Summary For March 2024
Portfolio @ End of Mac24
In Mac24, the two newly added stocks ADB & EUPE performed brightly as they rose 37.6% and 9.3% respectively.
This has helped to propel my portfolio to gain 1.6% in Mac24. YTD gain improves slightly to 8.1%.
The share price of ADB inched up almost everyday and I have no chance to add more shares. Thus it only contributes rather minimally to my portfolio despite appreciated 35%.
Meanwhile, the share price of EUPE took a break below RM1 so I took this opportunity to buy more of its shares, with a target price of RM2.
TAS has dropped almost 20% from its recent high of RM0.695 to RM0.56, while TMCLife suffered the same by dropping 14% from RM0.81 to RM0.70.
To me, it's a good opportunity to add more shares of TAS as I don't think I have bought enough.
It's good news to learn that it has recently been awarded a contract of two tugboats with a total value of RM15.3mil, to be delivered in the third quarter of 2025.
Anyway, its upcoming quarter result of FY24Q3 to be announced in Apr23 will have a big say on its share price movement.
I'd expect an EPS of at least 2sen for its FY24Q3. Hopefully there is no atomic bomb here.
As for TMCLife, its PE ratio is still relatively high so I think I better wait for it to drop more before averaging down.
LEESK's share price dropped quite a lot since it touched RM1.20 in the end of Feb24.
It lost 10.6% in the month of Mac24, after factor in the cash and share dividends.
The proposed bonus issue of 1 for 2 is still pending and should be able to be completed in Q2.
Nowadays bonus issue is not able to push up the share price compared to last time.
Scientex has released its FY24Q2 result with revenue and PATAMI of RM1.09bil & RM141mil (EPS 9.1sen) respectively.
It is mainly helped by its robust property segment but the management anticipates improvement for the demand of its packaging products in the coming financial quarters.
As a result, its share price made a big leap from RM3.80 to above RM4.10 after the announcement of its result.
Previously I have a plan to dispose its shares if it reaches RM4, but now I might want to raise the target to RM5.
If the whole year of 2024 is a bull market, I guess this target price is not impossible.
Besides Scientex, the other stock that has quietly moved up recently was MFCB.
Its latest FY23Q4 result was a decent one with a PATAMI of RM122mil (EPS 12.94sen). There were big sums of one-off gains and losses in this quarter, mainly due to forex/fair value gains and impairment/write off losses caused by the fire incidence in one of its packaging facility.
Anyway, those gain and loss almost cancel out each other.
Year 2024 should be an exciting year for MFCB. Apart from another 1% adjustment in Don Sahong energy tariff, the 5th turbine is expected to achieve commercialization in Jul24 which will increase its generation capacity from 260MW to 325MW.
MFCB's effective equity interest in Don Sahong will increase from 80% to 95% starting from 1 Jan 2024, although it will be partially offset by higher borrowing cost.
The management is optimistic that its resource division will deliver similar or improved earnings in 2024, while the two new packaging factories are on track to be completed in the 2nd quarter of 2024.
Nevertheless, it might not be able to cover the initial start up cost if the demand for its packaging products is not good.
If Scientex's forecast is accurate, then it should be good to MFCB's packaging division too.
I hope both Scientex and MFCB's share price can reach RM5 this year. Am I being too optimistic?
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