New Risk • Jun 09
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 12% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (RM26.6m market cap, or US$6.52m). Reported Earnings • May 24
First quarter 2026 earnings released: EPS: RM0.001 (vs RM0.001 in 1Q 2025) First quarter 2026 results: EPS: RM0.001 (in line with 1Q 2025). Revenue: RM17.6m (down 8.8% from 1Q 2025). Net income: RM176.0k (up 8.0% from 1Q 2025). Profit margin: 1.0% (up from 0.8% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
Tri-Mode System (M) Berhad, Annual General Meeting, Jun 25, 2026 Tri-Mode System (M) Berhad, Annual General Meeting, Jun 25, 2026, at 11:00 Singapore Standard Time. Location: wisma tri-mode, no 1 (lot 48), jalan sungai chandong 24/ks11, taman perindustrian pulau indah (fasa 3), 42920 pulau indah, selangor, Malaysia Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RM0.011 (vs RM0.01 in FY 2024) Full year 2025 results: EPS: RM0.011 (up from RM0.01 in FY 2024). Revenue: RM80.8m (down 8.2% from FY 2024). Net income: RM1.78m (up 9.0% from FY 2024). Profit margin: 2.2% (up from 1.9% in FY 2024). The increase in margin was driven by lower expenses. 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. Announcement • Nov 28
TRI-MODE SYSTEM (M) BERHAD Announces the Resignation of Wai Wah Kwan @ Wai Ah Har as Non-Executive Director, Effective November 30, 2025 TRI-MODE SYSTEM (M) BERHAD announces the resignation of Mr. Wai Wah Kwan @ Wai Ah Har as Non-Executive Director, effective November 30, 2025. Age is 83. Directorate: Independent and Non Executive. Reason: Retirement. Declared Dividend • Nov 22
Dividend of RM0.003 announced Shareholders will receive a dividend of RM0.003. Ex-date: 15th December 2025 Payment date: 16th January 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (59% 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 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 28% EPS decline seen over the last 5 years. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: RM0.003 (vs RM0.005 in 3Q 2024) Third quarter 2025 results: EPS: RM0.003 (down from RM0.005 in 3Q 2024). Revenue: RM20.4m (down 24% from 3Q 2024). Net income: RM470.0k (down 45% from 3Q 2024). Profit margin: 2.3% (down from 3.2% in 3Q 2024). The decrease in margin was driven by lower revenue. 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. New Risk • Sep 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (RM33.2m market cap, or US$7.87m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.6% net profit margin). Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: RM0.001 (vs RM0.001 in 2Q 2024) Second quarter 2025 results: EPS: RM0.001 (in line with 2Q 2024). Revenue: RM20.5m (up 1.3% from 2Q 2024). Net income: RM206.0k (down 5.1% from 2Q 2024). Profit margin: 1.0% (in line with 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Board Change • Jun 13
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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: RM0.001 (vs RM0.002 in 1Q 2024) First quarter 2025 results: EPS: RM0.001 (down from RM0.002 in 1Q 2024). Revenue: RM19.3m (down 1.1% from 1Q 2024). Net income: RM163.0k (down 61% from 1Q 2024). Profit margin: 0.8% (down from 2.1% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to RM0.21. The fair value is estimated to be RM0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 57%. Announcement • Apr 29
Tri-Mode System (M) Berhad, Annual General Meeting, Jun 19, 2025 Tri-Mode System (M) Berhad, Annual General Meeting, Jun 19, 2025, at 11:00 Singapore Standard Time. Location: wisma tri-mode, no 1 (lot 48), jalan sungai chandong 24/ks11, taman perindustrian pulau indah (fasa 3), 42920 pulau indah, selangor, Malaysia Buy Or Sell Opportunity • Apr 16
Now 38% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to RM0.19. The fair value is estimated to be RM0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 57%. Board Change • Apr 04
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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 20
Now 33% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to RM0.22. The fair value is estimated to be RM0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 57%. Buy Or Sell Opportunity • Mar 01
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to RM0.23. The fair value is estimated to be RM0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 57%. New Risk • Dec 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM44.8m (US$9.95m) 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 Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.9% per year over the past 5 years. Market cap is less than US$10m (RM44.8m market cap, or US$9.95m). Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). Declared Dividend • Nov 30
Dividend of RM0.0035 announced Shareholders will receive a dividend of RM0.0035. Ex-date: 12th December 2024 Payment date: 30th December 2024 Dividend yield will be 1.2%, which is lower than the industry average of 2.6%. Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: RM0.005 (vs RM0.004 in 3Q 2023) Third quarter 2024 results: EPS: RM0.005 (up from RM0.004 in 3Q 2023). Revenue: RM26.7m (up 53% from 3Q 2023). Net income: RM857.0k (up 21% from 3Q 2023). Profit margin: 3.2% (down from 4.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% 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 • Aug 29
Second quarter 2024 earnings released: EPS: RM0.001 (vs RM0.003 in 2Q 2023) Second quarter 2024 results: EPS: RM0.001 (down from RM0.003 in 2Q 2023). Revenue: RM20.3m (up 13% from 2Q 2023). Net income: RM217.0k (down 51% from 2Q 2023). Profit margin: 1.1% (down from 2.5% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 21% per year, which means it has not declined as severely as earnings. Board Change • May 06
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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 01
Tri-Mode System (M) Berhad, Annual General Meeting, Jun 20, 2024 Tri-Mode System (M) Berhad, Annual General Meeting, Jun 20, 2024, at 11:00 China Standard Time. Agenda: To receive the audited financial statements for the financial year ended 31 December 2023 together with the Reports of the Directors and Auditors thereon; to reelect directors; to approve the payment of directors' benefits to the non-executive directors of the Company up to an amount of MYR 9,000 for the period from 32nd AGM up to the 33rd AGM; to approve the payment of directors's fees to the non-executive directors up to RM120,000 for the period from 32nd AGM up to the 33rd AGM; to re-appoint Messrs. UHY as auditors of the Company until the conclusion of the next AGM and to authorise the Directors to fix their remuneration; to consider the authority to allot and issue shares in general pursuant to Sections 75 and 76 of the Companies Act 2016; and to transact any other business for which due notice shall have been given in accordance with the Companies Act 2016. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: RM0.015 (vs RM0.063 in FY 2022) Full year 2023 results: EPS: RM0.015 (down from RM0.063 in FY 2022). Revenue: RM70.2m (down 44% from FY 2022). Net income: RM2.51m (down 76% from FY 2022). Profit margin: 3.6% (down from 8.4% 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 6% per year whereas the company’s share price has fallen by 11% per year. Board Change • Dec 13
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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 24
Tri-Mode System (M) Berhad Declares First Single-Tier Interim Dividend for the Financial Year Ending December 31, 2023, Payable on 12 January 2024 Tri-Mode System (M) Berhad declared first single-tier interim dividend of 0.35 sen per ordinary share for the financial year ending December 31, 2023. Ex-Date is 14 December 2023; Entitlement date is 15 December 2023; Payment Date is 12 January 2024. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: RM0.004 (vs RM0.009 in 3Q 2022) Third quarter 2023 results: EPS: RM0.004 (down from RM0.009 in 3Q 2022). Revenue: RM17.5m (down 42% from 3Q 2022). Net income: RM709.0k (down 51% from 3Q 2022). Profit margin: 4.0% (down from 4.8% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: RM0.003 (vs RM0.007 in 2Q 2022) Second quarter 2023 results: EPS: RM0.003 (down from RM0.007 in 2Q 2022). Revenue: RM17.9m (down 41% from 2Q 2022). Net income: RM442.0k (down 61% from 2Q 2022). Profit margin: 2.5% (down from 3.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 15
Tri-Mode System (M) Berhad Appoints Ang Wee Min as Joint Secretary Tri-Mode System (M) Berhad announced the appointment of Ang Wee Min as Joint Secretary. Date Of Change is 14 June 2023. Reported Earnings • May 25
First quarter 2023 earnings released: EPS: RM0.002 (vs RM0.031 in 1Q 2022) First quarter 2023 results: EPS: RM0.002 (down from RM0.031 in 1Q 2022). Revenue: RM16.8m (down 58% from 1Q 2022). Net income: RM301.0k (down 94% from 1Q 2022). Profit margin: 1.8% (down from 13% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: RM0.062 (vs RM0.044 in FY 2021) Full year 2022 results: EPS: RM0.062 (up from RM0.044 in FY 2021). Revenue: RM124.6m (down 6.3% from FY 2021). Net income: RM10.3m (up 41% from FY 2021). Profit margin: 8.3% (up from 5.5% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Nov 23
Tri-Mode System (M) Berhad Declares First Single-Tier Interim Dividend for the Financial Year Ending 31 December 2022, Payable on 12 January 2023 The board of Tri-Mode System (M) Berhad announced the declaration and payment of first single-tier interim dividend of MYR 0.0075 per ordinary share for the financial year ending 31 December 2022. The entitlement date is 15 December 2022, the Ex-Date is 14 December 2022 and the payment date has been fixed on 12 January 2023. Board Change • Nov 23
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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 24
Tri-Mode System (M) Berhad Obtains Freight Forwarding License Tri-Mode System (M) Berhad announced that Tri-Mode had officially obtained Freight Forwarding Agent License from the Royal Malaysian Customs Department on September 1, 2022 via International Integrated Logistics Services status, approved by the Malaysian Investment Development Authority on 2021. The IILS status enables Tri-Mode to have 100% equity ownership in Freight Forwarding Agent License issued by RMCD which enables Tri-Mode to complete the integrated and seamless logistics services along the value chain as a single entity on a regional and global scale. Hence, Tri-Mode will be able to provide integrated logistics services under a single entity to its valued customers more efficiently with cost and time savings. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: RM0.007 (vs RM0.007 in 2Q 2021) Second quarter 2022 results: EPS: RM0.007 (vs RM0.007 in 2Q 2021). Revenue: RM30.6m (up 10% from 2Q 2021). Net income: RM1.12m (up 4.0% from 2Q 2021). Profit margin: 3.7% (down from 3.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
First quarter 2022 earnings released: EPS: RM0.031 (vs RM0.011 in 1Q 2021) First quarter 2022 results: EPS: RM0.031 (up from RM0.011 in 1Q 2021). Revenue: RM40.1m (up 22% from 1Q 2021). Net income: RM5.21m (up 187% from 1Q 2021). Profit margin: 13% (up from 5.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 10% 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. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Tau Meng Chiam was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 24
Tri-Mode System (M) Berhad Approves Second Interim Dividend, Payable on 15 April 2022 Tri-Mode System (M) Berhad has approved the declaration and payment of second single-tier interim dividend of 0.30 sen per ordinary share in respect of the financial year ended 31 December 2021. The entitlement to dividend to be determined based on the record of depositors as at 18 March 2022 whilst the payment date to be fixed on 15 April 2022. Ex-Date is 17 March 2022. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0.044 (up from RM0.033 in FY 2020). Revenue: RM133.0m (up 59% from FY 2020). Net income: RM7.27m (up 31% from FY 2020). Profit margin: 5.5% (down from 6.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS RM0.007 (vs RM0.007 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: RM30.8m (up 51% from 3Q 2020). Net income: RM1.13m (down 2.6% from 3Q 2020). Profit margin: 3.7% (down from 5.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS RM0.007 (vs RM0.006 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: RM27.8m (up 48% from 2Q 2020). Net income: RM1.08m (up 1.0% from 2Q 2020). Profit margin: 3.9% (down from 5.7% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 22
First quarter 2021 earnings released: EPS RM0.011 (vs RM0.012 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: RM32.9m (up 57% from 1Q 2020). Net income: RM1.82m (down 11% from 1Q 2020). Profit margin: 5.5% (down from 9.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Executive Departure • May 08
Company Secretary has left the company On the 30th of April, - Vimalraj's tenure in the role of Company Secretary ended. We don't have any record of a personal shareholding under -'s name. - is the only executive to leave the company over the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 5.5%, compared to a 6.2% growth forecast for the Logistics industry in Malaysia. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS RM0.033 (vs RM0.015 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: RM83.4m (up 2.0% from FY 2019). Net income: RM5.47m (up 114% from FY 2019). Profit margin: 6.6% (up from 3.1% in FY 2019). The increase in margin was primarily driven by higher revenue. Is New 90 Day High Low • Dec 07
New 90-day high: RM0.60 The company is up 56% from its price of RM0.39 on 08 September 2020. The Malaysian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 31% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS RM0.007 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: RM20.5m (down 2.8% from 3Q 2019). Net income: RM1.16m (up 34% from 3Q 2019). Profit margin: 5.7% (up from 4.1% in 3Q 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Nov 16
New 90-day high: RM0.47 The company is up 44% from its price of RM0.33 on 18 August 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 32% over the same period. Is New 90 Day High Low • Oct 16
New 90-day high: RM0.45 The company is up 38% from its price of RM0.33 on 15 July 2020. The Malaysian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 2.0% over the same period.