE swallowing the bigger fish WITHOUT RAISING A SINGLE CENT from the shareholders, NOR ISSUANCE OF ANY NEW SHARES.</div>
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Based on the circular, the performa effect of the 32.9% acquisition would raise CANONE’s net gearing from 1.23x to 2.85x. Dragged by legal actions by the See family, the acquisition was only completed on 25 January 2012. Fast forward, CANONE’s net gearing was brought down significantly to a mere 0.52x as at end-2018. This is despite the fact that CANONE has been paying annual dividend of 3sen/share to 5sen/share since 2009.</div>
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How did CANONE achieve it, without raising a single cent from the shareholders' not issuance of any new shares?</div>
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CANONE subscribed for 80% stake in F&B Nutrition Sdn Bhd, which manufactures dairy and non-dairy products, for RM8m in Nov 2006 for RM8m. Since then, the top line and bottom line of the F&B sunsidiary have been growing by leaps and bounds, as shown below.</div>
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<a href="https://4.bp.blogspot.com/-kUAoGuEjrZA/XJhKsRA5fGI/AAAAAAAAA7k/YD0FcR7bQGUotzKJCqChuu7f5BygiZWqACLcBGAs/s1600/Growths.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="269" data-original-width="332" height="323" src="https://4.bp.blogspot.com/-kUAoGuEjrZA/XJhKsRA5fGI/AAAAAAAAA7k/YD0FcR7bQGUotzKJCqChuu7f5BygiZWqACLcBGAs/s400/Growths.png" width="400" /></a></div>
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However, the exceptional earnings growth of the F&B division has been masked by less inspiring performance of its can division and contribution from its associate. </div>
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<a href="https://2.bp.blogspot.com/-afTV0v56yHk/XJijTW7wwVI/AAAAAAAAA7w/LZ__GGYyHqsQUcChoCY-YAEyK1NgGPJeACLcBGAs/s1600/Canone%2527s%2BPATAMI.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="331" data-original-width="518" height="255" src="https://2.bp.blogspot.com/-afTV0v56yHk/XJijTW7wwVI/AAAAAAAAA7w/LZ__GGYyHqsQUcChoCY-YAEyK1NgGPJeACLcBGAs/s400/Canone%2527s%2BPATAMI.png" width="400" /></a></div>
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<a href="https://2.bp.blogspot.com/-frZQudPoQ9E/XJij01D85pI/AAAAAAAAA74/_o4lGM_aZ609J0Xyybe-D6Bk9CVr-KHHwCLcBGAs/s1600/Canone%2527s%2BRevenue.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="333" data-original-width="518" height="256" src="https://2.bp.blogspot.com/-frZQudPoQ9E/XJij01D85pI/AAAAAAAAA74/_o4lGM_aZ609J0Xyybe-D6Bk9CVr-KHHwCLcBGAs/s400/Canone%2527s%2BRevenue.png" width="400" /></a></div>
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At CANONE's current market cap of RM571m, you get i) a fast growing F&B business; ii) CANONE's can business; as well as iii) more than 80% of KIANJOO, which is the largest packaging company in ASEAN.</div>
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Going forward, CANONE's bottom line is expected to be burdened by heavy financing costs, arising from the takeover of KIANJOO. However, as long as the cashflow from KIANJOO is sufficient to service the financing for the acquisition of KIANJOO's shares, I think CANONE is undervalued. </div>
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There is value to be extracted from the F&B business of CANONE. One way is to list its F&B business, or to dispose it at a decent premium. Back in April 2016, KWAP was in final stages of completing an acquisition of a 30% stake in CANONE's F&B business, for RM280m (<a href="https://www.thestar.com.my/business/business-news/2016/04/18/kwap-in-tieup-with-canone/" target="_blank">source</a>). This valued the F&B business at RM933m back then. At that time, CANONE embarked on a sale of its F&B division, seeking a valuation of up to 20x earnings.</div>
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P/s: An interesting <a href="https://www.thestar.com.my/business/business-news/2017/11/11/yeohs-alcom-coup/" target="_blank">write-up</a> about Yeoh Jin Hoe's ALCOM coup</div>
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Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-18511282558777288332019-01-16T08:54:00.002+08:002019-01-16T08:54:47.079+08:00Prinsiptek Undertaking a RM2.1b Job?<div style="text-align: justify;">
Prinsiptek has entered into a JV agreement to build port, jetty, bulking storage tank, housing, oil palm mill and oil palm refinery for a consideration of RM2.13bn (<a href="http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=92033&name=EA_GA_ATTACHMENTS" target="_blank">Company announcement</a>). Prinsiptek is a listed company with a market cap of RM38.4m. </div>
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It raises the following doubts:</div>
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1. Who is the client?</div>
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2. Has the project been awarded to the JV? </div>
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3. Why would the client award a RM2b job to a JV which will delegate the construction job to a small construction company?</div>
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4. Isn't non-payment risk by client too big for Prinsiptek to take? </div>
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5. Does Prinsiptek have the technical capacity to build these facilities?</div>
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6. Would banks finance the working capital for the project?</div>
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<br /></div>
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It reminds me of Linear Corporation Berhad which secured a RM1.6b project in 2009. There were CG issues and the company was delisted in Nov 2012. </div>
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Would be glad to be proven wrong in this case.</div>
Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-8412638616753400122018-10-14T00:42:00.000+08:002018-10-14T00:49:24.697+08:00DAP, Why the Inconsistency in Adoption of Project Delivery Partner (PDP) in Infrastructure Projects?<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{195}" paraid="1607064918" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">Summary:</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{201}" paraid="1952918542" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Underlined SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; text-decoration-line: underline; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">Before GE14</span></span><span class="TextRun Underlined SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; text-decoration-line: underline; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">:</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{209}" paraid="2017918932" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">PDP in projects awarded by </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: red; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">BN</span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">: </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: red; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">NOT OK</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{219}" paraid="143927731" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">PDP in projects awarded by </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: #538135; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">DAP</span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">: </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: #538135; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">OK</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{229}" paraid="911653291" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<br /></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{231}" paraid="1193275463" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Underlined SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; text-decoration-line: underline; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">After GE14:</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{237}" paraid="2143662127" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">PDP in projects awarded by </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: red; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">BN: NOT OK. Changed to turnkey format</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{243}" paraid="609007967" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">PDP in project awarded by </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: #538135; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">DAP</span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">: </span><span class="TextRun SCXW18865802" lang="EN-MY" style="color: #538135; font-weight: bold; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY">OK. No need to change</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{243}" paraid="609007967" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"><br /></span></span></div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{8}" paraid="1507386577" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">In his </span><a class="Hyperlink SCXW18865802" href="https://dapmalaysia.org/english/2012/feb12/bul/bul4869.htm" rel="noreferrer" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; margin: 0px; padding: 0px; text-decoration-line: none; user-select: text;" target="_blank"><span class="TextRun Underlined SCXW18865802" lang="EN-MY" style="color: #0563c1; line-height: 19.425px; margin: 0px; padding: 0px;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">media statement dated 13 Feb 2012</span></span></a><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">, </span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">Tony </span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">Pua</span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY"> was critical on the PDP structure in MRT project. </span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{45}" paraid="48969615" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{47}" paraid="834776702" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">According to him, </span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">“</span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">a 6% project fee is almost unheard of in a project of this scale. Based on an estimate that the KVMRT-SBK is expected to cost RM18 billion, the fees to the PDP alone will be RM1.08 billion. This fee will only be reduced if the PDP wins the tender for the underground tunnelling works - in which case the value of the tunnelling works will be excluded from the calculation of the fee.”</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{57}" paraid="1778755593" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{61}" paraid="1094472249" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">He added, </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">“</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">the</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;"> structure of the agreement is such that the overall cost of the project is incentivised to be inflated.”</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{73}" paraid="1513733091" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{77}" paraid="1302343539" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">Ironically, in 2015, the DAP-led Penang State Government appointed SRS Consortium to be the PDP for Penang Transport Master Plan. </span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{83}" paraid="1103688598" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{87}" paraid="1079549840" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">According to Dr Lim </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="SpellingError SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; background-image: url("data:image/gif; background-position: left bottom; background-repeat: repeat-x; border-bottom: 1px solid transparent; margin: 0px; padding: 0px; user-select: text;">Mah</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;"> Hui, “</span></span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">the selection of SRS as the project delivery partner (PDP) to implement the PTMP was not based on an open tender system, but through a Request-for-Proposal (RFP).</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{99}" paraid="1923339244" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{103}" paraid="1221610463" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">In an open tender, a client that calls for a tender defines the project with detailed specifications. Parties that submit tenders must then conform to the specifications so that the cheapest tender can be selected.</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{109}" paraid="218862605" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{113}" paraid="606844002" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">However, in an RFP, the tenderers submit different proposals to the client. No two proposals submitted under an RFP are similar, and therefore they cannot be compared. The procurement and negotiation processes thus become more prone to rigging or abuse.</span><span class="TextRun SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-style: italic; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;" xml:lang="EN-MY">”</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{121}" paraid="237481994" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{125}" paraid="997120128" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">Wasn’t </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">the adoption of PDP structure in PTMP</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;"> inconsistent with Tony </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">Pua</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">/ DAP’s stand on PDP format? </span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{143}" paraid="322202918" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">The </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">confusion </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">does not end here.</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
</div>
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<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{153}" paraid="1156251036" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<br /></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{157}" paraid="538641768" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">After the change in the government on 9 May 2018, the new government are converting the PDP structure in MRT2 and LRT3 into turnkey contracts</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">. </span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{157}" paraid="538641768" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{157}" paraid="538641768" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;">According to</span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; color: windowtext; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> <a href="http://www.theedgemarkets.com/article/pua-mof-likely-cease-pdp-model-future-infra-projects" target="_blank">Tony Pua</a>, </span><span style="background-color: transparent; text-align: start;">“[In PDP] contracts, they get 6% of the cost of the project. The incentive is for the project manager to inflate the cost of the project because it gets 6% of whatever the cost of the project is. So this structure needs to change.”</span></span></div>
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{157}" paraid="538641768" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<div class="OutlineElement Ltr SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: white; clear: both; cursor: text; direction: ltr; margin: 0px; overflow: visible; padding: 0px; position: relative; user-select: text;">
<div class="Paragraph SCXW18865802" paraeid="{3f371cf1-a7b6-46cb-97a5-24277a9f3896}{176}" paraid="96943247" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: transparent; color: windowtext; overflow-wrap: break-word; padding: 0px; text-align: justify; user-select: text; vertical-align: baseline;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">However, the PTMP by </span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">DAP-</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">led Penang State Government</span></span><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;"> will continue to adopt the PDP format in PTMP. (</span></span><a class="Hyperlink SCXW18865802" href="http://pgmasterplan.penang.gov.my/images/Ucapan/11%20June%202018%20-%20CM%20responds%20to%20Penang%20Forum%20on%20call%20to%20review%20PTMP.pdf" rel="noreferrer" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; margin: 0px; padding: 0px; text-decoration-line: none; user-select: text;" target="_blank"><span class="TextRun Highlight Underlined SCXW18865802" lang="EN-MY" style="color: #0563c1; font-style: italic; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">Source</span></span></a><span class="TextRun Highlight SCXW18865802" lang="EN-MY" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; font-variant-ligatures: none !important; line-height: 19.425px; margin: 0px; outline: transparent solid 1px; padding: 0px; user-select: text;" xml:lang="EN-MY"><span class="NormalTextRun SCXW18865802" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; background-color: inherit; margin: 0px; padding: 0px; user-select: text;">)</span></span><span class="EOP SCXW18865802" data-ccp-props="{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}" style="-webkit-tap-highlight-color: transparent; -webkit-user-drag: none; line-height: 19.425px; margin: 0px; padding: 0px; user-select: text;"> </span></span></div>
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<span style="background-color: transparent; font-family: "arial" , "helvetica" , sans-serif;">DAP, why the inconsistency in adoption of Project Delivery Partner (PDP) in infrastructure projects?</span></div>
</div>
Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-34442020016030588622018-10-03T13:45:00.003+08:002018-10-03T13:45:42.711+08:00Vizione - Total Order Book vs Outstanding Order Book<div style="text-align: justify;">
I am not impressed how Vizione reported its order book in the latest annual report and quarterly results announcement, which I deem it as being misleading.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In the <a href="https://www.bfm.my/bg-ng-aun-hooi-viziones-vision-for-affordable-housing.html" target="_blank">BFM interview</a> today, Dato' Ng Aun Hooi, the Managing Director of Vizione said its order book of RM3.9b is about 7 times of its market cap.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
For construction companies, the OUTSTANDING order book is a more common and appropriate number used to gauge the earnings visibility of a construction company, and not the "total order book" used by Vizione in its reporting.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
An outstanding order book excludes revenue that has been recognised, reflecting only remaining revenue to be recognised from existing jobs in hand, whereas the total order book used by Vizione includes revenue that has been recognised previously.</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-fMxNnEvF0p8/W7RRAHIs_qI/AAAAAAAAA6k/_ixvbjr-seQ9gGB0p3T-macTMnCB8gTbACLcBGAs/s1600/order%2Bbook.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="678" data-original-width="1020" height="424" src="https://4.bp.blogspot.com/-fMxNnEvF0p8/W7RRAHIs_qI/AAAAAAAAA6k/_ixvbjr-seQ9gGB0p3T-macTMnCB8gTbACLcBGAs/s640/order%2Bbook.png" width="640" /></a></div>
<br />
<div style="text-align: justify;">
The RM3.9b shown in FY18 annual report was total order book, and not OUTSTANDING order book. You get RM3.9b by summing up all the contract values shown in the diagram above.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="color: red;">WHY DIDN'T THE COMPANY REVEAL ITS </span><span style="color: red; font-weight: bold;">OUTSTANDING ORDER BOOK, </span>which is more meaningful, in its quarterly earnings announcements and annual report?<span style="color: red; font-weight: bold;"> </span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-Yykw0KiwhDc/W7RQ-G1g8EI/AAAAAAAAA6g/uYu2XUbU8tAJQSgR_K5jKU_FLMoGWA3RwCLcBGAs/s1600/Order%2Bbook%2Bbreakdown.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="335" data-original-width="645" height="332" src="https://1.bp.blogspot.com/-Yykw0KiwhDc/W7RQ-G1g8EI/AAAAAAAAA6g/uYu2XUbU8tAJQSgR_K5jKU_FLMoGWA3RwCLcBGAs/s640/Order%2Bbook%2Bbreakdown.png" width="640" /></a></div>
Note that majority of the order book comes from private commercial projects. Vizione's investors should find out:<br />
<br />
1. What are these projects?<br />
2. Are all of them under implementation currently? Did the company include projects under planning in its order book?<br />
3. Is it prudent to include projects that are still under planning and the implementation timelines are still uncertain?<br />
<br />
<span style="color: red;">WHAT IS THE <b>ACTUAL OUTSTANDING ORDER BOOK</b> OF THE COMPANY?</span><br />
<br />
<a href="https://www.facebook.com/bursastocktalk/" target="_blank">Bursa Stock Talk FACEBOOK</a><br />
<br />
<br />Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-79944849407015167022018-09-28T07:12:00.001+08:002018-09-28T09:43:52.984+08:00Online Submission of AGM Proxy FormKudos to Icapital.biz!<br />
<br />
At 2013 AGM, Icapital proposed amendments to the articles of association of the company to allow for appointment of proxies by electronic means. Subsequently, it allowed submission of proxy form via facsimile.<br />
<br />
It is a much efficient way of submitting proxy forms compared with submission via mail or handing in the proxy forms personally. It saves time, money, frustration of getting stuck in traffic jam and chance of missing mail.<br />
<br />
For the upcoming AGM, Icapital.biz has taken a step further. It now allows submission of proxy forms via online system.<br />
<br />
<blockquote class="tr_bq">
<i>Tricor Online system (TIIH Online) </i><i>Share owner proxy form be electronically lodged via TIIH Online (applicable for
individual share owner only). The website to access TIIH Online is
<a href="https://online.tiih.com.my/">https://online.tiih.com.my</a>.</i> </blockquote>
<br />
<a href="https://online.tiih.com.my/Videos/tiihOnlineRegistrationSteps_7.wmv" target="_blank">Tutorial on how to register as a new user</a> (video download)<br />
<br />
Icapital.biz is probably the first listed company in Malaysia to introduce appointment of proxies by electronic means.<br />
<br />
What the Minority Shareholders Wacth Group (MSWG) and shareholders can do to make proxy form submission easier is to suggest the adoption of online proxy form submission at AGMs of other listed companies.<br />
<br />
A listed company has done it with an established share registrar. Why not?<br />
<br />
<i>P/s: However, handling fee of RM5 chargeable for each
e-lodgement of document could be a hindrance</i>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-63648651654147086772018-09-25T08:43:00.000+08:002018-09-29T11:05:37.964+08:00List of e-wallet players in MalaysiaAlipay<br />
BigPay (AIRASIA)<br />
Boost (AXIATA)<br />
GrabPay<br />
ipay88<br />
<div>
KiplePay (GPACKET)</div>
Lazada<br />
Maybank QRPay (Maybank)<br />
Mcash<br />
MPay (MPAY)<br />
MyXoX (XOX)<br />
Payfy (ASTRO)<br />
PayPal<br />
Presto (PUC)<br />
Razer Pay (BJCORP)<br />
Samsung Pay<br />
Sarawak Pay<br />
TaPay<br />
Touch n Go<br />
vcash (DIGI)<br />
WeChat Pay<br />
<br />
<a href="https://www.facebook.com/bursastocktalk/">https://www.facebook.com/bursastocktalk/</a><br />
<br />Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com2tag:blogger.com,1999:blog-3377359427059374660.post-40222263561977223102018-09-02T01:44:00.000+08:002018-09-02T01:44:26.546+08:00Among Bursa Malaysia listed companies that have exposure in IndonesiaAIRASIA<br />
AAX<br />
AXIATA<br />
AZRB<br />
BJFOOD<br />
BKAWAN<br />
BOILERM<br />
BPURI<br />
CAB<br />
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<a href="https://www.facebook.com/bursastocktalk/">https://www.facebook.com/bursastocktalk/</a>Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0tag:blogger.com,1999:blog-3377359427059374660.post-40457288583014740802018-06-10T18:00:00.002+08:002018-06-10T18:00:49.581+08:00Golden Arbitrage Opportunity in YONGTAI-PA<div style="text-align: justify;">
YONGTAI closed at RM1.52 while its Irredeemable Convertible Preference Share (ICPS), YONGTAI-PA, closed at RM1.14 last Friday.</div>
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Profile of YONGTAI-PA can be found <a href="http://www.bursamalaysia.com/market/listed-companies/company-announcements/5276389" target="_blank">here</a>.</div>
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<blockquote class="tr_bq" style="text-align: justify;">
<i>The ICPS holders shall have the right to convert the ICPS into new YTB Shares based on the Conversion Price, at the option of the ICPS holder, at any time on any market day from 28 November 2019, being the 3rd anniversary of the date of issue of the ICPS, up to and including the Maturity Date.</i></blockquote>
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Each YONGTAI-PA can be converted into one YONGTAI ordinary share from 28 November 2019 onwards, <u>at the option of ICPS holder</u> (not issuer). No additional cash payment is required for the conversion.</div>
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On dividend, </div>
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<blockquote class="tr_bq" style="text-align: justify;">
<i>The Company shall have the sole discretion to decide whether to declare any non-cumulative dividend and the quantum of such dividend, </i><u><i><b>provided always</b> that if dividends are declared to its ordinary shareholders, then dividends in respect of the ICPS shall be paid to the ICPS holders in preference.</i><br />
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If you are a YONGTAI shareholder and you intend to keep the shares for medium to long term investment, at least for 1.5 years, there is a golden arbitrage opportunity.</div>
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<b>Sell YONGTAI shares and buy the same amount of YONGTAI-PA <u>concurrently</u>. Convert YONGTAI-PA from 28 Novermber 2019 and you will get back the same amount of YONGTAI ordinary shares. </b><br />
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<b>Based on last Friday's closing prices, for every 1,000 YONGTAI shares, you can bring down investment cost by RM380 (before transaction costs). That's more than 20% "instant gain". </b> </div>
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It sounds too good to be true.</div>
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YONGTAI-PA has a 30-day average daily volume of 214,036.</div>
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Encore Melaka is set to have its maiden performance on 1 July 2018.</div>
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According to UOB's report dated 31 May 2018, out of 1.4m annual seat capacity, 1m tickets have been taken by 6 local and foreign travel agents for the next 3 years, commited under offtake agreements. This represents a 70% take-up rate for the theatre based on 2 shows daily, at a 2,014 seat theatre.</div>
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<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;"><tbody>
<tr> <td style="background: black; border: solid black 1.0pt; mso-background-themecolor: text1; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: white; mso-themecolor: background1;">Travel Agent<o:p></o:p></span></div>
</td> <td style="background: black; border-left: none; border: solid black 1.0pt; mso-background-themecolor: text1; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: white; mso-themecolor: background1;">Ticket<o:p></o:p></span></div>
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<span style="color: white; mso-themecolor: background1;">Target Market<o:p></o:p></span></div>
</td> </tr>
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Majestic Express Holidays<o:p></o:p></div>
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500,000<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
China<o:p></o:p></div>
</td> </tr>
<tr> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Apple Impression Holiday<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
200,000<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Malaysia<o:p></o:p></div>
</td> </tr>
<tr> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Levingo Travel<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
100,000<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Malaysia<o:p></o:p></div>
</td> </tr>
<tr> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Shanghai Ctrip International Travel Service Co<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
100,000<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
China<o:p></o:p></div>
</td> </tr>
<tr> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Coachliner 707 Travel & Tour<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
50,000<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Singapore<o:p></o:p></div>
</td> </tr>
<tr> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
WTS Travel & Tours<o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
50,000 <o:p></o:p></div>
</td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
Singapore<o:p></o:p></div>
</td> </tr>
</tbody></table>
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<i>Source: UOB</i><br />
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<span style="text-align: start;">My Facebook page: </span><a href="https://www.facebook.com/Bursa-Stock-Talk-1881247538855038/" style="color: #b54028; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.524px; text-decoration-line: none;" target="_blank">https://www.facebook.com/Bursa-Stock-Talk-1881247538855038/</a></div>
Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com1tag:blogger.com,1999:blog-3377359427059374660.post-83616239504651297732018-05-15T07:46:00.000+08:002018-05-15T07:46:17.192+08:00SAMCHEM - Eleventh hour inclusion of resolution of AGMSAMCHEM scheduled its AGM on 18 May 2018. On 14 May 2018, the company included an additional agenda for tabling at the AGM. Is this legitimate, considering:<div>
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1. Insufficient notice period. The additional agenda was added with a notice period of less than 4 days. </div>
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2. No revised proxy form issued. How do those shareholders who are unable to attend the AGM vote without a revised proxy form? Even if a revised proxy form was issued yesterday, it would be too rush to get the proxy form delivered to the company 48 hours before the AGM. Furthermore, not every shareholder checks company announcement daily.</div>
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My Facebook page: <a href="https://www.facebook.com/Bursa-Stock-Talk-1881247538855038/" style="-webkit-text-size-adjust: auto; color: #b54028; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.52400016784668px; text-align: justify; text-decoration: none;" target="_blank">https://www.facebook.com/Bursa-Stock-Talk-1881247538855038/</a></div>
Malaysia Stock Talkhttp://www.blogger.com/profile/18393591011705732176noreply@blogger.com0