New Risk • Jun 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RM402.5m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM402.5m market cap, or US$99.9m). Reported Earnings • May 28
Full year 2026 earnings released: RM0.001 loss per share (vs RM0.075 profit in FY 2025) Full year 2026 results: RM0.001 loss per share (down from RM0.075 profit in FY 2025). Net loss: RM266.0k (down 101% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Mar 02
Third quarter 2026 earnings released: EPS: RM0.001 (vs RM0.047 in 3Q 2025) Third quarter 2026 results: EPS: RM0.001 (down from RM0.047 in 3Q 2025). Revenue: RM4.22m (down 28% from 3Q 2025). Net income: RM233.0k (down 98% from 3Q 2025). Profit margin: 5.5% (down from 199% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Dec 17
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 8.0% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM2.00, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 12x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 94% over the past three years. Buy Or Sell Opportunity • Nov 28
Now 23% undervalued Over the last 90 days, the stock has risen 7.5% to RM1.73. The fair value is estimated to be RM2.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Earnings per share has declined by 10%. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RM1.90, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 11x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 86% over the past three years. Reported Earnings • Aug 05
Full year 2025 earnings released: EPS: RM0.075 (vs RM0.097 in FY 2024) Full year 2025 results: EPS: RM0.075 (down from RM0.097 in FY 2024). Revenue: RM26.2m (down 8.0% from FY 2024). Net income: RM18.8m (down 23% from FY 2024). Profit margin: 72% (down from 85% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jul 30
FCW Holdings Berhad, Annual General Meeting, Sep 04, 2025 FCW Holdings Berhad, Annual General Meeting, Sep 04, 2025, at 11:00 Singapore Standard Time. Location: tournament room, ground floor, west lobby, kuala lumpur golf & country club, no. 10, jalan 1/70d, off jalan bukit kiara, 60000 kuala lumpur, Malaysia Reported Earnings • May 30
Full year 2025 earnings released: EPS: RM0.075 (vs RM0.097 in FY 2024) Full year 2025 results: EPS: RM0.075 (down from RM0.097 in FY 2024). Revenue: RM26.2m (down 8.0% from FY 2024). Net income: RM18.8m (down 23% from FY 2024). Profit margin: 72% (down from 85% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Mar 01
Third quarter 2025 earnings released: EPS: RM0.047 (vs RM0.029 in 3Q 2024) Third quarter 2025 results: EPS: RM0.047 (up from RM0.029 in 3Q 2024). Revenue: RM5.90m (down 9.3% from 3Q 2024). Net income: RM11.7m (up 64% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Nov 29
Second quarter 2025 earnings released: EPS: RM0.003 (vs RM0.023 in 2Q 2024) Second quarter 2025 results: EPS: RM0.003 (down from RM0.023 in 2Q 2024). Revenue: RM6.78m (down 6.4% from 2Q 2024). Net income: RM625.0k (down 89% from 2Q 2024). Profit margin: 9.2% (down from 79% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.46, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 10x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RM1.25, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 10x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.18, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 10x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Sep 11
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 18 September 2024. Payment date: 10 October 2024. Trailing yield: 3.9%. Lower than top quartile of Malaysian dividend payers (4.7%). Lower than average of industry peers (7.5%). New Risk • Sep 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (RM255.0m market cap, or US$58.9m). New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risk Market cap is less than US$100m (RM255.0m market cap, or US$59.0m). Reported Earnings • Aug 05
Full year 2024 earnings released: EPS: RM0.097 (vs RM0.096 in FY 2023) Full year 2024 results: EPS: RM0.097 (up from RM0.096 in FY 2023). Revenue: RM28.5m (down 1.5% from FY 2023). Net income: RM24.3m (up 1.6% from FY 2023). Profit margin: 85% (up from 83% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 31
FCW Holdings Berhad, Annual General Meeting, Sep 06, 2024 FCW Holdings Berhad, Annual General Meeting, Sep 06, 2024, at 11:00 Singapore Standard Time. Location: conference room, 29th floor, menara jkg, no. 282, jalan raja laut, 50350 kuala lumpur Malaysia Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: RM0.097 (vs RM0.11 in FY 2023) Full year 2024 results: EPS: RM0.097 (down from RM0.11 in FY 2023). Revenue: RM28.5m (down 1.2% from FY 2023). Net income: RM24.3m (down 11% from FY 2023). Profit margin: 85% (down from 95% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 28
Third quarter 2024 earnings released: EPS: RM0.029 (vs RM0.028 in 3Q 2023) Third quarter 2024 results: EPS: RM0.029 (up from RM0.028 in 3Q 2023). Net income: RM7.14m (up 3.7% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Jan 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Executive Director Ker-Wei Teo was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 29
Second quarter 2024 earnings released: EPS: RM0.023 (vs RM0.019 in 2Q 2023) Second quarter 2024 results: EPS: RM0.023 (up from RM0.019 in 2Q 2023). Net income: RM5.68m (up 22% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Oct 12
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 7.2% 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: Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (RM257.5m market cap, or US$54.7m). Reported Earnings • Jul 31
Full year 2023 earnings released: EPS: RM0.11 (vs RM0.086 in FY 2022) Full year 2023 results: EPS: RM0.11 (up from RM0.086 in FY 2022). Revenue: RM28.8m (up 1.2% from FY 2022). Net income: RM27.4m (up 28% from FY 2022). Profit margin: 95% (up from 75% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 29
FCW Holdings Berhad, Annual General Meeting, Sep 01, 2023 FCW Holdings Berhad, Annual General Meeting, Sep 01, 2023, at 11:00 Singapore Standard Time. Location: 29th Floor, Menara JKG, No. 282, Jalan Raja Laut, 50350 Kuala Lumpur Malaysia Agenda: To receive the Audited Financial Statements of the Group and the Company for the 9-month financial period ended 31 March 2023 together with the Reports of the Directors and Auditors thereon; to re-elect the Directors retiring pursuant to Article 98 of the Company's Constitution; to re-elect Ms Lim Lai Sam, the Director retiring pursuant to Article 105 of the Company's Constitution; to re-appoint Messrs Baker Tilly Monteiro Heng PLT as Auditors of the Company and to authorize the Directors to fix their remuneration; to approve the payment of Directors' fees in respect of the 9-month financial period ended 31 March 2023; and to discuss other matters. Reported Earnings • Jun 02
Third quarter 2023 earnings released: EPS: RM0.036 (vs RM0.029 in 3Q 2022) Third quarter 2023 results: EPS: RM0.036 (up from RM0.029 in 3Q 2022). Revenue: RM7.14m (down 6.8% from 3Q 2022). Net income: RM9.00m (up 25% from 3Q 2022). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Mar 02
Second quarter 2023 earnings released: EPS: RM0.028 (vs RM0.01 in 2Q 2022) Second quarter 2023 results: EPS: RM0.028 (up from RM0.01 in 2Q 2022). Revenue: RM6.68m (down 19% from 2Q 2022). Net income: RM6.88m (up 180% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to RM1.25, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 9x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 108% over the past three years. Announcement • Jan 04
FCW Holdings Berhad Announces Redesignation of Dato' Thor Poh Seng as Executive Director FCW Holdings Berhad announced the Redesignation of DATO' THOR POH SENG as Executive Director, age 62, Previous Position Non Executive Director, Directorate Executive, Date of change 01 January 2023. Reported Earnings • Dec 03
First quarter 2023 earnings released: EPS: RM0.019 (vs RM0.044 in 1Q 2022) First quarter 2023 results: EPS: RM0.019 (down from RM0.044 in 1Q 2022). Revenue: RM7.80m (up 37% from 1Q 2022). Net income: RM4.67m (down 58% from 1Q 2022). Profit margin: 60% (down from 195% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Executive Director Ker-Wei Teo was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Full year 2022 earnings released: EPS: RM0.096 (vs RM0.066 in FY 2021) Full year 2022 results: EPS: RM0.096 (up from RM0.066 in FY 2021). Revenue: RM28.9m (up 11% from FY 2021). Net income: RM24.1m (up 47% from FY 2021). Profit margin: 84% (up from 63% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Full year 2022 earnings released: EPS: RM0.096 (vs RM0.066 in FY 2021) Full year 2022 results: EPS: RM0.096 (up from RM0.066 in FY 2021). Revenue: RM28.9m (up 11% from FY 2021). Net income: RM24.1m (up 47% from FY 2021). Profit margin: 84% (up from 63% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Jun 01
Third quarter 2022 earnings released: EPS: RM0.029 (vs RM0.023 in 3Q 2021) Third quarter 2022 results: EPS: RM0.029 (up from RM0.023 in 3Q 2021). Revenue: RM7.66m (up 9.0% from 3Q 2021). Net income: RM7.21m (up 24% from 3Q 2021). Profit margin: 94% (up from 83% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • Apr 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Executive Director Ker-Wei Teo was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
FCW Holdings Berhad Announces Appointment of Tuan Haji Azizzuddin Bin Haji Hussein as Independent and Non Executive Member of Remuneration Committee FCW Holdings Berhad announced appointment of Tuan Haji Azizzuddin Bin Haji Hussein as Independent and Non Executive Member of Remuneration Committee. Date of change is April 1, 2022. Reported Earnings • Mar 02
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: RM0.01 (down from RM0.022 in 2Q 2021). Revenue: RM8.23m (up 23% from 2Q 2021). Net income: RM2.45m (down 54% from 2Q 2021). Profit margin: 30% (down from 80% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 04
Full year 2021 earnings released: EPS RM0.066 (vs RM0.089 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: RM26.1m (up 23% from FY 2020). Net income: RM16.4m (down 26% from FY 2020). Profit margin: 63% (down from 106% in FY 2020). The decrease in margin was primarily driven by lower expenses. 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS RM0.066 (vs RM0.09 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: RM26.1m (up 23% from FY 2020). Net income: RM16.4m (down 27% from FY 2020). Profit margin: 63% (down from 106% in FY 2020). The decrease in margin was primarily driven by lower expenses. 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 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 27% share price gain to RM1.32, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 9x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 29
Third quarter 2021 earnings released: EPS RM0.023 (vs RM0.032 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: RM7.03m (up 28% from 3Q 2020). Net income: RM5.83m (down 26% from 3Q 2020). Profit margin: 83% (down from 144% in 3Q 2020). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 26% share price gain to RM1.31, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 10x in the Retail Distributors industry in Malaysia. Total returns to shareholders of 72% over the past three years. Reported Earnings • Feb 27
Second quarter 2021 earnings released: EPS RM0.022 (vs RM0.025 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: RM6.70m (up 40% from 2Q 2020). Net income: RM5.38m (down 13% from 2Q 2020). Profit margin: 80% (down from 130% in 2Q 2020). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 24
New 90-day high: RM1.02 The company is up 28% from its price of RM0.80 on 25 September 2020. The Malaysian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 20% share price gain to RM1.01, the stock is trading at a trailing P/E ratio of 13.5x, up from the previous P/E ratio of 11.2x. This compares to an average P/E of 10x in the Retail Distributors industry in Malaysia. Total returns to shareholders over the past three years are 31%. Is New 90 Day High Low • Dec 08
New 90-day high: RM0.99 The company is up 71% from its price of RM0.58 on 08 September 2020. The Malaysian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 9.0% over the same period. Reported Earnings • Nov 27
First quarter 2021 earnings released: EPS RM0.018 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: RM5.45m (down 15% from 1Q 2020). Net income: RM4.53m (down 30% from 1Q 2020). Profit margin: 83% (down from 102% in 1Q 2020). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 23
New 90-day high: RM0.97 The company is up 73% from its price of RM0.56 on 23 July 2020. The Malaysian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: RM0.90 The company is up 64% from its price of RM0.55 on 30 June 2020. The Malaysian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 10.0% over the same period. 
