New Risk • Jun 29
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: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). 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 (7.3% net profit margin). Market cap is less than US$100m (RM190.6m market cap, or US$46.8m). Reported Earnings • Jun 27
Full year 2026 earnings released: EPS: RM0.011 (vs RM0.02 in FY 2025) Full year 2026 results: EPS: RM0.011 (down from RM0.02 in FY 2025). Revenue: RM343.9m (down 2.3% from FY 2025). Net income: RM25.0m (down 44% from FY 2025). Profit margin: 7.3% (down from 13% in FY 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Board Change • May 01
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. Independent Non-Executive Director Joha Bin Abdul Rahman was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Third quarter 2026 earnings released: EPS: RM0.002 (vs RM0.001 in 3Q 2025) Third quarter 2026 results: EPS: RM0.002 (up from RM0.001 in 3Q 2025). Revenue: RM79.6m (up 7.3% from 3Q 2025). Net income: RM3.64m (up 43% from 3Q 2025). Profit margin: 4.6% (up from 3.4% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Dec 17
Second quarter 2026 earnings released: EPS: RM0.005 (vs RM0.005 in 2Q 2025) Second quarter 2026 results: EPS: RM0.005 (in line with 2Q 2025). Revenue: RM98.3m (up 5.7% from 2Q 2025). Net income: RM11.8m (down 2.2% from 2Q 2025). Profit margin: 12% (down from 13% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 26
First quarter 2026 earnings released: EPS: RM0.008 (vs RM0.006 in 1Q 2025) First quarter 2026 results: EPS: RM0.008 (up from RM0.006 in 1Q 2025). Revenue: RM99.4m (up 9.0% from 1Q 2025). Net income: RM16.6m (up 28% from 1Q 2025). Profit margin: 17% (up from 14% in 1Q 2025). 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 25% per year, which means it is significantly lagging earnings growth. Announcement • Aug 28
Marine & General Berhad, Annual General Meeting, Oct 16, 2025 Marine & General Berhad, Annual General Meeting, Oct 16, 2025, at 10:00 Singapore Standard Time. Location: ballroom i, main wing (1st floor), tropicana golf & country resort berhad, jalan kelab tropicana, tropicana golf & country resort, 47410, selangor darul ehsan, petaling jaya Malaysia New Risk • Jul 29
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 Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (RM136.7m market cap, or US$32.2m). New Risk • Jul 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (RM140.6m market cap, or US$33.0m). Reported Earnings • Mar 27
Third quarter 2025 earnings released: EPS: RM0.001 (vs RM0.006 in 3Q 2024) Third quarter 2025 results: EPS: RM0.001 (down from RM0.006 in 3Q 2024). Revenue: RM74.2m (down 16% from 3Q 2024). Net income: RM2.55m (down 81% from 3Q 2024). Profit margin: 3.4% (down from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 26
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at RM0.28. The fair value is estimated to be RM0.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 07
Now 25% overvalued Over the last 90 days, the stock has fallen 11% to RM0.31. The fair value is estimated to be RM0.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Dec 31
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 6.9% 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 Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Market cap is less than US$100m (RM210.8m market cap, or US$47.2m). Reported Earnings • Dec 17
Second quarter 2025 earnings released: EPS: RM0.005 (vs RM0.004 in 2Q 2024) Second quarter 2025 results: EPS: RM0.005 (up from RM0.004 in 2Q 2024). Revenue: RM93.1m (up 1.3% from 2Q 2024). Net income: RM12.1m (up 47% from 2Q 2024). Profit margin: 13% (up from 9.0% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 77% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 28
First quarter 2025 earnings released: EPS: RM0.006 (vs RM0.003 in 1Q 2024) First quarter 2025 results: EPS: RM0.006 (up from RM0.003 in 1Q 2024). Revenue: RM91.2m (up 7.8% from 1Q 2024). Net income: RM13.0m (up 75% from 1Q 2024). Profit margin: 14% (up from 8.8% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Announcement • Aug 29
Marine & General Berhad, Annual General Meeting, Oct 11, 2024 Marine & General Berhad, Annual General Meeting, Oct 11, 2024, at 10:00 Singapore Standard Time. Location: dewan perdana, 1st floor, sport complex, bukit kiara equestrian & country resort, jalan bukit kiara, off jalan damansara, 60000 kuala lumpur Malaysia New Risk • Aug 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% 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 Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (RM279.7m market cap, or US$62.9m). Reported Earnings • Jun 22
Full year 2024 earnings released: EPS: RM0.022 (vs RM0.022 in FY 2023) Full year 2024 results: EPS: RM0.022 (in line with FY 2023). Revenue: RM347.9m (up 13% from FY 2023). Net income: RM48.4m (flat on FY 2023). Profit margin: 14% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 22
Third quarter 2024 earnings released: EPS: RM0.006 (vs RM0 in 3Q 2023) Third quarter 2024 results: EPS: RM0.006 (up from RM0 in 3Q 2023). Revenue: RM88.4m (up 20% from 3Q 2023). Net income: RM13.3m (up RM14.2m from 3Q 2023). Profit margin: 15% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 16
Second quarter 2024 earnings released: EPS: RM0.004 (vs RM0.007 in 2Q 2023) Second quarter 2024 results: EPS: RM0.004 (down from RM0.007 in 2Q 2023). Revenue: RM91.8m (up 12% from 2Q 2023). Net income: RM8.22m (down 51% from 2Q 2023). Profit margin: 9.0% (down from 20% in 2Q 2023). 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 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
Full year 2023 earnings released: EPS: RM0.022 (vs RM0.013 loss in FY 2022) Full year 2023 results: EPS: RM0.022 (up from RM0.013 loss in FY 2022). Revenue: RM307.3m (up 40% from FY 2022). Net income: RM48.1m (up RM76.9m from FY 2022). Profit margin: 16% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Sep 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 185% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (RM177.4m market cap, or US$38.2m). Announcement • Aug 30
Marine & General Berhad, Annual General Meeting, Oct 03, 2023 Marine & General Berhad, Annual General Meeting, Oct 03, 2023, at 10:00 Singapore Standard Time. Location: Dewan Berjaya, Bukit Kiara Equestrian & Country Resort, Kuala Lumpur Malaysia Agenda: To consider Audited Financial Statements for the year ended 30 April 2023 together with the Reports of the Directors and Auditors thereon; to consider and re-elect Haji Abdul Rahman bin Ali who retires by rotation pursuant to Clause 24.2 of the company's constitution; to consider and re-election of directors; to approve the payment of Directors' fees for the financial year ending 30 April 2024 of up to MYR 700,000, on quarterly basis after the end of each quarter; to re-appoint Messrs. BDO PLT as Auditors of the company and to authorise the Directors to determine their remuneration; to consider the authority to Allot and Issue Shares Pursuant to Section 75 and 76 of the Companies Act 2016; to consider the proposed Renewal of Shareholders' Mandate and Proposed New Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature; and to transact any other business of the company of which due notice shall have been given. Reported Earnings • Jul 01
Full year 2023 earnings released: EPS: RM0.021 (vs RM0.013 loss in FY 2022) Full year 2023 results: EPS: RM0.021 (up from RM0.013 loss in FY 2022). Revenue: RM307.2m (up 40% from FY 2022). Net income: RM46.5m (up RM75.3m from FY 2022). Profit margin: 15% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 29
Third quarter 2023 earnings released: EPS: RM0 (vs RM0.003 loss in 3Q 2022) Third quarter 2023 results: EPS: RM0 (improved from RM0.003 loss in 3Q 2022). Revenue: RM73.7m (up 28% from 3Q 2022). Net loss: RM905.0k (loss narrowed 85% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 28
Second quarter 2023 earnings released: EPS: RM0.007 (vs RM0.005 loss in 2Q 2022) Second quarter 2023 results: EPS: RM0.007 (up from RM0.005 loss in 2Q 2022). Revenue: RM82.1m (up 52% from 2Q 2022). Net income: RM16.7m (up RM26.7m from 2Q 2022). Profit margin: 20% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 84% 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 • Sep 05
Full year 2022 earnings released: RM0.013 loss per share (vs RM0.005 profit in FY 2021) Full year 2022 results: RM0.013 loss per share (down from RM0.005 profit in FY 2021). Revenue: RM219.6m (up 17% from FY 2021). Net loss: RM28.8m (down 418% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 01
Full year 2022 earnings released: RM0.019 loss per share (vs RM0.005 profit in FY 2021) Full year 2022 results: RM0.019 loss per share (down from RM0.005 profit in FY 2021). Revenue: RM219.6m (up 17% from FY 2021). Net loss: RM28.3m (down 413% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: RM0.003 loss per share (up from RM0.03 loss in 3Q 2021). Revenue: RM57.6m (up 48% from 3Q 2021). Net loss: RM6.05m (loss narrowed 72% from 3Q 2021). Revenue missed analyst estimates by 33%. Earnings per share (EPS) were also behind analyst expectations. 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 17% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 25
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: RM0.004 loss per share (down from RM0.077 profit in 2Q 2021). Revenue: RM54.1m (up 14% from 2Q 2021). Net loss: RM10.0m (down 118% from profit in 2Q 2021). Revenue missed analyst estimates by 33%. Earnings per share (EPS) were also behind analyst expectations. Earnings per share (EPS) missed analyst estimates. 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 6% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 01
First quarter 2022 earnings released: RM0.008 loss per share (vs RM0.021 loss in 1Q 2021) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2022 results: Revenue: RM44.7m (down 19% from 1Q 2021). Net loss: RM17.2m (loss widened 15% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Sep 10
Marine & General Berhad Announces Application to Intervene by M&G Tankers (L) Pte Ltd in Admiralty Action in Rem by Majorole Shipping Sdn Bhd Against the Vessel Semua Bahagia Further to the announcements dated 19 October 2018, 3 June 2019 and 2 July 2019 by Marine & General Berhad ("M&G" or "the Company"), the Board of Directors of M&G wish to announce that on 23 February 2021, the Court of Appeal substantially reversed the decision of the High Court and decided in favour of Majorole Shipping Sdn Bhd ("Majorole" or “the Plaintiff”) against the Company’s wholly-owned subsidiary, M&G Tankers (L) Pte. Ltd. (“MGTL”). MGTL was instructed to pay Majorole the sum being held as security deposit by its solicitors and legal costs of MYR 25,000. MGTL filed an application for leave to appeal against the Court of Appeal’s decision on 23 March 2021, to the Federal Court. The Federal Court, on 4 August 2021 dismissed MGTL’s application for leave to appeal, and ordered MGTL to pay Majorole legal costs of MYR 30,000.00, giving effect to the Court of Appeal’s decision. Subsequent to this, on 4 September 2021, MGTL has paid the Plaintiff the full and final settlement of their claim of MYR 1,042,775.00, out of the stakeholder fund established for the purpose. Reported Earnings • Aug 02
Full year 2021 earnings released: EPS RM0.014 (vs RM0.069 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: RM183.4m (down 14% from FY 2020). Net income: RM10.2m (up RM59.8m from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Third quarter 2021 earnings released: RM0.03 loss per share (vs RM0.025 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: RM38.9m (down 29% from 3Q 2020). Net loss: RM21.8m (loss widened 21% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 71% 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 • Dec 25
Second quarter 2021 earnings released: EPS RM0.077 Second quarter 2021 results: Revenue: RM47.6m (down 13% from 2Q 2020). Net income: RM56.1m (up RM74.1m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 24
New 90-day high: RM0.21 The company is up 187% from its price of RM0.075 on 25 September 2020. The Malaysian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is flat over the same period. Announcement • Oct 13
Marine & General Berhad Announces Retirement Dato' Harun Bin Md Idris as Independent and Non Executive Director Marine & General Berhad announced retirement Dato' Harun Bin Md Idris as Independent and Non Executive Director. Date of change is 12 October 2020. Reported Earnings • Sep 22
First quarter earnings released Over the last 12 months the company has reported total losses of RM56.2m, with losses widening by 6.8% from the prior year. Total revenue was RM215.4m over the last 12 months, up 17% from the prior year. 
