New Risk • Jul 20
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 8.2% 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 (8.2% average weekly change). Profit margins are more than 30% lower than last year (4.6% net profit margin). Market cap is less than US$100m (RM157.8m market cap, or US$38.6m). Reported Earnings • May 24
First quarter 2026 earnings released: EPS: RM0 (vs RM0.001 in 1Q 2025) First quarter 2026 results: EPS: RM0 (down from RM0.001 in 1Q 2025). Revenue: RM6.25m (down 23% from 1Q 2025). Net income: RM384.0k (down 65% from 1Q 2025). Profit margin: 6.1% (down from 13% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Apr 29
AppAsia Berhad, Annual General Meeting, Jun 08, 2026 AppAsia Berhad, Annual General Meeting, Jun 08, 2026, at 14:30 Singapore Standard Time. Location: gallery 1, level 1, concorde hotel kuala lumpur, no. 2, jalan sultan ismail, 50250 kuala lumpur, w.p. kuala lumpur, Malaysia Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RM0.002 (vs RM0.002 in FY 2024) Full year 2025 results: EPS: RM0.002 (in line with FY 2024). Revenue: RM30.8m (up 1.4% from FY 2024). Net income: RM2.04m (down 28% from FY 2024). Profit margin: 6.6% (down from 9.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: RM0.001 (vs RM0.001 in 3Q 2024) Third quarter 2025 results: EPS: RM0.001 (in line with 3Q 2024). Revenue: RM7.85m (down 4.4% from 3Q 2024). Net income: RM1.24m (up 68% from 3Q 2024). Profit margin: 16% (up from 8.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: RM0 (vs RM0.001 in 2Q 2024) Second quarter 2025 results: EPS: RM0. Revenue: RM7.63m (up 1.1% from 2Q 2024). Net income: RM601.0k (flat on 2Q 2024). Profit margin: 7.9% (in line with 2Q 2024). Reported Earnings • May 30
First quarter 2025 earnings released: EPS: RM0.001 (vs RM0.001 in 1Q 2024) First quarter 2025 results: EPS: RM0.001 (in line with 1Q 2024). Revenue: RM8.15m (up 11% from 1Q 2024). Net income: RM1.10m (up 4.7% from 1Q 2024). Profit margin: 13% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Annonce • Apr 29
AppAsia Berhad, Annual General Meeting, Jun 19, 2025 AppAsia Berhad, Annual General Meeting, Jun 19, 2025, at 12:00 Singapore Standard Time. Location: gallery 2, level 1concorde hotel kuala lumpur, no. 2, jalan sultan ismail, 50250 kuala lumpur, Malaysia Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: RM0.002 (vs RM0.002 in FY 2023) Full year 2024 results: EPS: RM0.002 (in line with FY 2023). Revenue: RM30.3m (up 33% from FY 2023). Net income: RM2.86m (up 47% from FY 2023). Profit margin: 9.4% (up from 8.5% in FY 2023). The increase in margin was driven by higher revenue. 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 5% per year, which means it is significantly lagging earnings growth. New Risk • Feb 28
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 7.9% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (RM143.9m market cap, or US$32.2m). Annonce • Dec 21
AppAsia Berhad Appoints Tan Chiau Wei as Independent and Non Executive Director AppAsia Berhad appointed TAN CHIAU WEI as Independent and Non Executive Director. Age is 40. Date of change is 20 December 2024. Working experience and occupation Mr. Tan Chiau Wei is a seasoned leader in business management, marketing, with extensive experience in sales and executive roles across multiple industries. With a solid educational background and a proven track record of driving business growth and marketing strategies, Mr. Tan Chiau Wei has excelled in leadership positions. Mr. Tan Chiau Wei is currently serving as the Chief Executive Officer of Eostre Sdn. Bhd., driving the organisation forward through innovation, strategic thinking, and a passion for building sustainable buisness models. Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: RM0.001 (vs RM0 in 3Q 2023) Third quarter 2024 results: EPS: RM0.001 (up from RM0 in 3Q 2023). Revenue: RM8.22m (up 14% from 3Q 2023). Net income: RM735.0k (up 41% from 3Q 2023). Profit margin: 8.9% (up from 7.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: RM0.001 (vs RM0.001 in 2Q 2023) Second quarter 2024 results: EPS: RM0.001 (in line with 2Q 2023). Revenue: RM7.54m (up 60% from 2Q 2023). Net income: RM599.0k (down 24% from 2Q 2023). Profit margin: 7.9% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 27
First quarter 2024 earnings released: EPS: RM0.001 (vs RM0.001 in 1Q 2023) First quarter 2024 results: EPS: RM0.001 (in line with 1Q 2023). Revenue: RM7.37m (up 50% from 1Q 2023). Net income: RM1.05m (up 64% from 1Q 2023). Profit margin: 14% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Annonce • May 01
AppAsia Berhad, Annual General Meeting, Jun 13, 2024 AppAsia Berhad, Annual General Meeting, Jun 13, 2024, at 10:00 Singapore Standard Time. Location: Gallery 2, Level 1, Concorde Hotel Kuala Lumpur, No. 2, Jalan Sultan Ismail Kuala Lumpur Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 31 December 2023 together with Reports of the Directors' and the Auditors' thereon; to re-elect Datuk Seri Rahadian Mahmud bin Mohammad Khalil as Director in accordance with Clause 105(1) of the Constitution of the Company; to approve the payment of Directors' fees and benefits payable to the Non-Executive Directors of the Company and its subsidiaries up to an aggregate amount of MYR 350,000.00 per annum until the next Annual General Meeting of the Company; and to consider other matters. New Risk • Apr 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Revenue is less than US$5m (RM23m revenue, or US$4.8m). Market cap is less than US$100m (RM93.3m market cap, or US$19.5m). Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: RM0.002 (vs RM0.001 in FY 2022) Full year 2023 results: EPS: RM0.002 (up from RM0.001 in FY 2022). Revenue: RM22.8m (down 62% from FY 2022). Net income: RM1.94m (up 220% from FY 2022). Profit margin: 8.5% (up from 1.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: RM0.001 (vs RM0 in 3Q 2022) Third quarter 2023 results: EPS: RM0.001 (up from RM0 in 3Q 2022). Revenue: RM7.22m (up 18% from 3Q 2022). Net income: RM520.0k (up 249% from 3Q 2022). Profit margin: 7.2% (up from 2.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Nov 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (RM23m revenue, or US$5.0m). Market cap is less than US$100m (RM97.9m market cap, or US$21.0m). Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: RM0.001 (vs RM0 in 2Q 2022) Second quarter 2023 results: EPS: RM0.001 (up from RM0 in 2Q 2022). Revenue: RM4.70m (down 75% from 2Q 2022). Net income: RM783.0k (up 347% from 2Q 2022). Profit margin: 17% (up from 0.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • May 23
First quarter 2023 earnings released: EPS: RM0.001 (vs RM0 in 1Q 2022) First quarter 2023 results: EPS: RM0.001 (up from RM0 in 1Q 2022). Revenue: RM4.92m (down 83% from 1Q 2022). Net income: RM639.0k (up 142% from 1Q 2022). Profit margin: 13% (up from 0.9% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: RM0.001 (vs RM0 in FY 2021) Full year 2022 results: EPS: RM0.001 (up from RM0 in FY 2021). Revenue: RM59.9m (down 7.1% from FY 2021). Net income: RM606.0k (up RM926.3k from FY 2021). Profit margin: 1.0% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 22
Third quarter 2022 earnings released: EPS: RM0 (vs RM0.001 loss in 3Q 2021) Third quarter 2022 results: EPS: RM0 (improved from RM0.001 loss in 3Q 2021). Revenue: RM6.10m (down 30% from 3Q 2021). Net income: RM149.0k (up RM773.0k from 3Q 2021). Profit margin: 2.4% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: RM0 (vs RM0 in 2Q 2021) Second quarter 2022 results: EPS: RM0 (vs RM0 in 2Q 2021). Revenue: RM19.0m (flat on 2Q 2021). Net income: RM175.0k (up RM527.0k from 2Q 2021). Profit margin: 0.9% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 31
High number of new directors Independent & Non Executive Director Siew Yeong was the last director to join the board, commencing their role in 2022. Board Change • Jun 09
Less than half of directors are independent 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. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent & Non Executive Director Chee Tiew was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: RM0 (vs RM0 in 1Q 2021) First quarter 2022 results: EPS: RM0 (vs RM0 in 1Q 2021). Revenue: RM28.6m (up 146% from 1Q 2021). Net income: RM264.0k (up 42% from 1Q 2021). Profit margin: 0.9% (down from 1.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annonce • May 02
AppAsia Berhad, Annual General Meeting, Jun 03, 2022 AppAsia Berhad, Annual General Meeting, Jun 03, 2022, at 11:00 China Standard Time. Agenda: To consider proposed renewal of shareholder's mandate; and to consider other matters. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0 (down from RM0.001 in FY 2020). Revenue: RM64.5m (down 13% from FY 2020). Net loss: RM320.0k (down 147% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 47% per year. Reported Earnings • Aug 22
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: RM18.8m (down 7.0% from 2Q 2020). Net loss: RM352.0k (down RM371.0k from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Executive Departure • Aug 07
Independent Non Executive Director Kim Low has left the company On the 5th of August, Kim Low's tenure as Independent Non Executive Director ended after 7.2 years in the role. We don't have any record of a personal shareholding under Kim's name. Kim is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS RM0.002 (vs RM0.001 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: RM74.3m (down 19% from FY 2019). Net income: RM679.0k (up RM940.8k from FY 2019). Profit margin: 0.9% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 01
New 90-day low: RM0.63 The company is down 5.0% from its price of RM0.66 on 01 December 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: RM0.74 The company is up 20% from its price of RM0.61 on 30 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 Software industry, which is up 13% over the same period.