My Portfolio Feb26

Summary of February 2026

 

Portfolio @ End of Feb26

Following a spectacular start to the year, Feb26 was not a good month for KLCI as it dropped 1.4%, bringing down the YTD gain to 2.2%.

My portfolio also lost 0.5% in the month, in which both JHM & MMSV suffered 19% & 16% drop respectively after posting bad quarter results.

I have made a calculation error in my Jan26 portfolio gain and I've made the correction. The gain should be 9.13%, not 11% as posted earlier.

Anyway, the Middle East is at war now and the world stock markets generally tumbled.

TMCLife's share price gained 16.7% in Feb26 after releasing a good FY26Q2 report. The revenue of RM103.5mil was its best ever, while net profit of RM6.6mil (EPS 0.38sen) was its best in 2 years.

However, its share price has dropped sharply back to 50sen now, at the time when Sunway Healthcare's IPO was opened for application.

JHM's share price has started to drop significantly a few days before its FY25Q4 result announcement. Surely the insiders have reacted to its surprising loss-making result.

The revenue of RM105.2mil was actually its best ever quarter revenue but it suffered small net loss of RM0.1mil. The PATAMI was RM0.3mil though.

The management mainly blamed forex loss of RM1.17mil & impairment of fixed asset of RM0.86mil for the loss.

From segment breakdown, we can see that the loss came from its industrial segment.

In its prospect, JHM's management mentioned that "the group anticipates continued improvement in financial performance".

It expected its 52%-owned JHM Dekai Auto Lighting to contribute positively in the coming quarters, after the commencement of mass production for Proton since mid December 2025.

Despite higher revenue and net profit QoQ & YoY, Kobay's FY26Q2 result was a bit disappointing. 

The quarter revenue of RM145mil was 40% higher than its previous best but PATAMI increased by only 9.3% QoQ to RM11.7mil (EPS 3.66sen).

Its manufacturing segment actually made less profit QoQ due to lower margin sales orders despite significant increase in sales.

This result made me a bit hesitant to top up its shares, as I only bought a few of them as my first batch. 

MI's FY25Q4 revenue of RM154.3mil & PATAMI of RM24.7mil (EPS 2.77sen) were not too bad.

There were forex loss of RM3.7mil, investment loss on investment in associate of RM6.5mil and fair value gain on investment properties of RM7.5mil.

Contribution from SEBU was lower QoQ as expected, while SMBU enjoyed its best ever quarter result.

The new SSBU made a massive RM11.4mil loss before tax though, which has dragged down MI's overall profit significantly.

Effective 1 Jan26, SSBU has been restructured into STBU (Semiconductor Technologies Business Unit) and VTBU (Vehicle Technologies Business Unit).

STBU will focus on SIC-based power semiconductor products, and will conduct chip design through the MiSE Taiwan Research Institute, targeting RE, EV & AI infrastructure market.

VTBU will center on intelligent powertrain systems and autonomous driving platforms.

Meanwhile, MI also announced its intention to list the SMBU segment in Singapore stock market.

Overall, the management of MI painted a rather positive outlook for 2026, in contrary to rather pessimistic guidance 1-2 years ago.

MFCB's share price has been sold down from RM4.80 to RM3.00 in less than 2 years.

Weaker USD against MYR and the struggling Edenor were the 2 main culprits but now it seems like the 5% corporate tax on its hydropower profit since 1 Jan26 might be the other factor.

However, there is a slight hydro tariff hike from 6 cents to 6.05 cents (0.83%) from 1 Jan26.

FocusP's FY25Q4 result was simply superb with record high in both revenue (RM91.2mil) and PAT (RM12.4mil, EPS 0.75sen), despite higher tax at 29%.

The only negative was that its F&B segment still suffering RM1mil loss before tax in the quarter.

An additional 3rd interim dividend of 0.75sen was declared, making the total dividend of 3.5625sen for FY25, representing a DY of 7.1% at share price of 50sen.

I added Teoseng into my portfolio in early Feb26 before it released its FY25Q4 result.

For the past 2-3 years, Teoseng's net profit has been magnified by government egg subsidy which started from Feb 2022 and ended in July 2025.

So its quarter result in FY25Q4 (from Oct25 to Dec25) is supposed to be without the subsidy. 

I predicted that its FY25Q4 should be able to achieve EPS of at least 4sen but it came out to be 5.72sen. There's likely to be about RM6mil of government subsidy received in the quarter.

I hope that its FY26 EPS could be 16sen, with 4 sen of dividend. Am I being too optimistic?