Board Change • Jul 11
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Alternate Executive Director Yit Chua was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 26
First quarter 2026 earnings released: RM0.012 loss per share (vs RM0.018 loss in 1Q 2025) First quarter 2026 results: RM0.012 loss per share (improved from RM0.018 loss in 1Q 2025). Revenue: RM24.7m (up 14% from 1Q 2025). Net loss: RM2.89m (loss narrowed 31% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
UPA Corporation Berhad, Annual General Meeting, Jun 24, 2026 UPA Corporation Berhad, Annual General Meeting, Jun 24, 2026, at 11:00 Singapore Standard Time. Location: seng peng hall, ground floor wisma chinese chamber 258, jalan ampang 50450 kuala lumpur, wilayah persekutuan, Malaysia Upcoming Dividend • Mar 06
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 13 March 2026. Payment date: 31 March 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.1%. Within top quartile of Malaysian dividend payers (5.5%). Higher than average of industry peers (4.7%). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: RM0.012 (vs RM0.007 in FY 2024) Full year 2025 results: EPS: RM0.012 (up from RM0.007 in FY 2024). Revenue: RM130.6m (up 1.6% from FY 2024). Net income: RM2.86m (up 80% from FY 2024). Profit margin: 2.2% (up from 1.2% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Dec 01
UPA Corporation Berhad Announces the Appointment of Chua Yit Shong as Alternate Director, Effective December 1, 2025 UPA CORPORATION BHD announced the appointment of Mr. Chua Yit Shong as Alternate Director, effective December 1, 2025. Age is 44. Directorate: Executive. Mr. Chua holds a Master of Arts (Cantab) in Economics and a Master of Philosophy in Real Estate Finance, both from the University of Cambridge. He has over 19 years of real estate principal investment experience with blue chip institutions and is a partner at Reevo Capital, an independent real estate investment and asset management firm. Previously, he served as Managing Director at Colony Capital Inc., overseeing pan-European investments for NorthStar Realty Europe, a NYSE listed European-focused REIT. He was also a principal at Perella Weinberg Real Estate (currently known as Aermont Capital) and has worked at MGPA and Aberdeen Asset Management in London. Additionally, he is a director of Sukiwa Corporation Sdn. Bhd., a wholly-owned subsidiary of the Company. Reported Earnings • Nov 25
Third quarter 2025 earnings released: RM0.004 loss per share (vs RM0.01 loss in 3Q 2024) Third quarter 2025 results: RM0.004 loss per share (improved from RM0.01 loss in 3Q 2024). Revenue: RM30.9m (up 10% from 3Q 2024). Net loss: RM878.0k (loss narrowed 61% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: RM0.009 (vs RM0.005 loss in 2Q 2024) Second quarter 2025 results: EPS: RM0.009 (up from RM0.005 loss in 2Q 2024). Revenue: RM33.7m (up 3.2% from 2Q 2024). Net income: RM2.04m (up RM3.24m from 2Q 2024). Profit margin: 6.1% (up from net loss in 2Q 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. Upcoming Dividend • Jun 05
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 30 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Malaysian dividend payers (5.6%). In line with average of industry peers (5.4%). Reported Earnings • May 28
First quarter 2025 earnings released: RM0.018 loss per share (vs RM0.004 profit in 1Q 2024) First quarter 2025 results: RM0.018 loss per share (down from RM0.004 profit in 1Q 2024). Revenue: RM21.7m (down 18% from 1Q 2024). Net loss: RM4.16m (down RM4.99m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 27
UPA Corporation Berhad announces Single Tier Interim Dividend for the Financial Year Ending 31 December 2025, Payable on 30 June 2025 UPA Corporation Berhad announced Single tier interim dividend of MYR 0.02 per ordinary share for the financial year ending 31 December 2025. Ex-Date is 12 June 2025. Entitlement date is 13 June 2025. Payment Date is 30 June 2025. New Risk • May 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Earnings have declined by 14% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (RM164.5m market cap, or US$38.5m). Announcement • Apr 30
UPA Corporation Berhad, Annual General Meeting, Jun 13, 2025 UPA Corporation Berhad, Annual General Meeting, Jun 13, 2025, at 11:00 Singapore Standard Time. Location: seng peng hall, ground floor, wisma chinese chamber, 258, jalan ampang, 50450 kuala lumpur, wilayah persekutuan, Malaysia New Risk • Mar 08
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Dividend per share is over 9x cash flows per share. Dividend yield: 4.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 9x cash flows per share. Earnings have declined by 14% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (RM164.5m market cap, or US$37.2m). Reported Earnings • Nov 21
Third quarter 2024 earnings released: RM0.01 loss per share (vs RM0.012 profit in 3Q 2023) Third quarter 2024 results: RM0.01 loss per share (down from RM0.012 profit in 3Q 2023). Revenue: RM28.1m (down 24% from 3Q 2023). Net loss: RM2.25m (down 184% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 24
Second quarter 2024 earnings released: RM0.005 loss per share (vs RM0.005 profit in 2Q 2023) Second quarter 2024 results: RM0.005 loss per share (down from RM0.005 profit in 2Q 2023). Revenue: RM32.7m (down 3.6% from 2Q 2023). Net loss: RM1.19m (down 199% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 27
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 19 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of Malaysian dividend payers (4.6%). Lower than average of industry peers (4.7%). Reported Earnings • May 25
First quarter 2024 earnings released: EPS: RM0.004 (vs RM0.021 in 1Q 2023) First quarter 2024 results: EPS: RM0.004 (down from RM0.021 in 1Q 2023). Revenue: RM26.5m (down 19% from 1Q 2023). Net income: RM828.0k (down 83% from 1Q 2023). Profit margin: 3.1% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • May 01
Dividend of RM0.03 announced Shareholders will receive a dividend of RM0.03. Ex-date: 4th July 2024 Payment date: 19th July 2024 Dividend yield will be 3.8%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 11% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. Announcement • May 01
UPA Corporation Berhad, Annual General Meeting, Jun 28, 2024 UPA Corporation Berhad, Annual General Meeting, Jun 28, 2024, at 11:00 Singapore Standard Time. Agenda: To receive the Report of the Directors and the Audited Financial Statements for the financial year ended 31 December 2023 and the Report of the Auditors thereon; to approve the payment of a Final Single Tier Dividend of 3 sen per share in respect of the financial year ended 31 December 2023; to approve the payment of Directors' fees not exceeding MYR 300,000.00 for the financial year ended 31 December 2023 to be divided amongst the Directors in such manner as they may determine and to consider other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: RM0.047 (vs RM0.046 in FY 2022) Full year 2023 results: EPS: RM0.047. Revenue: RM149.9m (down 5.9% from FY 2022). Net income: RM8.66m (down 19% from FY 2022). Profit margin: 5.8% (down from 6.7% in FY 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Nov 23
Third quarter 2023 earnings released: EPS: RM0.019 (vs RM0.017 in 3Q 2022) Third quarter 2023 results: EPS: RM0.019. Revenue: RM37.0m (down 4.6% from 3Q 2022). Net income: RM2.69m (down 31% from 3Q 2022). Profit margin: 7.3% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: RM0.016 (vs RM0.011 in 2Q 2022) Second quarter 2023 results: EPS: RM0.016. Revenue: RM33.9m (down 19% from 2Q 2022). Net income: RM1.20m (down 53% from 2Q 2022). Profit margin: 3.5% (down from 6.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jun 21
Upcoming dividend of RM0.08 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 42% and the cash payout ratio is 79%. Trailing yield: 3.4%. Lower than top quartile of Malaysian dividend payers (5.4%). Lower than average of industry peers (3.9%). Reported Earnings • May 30
First quarter 2023 earnings released: EPS: RM0.064 (vs RM0.01 in 1Q 2022) First quarter 2023 results: EPS: RM0.064 (up from RM0.01 in 1Q 2022). Revenue: RM32.5m (down 3.3% from 1Q 2022). Net income: RM4.94m (up RM4.14m from 1Q 2022). Profit margin: 15% (up from 2.4% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: RM0.14 (vs RM0.14 in FY 2021) Full year 2022 results: EPS: RM0.14 (up from RM0.14 in FY 2021). Revenue: RM160.2m (up 3.5% from FY 2021). Net income: RM10.9m (flat on FY 2021). Profit margin: 6.8% (down from 7.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Nov 24
Third quarter 2022 earnings released: EPS: RM0.051 (vs RM0.025 in 3Q 2021) Third quarter 2022 results: EPS: RM0.051 (up from RM0.025 in 3Q 2021). Revenue: RM38.8m (up 7.1% from 3Q 2021). Net income: RM3.92m (up 106% from 3Q 2021). Profit margin: 10% (up from 5.3% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Senior Independent Non-Executive Director Tek Kuang Cheah was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: RM0.033 (vs RM0.054 in 2Q 2021) Second quarter 2022 results: EPS: RM0.033 (down from RM0.054 in 2Q 2021). Revenue: RM41.9m (flat on 2Q 2021). Net income: RM2.54m (down 39% from 2Q 2021). Profit margin: 6.1% (down from 9.8% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Jun 23
Upcoming dividend of RM0.08 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Malaysian dividend payers (5.0%). Lower than average of industry peers (4.7%). Reported Earnings • Jun 01
First quarter 2022 earnings released: EPS: RM0.01 (vs RM0.015 in 1Q 2021) First quarter 2022 results: EPS: RM0.01 (down from RM0.015 in 1Q 2021). Revenue: RM33.7m (up 2.7% from 1Q 2021). Net income: RM802.0k (down 30% from 1Q 2021). Profit margin: 2.4% (down from 3.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Senior Independent Non-Executive Director Tek Kuang Cheah was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Senior Independent Non-Executive Director Tek Kuang Cheah was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 29
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: RM0.017 (down from RM0.041 in 3Q 2020). Revenue: RM36.2m (up 4.2% from 3Q 2020). Net income: RM1.90m (down 40% from 3Q 2020). Profit margin: 5.3% (down from 9.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Sep 15
Second quarter 2021 earnings released: EPS RM0.054 (vs RM0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM42.3m (up 68% from 2Q 2020). Net income: RM4.14m (up RM3.75m from 2Q 2020). Profit margin: 9.8% (up from 1.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jun 24
Upcoming dividend of RM0.07 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 16 July 2021. Trailing yield: 3.0%. Lower than top quartile of Malaysian dividend payers (4.0%). Lower than average of industry peers (4.6%). Reported Earnings • May 24
First quarter 2021 earnings released: EPS RM0.015 (vs RM0.018 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: RM32.8m (up 22% from 1Q 2020). Net income: RM1.14m (down 18% from 1Q 2020). Profit margin: 3.5% (down from 5.2% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS RM0.088 (vs RM0.14 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: RM123.9m (down 20% from FY 2019). Net income: RM6.88m (down 37% from FY 2019). Profit margin: 5.6% (down from 7.0% 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 50% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 17
New 90-day high: RM2.48 The company is up 20% from its price of RM2.06 on 19 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 flat over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: RM2.15 The company is up 1.0% from its price of RM2.13 on 18 September 2020. The Malaysian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 13% over the same period. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS RM0.041 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: RM34.8m (down 16% from 3Q 2019). Net income: RM3.15m (down 31% from 3Q 2019). Profit margin: 9.1% (down from 11% 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 66% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 
