My Portfolio May25

Summary For May 2025

Portfolio @ End of May25

In May25, my portfolio gained 1.5% thanks to KFIMA & FOCUSP.

However, YTD it still suffers 8% loss, matching KLCI's lackluster performance.

I decided to reduce my shares in TAS, even though it's expected to deliver a decent result next quarter.

FOCUSP's FY25Q1's revenue and PAT both improved YoY to RM72.9mil & RM7.9mil (EPS 1.71sen) which is good. There was RM0.7mil of inventories written down/off in the quarter.

Anyway, its F&B segment swung back into loss which is a slight disappointment.

A 1.75sen interim dividend was declared, as expected and similar to last year.

Hibiscus posted an unexpected FY25Q3 loss of RM116mil, mainly due to a RM167.3mil non-cash one-off charge in the form of deferred tax liabilities from its UK segment.

It has declared total 8sen dividend for FY25 so far, compared to 6sen in the corresponding period of FY24.

I guess it should be able to distribute 10sen of dividend for FY25, translating into 6.7% of dividend yield at share price of RM1.50.

Anyway, Brent oil price has dropped below USD70 since the start of April. Dividend might be reduced if oil price drops further.

JHM's FY25Q1 is a bit disappointing, as the sudden surge in revenue & profit in its industrial segment in previous quarter of FY24Q4 was just an one-off sales.

However, there was an increasing sales in its automotive segment and the management seems to anticipate growth contributed by a new automotive customer secured in Feb25.

Even though FY25Q4 revenue of KFIMA dropped 18% QoQ, its net profit surged 33% QoQ to RM36.3mil (EPS 13.2sen) which was almost its historical high.

This stellar result was contributed by higher profits in its bulking, plantation & food division.

The bulking division mainly provides storage facilities for liquid products at its 5 terminals at Port Klang (3) & Butterworth (2).

The on-going capacity expansion in Port Klang & Tanjung Langsat which should be completed soon within this year, will add another ~20% (45,900 x2) cbm to its existing 477,618 cbm.

Adding in new capacities is always a double-edged sword. It will only turn good if the extra capacities are adequately occupied.

Palm oil price has retreated from over RM5,000/MT at the end of last year to around RM4,000/MT now. Profit from its plantation will be affected but RM4,000/MT is still not a bad price level.

KFIMA announced a surprisingly generous dividend of 19sen which was 58% higher than previous year's 12sen.

Dividend yield will be 7.4% at current share price of RM2.56.

For MFCB, its core businesses of renewable energy, resources and packaging should be able to sustain its top & bottom lines in the near future.

My eyes will be mainly on its oleochemical plants Edenor, plantation in Cambodia & recently-acquired food security division CSC.

All these investment are still loss-making and this quarter it registered a rather huge loss of RM28.5mil mainly contributed by Edenor.

This is disappointing as the management guided that Edenor should improve in year 2025. It turns out that the disruption continues into Q1 2025.

Furthermore, the Petronas gas pipe line leak and explosion in Putra Heights on 1st April will affect its Edenor plant for the whole Q2 2025.

That means Edenor is likely to suffer significant loss again in FY25Q2.

The food security division registered a good revenue of RM22.7mil in the quarter but it's still in the loss of RM1.2mil.

I think the plantation in Cambodia has been active for more than 5 years now. However, the management did not mention much of it in the quarter report.

MI's FY25Q1 revenue of RM119.5mil & PATAMI of RM17.6mil (EPS 1.97sen) are good, especially with just a small forex loss of RM1.3mil.

This is despite a massive RM5.1mil loss in its new SSBU unit, which is advancing its first in-house Power Module Pilot production line on track for prototype builds by mid-2025.

The SEBU unit did very well in this quarter while SMBU remains flat YoY, as shown in the table below.

The management seems to hint at a better FY25Q2 but don't forget that MI's bottom line tends to be affected massively by forex gain or loss.

TMCLife continue to disappoint and made loss of RM0.8mil in its latest FY25Q3, even though its revenue has picked up nicely to RM89.9mil per quarter.

In FY24Q3 a year ago, it manages to earn RM10mil with a revenue of only RM86mil.

The slump in profit coincided with the change in CEO who has been "booted out" of the boardroom. It seems like all those "profitable" contracts are gone together with her.

It's a shame that shareholders are kept in the dark regarding this issue.

At the end of last year, TMCLife mentioned that it would revive the Thomson Iskandar Medical Hub in Johor Bahru, with construction aimed to start by the end of 2025 and completed by 2030.

The estimated cost is expected to be RM1.56bil. I wonder whether it will issue right issues soon.