Board Change • Jun 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. 4 experienced directors. 2 highly experienced directors. Executive Chairman Farhash Salvador 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 • May 28
Third quarter 2026 earnings released: EPS: RM0.002 (vs RM0.003 in 3Q 2025) Third quarter 2026 results: EPS: RM0.002 (down from RM0.003 in 3Q 2025). Revenue: RM7.13m (up 14% from 3Q 2025). Net income: RM1.10m (down 29% from 3Q 2025). Profit margin: 15% (down from 25% in 3Q 2025). 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 24% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 26
Second quarter 2026 earnings released: EPS: RM0.002 (vs RM0.003 in 2Q 2025) Second quarter 2026 results: EPS: RM0.002 (down from RM0.003 in 2Q 2025). Revenue: RM6.85m (flat on 2Q 2025). Net income: RM1.03m (down 38% from 2Q 2025). Profit margin: 15% (down from 24% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 13
Now 21% overvalued Over the last 90 days, the stock has fallen 9.1% to RM0.20. The fair value is estimated to be RM0.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has declined by 18%. Reported Earnings • Nov 28
First quarter 2026 earnings released: EPS: RM0.002 (vs RM0.003 in 1Q 2025) First quarter 2026 results: EPS: RM0.002 (down from RM0.003 in 1Q 2025). Revenue: RM6.96m (down 5.5% from 1Q 2025). Net income: RM1.20m (down 37% from 1Q 2025). Profit margin: 17% (down from 26% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 20% per year. Announcement • Oct 30
Excel Force MSC Berhad, Annual General Meeting, Dec 04, 2025 Excel Force MSC Berhad, Annual General Meeting, Dec 04, 2025, at 14:30 Singapore Standard Time. Location: function room 2 & 3, level 1 main lobby, kuala lumpur golf & country club, 10, jalan 1/70d, off jalan bukit kiara, wilayah persekutuan, 60000 kuala lumpur Malaysia Declared Dividend • Oct 29
Dividend of RM0.005 announced Dividend of RM0.005 is the same as last year. Ex-date: 22nd December 2025 Payment date: 7th January 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.6% EPS decline seen over the last 5 years. Announcement • Oct 28
Excel Force MSC Berhad announces Annual dividend, payable on January 07, 2026 Excel Force MSC Berhad announced Annual dividend of MYR 0.0050 per share payable on January 07, 2026, ex-date on December 22, 2025 and record date on December 23, 2025. Reported Earnings • Aug 31
Full year 2025 earnings released: EPS: RM0.008 (vs RM0.014 in FY 2024) Full year 2025 results: EPS: RM0.008 (down from RM0.014 in FY 2024). Revenue: RM27.4m (down 5.6% from FY 2024). Net income: RM5.08m (down 39% from FY 2024). Profit margin: 19% (down from 28% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 18% per year. Reported Earnings • May 30
Third quarter 2025 earnings released: EPS: RM0.003 (vs RM0.003 in 3Q 2024) Third quarter 2025 results: EPS: RM0.003 (in line with 3Q 2024). Revenue: RM6.28m (down 16% from 3Q 2024). Net income: RM1.54m (down 28% from 3Q 2024). Profit margin: 25% (down from 29% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. New Risk • May 14
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 11% 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 Risks Earnings have declined by 1.6% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (RM176.9m market cap, or US$41.2m). New Risk • Apr 07
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 7.5% 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 Risks Earnings have declined by 1.6% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (RM125.0m market cap, or US$27.9m). Reported Earnings • Feb 26
Second quarter 2025 earnings released: EPS: RM0.003 (vs RM0.003 in 2Q 2024) Second quarter 2025 results: EPS: RM0.003 (in line with 2Q 2024). Revenue: RM6.83m (down 8.2% from 2Q 2024). Net income: RM1.66m (down 22% from 2Q 2024). Profit margin: 24% (down from 29% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Announcement • Dec 06
Excel Force MSC Berhad Approves Final Single-Tier Dividend for the Financial Year Ended 30 June 2024 Excel Force MSC Berhad approved the payment of a final single-tier dividend of 0.50 sen per ordinary share for the financial year ended 30 June 2024. Reported Earnings • Nov 29
First quarter 2025 earnings released: EPS: RM0.003 (vs RM0.002 in 1Q 2024) First quarter 2025 results: EPS: RM0.003 (up from RM0.002 in 1Q 2024). Revenue: RM7.36m (up 17% from 1Q 2024). Net income: RM1.90m (up 74% from 1Q 2024). Profit margin: 26% (up from 17% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 22% per year. Declared Dividend • Oct 26
Final dividend of RM0.005 announced Dividend of RM0.005 is the same as last year. Ex-date: 20th December 2024 Payment date: 7th January 2025 Dividend yield will be 3.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Oct 24
Excel Force MSC Berhad, Annual General Meeting, Dec 05, 2024 Excel Force MSC Berhad, Annual General Meeting, Dec 05, 2024. Announcement • Sep 05
Excel Force Msc Berhad Announces Resignation of Thien Lee Mee as Company Secretary Excel Force MSC Berhad announced resignation of Thien Lee Mee as Company Secretary, effective 02 September 2024. Reported Earnings • Aug 31
Full year 2024 earnings released: EPS: RM0.016 (vs RM0.014 in FY 2023) Full year 2024 results: EPS: RM0.016 (up from RM0.014 in FY 2023). Revenue: RM29.0m (flat on FY 2023). Net income: RM8.92m (up 10% from FY 2023). Profit margin: 31% (up from 28% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 18% per year. New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 16% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risk Revenue has declined by 16% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (RM219.6m market cap, or US$46.5m). New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (RM237.9m market cap, or US$50.7m). New Risk • Mar 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.0% 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: Minor Risks Dividend is not well covered by cash flows (127% cash payout ratio). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Market cap is less than US$100m (RM213.5m market cap, or US$45.0m). Announcement • Dec 05
Excel Force MSC Berhad Approves the Payment of Final Single-Tier Dividend for the Financial Period from 1 January 2022 to 30 June 2023 Excel Force MSC Berhad announced that at its Annual General Meeting held on December 5, 2023, approved the payment of a final single-tier dividend of 0.50 sen per ordinary share for the financial period from 1 January 2022 to 30 June 2023. Announcement • Oct 31
Excel Force MSC Berhad, Annual General Meeting, Dec 05, 2023 Excel Force MSC Berhad, Annual General Meeting, Dec 05, 2023, at 09:30 Singapore Standard Time. Location: Level 43A, MYEG Tower, Empire City No.8, Jalan Damansara, PJU 8 47820 Petaling Jaya Darul Ehsan Selangor Malaysia Agenda: To receive the Audited Financial Statements for the financial period from 1 January 2022 to 30 June 2023 together with the Reports of the Directors and Auditors thereon; to approve the payment of a final single-tier dividend of 0.50 sen per ordinary share for the financial period from 1 January 2022 to 30 June 2023; and to consider other matters. New Risk • Sep 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (RM212.6m market cap, or US$45.8m). Reported Earnings • Aug 31
Full year 2023 earnings released: EPS: RM0.014 (vs RM0.018 in FY 2022) Full year 2023 results: EPS: RM0.014 (down from RM0.018 in FY 2022). Revenue: RM28.9m (down 17% from FY 2022). Net income: RM8.12m (down 21% from FY 2022). Profit margin: 28% (down from 30% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. New Risk • Aug 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (RM207.0m market cap, or US$44.6m). New Risk • Jun 30
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: Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (RM243.3m market cap, or US$52.1m). Announcement • Jun 02
Excel Force MSC Berhad Announces Resignation of Mr. Gan Teck Ban as Executive Director Effective June 1, 2023 Excel Force MSC Berhad announced resignation of Mr. Gan Teck Ban as Executive Director, 57-year-old male, effective June 1, 2023. Reported Earnings • May 23
First quarter 2023 earnings released: EPS: RM0.004 (vs RM0.005 in 1Q 2022) First quarter 2023 results: EPS: RM0.004 (down from RM0.005 in 1Q 2022). Revenue: RM7.03m (down 20% from 1Q 2022). Net income: RM2.16m (down 29% from 1Q 2022). Profit margin: 31% (down from 35% in 1Q 2022). The decrease in margin was driven by lower revenue. 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 13% per year, which means it is performing significantly worse than earnings. Board Change • May 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non Executive Director Elisa Mun-E was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 11
Excel Force MSC Berhad, Annual General Meeting, Dec 09, 2022 Excel Force MSC Berhad, Annual General Meeting, Dec 09, 2022, at 10:30 Singapore Standard Time. Location: Ekovest Sales Gallery, 3rd Floor, No. 122, Jalan Desa Gombak 1, Jalan Gombak Kaula Lumpur Malaysia Reported Earnings • Dec 03
Third quarter 2022 earnings released: EPS: RM0.003 (vs RM0.006 in 3Q 2021) Third quarter 2022 results: EPS: RM0.003 (down from RM0.006 in 3Q 2021). Revenue: RM7.00m (down 30% from 3Q 2021). Net income: RM1.82m (down 50% from 3Q 2021). Profit margin: 26% (down from 36% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: RM0.004 (vs RM0.005 in 2Q 2021) Second quarter 2022 results: EPS: RM0.004 (down from RM0.005 in 2Q 2021). Revenue: RM6.96m (down 21% from 2Q 2021). Net income: RM2.02m (down 31% from 2Q 2021). Profit margin: 29% (down from 33% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jun 17
Excel Force MSC Berhad Appoints Low Ven Sin as Company Secretary Excel Force MSC Berhad announced appointment of Low Ven Sin as company secretary. Date of change is 16 June 2022. Reported Earnings • May 26
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: RM0.005 (down from RM0.007 in 1Q 2021). Revenue: RM8.76m (down 8.3% from 1Q 2021). Net income: RM3.03m (down 24% from 1Q 2021). Profit margin: 35% (down from 42% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
Excel Force MSC Berhad Proposes Final Single-Tier Dividend for the Financial Year Ended 31 December 2021 The Board of Directors of Excel Force MSC Berhad has proposed a final single-tier dividend of 0.50 sen per ordinary share in respect of the financial year ended 31 December 2021, subject to the approval of EForce's shareholders at the coming Annual General Meeting. Reported Earnings • Feb 23
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RM0.023 (up from RM0.019 in FY 2020). Revenue: RM37.3m (up 19% from FY 2020). Net income: RM12.6m (up 17% from FY 2020). Profit margin: 34% (in line with FY 2020). Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 21%. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: RM0.007 (up from RM0.005 in 3Q 2020). Revenue: RM9.94m (up 12% from 3Q 2020). Net income: RM3.62m (up 39% from 3Q 2020). Profit margin: 36% (up from 29% in 3Q 2020). Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 17
Executive Chairman Norraesah binti Haji Mohamad has left the company On the 14th of September, Norraesah binti Haji Mohamad's tenure as Executive Chairman ended after 4.6 years in the role. As of June 2021, Norraesah still personally held 460.00k shares (RM253k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 3.08 years. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS RM0.005 (vs RM0.005 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: RM8.85m (up 27% from 2Q 2020). Net income: RM2.94m (up 13% from 2Q 2020). Profit margin: 33% (down from 37% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Executive Departure • Jul 15
Independent & Non Executive Director Mohaini Binti Yusof has left the company On the 8th of July, Mohaini Binti Yusof's tenure as Independent & Non Executive Director ended after 2.1 years in the role. We don't have any record of a personal shareholding under Mohaini Binti's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.92 years. Reported Earnings • May 22
First quarter 2021 earnings released: EPS RM0.007 (vs RM0.003 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: RM9.55m (up 51% from 1Q 2020). Net income: RM4.01m (up 128% from 1Q 2020). Profit margin: 42% (up from 28% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • May 13
Company Secretary has left the company On the 3rd of May, - Vimalraj's tenure as Company Secretary ended after 2.7 years in the role. We don't have any record of a personal shareholding under -'s name. A total of 2 executives have left over the last 12 months. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS RM0.019 (vs RM0.014 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: RM31.4m (up 37% from FY 2019). Net income: RM10.8m (up 67% from FY 2019). Profit margin: 35% (up from 28% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings miss expectations Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 15%, compared to a 35% growth forecast for the Software industry in Malaysia. Is New 90 Day High Low • Jan 11
New 90-day low: RM0.42 The company is down 6.0% from its price of RM0.45 on 13 October 2020. The Malaysian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 8.0% over the same period. Reported Earnings • Nov 25
Third quarter 2020 earnings released: EPS RM0.005 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: RM8.89m (up 58% from 3Q 2019). Net income: RM2.61m (up 68% from 3Q 2019). Profit margin: 29% (up from 28% in 3Q 2019). The increase in margin was driven by higher revenue. 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 33% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 06
New 90-day low: RM0.43 The company is down 6.0% from its price of RM0.47 on 08 July 2020. The Malaysian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 10.0% over the same period.