New Risk • May 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: RM420m Forecast net loss in 2 years: RM775k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Announcement • May 28
MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 24, 2026 MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 24, 2026, at 11:00 Singapore Standard Time. Location: banquet hall 1, level b2, menara felda, platinum park, no. 11, persiaran klcc, 50088 kuala lumpur, wilayah persekutuan kuala lumpur, Malaysia Reported Earnings • May 28
First quarter 2026 earnings released: RM0.027 loss per share (vs RM0.005 profit in 1Q 2025) First quarter 2026 results: RM0.027 loss per share (down from RM0.005 profit in 1Q 2025). Revenue: RM552.8m (down 26% from 1Q 2025). Net loss: RM18.9m (down RM22.6m from profit in 1Q 2025). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 28
Price target decreased by 23% to RM0.70 Down from RM0.91, the current price target is an average from 2 analysts. New target price is 23% below last closing price of RM0.91. Stock is down 34% over the past year. The company is forecast to post earnings per share of RM0.016 next year compared to a net loss per share of RM0.57 last year. Reported Earnings • Feb 27
Full year 2025 earnings released: RM0.56 loss per share (vs RM0.044 profit in FY 2024) Full year 2025 results: RM0.56 loss per share (down from RM0.044 profit in FY 2024). Revenue: RM3.09b (down 13% from FY 2024). Net loss: RM397.3m (down RM428.5m from profit in FY 2024). Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Food industry in Malaysia are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk High level of debt (50% net debt to equity). Reported Earnings • Nov 29
Third quarter 2025 earnings released: RM0.007 loss per share (vs RM0.071 loss in 3Q 2024) Third quarter 2025 results: RM0.007 loss per share (improved from RM0.071 loss in 3Q 2024). Revenue: RM748.9m (down 13% from 3Q 2024). Net loss: RM4.60m (loss narrowed 91% from 3Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Oct 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent & Non-Executive Director Thanneermalai SP SM Somasundaram was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Second quarter 2025 earnings released: RM0.042 loss per share (vs RM0.046 loss in 2Q 2024) Second quarter 2025 results: RM0.042 loss per share (improved from RM0.046 loss in 2Q 2024). Revenue: RM812.8m (down 2.4% from 2Q 2024). Net loss: RM29.7m (loss narrowed 8.2% from 2Q 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jul 03
MSM Malaysia Holdings Bhd Announces Chief Executive Officer Changes, Effective 3 July 2025 MSM Malaysia Holdings Bhd has announced the resignation of group chief executive officer (CEO) Syed Feizal Syed Mohammad effective 3 July 2025. Syed Feizal, 60, is stepping down to pursue personal interests after leading the company since February 2021. Meanwhile, the company has appointed its group chief operating officer (COO) Hasni Ahmad, 57, as acting group CEO effective 3 July 2025. Hasni, who has a degree in chemical engineering from Clarkson University, US, has served as MSMs COO since 2021 and previously held senior operational roles at FGV Holdings Bhd. Reported Earnings • May 06
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: RM0.044 (up from RM0.071 loss in FY 2023). Revenue: RM3.54b (up 15% from FY 2023). Net income: RM31.3m (up RM81.1m from FY 2023). Profit margin: 0.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.34, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Food industry in Malaysia. Total returns to shareholders of 40% over the past three years. Announcement • Apr 29
MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 19, 2025 MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 19, 2025, at 11:00 Singapore Standard Time. Location: banquet hall 1, level b2, menara felda, platinum park, no. 11, persiaran klcc, 50088 kuala lumpur, wilayah persekutuan, Malaysia Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.11, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Food industry in Malaysia. Total returns to shareholders of 21% over the past three years. Announcement • Mar 28
MSM Malaysia Holdings Berhad Appoints Encik AB Aziz Bin Ismail as Chief Financial Officer, Effective 1 April 2025 MSM Malaysia Holdings Berhad announced the appointment of Encik Ab Aziz Bin Ismail as chief financial officer. Date of change is 1 April 2025. Age: 58. Qualifications: Professional Qualification, Accounting, Association of Chartered Certified Accountants (ACCA), United Kingdom, Fellow Member; Professional Qualification, Accounting, Malaysian Institute of Accountants (MIA), Chartered Accountant. Working experience and occupation: Sector Accountant, Oil and Fats, FGV Holdings Berhad (December 2022 - March 2025); Chief Financial Officer, MSM Malaysia Holdings Berhad (June 2019 - November 2022); Deputy Chief Financial Officer, MSM Malaysia Holdings Berhad (April 2019 - May 2019); Group Financial Controller (Plantation Sector), Group Finance Division, FGV Holdings Berhad (January 2018 - March 2019); Senior General Manager (Support Services), FGV Trading Sdn Bhd (2015 - 2017); Chief Financial Officer, Felda Iffco Sdn Bhd (2007 - 2015); General Manager, Felda Trading Bhd (2004 - 2007); Senior Audit Manager, Internal Audit Department, Felda Holdings Bhd (1994 - 2004); Auditor in a Chartered Accountant Firm, London, United Kingdom (1991 - 1994). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to RM1.17, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Food industry in Malaysia. Total returns to shareholders of 67% over the past three years. Price Target Changed • Feb 26
Price target increased by 30% to RM1.53 Up from RM1.17, the current price target is an average from 2 analysts. New target price is 8.9% above last closing price of RM1.40. Stock is down 50% over the past year. The company is forecast to post earnings per share of RM0.088 for next year compared to RM0.044 last year. Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: RM0.044 (vs RM0.071 loss in FY 2023) Full year 2024 results: EPS: RM0.044 (up from RM0.071 loss in FY 2023). Revenue: RM3.54b (up 15% from FY 2023). Net income: RM31.3m (up RM81.1m from FY 2023). Profit margin: 0.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non Independent Non Executive Director Nurul Hanafi was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 22
Third quarter 2024 earnings released: RM0.071 loss per share (vs RM0.051 loss in 3Q 2023) Third quarter 2024 results: RM0.071 loss per share (further deteriorated from RM0.051 loss in 3Q 2023). Revenue: RM861.4m (up 6.8% from 3Q 2023). Net loss: RM49.8m (loss widened 38% from 3Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.32, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Food industry in Malaysia. Total loss to shareholders of 18% over the past three years. Major Estimate Revision • Oct 01
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from RM4.00b to RM3.59b. EPS estimate fell from RM0.179 to RM0.057 per share. Net income forecast to grow 282% next year vs 5.9% growth forecast for Food industry in Malaysia. Consensus price target down from RM2.29 to RM1.25. Share price rose 5.2% to RM1.22 over the past week. Announcement • Sep 05
Msm Malaysia Holdings Berhad Announces Resignation of Dato' Mohd Nazrul Izam Bin Mansor as Non Independent and Non Executive Director MSM Malaysia Holdings Berhad announced the resignation of Dato' Mohd Nazrul Izam Bin Mansor as Non Independent and Non Executive Director. Age 49, Date of change 01 September 2024, Reason Resigned as nominee director of FGV Holdings Berhad ("FGV") pursuant to the expiry of his tenure as Group Chief Executive Officer of FGV. Qualifications Professional Qualification Accountancy CPA Australia Fellow Certified Practising Accountant, Professional Qualification Accountancy Malaysian Institute of Accountants Chartered Accountant, Degree Commerce The University of Queensland, Brisbane, Australia. Working experience and occupation Dato' Mohd Nazrul Izam bin Mansor ("Dato' Mohd Nazrul") has over 25 years of experience in various capacities across diverse industries. Prior to his appointment as the Group Chief Executive Officer ("CEO") of FGV Holdings Berhad in 2021, he was the Group CEO of FELCRA Berhad since 2018. Dato' Mohd Nazrul began his career in 1998 as an Account Executive with RHB Unit Trust Management Berhad, before moving onto senior positions in Hasyudeen & Co and PricewaterhouseCoopers. He then joined Padiberas Nasional Berhad in 2002 and played key roles in risk management and corporate planning, and was the Executive Assistant to the CEO until 2007. In 2009, he became the Head of Structured Business at Malaysia Building Society Berhad (MBSB), before being appointed as Group Chief Financial Officer at Realmild Sdn Bhd in 2010. Dato' Mohd Nazrul next assumed the post of Director of Finance of N.U.R Power Sdn Bhd in 2013, where he held the position until 2018 before becoming Managing Director of Teras Dara Konsortium Sdn Bhd. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to RM1.15, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 14x in the Food industry in Malaysia. Total loss to shareholders of 24% over the past three years. Reported Earnings • Aug 23
Second quarter 2024 earnings released: RM0.046 loss per share (vs RM0.03 loss in 2Q 2023) Second quarter 2024 results: RM0.046 loss per share (further deteriorated from RM0.03 loss in 2Q 2023). Revenue: RM833.1m (up 12% from 2Q 2023). Net loss: RM32.4m (loss widened 56% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
MSM Malaysia Holdings Berhad Announces Chief Financial Officer Changes MSM Malaysia Holdings Berhad announced made on 12 August 2024 on the resignation of the Chief Financial Officer (“CFO”), the Company announced the appointment of Encik Nur Izwan Mohd Nawawi (“Encik Izwan”) as the Officer-In-Charge on an interim basis effective from 12 August 2024 until the Board identifies a suitable candidate for the CFO position. He will assume the responsibilities and authorities of the CFO. Encik Izwan who has in-depth experience in accounting, and finance in the last 22 years holds a Bachelor Degree in Accounting (Hons) Second Class Upper from the International Islamic University. He is also a member of the Malaysian Institute of Certified Public Accountants (MICPA)/MICPA Member No. 4345 and Malaysian Institute of Accountants (MIA)/MIA Member No. 31424. Throughout this period, Encik Izwan will be able to ensure continuous and uninterrupted running of all finance related transactions and operations. The company announced the resignation of Dr Mazatul 'Aini Shahar Abdul Malek Shahar, aged 52, as Chief Financial Officer to take on a position as Chief Financial Officer at a financial institution. Date of change is August 12, 2024. Dr. Mazatul 'Aini Shahar Abdul Malek Shahar ("Dr. 'Aini") was the Group Chief Financial Officer of Proton Holdings Berhad prior to the merger with Zhejiang Geely Group. Previously, she was the CFO for Nationwide Express Courier Services Berhad. Dr. 'Aini has 27 years of hands-on experience in Islamic banking & finance, fund-raising, transformation management, corporate finance and advisory works. She was with Maybank Investment, Bank Pembangunan and Bank Muamalat. She began her career with Arthur Anderson & Co in 1995 after graduating from the University of Nottingham, UK. She also became a consultant to Prokhas Sdn Bhd and a financial consultant to Malaysia Institute of Accountants ("MIA"), where she was the editor of the 1st Islamic Finance Accounting textbook, published by MIA. Previously, she was an Independent Director and a member of the Board Audit Committee for both 7-Eleven Malaysia Holdings Berhad and TH Heavy Engineering Berhad. She was also the Independent Director, Chairman of the Tender Board Committee and member of the Finance Committee at IJN Holdings Sdn Bhd. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to RM1.68, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 14x in the Food industry in Malaysia. Total returns to shareholders of 29% over the past three years. Announcement • May 16
MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 06, 2024 MSM Malaysia Holdings Berhad, Annual General Meeting, Jun 06, 2024, at 11:00 Singapore Standard Time. Location: function room 1 - 3, level 01, kuala lumpur golf & country club, 10, jalan 1/70d off jalan bukit kiara, wilayah persekutuan kuala lumpur, 60000 kuala lumpur Malaysia Price Target Changed • Apr 03
Price target increased by 18% to RM3.83 Up from RM3.24, the current price target is an average from 2 analysts. New target price is 6.1% above last closing price of RM3.61. Stock is up 338% over the past year. The company is forecast to post earnings per share of RM0.34 next year compared to a net loss per share of RM0.071 last year. Reported Earnings • Feb 23
Full year 2023 earnings released: RM0.071 loss per share (vs RM0.25 loss in FY 2022) Full year 2023 results: RM0.071 loss per share (improved from RM0.25 loss in FY 2022). Revenue: RM3.09b (up 21% from FY 2022). Net loss: RM49.9m (loss narrowed 72% from FY 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Nov 24
Third quarter 2023 earnings released: RM0.051 loss per share (vs RM0.10 loss in 3Q 2022) Third quarter 2023 results: RM0.051 loss per share (improved from RM0.10 loss in 3Q 2022). Revenue: RM806.7m (up 21% from 3Q 2022). Net loss: RM36.1m (loss narrowed 51% from 3Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
Second quarter 2023 earnings released: RM0.081 loss per share (vs RM0.048 loss in 2Q 2022) Second quarter 2023 results: RM0.081 loss per share (further deteriorated from RM0.048 loss in 2Q 2022). Revenue: RM1.33b (up 114% from 2Q 2022). Net loss: RM56.7m (loss widened 66% from 2Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Food industry in Malaysia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • May 27
First quarter 2023 earnings released: RM0.051 loss per share (vs RM0.039 loss in 1Q 2022) First quarter 2023 results: RM0.051 loss per share (further deteriorated from RM0.039 loss in 1Q 2022). Revenue: RM588.4m (down 1.3% from 1Q 2022). Net loss: RM35.9m (loss widened 30% from 1Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, while revenues in the Food industry in Malaysia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 26
Price target increased by 22% to RM1.03 Up from RM0.84, the current price target is an average from 3 analysts. New target price is 6.2% above last closing price of RM0.97. Stock is up 13% over the past year. The company is forecast to post earnings per share of RM0.044 next year compared to a net loss per share of RM0.25 last year. Reported Earnings • Feb 23
Full year 2022 earnings released: RM0.25 loss per share (vs RM0.052 profit in FY 2021) Full year 2022 results: RM0.25 loss per share (down from RM0.052 profit in FY 2021). Revenue: RM2.57b (up 14% from FY 2021). Net loss: RM178.7m (down RM215.3m from profit in FY 2021). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, while revenues in the Food industry in Malaysia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Dec 31
MSM Malaysia Holdings Berhad Announces Resignation of Encik Azman Bin Ahmad as Non Independent and Non Executive Director MSM Malaysia Holdings Berhad announced resignation of Encik Azman Bin Ahmad as Non Independent and Non Executive Director. En. Azman Ahmad will also be resigning as member of the Investment and Tender Committee of MSM Malaysia Holdings Berhad effective 1 January 2023. Age is 61; Gender is male; Nationality is Malaysia. Reason: Cease to be the nominee director due to retirement from FGV Holdings Berhad. Qualifications: Degree in Maritime Studies (Maritime Technology) from University of Wales Institute of Science and Technology – UWIST, Wales, United Kingdom; Diploma in Management from Malaysian Institute of Management. Working experience and occupation: Group Divisional Director/Executive Vice President, Logistics & Support Businesses (LSB) Sector (2018 - December 2022); Member of Techno-Economics Research Advisory Panel for Malaysia Palm Oil Board (MPOB) (2021 - Present); Industrial Panel for Azman Hashim International Business School (AHIBS), Universiti Teknologi Malaysia (UTM) (2019 - Present); Chairman of FGV Johor Bulkers Sdn Bhd Group of Companies (2019 - December 2022); Trustees Board Members of Raja Alias Foundation (MOSTA) (2013 - 2021); Officer-In-Charge Representing Group CEO, FGV Holdings Berhad (FGV) (May 2021 - August 2021); Chairman, Appeal Committee, FGV (2018 - 2019); Acting Managing Director, Felda Holdings Berhad (FHB) (June 2018 - November 2018); Member, Board Executive Committee, FHB (June 2018 - November 2018); Cluster Head, Logistic & Others (FGV) (2017 - 2018); Deputy HSE Steering Committee, FGV (2014 - 2018); Cluster Head/Senior Vice President, Downstream, FGV (2016-2017); Chairman, Executive Disciplinary Committee, FGV (2015-2017); Senior Vice President (SVP) Trading, Logistics, Manufacturing and Others (TLMO), FGV (2013 - 2016); Board Member, Lembaga Pelabuhan Kuantan (2013-2015); Chief Executive Officer, Felda Johore Bulkers (FJB) Group (2009-2016); Chief Executive Officer, Felda Bulkers Sdn Bhd (2008-2009). Announcement • Dec 03
MSM Malaysia Holdings Berhad Announces Resignation of AB Aziz Bin Ismail as Chief Financial Officer MSM Malaysia Holdings Berhad announced resignation of AB Aziz Bin Ismail as Chief Financial Officer. Date of change is 1 December 2022. Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 470% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from RM2.55b to RM2.48b. Losses expected to increase from RM0.04 per share to RM0.23. Food industry in Malaysia expected to see average net income decline 10% next year. Consensus price target of RM0.84 unchanged from last update. Share price fell 3.0% to RM0.82 over the past week. Announcement • Nov 24
MSM Malaysia Holdings Berhad Appoints Raja Faridah Binti Raja Ahmad as Non Independent and Non Executive Member of Nomination and Remuneration Committee MSM Malaysia Holdings Berhad announced the appointment of Raja Faridah Binti Raja Ahmad, age: 58, as Non Independent and Non Executive Member of Nomination and Remuneration Committee. Composition of Nomination and Remuneration Committee(Name and Directorate of members after change): Dato' Muthanna Abdullah (Independent Non-Executive Director); Dato' Dr. Abd Hapiz Abdullah (Independent Non-Executive Director); Dato' Rosini Abd Samad (Independent Non-Executive Director); Pn. Nik Fazila Nik Mohamed Shihabuddin (Non-Independent Non-Executive Director); Pn. Raja Faridah Raja Ahmad (Non-Independent Non-Executive Director). Date of change is November 23, 2022. Reported Earnings • Nov 22
Third quarter 2022 earnings released: RM0.10 loss per share (vs RM0.013 profit in 3Q 2021) Third quarter 2022 results: RM0.10 loss per share (down from RM0.013 profit in 3Q 2021). Revenue: RM668.1m (up 22% from 3Q 2021). Net loss: RM72.8m (down RM82.2m from profit in 3Q 2021). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 2.3% decline forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Rosini Binti Abdul Samad is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Aug 25
Msm Malaysia Holdings Berhad Announces Cessation of Datuk Lim Thean Shiang as Independent and Non Executive Member of Audit Committee MSM Malaysia Holdings Berhad announced cessation of Datuk Lim Thean Shiang, age 51, as Independent and Non Executive Member of Audit Committee of the company, with effect from August 23, 2022. Composition of Audit Committee (Name and Directorate of members after change). Choy Khai Choon (Independent Non-Executive Director); Dato' Muthanna Abdullah (Independent Non-Executive Director); Dato' Rosini Abd Samad (Independent Non-Executive Director). Reported Earnings • Aug 24
Second quarter 2022 earnings released: RM0.048 loss per share (vs RM0.019 profit in 2Q 2021) Second quarter 2022 results: RM0.048 loss per share (down from RM0.019 profit in 2Q 2021). Revenue: RM624.2m (up 13% from 2Q 2021). Net loss: RM34.1m (down 357% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 7.8%, compared to a 2.3% growth forecast for the Food industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 23
MSM Malaysia Holdings Berhad Announces Cessation of Lim Thean Shiang as Independent and Non Executive Director MSM Malaysia Holdings Berhad announced the cessation of DATUK LIM THEAN SHIANG as Independent and Non Executive Director. Date of change is August 23, 2022. Reason: Pursuant to the Board Charter and Board Nomination and Election Policy and Procedures, Datuk Lim Thean Shiang who was appointed on 23 August 2013, shall cease to be INED on 23 August 2022 upon completing his 9-year tenure. Qualifications: Degree: Business Administration in Universiti Utara Malaysia; Degree: Law in University of London. Working experience and occupation: Independent Non-Executive Director, Pharmaniaga Bhd (20 July 2022 - present); Commission Member of Malaysian Communications and Multimedia Commission (20 July 2022 - present); Chairman, Ipoh Cargo Terminal Sdn Bhd (June 2020-present); Non-Independent Non-Executive Chairman, Daya Materials Berhad (May 2020 - June 2022); Independent Non-Executive Chairman, GCCP Resources Limited (Singapore) (2020 - present); Director, Fiberail Sdn Bhd (2021 - present); 7) Chairman, Tropicana SJII Education Management Sdn Bhd (2018-June 2020); Executive Chairman, Daya Materials Berhad (2019 - 2020); Executive Vice Chairman, Daya Materials Berhad (2017 - 2019); Executive Director & Chief Executive Officer, Daya Materials Berhad (2015 -2017); Independent Non-Executive Director, Tropicana Corporation Berhad (2017-2018); Executive Chairman, Port Klang Free Zone (2008-2009); General Manager, Port Klang Authority (2008-2009); Director, WWE Holdings Berhad (2004-2006); Director, El Medical Systems Sdn Bhd (2001-2008); Director, Latimax Engineering Sdn Bhd (2001-2008); Director, Focus Indera Sdn Bhd (2001-2008); Director, Tripro Engineering Sdn Bhd (2001-2008); Director, Glotel Sdn Bhd (2001-2008). Announcement • Jul 29
MSM Malaysia Holdings Berhad Announces the Resignation of Koo Shuang Yen as Company Secretary MSM Malaysia Holdings Berhad announced the Resignation of Koo Shuang Yen as Company Secretary. Working experience and occupation during past 5 years: 1) Company Secretary, FGV Holdings Berhad (FGV) and its Group of Companies (2014 - present); 2) Company Secretary, MSM Malaysia Holdings Berhad and its Group of Companies (2011 - present); and 3) Senior Vice President, Group President/Chief Executive Officers Office, FGV (July 2016 - December 2017). With the resignation of Ms. Koo Shuang Yen, Puan Azni binti Ariffin who has been appointed as Joint Secretary effective 18 July 2022 will be the Company Secretary of MSM Malaysia Holdings Berhad. Announcement • Jul 19
MSM Malaysia Holdings Berhad Appoints Azni Binti Ariffin as Joint Secretary MSM Malaysia Holdings Berhad appointed Azni Binti Ariffin as Joint Secretary, effective July 18, 2022. Puan Azni binti Ariffin holds a first-class honours LLB degree from International Islamic University Malaysia in 1993 and was called to the Malaysian Bar as an Advocate and Solicitor in 1994. She started her career as a Magistrate and Senior Assistant Registrar of the High Court of Malaya before she ventured into private sector where her experience spans across various industries including property, investment holding, manufacturing, telecommunication and IT, financial, automotive, aviation and oil and gas. Puan Azni has 26 years of experience in corporate governance, corporate secretarial, commercial and corporate laws as well as consulting work relating to cross-border legal issues and agreements. She is licensed by the Companies Commission of Malaysia and a graduate of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA). On 13 July 2022, Puan Azni was appointed as the Joint Secretary of FGV Holdings Berhad ("FGV"). Prior to joining FGV and MSM Malaysia Holdings Berhad, Puan Azni was the Group Company Secretary of Sapura Energy Berhad, the General Manager Company Secretarial and Legal Services Division and the Company Secretary of Malaysia Airports Holdings Berhad and its Group of Companies. She also was the Chief Legal Counsel and Company Secretary of Proton Holdings Berhad and its Group of Companies and Head of Group Corporate Secretarial of Malayan Banking Berhad. She had been appointed as the Head of Legal and Company Secretary of other private and public limited companies in her 26 years of working experience. Reported Earnings • May 04
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RM0.052 (up from RM0.005 in FY 2020). Revenue: RM2.26b (up 3.4% from FY 2020). Net income: RM36.6m (up RM32.8m from FY 2020). Profit margin: 1.6% (up from 0.2% in FY 2020). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 16%, compared to a 7.1% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to RM1.09 Down from RM1.28, the current price target is an average from 3 analysts. New target price is 17% above last closing price of RM0.93. Stock is down 42% over the past year. The company is forecast to post earnings per share of RM0.067 for next year compared to RM0.052 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Thean Lim is the most experienced director on the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Apr 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from RM2.52b to RM2.62b. EPS estimate fell from RM0.11 to RM0.07 per share. Net income forecast to grow 30% next year vs 21% growth forecast for Food industry in Malaysia. Consensus price target down from RM1.28 to RM1.09. Share price rose 6.3% to RM1.01 over the past week. Upcoming Dividend • Mar 21
Inaugural dividend of RM0.03 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 07 April 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in November 2011. The average dividend yield among industry peers is 3.3%. Upcoming Dividend • Mar 21
Inaugural dividend of RM0.03 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 07 April 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in November 2011. The average dividend yield among industry peers is 3.3%. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: RM0.052 (up from RM0.005 in FY 2020). Revenue: RM2.26b (up 3.4% from FY 2020). Net income: RM36.6m (up RM32.8m from FY 2020). Profit margin: 1.6% (up from 0.2% in FY 2020). Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 4.0% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from RM2.37b to RM2.29b. EPS estimate rose from RM0.15 to RM0.19. Net income forecast to grow 0.2% next year vs 1.0% growth forecast for Food industry in Malaysia. Consensus price target down from RM1.80 to RM1.54. Share price fell 8.1% to RM1.14 over the past week.