New Risk • May 25
New major risk - Revenue and earnings growth Earnings have declined by 37% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 23
First quarter 2026 earnings released: EPS: RM0 (vs RM0 in 1Q 2025) First quarter 2026 results: EPS: RM0 (in line with 1Q 2025). Revenue: RM105.3m (flat on 1Q 2025). Net income: RM11.0k (up RM175.0k from 1Q 2025). Profit margin: 0% (up from net loss in 1Q 2025). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Apr 29
GDEX Berhad, Annual General Meeting, Jun 11, 2026 GDEX Berhad, Annual General Meeting, Jun 11, 2026, at 09:30 Singapore Standard Time. Location: corporate meetings by envivo, ground floor, lobby 1, crystal plaza, no. 4, jalan 51a/223, 46100 petaling jaya, selangor, Malaysia Declared Dividend • Apr 23
Dividend of RM0.002 announced Dividend of RM0.002 is the same as last year. Ex-date: 11th June 2026 Payment date: 1st July 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (34% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RM0 (vs RM0 in FY 2024) Full year 2025 results: EPS: RM0 (in line with FY 2024). Revenue: RM416.3m (flat on FY 2024). Net loss: RM1.72m (loss narrowed 7.3% from FY 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 28
Third quarter 2025 earnings released: RM0.001 loss per share (vs RM0.001 loss in 3Q 2024) Third quarter 2025 results: RM0.001 loss per share (in line with 3Q 2024). Revenue: RM101.3m (down 6.5% from 3Q 2024). Net loss: RM3.68m (loss widened 6.9% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Oct 02
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 Earnings have declined by 51% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • Aug 30
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 5x earnings per share. Dividend yield: 2.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Earnings have declined by 51% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: RM0 (vs RM0.001 loss in 2Q 2024) Second quarter 2025 results: EPS: RM0 (improved from RM0.001 loss in 2Q 2024). Revenue: RM98.2m (up 1.4% from 2Q 2024). Net loss: RM1.11m (loss narrowed 62% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jun 12
GDEX Berhad Approves Final Single-Tier Dividend for Financial Year Ended 31 December 2024 GDEX Berhad at its AGM held on June 11, 2025 approved the payment of a final single-tier dividend of 0.20 sen per ordinary share in respect of the financial year ended 31 December 2024. Reported Earnings • May 28
First quarter 2025 earnings released: EPS: RM0 (vs RM0 in 1Q 2024) First quarter 2025 results: EPS: RM0 (in line with 1Q 2024). Revenue: RM105.5m (up 6.1% from 1Q 2024). Net loss: RM164.0k (loss narrowed 92% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% 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. Declared Dividend • May 01
Dividend increased to RM0.002 Dividend of RM0.002 is 100% higher than last year. Ex-date: 12th June 2025 Payment date: 1st July 2025 Dividend yield will be 1.2%, which is lower than the industry average of 2.6%. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: RM0 (vs RM0.006 loss in FY 2023) Full year 2024 results: EPS: RM0 (improved from RM0.006 loss in FY 2023). Revenue: RM420.5m (up 5.9% from FY 2023). Net loss: RM1.76m (loss narrowed 95% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Announcement • Feb 17
GDEX Berhad Appoints Isaac Mah Ming Zhi as Non Independent and Non Executive Director GDEX Berhad announced the appointment of Isaac Mah Ming Zhi as Non Independent and Non Executive Director. Age is 41. Date of change is 17 February 2025. Qualifications: Professional Qualification in Accounting from Institute of Chartered Accountants in England and Wales; Degree in Accounting and Finance from University of East London, UK. Working experience and occupation: Freight Management Holdings Pty Ltd: July 2022 - Jan. 2025- Chief Financial Officer. Singapore Post Limited: June 2021 - July 2022- Head of Strategic Investments and Investor Relations. Nov. 2019 - June 2021- Head, Strategic Investments and Integration. Feb. 2019 - Nov. 2019: Vice President, Strategic Investments and Integration. GL Limited (formerly known as Guocoleisure Limited): Sep. 2014 - Jan. 2019- Manager, Corporate Finance & Planning. Announcement • Jan 13
Gdex Berhad Announces Resignation of Yik Yen Shan, Vincent as Non Independent and Non Executive Director GDEX Berhad announced resignation of YIK YEN SHAN, VINCENT as Non Independent and Non Executive Director. Age is 52. Date of change is 12 January 2025. Reason is Due to personal commitment. Reported Earnings • Nov 28
Third quarter 2024 earnings released: RM0.001 loss per share (vs RM0.001 loss in 3Q 2023) Third quarter 2024 results: RM0.001 loss per share (in line with 3Q 2023). Revenue: RM108.3m (up 7.1% from 3Q 2023). Net loss: RM3.44m (loss narrowed 58% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Nov 27
GDEX Berhad Announces Redesignation of WONG YINN-EIN to Chief Financial Officer, Effective 01 December 2024 GDEX Berhad Announced the Redesignation of Miss WONG YINN-EIN, age 48 to Chief Financial Officer. Date of change is on 01 December 2024. Board Change • Oct 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chief Operating Officer Caren Chong was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
Second quarter 2024 earnings released: RM0.001 loss per share (vs RM0.002 loss in 2Q 2023) Second quarter 2024 results: RM0.001 loss per share (improved from RM0.002 loss in 2Q 2023). Revenue: RM96.9m (up 1.9% from 2Q 2023). Net loss: RM2.92m (loss narrowed 74% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Declared Dividend • May 29
Dividend reduced to RM0.001 Dividend of RM0.001 is 33% lower than last year. Ex-date: 14th June 2024 Payment date: 1st July 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.6%. Reported Earnings • May 02
First quarter 2024 earnings released: RM0.006 loss per share (vs RM0.001 loss in 1Q 2023) First quarter 2024 results: RM0.006 loss per share (further deteriorated from RM0.001 loss in 1Q 2023). Revenue: RM397.2b (up RM397.1b from 1Q 2023). Net loss: RM34.8b (loss widened RM34.8b from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • May 01
GDEX Berhad, Annual General Meeting, Jun 11, 2024 GDEX Berhad, Annual General Meeting, Jun 11, 2024, at 11:00 Singapore Standard Time. Agenda: To receive the Audited Financial Statements of the Company for the financial year ended 31 December 2023, together with the Directors' and Auditors' Reports thereon; to approve the payment of Directors' fees and benefits payable to the Independent Non-Executive Directors of the Company; to re-elect Teong Teck Lean who retire pursuant to Clause 96 of the Constitution of the Company; to re-appoint Messrs Deloitte PLT as Auditors of the Company and to authorise the Directors to fix their remuneration and to consider other matters. Reported Earnings • Mar 02
Full year 2023 earnings released: RM0.006 loss per share (vs RM0.003 loss in FY 2022) Full year 2023 results: RM0.006 loss per share (further deteriorated from RM0.003 loss in FY 2022). Revenue: RM397.2m (up 3.6% from FY 2022). Net loss: RM34.8m (loss widened 101% from FY 2022). 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 • Feb 29
GDEX Berhad Recommends Final Single-Tier Dividend for the Financial Year Ended 31 December 2023 The Board of Directors of GDEX had resolved to recommend a final single-tier dividend of 0.10 sen per ordinary share for the financial year ended 31 December 2023, subject to shareholders' approval at the forthcoming Twentieth Annual General Meeting of the Company. New Risk • Feb 05
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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. This is currently the only risk that has been identified for the company. Board Change • Feb 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chief Sustainability & Strategy Officer John Teoh was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Dec 04
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from RM429.0m to RM354.0m. Forecast losses increased from RM0.00 to -RM0.01 per share. Logistics industry in Malaysia expected to see average net income growth of 19% next year. Consensus price target down from RM0.13 to RM0.12. Share price fell 2.6% to RM0.19 over the past week. Announcement • Nov 30
GDEX Berhad Announces the Resignation of Lee Kah Hin as the Executive Director, Effective from 25 February 2024 GDEX Berhad announced that Mr. Lee Kah Hin, age: 37, will be resigning as the Executive Director of the Company with effect from 25 February 2024, Due to personal commitment. Reported Earnings • Nov 28
Third quarter 2023 earnings released: RM0.001 loss per share (vs RM0.001 loss in 3Q 2022) Third quarter 2023 results: RM0.001 loss per share (in line with 3Q 2022). Revenue: RM101.1m (up 6.1% from 3Q 2022). Net loss: RM8.16m (loss widened 24% from 3Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Logistics industry in Malaysia. 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. Major Estimate Revision • Sep 04
Consensus revenue estimates decrease by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from RM516.0m to RM429.0m. EPS estimate unchanged from RM0 per share at last update. Logistics industry in Malaysia expected to see average net income growth of 18% next year. Consensus price target down from RM0.14 to RM0.13. Share price rose 2.9% to RM0.18 over the past week. Reported Earnings • Aug 29
Second quarter 2023 earnings released: RM0.002 loss per share (vs RM0.001 loss in 2Q 2022) Second quarter 2023 results: RM0.002 loss per share (further deteriorated from RM0.001 loss in 2Q 2022). Revenue: RM95.1m (up 1.6% from 2Q 2022). Net loss: RM11.3m (loss widened 220% from 2Q 2022). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Jun 19
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. This is currently the only risk that has been identified for the company. Announcement • Jun 09
GDEX Berhad Approves the Payment of a Final Single-Tier Dividend in Respect of the Financial Year Ended 31 December 2022 GDEX Berhad approved the payment of a final single-tier dividend of 0.15 sen per ordinary share in respect of the financial year ended 31 December 2022, at its AGM held on 08 June 2023. Reported Earnings • May 30
First quarter 2023 earnings released: RM0.001 loss per share (vs RM0 in 1Q 2022) First quarter 2023 results: RM0.001 loss per share (further deteriorated from RM0 in 1Q 2022). Revenue: RM98.5m (up 7.2% from 1Q 2022). Net loss: RM7.21m (loss widened 280% from 1Q 2022). Revenue is forecast to stay flat during the next 4 years compared to a 4.0% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 01
Full year 2022 earnings released: RM0.003 loss per share (vs RM0.005 profit in FY 2021) Full year 2022 results: RM0.003 loss per share (down from RM0.005 profit in FY 2021). Revenue: RM383.3m (down 9.7% from FY 2021). Net loss: RM18.0m (down 165% from profit in FY 2021). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 43% 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 • Nov 23
Third quarter 2022 earnings released: RM0.001 loss per share (vs RM0.002 profit in 3Q 2021) Third quarter 2022 results: RM0.001 loss per share (down from RM0.002 profit in 3Q 2021). Revenue: RM95.3m (down 7.4% from 3Q 2021). Net loss: RM6.57m (down 169% from profit in 3Q 2021). Revenue is forecast to grow 7.5% p.a. on average during the next 4 years, compared to a 4.2% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 24% per year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non Independent & Non Executive Director Vincent Yik was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be RM0.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 9.6% in 2 years. Earnings is forecast to grow by 113% in the next 2 years. Price Target Changed • Oct 22
Price target decreased to RM0.32 Down from RM0.38, the current price target is an average from 2 analysts. New target price is 174% above last closing price of RM0.12. Stock is down 65% over the past year. The company is forecast to post earnings per share of RM0 for next year compared to RM0.0049 last year. Buying Opportunity • Oct 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be RM0.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 9.6% in 2 years. Earnings is forecast to grow by 113% in the next 2 years. Buying Opportunity • Sep 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be RM0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 120% in the next 2 years. Reported Earnings • Aug 25
Second quarter 2022 earnings released: RM0.001 loss per share (vs RM0.001 profit in 2Q 2021) Second quarter 2022 results: RM0.001 loss per share (down from RM0.001 profit in 2Q 2021). Revenue: RM93.5m (down 12% from 2Q 2021). Net loss: RM3.55m (down 156% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 26% while the Logistics industry in Malaysia is not expected to grow. 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 19% per year, which means it is performing significantly worse than earnings. Price Target Changed • May 25
Price target decreased to RM0.38 Down from RM0.42, the current price target is an average from 2 analysts. New target price is 111% above last closing price of RM0.18. Stock is down 51% over the past year. The company is forecast to post earnings per share of RM0.27 for next year compared to RM0.0049 last year. Announcement • May 02
GDEX Berhad, Annual General Meeting, Jun 07, 2022 GDEX Berhad, Annual General Meeting, Jun 07, 2022, at 11:00 Singapore Standard Time. Location: 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia Petaling Jaya Malaysia Agenda: To receive the Audited Financial Statements of the Company for the financial period ended 31 December 2021; to approve the payment of Directors' fees payable to the Independent Non-Executive Directors of the Company up to an aggregate amount of RM723,000.00 for the period from 1 December 2021 until the conclusion of the next Annual General Meeting; to approve the payment of benefits payable to the Independent Non-Executive Directors of the Company up to an aggregate amount of RM122,200.00 for the period from 1 December 2021 until the conclusion of the next Annual General Meeting; and to consider other matters if any. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non Independent & Non Executive Director Vincent Yik was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: RM0.005 (up from RM0.004 in FY 2020). Revenue: RM425.4m (up 3.3% from FY 2020). Net income: RM28.7m (up 30% from FY 2020). Profit margin: 6.7% (up from 5.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 5.1%, compared to a 21% growth forecast for the industry in Malaysia. 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 11% per year, which means it is performing significantly worse than earnings. Announcement • Feb 12
GDEX Berhad Appoints Yik Yen Shan, Vincent as Non Independent and Non Executive Director GDEX Berhad announced appointment of Yik Yen Shan, Vincent as Non Independent and Non Executive Director, effective Feb. 11, 2022. Announcement • Feb 11
Gdex Berhad Announces Resignation of Lai Tak Loi as Non-Independent Director GDEX Berhad announced resignation of LAI TAK LOI as Non-Independent Director. Due to the resignation of Mr. Lai Tak Loi as the Group Chief Financial Officer of Singapore Post Limited.