Upcoming Dividend • Jun 05
Upcoming dividend of RM0.025 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 25 June 2026. The company last paid an ordinary dividend in July 2015. The average dividend yield among industry peers is 2.8%. Reported Earnings • May 22
First quarter 2026 earnings released: EPS: RM0.25 (vs RM0.045 in 1Q 2025) First quarter 2026 results: EPS: RM0.25 (up from RM0.045 in 1Q 2025). Revenue: RM504.8m (up 1.1% from 1Q 2025). Net income: RM502.0m (up 464% from 1Q 2025). Profit margin: 99% (up from 18% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 23% per year. Announcement • Apr 29
IGB Berhad, Annual General Meeting, Jun 08, 2026 IGB Berhad, Annual General Meeting, Jun 08, 2026, at 09:30 Singapore Standard Time. Location: the gardens ballroom, level 5, st. giles mid valley kuala lumpur, mid valley city, lingkaran syed putra, 59200 kuala lumpur, Malaysia New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% 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 0.4% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (0% payout ratio). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: RM0.27 (vs RM0.31 in FY 2024) Full year 2025 results: EPS: RM0.27 (down from RM0.31 in FY 2024). Revenue: RM1.91b (up 14% from FY 2024). Net income: RM361.0m (down 13% from FY 2024). Profit margin: 19% (down from 25% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.0% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 23
IGB Berhad Announces Resignation of Elizabeth Tan Hui Ning as Executive Alternate Director, Effective January 23, 2026 IGB Berhad announced the resignation of Miss Elizabeth Tan Hui Ning, age 42, a Malaysian female who served as Executive Alternate Director. The resignation is effective January 23, 2026, and is due to health issues. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RM3.66, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Diversified Financial industry in Asia. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM3.76 per share. Buy Or Sell Opportunity • Dec 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to RM2.99. The fair value is estimated to be RM3.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to decline by 3.8% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: RM0.073 (vs RM0.055 in 3Q 2024) Third quarter 2025 results: EPS: RM0.073 (up from RM0.055 in 3Q 2024). Revenue: RM460.3m (up 9.8% from 3Q 2024). Net income: RM97.5m (up 32% from 3Q 2024). Profit margin: 21% (up from 18% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 8.9%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 02
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. 5 experienced directors. 3 highly experienced directors. Group CEO & Executive Director Boon Lee Tan was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: RM0.057 (vs RM0.056 in 2Q 2024) Second quarter 2025 results: EPS: RM0.057 (up from RM0.056 in 2Q 2024). Revenue: RM452.4m (up 14% from 2Q 2024). Net income: RM75.3m (flat on 2Q 2024). Profit margin: 17% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 26
IGB Berhad Appoints Tan Lay Ling as Joint Secretary, Effective 26 August 2025 IGB Berhad announced the appointment of Tan Lay Ling as Joint Secretary. Date Of Change is 26 August 2025. New Risk • May 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 27% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Buy Or Sell Opportunity • May 13
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at RM2.77. The fair value is estimated to be RM2.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to decline by 2.5% per annum. Earnings are also forecast to decline by 4.2% per annum over the same time period. Reported Earnings • May 04
Full year 2024 earnings released: EPS: RM0.31 (vs RM0.23 in FY 2023) Full year 2024 results: EPS: RM0.31 (up from RM0.23 in FY 2023). Revenue: RM1.67b (up 4.6% from FY 2023). Net income: RM416.2m (up 33% from FY 2023). Profit margin: 25% (up from 20% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Apr 25
IGB Berhad, Annual General Meeting, May 27, 2025 IGB Berhad, Annual General Meeting, May 27, 2025, at 14:30 Singapore Standard Time. Location: bintang ballroom, level 5, cititel mid valley city, lingkaran syed putra, 59200 kuala lumpur Malaysia New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.2% 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 Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Mar 10
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at RM2.75. The fair value is estimated to be RM2.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 28%. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: RM0.31 (vs RM0.23 in FY 2023) Full year 2024 results: EPS: RM0.31 (up from RM0.23 in FY 2023). Revenue: RM1.67b (up 4.6% from FY 2023). Net income: RM416.2m (up 33% from FY 2023). Profit margin: 25% (up from 20% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Declared Dividend • Dec 02
Dividend of RM0.12 announced Shareholders will receive a dividend of RM0.12. Ex-date: 12th December 2024 Payment date: 20th December 2024 Dividend yield will be 4.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 28% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 22% over the next 2 years. However, it would need to fall by 75% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 30
Third quarter 2024 earnings released: EPS: RM0.055 (vs RM0.043 in 3Q 2023) Third quarter 2024 results: EPS: RM0.055 (up from RM0.043 in 3Q 2023). Revenue: RM419.3m (up 6.1% from 3Q 2023). Net income: RM73.7m (up 27% from 3Q 2023). Profit margin: 18% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: RM0.056 (vs RM0.083 in 2Q 2023) Second quarter 2024 results: EPS: RM0.056 (down from RM0.083 in 2Q 2023). Revenue: RM396.8m (up 3.8% from 2Q 2023). Net income: RM75.2m (down 33% from 2Q 2023). Profit margin: 19% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 6.0%. 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 29% per year, which means it is significantly lagging earnings growth. New Risk • Jun 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% 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 12% per year for the foreseeable future. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: RM0.14 (vs RM0.041 in 1Q 2023) First quarter 2024 results: EPS: RM0.14 (up from RM0.041 in 1Q 2023). Revenue: RM416.5m (up 5.1% from 1Q 2023). Net income: RM185.3m (up 231% from 1Q 2023). Profit margin: 45% (up from 14% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Asia are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 01
IGB Berhad Announces Retirement of Chai Lai Sim as the Group Chief Financial Officer IGB Berhad announced Chai Lai Sim has retired as the Group Chief Financial Officer on 30 April 2024. Her Age is 63. Date of change is 30 April 2024. Announcement • Apr 30
IGB Berhad Appoints Chow Yeng Keet as Group Chief Financial Officer, Effective 01 May 2024 IGB Berhad appointed Mr. Chow Yeng Keet as Group Chief Financial Officer, at age of 51. Date of change is 01 May 2024. His Professional Qualification Accountancy Association of Chartered Certified Accountants as a Fellow member Professional Qualification Accountancy Malaysian Institute of Accountants as a member. Degree Bachelor of Economics. University of Malaya. Working experience and occupation Chow Yeng Keet was the Deputy Group Chief Financial Officer ("CFO") of IGB Berhad ("IGB") (1 January 2023 - 30 April 2024). Preceding that, he was Senior General Manager, Corporate Finance of IGB Corporation Berhad ("IGBC") (1 January 2017 - 31 December 2022). Chow Yeng Keet has also been appointed as CFO of IGB REIT Management Sdn Bhd ("IGBRM"), a wholly-owned subsidiary of IGB, managing IGB Real Estate Investment Trust ("REIT") and IGB Commercial REIT which are listed on the Main Market of Bursa, effective 1 May 2024. Prior to that, he was the Head of Investment of IGBRM (September 2012 - 30 April 2024). Chow Yeng Keet has working experience in corporate finance and advisory covering mergers and acquisitions, equity and debt fund raising, capital management and restructuring, valuations as well as take-over offers. He started his career in Corporate Finance with the then Sime Merchant Bankers Berhad in 1997. He was with Commerce International Merchant Bankers Berhad (now known as CIMB Investment Bank Berhad) prior to joining IGBC in 2004. Announcement • Apr 28
IGB Berhad, Annual General Meeting, May 28, 2024 IGB Berhad, Annual General Meeting, May 28, 2024, at 14:30 Singapore Standard Time. Agenda: To receive IGB's Financial Statements and Reports of the Directors and Auditor for the year ended 31 December 2023; to consider re-election of Tan Lei Cheng; to consider re-election of Dato' Dr. Zaha Rina binti Zahari; to consider retention of Lee Chaing Huat; to consider remuneration of Non-Executive Directors; to consider re-appointment of Auditor and determination of Auditor's remuneration; to consider directors' authority to issue and allot ordinary shares; to consider renewal of Share Buyback Mandate; and to consider renewal of Recurrent Related Party Transactions Mandate. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: RM0.23 (vs RM0.12 in FY 2022) Full year 2023 results: EPS: RM0.23 (up from RM0.12 in FY 2022). Revenue: RM1.60b (up 24% from FY 2022). Net income: RM311.9m (up 96% from FY 2022). Profit margin: 20% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 7.1% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 04
Upcoming dividend of RM0.07 per share at 4.3% yield Eligible shareholders must have bought the stock before 11 December 2023. Payment date: 21 December 2023. Payout ratio is a comfortable 9.2% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Malaysian dividend payers (5.1%). Higher than average of industry peers (2.4%). Announcement • Nov 29
IGB Berhad Announces Interim Dividend for the Financial Year End 31 December 2023, Payment Date 21 December 2023 IGB Berhad announced Interim dividend of 5 sen per ordinary share for the Financial Year End 31 December 2023. Ex-Date 11 December 2023. Entitlement date 12 December 2023, Payment Date 21 December 2023. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: RM0.043 (vs RM0.035 in 3Q 2022) Third quarter 2023 results: EPS: RM0.043 (up from RM0.035 in 3Q 2022). Revenue: RM395.1m (up 26% from 3Q 2022). Net income: RM58.0m (up 21% from 3Q 2022). Profit margin: 15% (in line with 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 8.2% decline forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Nov 29
IGB Berhad Announces Special Dividend for the Financial Year End 31 December 2023, Payable on December 21, 2023 IGB Berhad announced Special Single-Tier Dividend of 2.0 sen per ordinary share for the Financial Year End 31 December 2023. Ex-Date 11 December 2023. Entitlement date 12 December 2023, Payment Date 21 December 2023. Price Target Changed • Oct 15
Price target increased by 14% to RM2.00 Up from RM1.76, the current price target is provided by 1 analyst. New target price is 8.7% below last closing price of RM2.19. Stock is up 44% over the past year. The company posted earnings per share of RM0.12 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: RM0.083 (vs RM0.037 in 2Q 2022) Second quarter 2023 results: EPS: RM0.083 (up from RM0.037 in 2Q 2022). Revenue: RM382.2m (up 25% from 2Q 2022). Net income: RM112.0m (up 125% from 2Q 2022). Profit margin: 29% (up from 16% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 9.4% decline forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 5.0% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 5.0% 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. Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • May 30
First quarter 2023 earnings released: EPS: RM0.062 (vs RM0.047 in 1Q 2022) First quarter 2023 results: EPS: RM0.062 (up from RM0.047 in 1Q 2022). Revenue: RM396.1m (up 37% from 1Q 2022). Net income: RM56.1m (up 31% from 1Q 2022). Profit margin: 14% (in line with 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 7.7% decline forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: RM0.18 (vs RM0.18 in FY 2021) Full year 2022 results: EPS: RM0.18 (down from RM0.18 in FY 2021). Revenue: RM1.29b (up 39% from FY 2021). Net income: RM159.1m (down 1.7% from FY 2021). Profit margin: 12% (down from 17% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 9.3% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 05
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 12 December 2022. Payment date: 23 December 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Malaysian dividend payers (5.0%). Higher than average of industry peers (2.9%). Reported Earnings • Dec 03
Third quarter 2022 earnings released: EPS: RM0.053 (vs RM0.066 loss in 3Q 2021) Third quarter 2022 results: EPS: RM0.053 (up from RM0.066 loss in 3Q 2021). Revenue: RM313.9m (up 56% from 3Q 2021). Net income: RM47.8m (up RM106.5m from 3Q 2021). Profit margin: 15% (up from net loss in 3Q 2021). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: RM0.055 (vs RM0.006 loss in 2Q 2021) Second quarter 2022 results: EPS: RM0.055 (up from RM0.006 loss in 2Q 2021). Revenue: RM306.0m (up 58% from 2Q 2021). Net income: RM49.8m (up RM55.1m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 7.6%, compared to a 25% growth forecast for the Diversified Financial industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 35% 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. Reported Earnings • May 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: RM0.18 (up from RM0.011 in FY 2020). Revenue: RM930.1m (down 8.5% from FY 2020). Net income: RM161.8m (up RM152.6m from FY 2020). Profit margin: 17% (up from 0.9% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 338%. Over the next year, revenue is forecast to grow 23%, compared to a 9.2% growth forecast for the industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • May 02
IGB Berhad, Annual General Meeting, May 30, 2022 IGB Berhad, Annual General Meeting, May 30, 2022, at 14:30 Singapore Standard Time. Location: Bintang Ballroom, Level 5, Cititel Mid Valley Mid Valley City, Lingkaran Syed Putra Kuala Lampur Malaysia Agenda: To consider Proposed Renewal of Shareholder Mandate for the Company to Purchase its Own Shares; to consider Proposed New and Renewal of Shareholder Mandate for Recurrent Related Party Transactionsof a Revenue or Trading Nature; and to consider other matters. Upcoming Dividend • Mar 03
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 18 March 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of Malaysian dividend payers (4.5%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RM0.18 (up from RM0.011 in FY 2020). Revenue: RM930.1m (down 8.5% from FY 2020). Net income: RM161.8m (up RM152.6m from FY 2020). Profit margin: 17% (up from 0.9% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 23%, compared to a 15% growth forecast for the industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 02
Upcoming dividend of RM0.10 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 24 December 2021. Trailing yield: 5.1%. Within top quartile of Malaysian dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: RM0.066 loss per share (down from RM0.02 profit in 3Q 2020). Revenue: RM201.3m (down 28% from 3Q 2020). Net loss: RM58.7m (down 446% from profit in 3Q 2020). Revenue missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 19%, compared to a 20% growth forecast for the industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2021 earnings released: RM0.006 loss per share (vs RM0.018 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: RM193.7m (up 15% from 2Q 2020). Net loss: RM5.28m (loss narrowed 65% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Director Overboarding • Aug 27
Director Zaha Binti Zahari has joined 5th company board Independent & Non Executive Director Zaha Binti Zahari has been appointed to the board of Keck Seng (Malaysia) Berhad (KLSE:KSENG). Binti Zahari now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Reported Earnings • May 29
First quarter 2021 earnings released: RM0.009 loss per share (vs RM0.023 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: RM234.6m (down 20% from 1Q 2020). Net loss: RM7.96m (down 145% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% 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. Reported Earnings • Apr 16
Full year 2020 earnings released: EPS RM0.011 (vs RM0.30 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: RM1.02b (down 29% from FY 2019). Net income: RM9.25m (down 96% from FY 2019). Profit margin: 0.9% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 15
New 90-day high: RM2.67 The company is up 1.0% from a price of RM2.64 on 15 December 2020. Outperformed the Malaysian market which is flat over the last 90 days. Lagged the Diversified Financial industry, which is up 9.0% over the same period. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue misses expectations Revenue missed analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 19%, compared to a 24% growth forecast for the Diversified Financial industry in Malaysia. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS RM0.011 (vs RM0.31 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: RM1.02b (down 29% from FY 2019). Net income: RM9.25m (down 96% from FY 2019). Profit margin: 0.9% (down from 14% in FY 2019). The decrease in margin was driven by lower 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 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day low: RM2.50 The company is down 5.0% from its price of RM2.63 on 10 November 2020. The Malaysian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 7.0% over the same period. Announcement • Dec 09
IGB Berhad Announces Appointment of Tan Mei Sian as Alternate Director On 7 December 2020, IGB Berhad announced the appointment of Tan Mei Sian as alternate director to Tan Lei Cheng. Tan Mei Sian is the Head of Group Strategy & Risk and ExCo Chairman of the Commercial Division of IGB Berhad. She is an Executive Director and the Head of Strategy & Risk of IGB REIT Management Sdn Bhd ("IGB REIT Management"), the Manager of IGB Real Estate Investment Trust. From May 2016 to July 2018, she was Executive Director of Goldis Berhad, now renamed IGB Berhad. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS RM0.02 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: RM279.8m (down 23% from 3Q 2019). Net income: RM17.0m (down 74% from 3Q 2019). Profit margin: 6.1% (down from 18% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% 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. Is New 90 Day High Low • Nov 12
New 90-day high: RM2.69 The company is up 2.0% from its price of RM2.64 on 14 August 2020. The Malaysian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Diversified Financial industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: RM2.51 The company is down 3.0% from its price of RM2.59 on 28 July 2020. The Malaysian market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Diversified Financial industry, which is up 6.0% over the same period. Announcement • Oct 13
IGB Berhad Announces Appointment of Tan Boon Seng as Non Independent and Non Executive Alternate Director IGB Berhad announced appointment of Tan Boon Seng as Non Independent and Non Executive Alternate Director. Date of Change October 12, 2020. Tan Boon Seng was an executive director of IGB Corporation Berhad, a company listed on Bursa Malaysia and was delisted on 16 March 2018. He was also a non-independent non-executive director of PureCircle Limited, a company listed on the London Stock Exchange for the period from 11 November 2019 to 31 December 2019. Is New 90 Day High Low • Oct 08
New 90-day low: RM2.56 The company is down 6.0% from its price of RM2.71 on 10 July 2020. The Malaysian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 2.0% over the same period.