My Portfolio Jan25

 Summary of January 2025

Portfolio @ End of Jan25

The stock market made a bad start to the year of 2025. KLCI dropped 5.2% while my portfolio shrank by 1.9% in the first month of 2025.

In the same month, I added KFIMA into my portfolio, as I think it has low PE, decent DY and some potential of growth.

I also applied for IPO of KOPI and I was very lucky that I got it successfully. However, as you all know, the number of shares allocated was very small.

At IPO price of 44sen, initially I planned to sell at 88sen with 100% gain but suddenly I changed my mind to sell all shares as soon as trading started because I would not have time to monitor its share price in the whole morning.

Anyway, it's still a 70% gain, despite relatively small in value.

MI has released its FY24Q4, the top and bottom lines looks great but there's a huge RM15.6mil forex gain in this quarter.

MI's quarter results have always been affected by huge forex gain and loss. However, if we look at the whole year of FY24, there is just a net forex loss of RM1.9mil, compared to its PATAMI of RM68.1mil, as shown below:

JHM's FY24Q4 revenue jumped almost 100% to RM80.4mil but it managed to stay profitable thanks to a RM2.6mil forex gain.

Its industrial segment's revenue more than doubled QoQ to RM55.2mil, and it registered its best operating profit of RM6.6mil in the quarter.

However, its automotive segment continue to make loss.

Recently JHM announced that its 52%-owned subsidiary JHM Dekai Auto Lighting S/B has secured a 5-year RM300mil contract from Proton.

Its another wholly owned subsidiary Morrissey Assembly Solution S/B has also secured a 2.5-year contract worth RM115mil.

Both contracts should be parked in the automotive segment and are expected to start contributing from Q3/Q4 of year 2025.

In average, both contracts will add RM26.5mil per quarter to its topline. Hopefully this can help its automotive segment to turnaround by the end of the year.

For its FY24Q4, FocusP achieved a record high revenue of RM83.5mil but its net profit was slightly below my expectation at RM9.2mil (EPS 2.0sen). I'd expect an EPS of close to 2.5sen.

Anyway, it was still its best quarter for the whole FY24 and I hope that the growth can be sustained through FY2025, fueled by opening more new Focus Point outlets and turnaround of its food division.

This quarter net profit was achieved despite a relatively huge depreciation charge of RM12mil. This is what I normally like as it indicates good operating cashflow.

Because of this, FocusP has been quite generous in its dividend payout at around 50%. FY24's dividend of 3.5sen translates into 4.7% DY at share price of RM0.75.

MFCB's FY24Q4 registered an over 100% jump in revenue YoY to RM724mil and 16% YoY increase in PATAMI to RM141.7mil (EPS 15sen).

This quarter included the recognition of 5th turbine construction revenue and profit of RM383.2mil & RM36.6mil respectively.

However, there was a whopping RM35.1mil loss in associates and joint venture in a single quarter alone, which was mainly contributed by Edenor.

In the prospect, the management said that they are confident to "stabilize" Edenor plant in Q1 of 2025 and expects recovery in earning this year. I think this is not the first time the company says this. Lets wait and see how true is it.