Board Change • Jun 02
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. 4 highly experienced directors. Non-Independent Executive Director Kazuhiko Saeki 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 01
Full year 2026 earnings released: EPS: RM0.047 (vs RM0.033 in FY 2025) Full year 2026 results: EPS: RM0.047 (up from RM0.033 in FY 2025). Revenue: RM910.5m (down 10.0% from FY 2025). Net income: RM37.5m (up 43% from FY 2025). Profit margin: 4.1% (up from 2.6% in FY 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 41% 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. Announcement • Apr 30
TASCO Berhad announces Annual dividend, payable on May 29, 2026 TASCO Berhad announced Annual dividend of MYR 0.0175 per share payable on May 29, 2026, ex-date on May 14, 2026 and record date on May 15, 2026. Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: RM0.013 (vs RM0.018 in 3Q 2025) Third quarter 2026 results: EPS: RM0.013 (down from RM0.018 in 3Q 2025). Revenue: RM226.1m (down 7.1% from 3Q 2025). Net income: RM10.1m (down 29% from 3Q 2025). Profit margin: 4.5% (down from 5.9% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 44% 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. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM1.09b to RM1.06b. EPS estimate also fell from RM0.064 per share to RM0.056 per share. Net income forecast to grow 63% next year vs 23% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM0.69 to RM0.62. Share price was steady at RM0.52 over the past week. Price Target Changed • Oct 31
Price target decreased by 7.7% to RM0.63 Down from RM0.69, the current price target is an average from 4 analysts. New target price is 23% above last closing price of RM0.52. Stock is down 28% over the past year. The company posted earnings per share of RM0.033 last year. Reported Earnings • Jul 30
First quarter 2026 earnings released: EPS: RM0.012 (vs RM0.009 in 1Q 2025) First quarter 2026 results: EPS: RM0.012 (up from RM0.009 in 1Q 2025). Revenue: RM222.6m (down 11% from 1Q 2025). Net income: RM9.19m (up 31% from 1Q 2025). Profit margin: 4.1% (up from 2.8% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% 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. Announcement • Jul 29
TASCO Berhad, Annual General Meeting, Sep 12, 2025 TASCO Berhad, Annual General Meeting, Sep 12, 2025, at 15:00 Singapore Standard Time. Location: lot no. 1a, persiaran jubli perak, jalan 22/1, seksyen 22, 40300 shah alam, selangor, Malaysia Major Estimate Revision • May 13
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM1.17b to RM1.10b. EPS estimate also fell from RM0.078 per share to RM0.069 per share. Net income forecast to grow 109% next year vs 15% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM0.92 to RM0.73. Share price rose 2.9% to RM0.54 over the past week. Reported Earnings • May 02
Full year 2025 earnings released: EPS: RM0.033 (vs RM0.077 in FY 2024) Full year 2025 results: EPS: RM0.033 (down from RM0.077 in FY 2024). Revenue: RM1.01b (down 5.7% from FY 2024). Net income: RM26.2m (down 58% from FY 2024). Profit margin: 2.6% (down from 5.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 20% per year. Declared Dividend • May 02
Dividend reduced to RM0.013 Dividend of RM0.013 is 47% lower than last year. Ex-date: 15th May 2025 Payment date: 30th May 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 6.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 92% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 01
TASCO Berhad announces Annual dividend, payable on May 30, 2025 TASCO Berhad announced Annual dividend of MYR 0.0125 per share payable on May 30, 2025, ex-date on May 15, 2025 and record date on May 16, 2025. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RM392.0m (US$87.5m) This is considered a minor 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: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (RM392.0m market cap, or US$87.5m). Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM1.16b to RM1.07b. EPS estimate also fell from RM0.066 per share to RM0.058 per share. Net income forecast to grow 22% next year vs 22% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM1.04 to RM0.92. Share price was steady at RM0.69 over the past week. Reported Earnings • Feb 21
Third quarter 2025 earnings released: EPS: RM0.018 (vs RM0.017 in 3Q 2024) Third quarter 2025 results: EPS: RM0.018 (up from RM0.017 in 3Q 2024). Revenue: RM243.5m (down 12% from 3Q 2024). Net income: RM14.2m (up 3.1% from 3Q 2024). Profit margin: 5.9% (up from 5.0% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 14% per year. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM1.18b to RM1.16b. EPS estimate also fell from RM0.088 per share to RM0.076 per share. Net income forecast to grow 43% next year vs 22% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM1.11 to RM1.06. Share price rose 5.6% to RM0.76 over the past week. Reported Earnings • Oct 30
Second quarter 2025 earnings released: EPS: RM0.01 (vs RM0.02 in 2Q 2024) Second quarter 2025 results: EPS: RM0.01 (down from RM0.02 in 2Q 2024). Revenue: RM295.7m (up 8.1% from 2Q 2024). Net income: RM8.13m (down 49% from 2Q 2024). Profit margin: 2.8% (down from 5.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Logistics industry in Asia. 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 18% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Sep 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to RM0.79. The fair value is estimated to be RM0.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 2.9%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Buy Or Sell Opportunity • Sep 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to RM0.79. The fair value is estimated to be RM0.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 2.9%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Price Target Changed • Aug 29
Price target decreased by 8.2% to RM1.11 Down from RM1.21, the current price target is an average from 4 analysts. New target price is 41% above last closing price of RM0.79. Stock is down 1.3% over the past year. The company is forecast to post earnings per share of RM0.088 for next year compared to RM0.077 last year. Price Target Changed • Aug 05
Price target decreased by 8.4% to RM1.14 Down from RM1.25, the current price target is an average from 4 analysts. New target price is 42% above last closing price of RM0.81. The company is forecast to post earnings per share of RM0.088 for next year compared to RM0.077 last year. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: RM0.009 (vs RM0.018 in 1Q 2024) First quarter 2025 results: EPS: RM0.009 (down from RM0.018 in 1Q 2024). Revenue: RM249.9m (down 1.3% from 1Q 2024). Net income: RM7.00m (down 51% from 1Q 2024). Profit margin: 2.8% (down from 5.6% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jul 29
TASCO Berhad, Annual General Meeting, Sep 05, 2024 TASCO Berhad, Annual General Meeting, Sep 05, 2024, at 15:00 Singapore Standard Time. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.01, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Logistics industry in Asia. Total loss to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.84 per share. Reported Earnings • May 02
Full year 2024 earnings released: EPS: RM0.077 (vs RM0.11 in FY 2023) Full year 2024 results: EPS: RM0.077 (down from RM0.11 in FY 2023). Revenue: RM1.07b (down 33% from FY 2023). Net income: RM61.7m (down 32% from FY 2023). Profit margin: 5.8% (up from 5.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • May 02
Dividend of RM0.024 announced Shareholders will receive a dividend of RM0.024. Ex-date: 15th May 2024 Payment date: 31st May 2024 Dividend yield will be 2.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (43% 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 increased by an average of 8.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from RM1.21b to RM1.16b. EPS estimate also fell from RM0.099 per share to RM0.084 per share. Net income forecast to grow 17% next year vs 20% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM1.34 to RM1.25. Share price fell 6.9% to RM0.81 over the past week. Reported Earnings • Jan 30
Third quarter 2024 earnings released: EPS: RM0.017 (vs RM0.026 in 3Q 2023) Third quarter 2024 results: EPS: RM0.017 (down from RM0.026 in 3Q 2023). Revenue: RM277.4m (down 29% from 3Q 2023). Net income: RM13.8m (down 32% from 3Q 2023). Profit margin: 5.0% (down from 5.2% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Second quarter 2024 earnings released: EPS: RM0.02 (vs RM0.03 in 2Q 2023) Second quarter 2024 results: EPS: RM0.02 (down from RM0.03 in 2Q 2023). Revenue: RM273.6m (down 45% from 2Q 2023). Net income: RM15.8m (down 34% from 2Q 2023). Profit margin: 5.8% (up from 4.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Nov 18
TASCO Berhad Announces Property, Plant and Equipment Written Off for the Third Quarter Ended 30 September 2023 TASCO Berhad announced Property, plant and equipment written off for the third quarter ended 30 September 2023. For the quarter, the company reported Property, plant and equipment written off of MYR 17,000 against MYR 3,000 a year ago. Major Estimate Revision • Aug 08
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from RM1.50b to RM1.35b. EPS estimate fell from RM0.107 to RM0.102 per share. Net income forecast to grow 3.9% next year vs 16% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM1.53 to RM1.47. Share price was steady at RM0.81 over the past week. Announcement • Jul 29
TASCO Berhad, Annual General Meeting, Sep 07, 2023 TASCO Berhad, Annual General Meeting, Sep 07, 2023, at 15:00 Singapore Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 31 March 2023 and the Reports of Directors and Auditors thereon; to approve the payment of Directors' fees of RM300,000 for the period from 8 September 2023 until the next Annual General Meeting of the Company; to approve the payment of Directors' benefits (excluding Directors' fees) to the Non-Executive Directors up to an amount of RM30,000 from 8 September 2023 until the next Annual General Meeting of the Company; to re-elect directors; to appoint Auditors of the Company and authorize the Directors to determine their remuneration; and to transact other business. Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: RM0.018 (vs RM0.031 in 1Q 2023) First quarter 2024 results: EPS: RM0.018 (down from RM0.031 in 1Q 2023). Revenue: RM253.2m (down 44% from 1Q 2023). Net income: RM14.2m (down 42% from 1Q 2023). Profit margin: 5.6% (up from 5.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 08
Upcoming dividend of RM0.035 per share at 3.9% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Malaysian dividend payers (5.2%). Higher than average of industry peers (2.2%). Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: RM0.11 (vs RM0.082 in FY 2022) Full year 2023 results: EPS: RM0.11 (up from RM0.082 in FY 2022). Revenue: RM1.61b (up 8.5% from FY 2022). Net income: RM90.8m (up 39% from FY 2022). Profit margin: 5.7% (up from 4.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 58% per year and the company’s share price has also increased by 58% per year. Major Estimate Revision • Feb 09
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from RM1.69b to RM1.72b. EPS estimate increased from RM0.10 to RM0.113 per share. Net income forecast to shrink 7.4% next year vs 18% growth forecast for Logistics industry in Malaysia . Consensus price target up from RM1.35 to RM1.55. Share price rose 7.8% to RM0.97 over the past week. Price Target Changed • Feb 08
Price target increased by 12% to RM1.52 Up from RM1.35, the current price target is an average from 4 analysts. New target price is 53% above last closing price of RM0.99. Stock is down 18% over the past year. The company is forecast to post earnings per share of RM0.11 for next year compared to RM0.082 last year. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: RM0.026 (vs RM0.011 in 3Q 2022) Third quarter 2023 results: EPS: RM0.026 (up from RM0.011 in 3Q 2022). Revenue: RM392.7m (down 14% from 3Q 2022). Net income: RM20.4m (up 132% from 3Q 2022). Profit margin: 5.2% (up from 1.9% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
TASCO Berhad Reports Property, Plant and Equipment Written Off for the Third Quarter Ended December 31, 2022 TASCO Berhad reported property, plant and equipment written off for the third quarter ended December 31, 2022. For the quarter, the company's property, plant and equipment written off was MYR 4,000 against MYR 15,923,000 a year ago. Price Target Changed • Nov 16
Price target decreased to RM1.35 Down from RM1.46, the current price target is an average from 4 analysts. New target price is 56% above last closing price of RM0.86. Stock is down 26% over the past year. The company is forecast to post earnings per share of RM0.10 for next year compared to RM0.082 last year. Board Change • Nov 16
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. 2 experienced directors. 7 highly experienced directors. Chief Business Development Officer & Non-Independent Executive Director Norihiko Yamada was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Second quarter 2023 earnings released: EPS: RM0.03 (vs RM0.02 in 2Q 2022) Second quarter 2023 results: EPS: RM0.03 (up from RM0.02 in 2Q 2022). Revenue: RM493.9m (up 57% from 2Q 2022). Net income: RM24.1m (up 54% from 2Q 2022). Profit margin: 4.9% (down from 5.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Logistics industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be RM0.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 71%. Revenue is forecast to decline by 0.6% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Price Target Changed • Aug 05
Price target decreased to RM1.46 Down from RM1.63, the current price target is an average from 4 analysts. New target price is 48% above last closing price of RM0.98. Stock is down 15% over the past year. The company is forecast to post earnings per share of RM0.099 for next year compared to RM0.082 last year. Major Estimate Revision • Aug 02
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from RM1.43b to RM1.60b. EPS estimate increased from RM0.09 to RM0.11 per share. Net income forecast to grow 15% next year vs 16% growth forecast for Logistics industry in Malaysia. Consensus price target broadly unchanged at RM1.62. Share price rose 4.3% to RM0.97 over the past week. Announcement • Jul 30
TASCO Berhad, Annual General Meeting, Sep 07, 2022 TASCO Berhad, Annual General Meeting, Sep 07, 2022, at 15:00 Singapore Standard Time. Reported Earnings • Jul 27
First quarter 2023 earnings released: EPS: RM0.031 (vs RM0.02 in 1Q 2022) First quarter 2023 results: EPS: RM0.031 (up from RM0.02 in 1Q 2022). Revenue: RM453.6m (up 56% from 1Q 2022). Net income: RM24.4m (up 55% from 1Q 2022). Profit margin: 5.4% (in line with 1Q 2022). Over the next year, revenue is expected to shrink by 12% compared to a 1.1% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Jul 08
TASCO Berhad Announces Resignation of Loh Lai Ling as Company Secretary TASCO Berhad announced Resignation of LOH LAI LING as Company Secretary. Date Of Change 07 July 2022. Upcoming Dividend • May 24
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Malaysian dividend payers (4.7%). In line with average of industry peers (2.2%). Announcement • May 18
TASCO Berhad Announces Final Single-Tier Dividend for the Year Ended March 31, 2022, Payable on 20 June 2022 TASCO Berhad announced final single-tier dividend of 1.5 sen per ordinary share for the year ended March 31, 2022, payable on 20 June 2022. Ex-Date date is May 31, 2022 and entitlement date is June 1, 2022. Price Target Changed • May 05
Price target increased to RM1.63 Up from RM1.49, the current price target is an average from 3 analysts. New target price is 49% above last closing price of RM1.09. Stock is down 7.6% over the past year. The company is forecast to post earnings per share of RM0.083 for next year compared to RM0.082 last year. Reported Earnings • Apr 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: RM0.082 (up from RM0.052 in FY 2021). Revenue: RM1.48b (up 56% from FY 2021). Net income: RM65.3m (up 58% from FY 2021). Profit margin: 4.4% (in line with FY 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 8.8% compared to a 22% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 2 experienced directors. 7 highly experienced directors. Chief Business Development Officer & Non-Independent Executive Director Norihiko Yamada was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Apr 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. 2 experienced directors. 7 highly experienced directors. Chief Business Development Officer & Non-Independent Executive Director Norihiko Yamada was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Feb 03
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from RM1.10b to RM1.27b. EPS estimate increased from RM0.07 to RM0.08 per share. Net income forecast to grow 18% next year vs 18% growth forecast for Logistics industry in Malaysia. Consensus price target down from RM1.61 to RM1.57. Share price was steady at RM1.17 over the past week. Reported Earnings • Jan 28
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: RM0.011 (down from RM0.014 in 3Q 2021). Revenue: RM455.1m (up 88% from 3Q 2021). Net income: RM8.81m (down 24% from 3Q 2021). Profit margin: 1.9% (down from 4.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 17% compared to a 21% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 04
Upcoming dividend of RM0.01 per share Eligible shareholders must have bought the stock before 11 November 2021. Payment date: 30 November 2021. Trailing yield: 1.7%. Lower than top quartile of Malaysian dividend payers (4.2%). In line with average of industry peers (1.7%). Reported Earnings • Oct 28
Second quarter 2022 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: RM315.5m (up 38% from 2Q 2021). Net income: RM15.7m (up 47% from 2Q 2021). Profit margin: 5.0% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 28
Price target increased to RM1.61 Up from RM1.45, the current price target is an average from 3 analysts. New target price is 26% above last closing price of RM1.28. Stock is up 133% over the past year. The company is forecast to post earnings per share of RM0.068 for next year compared to RM0.052 last year. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to RM1.30, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Logistics industry in Asia. Total returns to shareholders of 265% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.89 per share. 