New Risk • Jul 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM39.6m (US$9.67m) 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 Less than 1 year of cash runway based on free cash flow trend (-RM20m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (RM39.6m market cap, or US$9.67m). Reported Earnings • May 28
Third quarter 2026 earnings released: RM0.013 loss per share (vs RM0.018 loss in 3Q 2025) Third quarter 2026 results: RM0.013 loss per share (improved from RM0.018 loss in 3Q 2025). Revenue: RM5.88m (up 44% from 3Q 2025). Net loss: RM6.09m (loss narrowed 19% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Second quarter 2026 earnings released: RM0.013 loss per share (vs RM0.015 loss in 2Q 2025) Second quarter 2026 results: RM0.013 loss per share (improved from RM0.015 loss in 2Q 2025). Revenue: RM8.47m (up 165% from 2Q 2025). Net loss: RM5.98m (loss narrowed 5.6% from 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Board Change • Jan 10
High number of new directors Independent Non-Executive Director Poh Wong was the last director to join the board, commencing their role in 2026. Reported Earnings • Nov 25
First quarter 2026 earnings released: RM0.016 loss per share (vs RM0.021 loss in 1Q 2025) First quarter 2026 results: RM0.016 loss per share (improved from RM0.021 loss in 1Q 2025). Revenue: RM6.92m (up 90% from 1Q 2025). Net loss: RM7.11m (loss narrowed 20% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Nov 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Malaysian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-RM19m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 39% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM95.5m market cap, or US$23.0m). Reported Earnings • Oct 26
Full year 2025 earnings released: RM0.07 loss per share (vs RM0.10 loss in FY 2024) Full year 2025 results: RM0.07 loss per share (improved from RM0.10 loss in FY 2024). Revenue: RM25.6m (down 36% from FY 2024). Net loss: RM29.8m (loss narrowed 31% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 48% 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 • Oct 23
Salutica Berhad, Annual General Meeting, Nov 24, 2025 Salutica Berhad, Annual General Meeting, Nov 24, 2025, at 10:30 Singapore Standard Time. Location: no. 3, jalan zarib 6, kawasan perindustrian zarib, 31500 lahat, ipoh, perak darul ridzuan, Malaysia Reported Earnings • Aug 27
Full year 2025 earnings released: RM0.07 loss per share (vs RM0.10 loss in FY 2024) Full year 2025 results: RM0.07 loss per share (improved from RM0.10 loss in FY 2024). Revenue: RM20.3m (down 49% from FY 2024). Net loss: RM29.8m (loss narrowed 31% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • May 28
Third quarter 2025 earnings released: RM0.018 loss per share (vs RM0.021 loss in 3Q 2024) Third quarter 2025 results: RM0.018 loss per share (improved from RM0.021 loss in 3Q 2024). Revenue: RM4.09m (down 13% from 3Q 2024). Net loss: RM7.53m (loss narrowed 16% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% 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 • Feb 25
Second quarter 2025 earnings released: RM0.015 loss per share (vs RM0.016 loss in 2Q 2024) Second quarter 2025 results: RM0.015 loss per share (improved from RM0.016 loss in 2Q 2024). Revenue: RM3.20m (down 42% from 2Q 2024). Net loss: RM6.34m (loss narrowed 8.4% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. New Risk • Feb 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -RM23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-RM23m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 42% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM101.6m market cap, or US$22.9m). Announcement • Nov 25
Salutica Berhad Reports Consolidated Written Off Results for the First Quarter Ended September 30, 2024 Salutica Berhad reported consolidated written off results for the first quarter ended September 30, 2024. For the quarter, the company reported property, plant and equipment write off of MYR 11,000. New Risk • Nov 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -RM23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-RM23m free cash flow). Earnings have declined by 42% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (RM182.1m market cap, or US$40.8m). Reported Earnings • Oct 27
Full year 2024 earnings released: RM0.10 loss per share (vs RM0.067 loss in FY 2023) Full year 2024 results: RM0.10 loss per share (further deteriorated from RM0.067 loss in FY 2023). Revenue: RM21.3m (down 73% from FY 2023). Net loss: RM43.1m (loss widened 51% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • Oct 23
Salutica Berhad, Annual General Meeting, Nov 22, 2024 Salutica Berhad, Annual General Meeting, Nov 22, 2024, at 10:30 Singapore Standard Time. New Risk • Sep 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Malaysian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 43% per year over the past 5 years. Minor Risks Revenue is less than US$5m (RM21m revenue, or US$5.0m). Market cap is less than US$100m (RM207.5m market cap, or US$48.2m). Reported Earnings • Aug 24
Full year 2024 earnings released: RM0.10 loss per share (vs RM0.067 loss in FY 2023) Full year 2024 results: RM0.10 loss per share (further deteriorated from RM0.067 loss in FY 2023). Revenue: RM21.3m (down 73% from FY 2023). Net loss: RM43.1m (loss widened 51% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Jul 24
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 7.7% 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 Earnings have declined by 42% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (RM224.5m market cap, or US$48.0m). Reported Earnings • May 25
Third quarter 2024 earnings released: RM0.021 loss per share (vs RM0.013 loss in 3Q 2023) Third quarter 2024 results: RM0.021 loss per share (further deteriorated from RM0.013 loss in 3Q 2023). Revenue: RM4.72m (down 60% from 3Q 2023). Net loss: RM8.97m (loss widened 58% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Feb 27
Second quarter 2024 earnings released: RM0.016 loss per share (vs RM0.008 loss in 2Q 2023) Second quarter 2024 results: RM0.016 loss per share (further deteriorated from RM0.008 loss in 2Q 2023). Revenue: RM5.48m (down 39% from 2Q 2023). Net loss: RM6.92m (loss widened 96% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 25
First quarter 2024 earnings released: RM0.013 loss per share (vs RM0.007 loss in 1Q 2023) First quarter 2024 results: RM0.013 loss per share (further deteriorated from RM0.007 loss in 1Q 2023). Revenue: RM7.27m (down 74% from 1Q 2023). Net loss: RM5.49m (loss widened 79% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Oct 26
Salutica Berhad, Annual General Meeting, Nov 24, 2023 Salutica Berhad, Annual General Meeting, Nov 24, 2023, at 10:30 Singapore Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 30 June 2023 together with the Directors' and the Auditors' Reports thereon; to approve the payment of Directors' fees of RM495,000.00 for the financial year ended 30 June 2023; to re-elect the Directors who retire pursuant to Clause 76(3) of the Constitution of the Company and being eligible offered themselves for re-election; to re-appoint Messrs Crowe Malaysia PLT as Auditors of the Company for the financial year ending 30 June 2024 and to authorise the Directors to fix their remuneration; to consider authority to issue and allot shares of the company pursuant to sections 75 and 76 of the companies act 2016; and to consider other matters. Reported Earnings • Aug 29
Full year 2023 earnings released: RM0.067 loss per share (vs RM0.016 loss in FY 2022) Full year 2023 results: RM0.067 loss per share (further deteriorated from RM0.016 loss in FY 2022). Revenue: RM63.9m (down 58% from FY 2022). Net loss: RM28.5m (loss widened 333% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 23
Third quarter 2023 earnings released: RM0.013 loss per share (vs RM0.009 loss in 3Q 2022) Third quarter 2023 results: RM0.013 loss per share (further deteriorated from RM0.009 loss in 3Q 2022). Revenue: RM11.8m (down 45% from 3Q 2022). Net loss: RM5.69m (loss widened 52% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Apr 19
Now 38% undervalued Over the last 90 days, the stock is up 322%. The fair value is estimated to be RM1.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.5%. Board Change • Apr 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. 2 highly experienced directors. Alternate Director Joel Lim was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 26
Second quarter 2023 earnings released: RM0.008 loss per share (vs RM0.003 loss in 2Q 2022) Second quarter 2023 results: RM0.008 loss per share (further deteriorated from RM0.003 loss in 2Q 2022). Revenue: RM9.01m (down 76% from 2Q 2022). Net loss: RM3.53m (loss widened 211% from 2Q 2022). 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 24% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 26
First quarter 2023 earnings released: RM0.007 loss per share (vs RM0.009 loss in 1Q 2022) First quarter 2023 results: RM0.007 loss per share (improved from RM0.009 loss in 1Q 2022). Revenue: RM28.3m (down 18% from 1Q 2022). Net loss: RM3.06m (loss narrowed 19% from 1Q 2022). 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 28% per year, which means it is significantly lagging earnings. Announcement • Oct 28
Salutica Berhad, Annual General Meeting, Nov 25, 2022 Salutica Berhad, Annual General Meeting, Nov 25, 2022, at 10:30 China Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 30 June 2022 together with the Directors' and the Auditors' Reports thereon; to consider directorate reelections; to consider to re-appoint Crowe Malaysia PLT as Auditors of the Company for the financial year ending 30 June 2023 and to authorise the Directors to fix their remuneration; and to consider other matters. Reported Earnings • Aug 24
Full year 2022 earnings released: RM0.016 loss per share (vs RM0.025 loss in FY 2021) Full year 2022 results: RM0.016 loss per share (up from RM0.025 loss in FY 2021). Revenue: RM143.8m (down 36% from FY 2021). Net loss: RM6.58m (loss narrowed 32% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • May 25
Third quarter 2022 earnings released: RM0.009 loss per share (vs RM0.01 loss in 3Q 2021) Third quarter 2022 results: RM0.009 loss per share (up from RM0.01 loss in 3Q 2021). Revenue: RM21.5m (down 51% from 3Q 2021). Net loss: RM3.74m (loss narrowed 1.6% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Feb 24
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: RM0.003 loss per share (up from RM0.01 loss in 2Q 2021). Revenue: RM38.1m (down 24% from 2Q 2021). Net loss: RM1.13m (loss narrowed 71% from 2Q 2021). Revenue missed analyst estimates by 14%. 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 7% per year, which means it is well ahead of earnings. Executive Departure • Nov 27
Company Secretary Shi Yeng has left the company On the 25th of November, Shi Yeng's tenure as Company Secretary ended after 2.7 years in the role. We don't have any record of a personal shareholding under Shi's name. Shi is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.67 years. Reported Earnings • Nov 26
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: RM0.009 loss per share (up from RM0.01 loss in 1Q 2021). Revenue: RM34.4m (down 39% from 1Q 2021). Net loss: RM3.77m (flat on 1Q 2021). Revenue missed analyst estimates by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
Full year 2021 earnings released: RM0.025 loss per share (vs RM0.021 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: RM223.0m (up 37% from FY 2020). Net loss: RM9.72m (loss widened 21% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • May 25
Third quarter 2021 earnings released: RM0.01 loss per share (vs RM0.009 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: RM43.6m (up 20% from 3Q 2020). Net loss: RM3.80m (loss widened 6.2% from 3Q 2020). 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. Is New 90 Day High Low • Feb 04
New 90-day high: RM0.68 The company is up 57% from its price of RM0.43 on 06 November 2020. The Malaysian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: RM0.51 The company is up 17% from its price of RM0.43 on 07 October 2020. The Malaysian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 14% over the same period. Reported Earnings • Nov 25
First quarter 2021 earnings released: RM0.01 loss per share The company reported a solid first quarter result with improved revenues and control over expenses, though losses increased. First quarter 2021 results: Revenue: RM56.1m (up 73% from 1Q 2020). Net loss: RM3.74m (loss widened 57% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 122% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: RM0.42 The company is down 15% from its price of RM0.49 on 30 July 2020. The Malaysian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 30% over the same period. Reported Earnings • Oct 26
Full year earnings released - RM0.021 loss per share Over the last 12 months the company has reported total losses of RM8.06m, with losses widening by RM7.46m from the prior year. Total revenue was RM163.3m over the last 12 months, up 15% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 26
Annual earnings released: Revenue misses expectations Annual revenue missed analyst estimates by 14% at RM161.0m. Revenue is forecast to grow 45% over the next year, compared to a 27% growth forecast for the Electronic industry in Malaysia.