My Portfolio Sep25

Summary of September 2025

Portfolio @ End of Sep25

 

In Sep25, my portfolio rose 4.9%, which is easily its best performance YTD.

YTD portfolio loss has been narrowed to 6.1% which is the "best" level since Feb25.

KLCI continues its advance in Sep25 with a handsome 2.3% gain. 

I didn't make any transaction this month, and my portfolio was mainly lifted by Eupe, MFCB & Scientex which made more than 10% gain in a month.

Hiaptek's FY25Q4's result was slightly disappointing. Its revenue of RM342.7mil in a quarter was its lowest since 2022.

FY25Q4 PATAMI dropped to RM19.7mil (EPS 1.13) which was 42.5% & 58.5% lower QoQ & YoY respectively.

However, there was a relatively huge RM11.3mil of inventories written down in the quarter.

Contribution from JV (ESSB) fell from RM40.8mil in immediate preceding quarter of FY25Q3 to RM30.2mil, due to recognition of deferred tax liability & forex exchange loss.

For the whole FY25, according to latest HLIB analyst report, Hiaptek's core net profit rose 11% to RM101.8mil, contributed mainly by RM126.7mil from the JV, which grew 81% from RM70.1mil in FY24.

The HRC lines of the JV continues to ramp up and it is expected to contribute significantly to Hiaptek's performance.

According to the management, capacity utilization of the HRC plant has increased to 70% in Sep25 from 55% in Jun25, and is targeted to reach 90% by the end of Dec25.

The management also sees gradual recovery in its manufacturing segment in coming quarters while trading segment which is affected by transitional impact from the extended SST, has potential to recover from early 2026.

A first and final dividend 0.5sen was declared, which is similar to the past 2 financial years.

I hope that Hiaptek will start to receive dividends from its investment in ESSB in FY26.

Scientex broke it's record of highest revenue (RM1.19bil) and PATAMI (RM154.3mil) in a quarter in FY25Q4, with an EPS of 9.92sen.

However, there was a net one-off gain amounting to around RM12mil in the quarter, contributed mainly by forex gain and revaluation of its PPE carried out in the quarter.

For full year of FY25, revenue of RM4.52bil is its best ever but PATAMI dropped slightly from RM545.2mil to RM530.7mil (EPS 34.1sen).

It has recommended another 6sen dividend making it a total of 12sen per FY which is similar to FY24. Dividend yield is decent at 3.3% at share price of RM3.69.

Its share price rallied almost 20% after this quarter result announcement, which means that invertors like its result.

At RM3.60+ now, it is still a distance from previous high of RM4.50.

In FY26, I think its property division should be able to continue its growth trajectory. If the packaging industry has really bottomed in mid 2025 as mentioned by MFCB, then Scientex might have a good chance to set another record year in its FY26.