Buy Or Sell Opportunity • May 23
Now 21% undervalued Over the last 90 days, the stock has risen 62% to RM1.40. The fair value is estimated to be RM1.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 24
Full year 2025 earnings released: RM0.007 loss per share (vs RM0.004 loss in FY 2024) Full year 2025 results: RM0.007 loss per share (further deteriorated from RM0.004 loss in FY 2024). Revenue: RM14.3m (down 38% from FY 2024). Net loss: RM644.0k (loss widened 69% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 133 percentage points per year, which is a significant difference in performance. Announcement • Mar 20
Wong Wai Foo completed the acquisition of 28.77% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 23.1 million. Wong Wai Foo proposed to acquire remaining 63.06% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 50.5 million on February 5, 2026. A cash consideration of MYR 0.9 per share will be paid by Wong Wai Foo. As part of consideration, an undisclosed value is paid towards common equity of Timberwell Berhad.
The transaction is conditional upon the offeror having received on or before closing date valid acceptances which would result in the offeror holding aggregate more that 50% of the voting shares of Timberwell. The offer will remain open at least 21 days from the posting date. As of March 5, 2026 the Acceptance Condition has been fulfilled and the Offer has become unconditional. The Board announced that the Offeror has received Valid Acceptances in respect of a total of 14,231,922 Offer Shares, representing 15.98% equity interest in Timberwell, from the Posting Date and up to the Unconditional Date. As of March 6, 2026, Datuk Seri Tiong King Sing has disposed of 14.21 million shares in Timberwell Bhd after accepting a takeover offer from Wong Wai Foo.
The offer is expected to close on March 19, 2026.
RHB Investment Bank Berhad acted as financial advisor to Wong Wai Foo. NewParadigm Securities Sdn Bhd acted as financial advisor and fairness opinion provider to Timberwell Berhad. Securities Services (Holdings) Sdn. Bhd. acted as Registrar to Timberwell Berhad.
Wong Wai Foo completed the acquisition of 28.77% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 23.1 million on March 19, 2026. Total Shares held by the Offeror, the Ultimate Offeror and the PAC at the time of closing 69.43%. Reported Earnings • Feb 28
Full year 2025 earnings released: RM0.007 loss per share (vs RM0.004 loss in FY 2024) Full year 2025 results: RM0.007 loss per share (further deteriorated from RM0.004 loss in FY 2024). Revenue: RM14.3m (down 38% from FY 2024). Net loss: RM644.0k (loss widened 69% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Wong Wai Foo proposed to acquire remaining 63.06% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 50.5 million. Wong Wai Foo proposed to acquire remaining 63.06% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 50.5 million on February 5, 2026. A cash consideration of MYR 0.9 per share will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Timberwell Berhad.
The transaction is conditional upon the offeror having received on or before closing date valid acceptances which would result in the offeror holding aggregate more that 50% of the voting shares of Timberwell. The offer will remain open at least 21 days from the posting date.
RHB Investment Bank Berhad acted as financial advisor to Wong Wai Foo. Announcement • Feb 05
Wong Wai Foo acquired an additional 7.90% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 6.3 million . Wong Wai Foo acquired an additional 7.90% stake in Timberwell Berhad (KLSE:TIMWELL) for MYR 6.3 million on February 5, 2026. A cash consideration valued at MYR 0.9 per share will be paid by the buyer. Upon completion of the Acquisition, the collective shareholdings of Quattrini Holdings Sdn Bhd ("Quattrini" or the "Offeror") (a company in which Wong Wai Foo is a sole shareholder and director), the Ultimate Offeror and the PAC (as defined below) in Timberwell increased from 25,896,359 Shares, representing approximately 29.1%, to 32,896,359 Shares, representing approximately 36.9%. Pursuant to subsection 218(2) of the Capital Markets and Services Act 2007, Wong Wai Foo is extending a mandatory take-over offer to acquire all the remaining Shares which are not already owned by Wong Wai Foo for a cash offer price of MYR O.90 for each Offer Share.
RHB Investment Bank Berhad acted as financial advisor to Wong Wai Foo.
Wong Wai Foo completed the acquisition of an additional 7.90% stake in Timberwell Berhad (KLSE:TIMWELL) on February 5, 2026. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: RM0.003 (vs RM0.007 in 3Q 2024) Third quarter 2025 results: EPS: RM0.003 (down from RM0.007 in 3Q 2024). Revenue: RM5.78m (down 15% from 3Q 2024). Net income: RM226.0k (down 63% from 3Q 2024). Profit margin: 3.9% (down from 9.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: RM0 (vs RM0.005 in 2Q 2024) Second quarter 2025 results: EPS: RM0 (down from RM0.005 in 2Q 2024). Revenue: RM4.62m (down 27% from 2Q 2024). Net income: RM25.0k (down 94% from 2Q 2024). Profit margin: 0.5% (down from 6.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to RM0.24. The fair value is estimated to be RM0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 26
Now 29% overvalued Over the last 90 days, the stock has fallen 25% to RM0.38. The fair value is estimated to be RM0.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 23
First quarter 2025 earnings released: RM0.004 loss per share (vs RM0.007 loss in 1Q 2024) First quarter 2025 results: RM0.004 loss per share (improved from RM0.007 loss in 1Q 2024). Revenue: RM1.72m (down 45% from 1Q 2024). Net loss: RM402.0k (loss narrowed 36% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Timberwell Berhad, Annual General Meeting, May 22, 2025 Timberwell Berhad, Annual General Meeting, May 22, 2025, at 15:00 Singapore Standard Time. Location: crown 1, 2nd floor, sabah oriental hotel, jalan kemajuan, karamunsing, 88000 kota kinabalu, sabah, Malaysia Reported Earnings • Feb 28
Full year 2024 earnings released: RM0.004 loss per share (vs RM0.025 loss in FY 2023) Full year 2024 results: RM0.004 loss per share (improved from RM0.025 loss in FY 2023). Revenue: RM23.2m (up 23% from FY 2023). Net loss: RM381.0k (loss narrowed 83% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM43.6m (US$9.75m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (RM43.6m market cap, or US$9.75m). Minor Risk Revenue is less than US$5m (RM22m revenue, or US$5.0m). Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: RM0.007 (vs RM0.004 in 3Q 2023) Third quarter 2024 results: EPS: RM0.007 (up from RM0.004 in 3Q 2023). Revenue: RM6.83m (up 1.4% from 3Q 2023). Net income: RM612.0k (up 53% from 3Q 2023). Profit margin: 9.0% (up from 5.9% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: RM0.005 (vs RM0.007 loss in 2Q 2023) Second quarter 2024 results: EPS: RM0.005 (up from RM0.007 loss in 2Q 2023). Revenue: RM6.34m (up 93% from 2Q 2023). Net income: RM421.0k (up RM1.03m from 2Q 2023). Profit margin: 6.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • May 22
First quarter 2024 earnings released: RM0.007 loss per share (vs RM0.005 loss in 1Q 2023) First quarter 2024 results: RM0.007 loss per share (further deteriorated from RM0.005 loss in 1Q 2023). Revenue: RM3.13m (up 11% from 1Q 2023). Net loss: RM624.0k (loss widened 42% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Apr 21
Timberwell Berhad, Annual General Meeting, May 21, 2024 Timberwell Berhad, Annual General Meeting, May 21, 2024, at 15:00 Singapore Standard Time. Location: Crown 2, 2nd Floor, Sabah Oriental Hotel Jalan Kemajuan, Karamunsing 88000 Kota Kinabalu Sabah Malaysia Sabah Malaysia Agenda: To approve the payment of Directors fees in respect of the financial year ended 31 December 2023; To approve the payment of Directors benefits payable to the Board of the Company and its subsidiaries. Reported Earnings • Feb 23
Full year 2023 earnings released: RM0.025 loss per share (vs RM0.08 profit in FY 2022) Full year 2023 results: RM0.025 loss per share (down from RM0.08 profit in FY 2022). Revenue: RM18.9m (down 30% from FY 2022). Net loss: RM2.22m (down 131% from profit in FY 2022). 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: RM0.005 (vs RM0.01 in 3Q 2022) Third quarter 2023 results: EPS: RM0.005 (down from RM0.01 in 3Q 2022). Revenue: RM6.73m (up 1.7% from 3Q 2022). Net income: RM399.0k (down 56% from 3Q 2022). Profit margin: 5.9% (down from 14% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 44% 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 • Aug 25
Second quarter 2023 earnings released: RM0.007 loss per share (vs RM0.023 profit in 2Q 2022) Second quarter 2023 results: RM0.007 loss per share (down from RM0.023 profit in 2Q 2022). Revenue: RM3.29m (down 69% from 2Q 2022). Net loss: RM606.0k (down 130% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 26
First quarter 2023 earnings released: RM0.005 loss per share (vs RM0.001 profit in 1Q 2022) First quarter 2023 results: RM0.005 loss per share (down from RM0.001 profit in 1Q 2022). Revenue: RM2.83m (down 36% from 1Q 2022). Net loss: RM439.0k (down RM542.0k from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: RM0.08 (vs RM0.07 in FY 2021) Full year 2022 results: EPS: RM0.08 (up from RM0.07 in FY 2021). Revenue: RM27.0m (down 13% from FY 2021). Net income: RM7.16m (up 15% from FY 2021). Profit margin: 27% (up from 20% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 04
Timberwell Berhad Announces Resignation of Dato Sri Tiong King Sing as the Executive Director and Managing Director Timberwell Berhad announced resignation of Dato Sri Tiong King Sing as the Executive Director and Managing Director of the company on 3 January 2023. Date of change is 03 January 2023. Reason is Due to other personal commitment. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: RM0.01 (vs RM0.016 in 3Q 2021) Third quarter 2022 results: EPS: RM0.01 (down from RM0.016 in 3Q 2021). Revenue: RM6.62m (down 27% from 3Q 2021). Net income: RM913.0k (down 37% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 02
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 11 October 2022. Trailing yield: 7.9%. Within top quartile of Malaysian dividend payers (5.0%). Higher than average of industry peers (4.9%). Announcement • Aug 26
Timberwell Berhad Announces Interim Dividend for the Financial Year Ending 31 December 2022, Payable on 11 October 2022 Timberwell Berhad announced interim dividend of 2 sen per ordinary share for the financial year ending 31 December 2022. Scheduled dates are as follows: Ex-Date 09 September 2022, Entitlement date 12 September 2022 and Payment Date 11 October 2022. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: RM0.023 (vs RM0.015 in 2Q 2021) Second quarter 2022 results: EPS: RM0.023 (up from RM0.015 in 2Q 2021). Revenue: RM10.5m (flat on 2Q 2021). Net income: RM2.01m (up 51% from 2Q 2021). Profit margin: 19% (up from 13% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS: RM0.07 (vs RM0.005 loss in FY 2020) Full year 2021 results: EPS: RM0.07 (up from RM0.005 loss in FY 2020). Revenue: RM30.9m (up 69% from FY 2020). Net income: RM6.21m (up RM6.66m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0.07 (up from RM0.005 loss in FY 2020). Revenue: RM30.9m (up 69% from FY 2020). Net income: RM6.21m (up RM6.66m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS RM0.016 (vs RM0.007 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RM9.12m (up 22% from 3Q 2020). Net income: RM1.44m (up 127% from 3Q 2020). Profit margin: 16% (up from 8.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS RM0.015 (vs RM0.008 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM10.4m (up 383% from 2Q 2020). Net income: RM1.33m (up RM2.07m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 22
First quarter 2021 earnings released: RM0.004 loss per share (vs RM0.005 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: RM2.97m (up 33% from 1Q 2020). Net loss: RM323.0k (loss narrowed 27% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Executive Departure • Feb 27
Independent Non-Executive Chairman Abdul Bin Mohamad Zabidi has left the company On the 22nd of February, Abdul Bin Mohamad Zabidi's tenure as Independent Non-Executive Chairman ended after 15.2 years in the role. We don't have any record of a personal shareholding under Abdul's name. A total of 2 executives have left over the last 12 months. Executive Departure • Feb 27
Independent Non-Executive Director has left the company On the 23rd of February, Melton Martin's tenure as Independent Non-Executive Director ended after 5.2 years in the role. We don't have any record of a personal shareholding under Melton's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Feb 25
Full year 2020 earnings released: RM0.005 loss per share (vs RM0.054 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: RM18.3m (down 35% from FY 2019). Net loss: RM443.0k (down 109% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 15
New 90-day high: RM0.67 The company is up 79% from its price of RM0.38 on 09 November 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 1.0% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS RM0.007 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: RM7.47m (down 9.4% from 3Q 2019). Net income: RM635.0k (up 14% from 3Q 2019). Profit margin: 8.5% (up from 6.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.