New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (30% accrual ratio). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: RM0.012 (vs RM0.008 in 1Q 2025) First quarter 2026 results: EPS: RM0.012 (up from RM0.008 in 1Q 2025). Revenue: RM37.3m (up 10% from 1Q 2025). Net income: RM9.04m (up 45% from 1Q 2025). Profit margin: 24% (up from 19% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Announcement • Apr 29
Pappajack Berhad, Annual General Meeting, Jun 16, 2026 Pappajack Berhad, Annual General Meeting, Jun 16, 2026, at 14:30 Singapore Standard Time. Location: four points by sheraton puchong, the heron (function room), level 2, puchong financial corporate office (pfcc), jalan puteri, 47100 puchong, selangor darul ehsan, Malaysia New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: RM0.037 (vs RM0.031 in FY 2024) Full year 2025 results: EPS: RM0.037 (up from RM0.031 in FY 2024). Revenue: RM134.2m (up 14% from FY 2024). Net income: RM28.1m (up 17% from FY 2024). Profit margin: 21% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Announcement • Nov 28
Pappajack Berhad Announces Third Interim Single Tier Dividend on Ordinary Share in Respect of the Financial Year Ending 31 December 2025 , Payable on 23 December 2025 Pappajack Berhad announced Third Interim Single Tier Dividend of MYR 0.005 per ordinary share in respect of the financial year ending 31 December 2025. The above Company's securities will be traded and quoted "Ex - Dividend” as from: 09 December 2025. The last date of lodgment: 10 December 2025. Date Payable: 23 December 2025. Declared Dividend • Nov 26
Dividend of RM0.005 announced Shareholders will receive a dividend of RM0.005. Ex-date: 9th December 2025 Payment date: 23rd December 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.2%. Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: RM0.011 (vs RM0.008 in 3Q 2024) Third quarter 2025 results: EPS: RM0.011 (up from RM0.008 in 3Q 2024). Revenue: RM32.7m (up 12% from 3Q 2024). Net income: RM8.06m (up 24% from 3Q 2024). Profit margin: 25% (up from 22% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% 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 27
Second quarter 2025 earnings released: EPS: RM0.009 (vs RM0.008 in 2Q 2024) Second quarter 2025 results: EPS: RM0.009 (up from RM0.008 in 2Q 2024). Revenue: RM32.8m (up 9.8% from 2Q 2024). Net income: RM7.04m (up 16% from 2Q 2024). Profit margin: 22% (up from 20% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Declared Dividend • May 29
Dividend of RM0.005 announced Dividend of RM0.005 is the same as last year. Ex-date: 12th June 2025 Payment date: 24th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 2.2%. New Risk • May 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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. This is currently the only risk that has been identified for the company. Announcement • May 27
Pappajack Berhad Announces First Single Tier Interim Dividend in Respect of Financial Year Ending December 31, 2025, Payable on June 24, 2025 Pappajack Berhad announced first single tier interim dividend of MYR 0.005 per ordinary share in respect of the financial year ending 31 December 2025. Ex-date is 12 June 2025. Payment date is 24 June 2025. Entitlement date of 13 June 2025. Announcement • Apr 29
Pappajack Berhad, Annual General Meeting, Jun 16, 2025 Pappajack Berhad, Annual General Meeting, Jun 16, 2025, at 14:30 Singapore Standard Time. Location: four points by sheraton puchong, the heron (function rom), level 2, puchong financial corporate centre, (pfcc), jalan puteri 1/2, bandar puteri, 47100 puchong, selangor, Malaysia Announcement • Feb 25
Pappajack Berhad (KLSE:PPJACK) acquired Two pawnbroking outlets in the Northern region of Malaysia for for MYR 4.9 million. Pappajack Berhad (KLSE:PPJACK) acquired Two pawnbroking outlets in the Northern region of Malaysia for MYR 4.9 million recently. A cash consideration of MYR 4.93 million will be paid by Pappajack Berhad. As part of consideration, MYR 4.93 million is paid towards assets of Two pawnbroking outlets in the Northern region of Malaysia. Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: RM0.031 (vs RM0.028 in FY 2023) Full year 2024 results: EPS: RM0.031 (up from RM0.028 in FY 2023). Revenue: RM118.0m (up 7.8% from FY 2023). Net income: RM24.0m (up 20% from FY 2023). Profit margin: 20% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Declared Dividend • Nov 23
Dividend of RM0.005 announced Shareholders will receive a dividend of RM0.005. Ex-date: 5th December 2024 Payment date: 20th December 2024 Dividend yield will be 0.9%, which is lower than the industry average of 2.2%. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: RM0.009 (vs RM0.008 in 3Q 2023) Third quarter 2024 results: EPS: RM0.009 (up from RM0.008 in 3Q 2023). Revenue: RM29.1m (down 1.3% from 3Q 2023). Net income: RM6.52m (up 8.2% from 3Q 2023). Profit margin: 22% (up from 20% in 3Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: RM0.008 (vs RM0.007 in 2Q 2023) Second quarter 2024 results: EPS: RM0.008 (up from RM0.007 in 2Q 2023). Revenue: RM29.9m (up 9.5% from 2Q 2023). Net income: RM6.05m (up 21% from 2Q 2023). Profit margin: 20% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: RM0.028 (vs RM0.017 in FY 2022) Full year 2023 results: EPS: RM0.028 (up from RM0.017 in FY 2022). Revenue: RM109.4m (up 56% from FY 2022). Net income: RM20.1m (up 100% from FY 2022). Profit margin: 18% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Announcement • Nov 24
Pappajack Berhad Announces Single Tier Tax Exempt Interim Dividend for the Financial Year Ending 31 December 2023, Payable on 20 December 2023 Pappajack Berhad announced single tier tax exempt interim dividend of 0.5 sen per ordinary share for the financial year ending 31 December 2023. Ex-date is 6 December 2023. Payment date is 20 December 2023. Reported Earnings • Nov 23
Third quarter 2023 earnings released: EPS: RM0.008 (vs RM0.006 in 3Q 2022) Third quarter 2023 results: EPS: RM0.008 (up from RM0.006 in 3Q 2022). Revenue: RM29.5m (up 51% from 3Q 2022). Net income: RM6.03m (up 64% from 3Q 2022). Profit margin: 20% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: RM0.008 (vs RM0.006 in 2Q 2022) Second quarter 2023 results: EPS: RM0.008 (up from RM0.006 in 2Q 2022). Revenue: RM27.3m (up 39% from 2Q 2022). Net income: RM5.01m (up 36% from 2Q 2022). Profit margin: 18% (in line with 2Q 2022). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to RM1.01, the stock trades at a trailing P/E ratio of 61.7x. Average trailing P/E is 13x in the Consumer Finance industry in Asia. Total returns to shareholders of 106% over the past year. Announcement • Jun 28
Pappajack Berhad has completed a Follow-on Equity Offering in the amount of MYR 55.11 million. Pappajack Berhad has completed a Follow-on Equity Offering in the amount of MYR 55.11 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,200,000
Price\Range: MYR 0.55
Transaction Features: Subsequent Direct Listing New Risk • Jun 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% 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 High level of non-cash earnings (39% accrual ratio). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • May 25
First quarter 2023 earnings released: EPS: RM0.006 (vs RM0.003 in 1Q 2022) First quarter 2023 results: EPS: RM0.006 (up from RM0.003 in 1Q 2022). Revenue: RM24.9m (down 13% from 1Q 2022). Net income: RM4.06m (up 201% from 1Q 2022). Profit margin: 16% (up from 4.7% in 1Q 2022). The increase in margin was driven by lower expenses. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO, MD & Director Boon Lim is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • Sep 27
Now 20% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be RM0.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 3.6% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Buying Opportunity • Aug 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be RM0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 3.6% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Buying Opportunity • Jun 13
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be RM0.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 3.6% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Announcement • May 02
Pappajack Berhad, Annual General Meeting, Jun 14, 2022 Pappajack Berhad, Annual General Meeting, Jun 14, 2022, at 14:00 Singapore Standard Time. Location: Four Points by Sheraton Puchong, The Heron (Function Room), Level 2, Puchong Financial Centre Jalan Puteri 1/2, Bandar Puteri Puchong Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 31 December 2021 together with the Reports of the Directors and Auditors thereon; To approve the payment of Directors' fees of Non-Executive Directors; to re-elect the following Directors who retire pursuant to Section 205(3)(a) of the CompaniesAct2016; to re-appoint Messrs. Baker Tilly Monteiro Heng PLT as the Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration; to consider authority to allot and issue shares pursuant to Section 75 and Section 76 of the Companies Act, 2016; and to transact any other business for which due notice shall have been given in accordance with the Company's Constitution and the Act. Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO, MD & Director Boon Lim is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • Apr 11
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be RM0.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 95,967% in 2 years. Earnings is forecast to grow by 113,908% in the next 2 years. Board Change • Apr 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CEO, MD & Director Boon Lim is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
