New Risk • Jun 26
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 8.3% 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 Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM2.43, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 18x in the Machinery industry in Malaysia. Total returns to shareholders of 36% over the past three years. Board Change • Jun 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 2 highly experienced directors. Executive Chairman Li Hui Ta Lee is the most experienced director on the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 21
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Malaysian dividend payers (5.5%). Lower than average of industry peers (2.5%). Reported Earnings • May 09
First quarter 2026 earnings released: EPS: RM0.014 (vs RM0.013 in 1Q 2025) First quarter 2026 results: EPS: RM0.014 (up from RM0.013 in 1Q 2025). Revenue: RM76.3m (up 14% from 1Q 2025). Net income: RM7.63m (up 9.4% from 1Q 2025). Profit margin: 10.0% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM1.56, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 15x in the Machinery industry in Malaysia. Total loss to shareholders of 22% over the past three years. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: RM0.053 (vs RM0.042 in FY 2024) Full year 2025 results: EPS: RM0.053 (up from RM0.042 in FY 2024). Revenue: RM277.0m (up 6.7% from FY 2024). Net income: RM28.1m (up 24% from FY 2024). Profit margin: 10% (up from 8.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 28
Final dividend of RM0.02 announced Shareholders will receive a dividend of RM0.02. Ex-date: 28th May 2026 Payment date: 15th June 2026 Dividend yield will be 2.7%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 12% EPS decline seen over the last 5 years. Announcement • Mar 26
Dufu Technology Corp. Berhad, Annual General Meeting, May 07, 2026 Dufu Technology Corp. Berhad, Annual General Meeting, May 07, 2026, at 10:00 Singapore Standard Time. Location: jadeite room, level 4, amari spice, no. 2 persiaran mahsuri, Malaysia New Risk • Mar 10
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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to RM1.42, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 15x in the Machinery industry in Malaysia. Total loss to shareholders of 30% over the past three years. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RM0.053 (vs RM0.042 in FY 2024) Full year 2025 results: EPS: RM0.053 (up from RM0.042 in FY 2024). Revenue: RM277.0m (up 6.7% from FY 2024). Net income: RM28.1m (up 24% from FY 2024). Profit margin: 10% (up from 8.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 04
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 32.1x. Average trailing P/E is 17x in the Machinery industry in Malaysia. Total returns to shareholders of 31% over the past three years. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: RM0.02 (vs RM0.006 loss in 3Q 2024) Third quarter 2025 results: EPS: RM0.02 (up from RM0.006 loss in 3Q 2024). Revenue: RM71.4m (up 8.3% from 3Q 2024). Net income: RM10.5m (up RM13.7m from 3Q 2024). Profit margin: 15% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.75, the stock trades at a trailing P/E ratio of 47.9x. Average trailing P/E is 19x in the Machinery industry in Malaysia. Total loss to shareholders of 25% over the past three years. New Risk • Sep 22
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 7.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 94% Earnings have declined by 23% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RM1.39, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 19x in the Machinery industry in Malaysia. Total loss to shareholders of 45% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 19 September 2025. Payout ratio and cash payout ratio are on the higher end at 96% and 94% respectively. Trailing yield: 3.2%. Lower than top quartile of Malaysian dividend payers (5.6%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: RM0.005 (vs RM0.016 in 2Q 2024) Second quarter 2025 results: EPS: RM0.005 (down from RM0.016 in 2Q 2024). Revenue: RM68.2m (up 5.0% from 2Q 2024). Net income: RM2.80m (down 67% from 2Q 2024). Profit margin: 4.1% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 22
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 74% and the cash payout ratio is 98%. Trailing yield: 2.8%. Lower than top quartile of Malaysian dividend payers (5.5%). In line with average of industry peers (2.6%). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RM1.36, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 18x in the Machinery industry in Malaysia. Total loss to shareholders of 39% over the past three years. Announcement • May 08
Dufu Technology Corp. Berhad Declares A Single Tier Final Dividend for the Year Ended 31 December 2024 Dufu Technology Corp. Berhad at its AGM held on May 6, 2025, declared a single tier final dividend of 2 sen per share for the year ended 31 December 2024. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: RM0.013 (vs RM0.008 in 1Q 2024) First quarter 2025 results: EPS: RM0.013 (up from RM0.008 in 1Q 2024). Revenue: RM66.9m (up 16% from 1Q 2024). Net income: RM6.97m (up 57% from 1Q 2024). Profit margin: 10% (up from 7.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM1.14, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 19x in the Machinery industry in Malaysia. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RM1.09, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 17x in the Machinery industry in Malaysia. Total loss to shareholders of 54% over the past three years. Declared Dividend • Mar 26
Final dividend of RM0.02 announced Shareholders will receive a dividend of RM0.02. Ex-date: 29th May 2025 Payment date: 13th June 2025 Dividend yield will be 3.1%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 8.4% to shift the payout ratio to a potentially unsustainable range, which is less than the 14% EPS decline seen over the last 5 years. Announcement • Mar 24
Dufu Technology Corp. Berhad, Annual General Meeting, May 06, 2025 Dufu Technology Corp. Berhad, Annual General Meeting, May 06, 2025, at 09:00 Singapore Standard Time. Location: function room 7, at spice convention centre, spice, no. 108, jalan tun dr. awang, 11900 penang, Malaysia Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: RM0.042 (vs RM0.046 in FY 2023) Full year 2024 results: EPS: RM0.042 (down from RM0.046 in FY 2023). Revenue: RM259.6m (up 14% from FY 2023). Net income: RM22.6m (down 7.3% from FY 2023). Profit margin: 8.7% (down from 11% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
Dufu Technology Corp. Berhad Proposes A Single Tier Final Dividend for the Year Ended December 31, 2024 Dufu Technology Corp. Berhad has on February 26, 2025 proposed a Single Tier Final Dividend of 2 Sen per share for the year ended December 31, 2024 to be approved by the shareholders at the forthcoming 23rd Annual General Meeting of the Company. However, the entitlement date and date of payment of the dividend have yet to be finalized at the moment. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to RM1.36, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 18x in the Machinery industry in Malaysia. Total loss to shareholders of 48% over the past three years. Reported Earnings • Oct 30
Third quarter 2024 earnings released: RM0.006 loss per share (vs RM0.006 profit in 3Q 2023) Third quarter 2024 results: RM0.006 loss per share (down from RM0.006 profit in 3Q 2023). Revenue: RM65.9m (up 19% from 3Q 2023). Net loss: RM3.20m (down 195% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Oct 09
Dufu Technology Corp. Berhad Announces Changes in the Composition of Respective Committees The Board of Directors of Dufu Technology Corp. Berhad announced ALL the changes in the composition of respective Committee of the Company with effect from 8 October 2024 as follows:
Ng Phaik Lee and Tsai, Kun-Chang appointed as member of Risk Management and Sustainability Committee and Investment Committee; retirement of Sung, Cheng-Hsi as member of Risk Management and Sustainability Committee. The new composition of respective Committee after the aforesaid changes are: Audit Committee: Chairman: Joyce Wong Ai May; Member: Yin, Chih-Chu also known as Laurence Yin; Tsai, Kun-Chang; Ng Phaik Lee. Nominating Committee: Member: Joyce Wong Ai May; Yin, Chih-Chu also known as Laurence Yin; Tsai, Kun-Chang; Ng Phaik Lee; Remuneration Committee: Member: Joyce Wong Ai May; Yin, Chih-Chu also known as Laurence Yin; Tsai, Kun-Chang; Ng Phaik Lee; Risk Management and Sustainability Committee: Chairman: Joyce Wong Ai May; Member: Yin, Chih-Chu also known as Laurence Yin; Tsai, Kun-Chang; Ng Phaik Lee; Teoh Chiew Hong; David Khoo Chong Beng; Investment Committee: Chairman: Yin, Chih-Chu also known as Laurence Yin; Member: Joyce Wong Ai May; Tsai, Kun-Chang; Ng Phaik Lee. Upcoming Dividend • Aug 22
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 20 September 2024. Payout ratio and cash payout ratio are on the higher end at 81% and 92% respectively. Trailing yield: 1.7%. Lower than top quartile of Malaysian dividend payers (4.7%). Higher than average of industry peers (1.5%). New Risk • Aug 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 92% Dividend yield: 1.8% 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 Earnings have declined by 7.9% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (92% cash payout ratio). Declared Dividend • Aug 02
First half dividend of RM0.015 announced Shareholders will receive a dividend of RM0.015. Ex-date: 29th August 2024 Payment date: 20th September 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 32% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 10% to shift the payout ratio to a potentially unsustainable range, which is less than the 15% EPS decline seen over the last 5 years. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: RM0.016 (vs RM0.006 in 2Q 2023) Second quarter 2024 results: EPS: RM0.016 (up from RM0.006 in 2Q 2023). Revenue: RM65.0m (up 36% from 2Q 2023). Net income: RM8.42m (up 154% from 2Q 2023). Profit margin: 13% (up from 7.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 22
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 14 June 2024. The company is paying out more than 100% of its profits and is paying out 99% of its cash flow. Trailing yield: 1.5%. Lower than top quartile of Malaysian dividend payers (4.3%). In line with average of industry peers (1.4%). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: RM0.008 (vs RM0.021 in 1Q 2023) First quarter 2024 results: EPS: RM0.008 (down from RM0.021 in 1Q 2023). Revenue: RM57.9m (down 22% from 1Q 2023). Net income: RM4.43m (down 59% from 1Q 2023). Profit margin: 7.6% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. 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 RM2.22, the stock trades at a trailing P/E ratio of 48.4x. Average trailing P/E is 20x in the Machinery industry in Malaysia. Total loss to shareholders of 42% over the past three years. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: RM0.046 (vs RM0.13 in FY 2022) Full year 2023 results: EPS: RM0.046 (down from RM0.13 in FY 2022). Revenue: RM227.8m (down 25% from FY 2022). Net income: RM24.3m (down 64% from FY 2022). Profit margin: 11% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 23% per year. Declared Dividend • Mar 27
Final dividend of RM0.02 announced Shareholders will receive a dividend of RM0.02. Ex-date: 29th May 2024 Payment date: 14th June 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 32% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 15% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Announcement • Mar 26
Dufu Technology Corp. Berhad, Annual General Meeting, May 08, 2024 Dufu Technology Corp. Berhad, Annual General Meeting, May 08, 2024, at 09:00 Singapore Standard Time. Location: Jadeite Room, Level 5 at Amari SPICE, No. 2 Persiaran Mahsuri, 11900 Penang Malaysia Agenda: To receive the Audited Financial Statements of the Company for the year ended 31 December 2023 together with the Reports of the Directors and of the Auditors thereon; to declare a Single Tier Final Dividend of 2 sen per share for the year ended 31 December 2023; to approve the Directors Fee of up to MYR 299,000 for the period from 1 June 2024 until the next Annual General Meeting of the Company and payment of such fee to the Directors; and to consider other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: RM0.046 (vs RM0.13 in FY 2022) Full year 2023 results: EPS: RM0.046 (down from RM0.13 in FY 2022). Revenue: RM227.8m (down 27% from FY 2022). Net income: RM24.3m (down 64% from FY 2022). Profit margin: 11% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: RM0.006 (vs RM0.031 in 3Q 2022) Third quarter 2023 results: EPS: RM0.006 (down from RM0.031 in 3Q 2022). Revenue: RM55.2m (down 26% from 3Q 2022). Net income: RM3.38m (down 79% from 3Q 2022). Profit margin: 6.1% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Sep 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be RM2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Aug 22
Upcoming dividend of RM0.015 per share at 2.9% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 22 September 2023. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Malaysian dividend payers (5.2%). Higher than average of industry peers (2.6%). New Risk • Aug 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 106% Dividend yield: 3.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 106% Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: RM0.006 (vs RM0.055 in 2Q 2022) Second quarter 2023 results: EPS: RM0.006 (down from RM0.055 in 2Q 2022). Revenue: RM47.7m (down 48% from 2Q 2022). Net income: RM3.32m (down 89% from 2Q 2022). Profit margin: 7.0% (down from 32% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 22
Upcoming dividend of RM0.04 per share at 3.4% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Malaysian dividend payers (5.2%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: RM0.13 (vs RM0.14 in FY 2021) Full year 2022 results: EPS: RM0.13 (down from RM0.14 in FY 2021). Revenue: RM304.0m (down 15% from FY 2021). Net income: RM67.0m (down 9.1% from FY 2021). Profit margin: 22% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: RM0.13 (vs RM0.14 in FY 2021) Full year 2022 results: EPS: RM0.13 (down from RM0.14 in FY 2021). Revenue: RM304.0m (down 15% from FY 2021). Net income: RM67.0m (down 9.1% from FY 2021). Profit margin: 22% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RM2.27, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Machinery industry in Malaysia. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 17% share price gain to RM2.04, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Machinery industry in Malaysia. Total returns to shareholders of 35% over the past three years. 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. 4 experienced directors. 2 highly experienced directors. Independent Non Executive Director Yoke Lee was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 32% share price decline to RM1.63, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Machinery industry in Malaysia. Total returns to shareholders of 18% over the past three years. 
