MBM RESOURCES BHD
KLSE (MYR): MBMR (5983)
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Last Price
6.20
Today's Change
0.00 (0.00%)
Day's Change
6.09 - 6.20
Trading Volume
335,900
Analysis
Discussions
3 people like this. Showing 50 of 2,426 comments
HLIB Report:
A strong start
MBMR reported core PATMI RM80.3m for 1QFY24 (-15.6% QoQ; +0.4% YoY), above HLIB’s expectation (32.4%) and consensus (31.9%). We expect MBMR to continue leveraging on strong Perodua sales in the coming quarters as Perodua’s management guided for sales target to sustain at 330k units in 2024 (vs 330.3k units in 2023), driven by higher order backlogs and new launches. Proposed a final dividend of 15 sen/share for FY23. Maintain BUY on MBMR with a higher TP of RM6.50 (from RM5.40) based on 10% discount to SOP of RM7.18. MBMR offers dividend yield of 4.8% for FY24-26 with potential special dividend payout.
Above expectations.
MBMR reported a strong start 1QFY24 with PATMI of RM80.3m (-15.6% QoQ; +0.4% YoY). We deem the result above HLIB’s forecast (32.4%) and consensus (31.9%), mainly driven by the strong demand for Perodua cars. Marginal EI losses of RM30k were excluded in 1QFY24, mainly attributed to allowance for slow moving inventory and forex losses, offset by the reversal of expected credit loss.
Dividend. Proposed a final dividend of 15 sen/share for FY23.
QoQ.
Reported -15.6% lower core PATMI in 1QFY24 at RM80.3m, in line with industry movement as OEMs accelerated productions and deliveries in 4Q while 1Q was affected by shorter working period and lower starting inventory levels (as reflected by the drop in revenue).
YoY.
Despite the higher revenue, core PATMI remained flattish (+0.4%), due to deteriorated sales model mix to lower margin Perodua cars (with MI) from higher margins Volvo and Volkswagen (both wholly owned), as well as weaker contribution from Manufacturing segment (as the group recognized lump sum cost recovery SPLY). Contributions from associates were also relatively flattish.
Outlook.
The group will leverage on Perodua’s strong order backlog of +120k units with continued robust new order flows in the coming quarters. Perodua’s management has indicated its target for sales volume to sustain at 330k units in 2024 (similar to 330.3k units in 2023). Perodua is also expected to launch a B-segment SUV and another facelift/replacement model in 2024 and a BEV model in 2025. Management remained cautiously optimistic on the group’s outlook, bearing in mind potential challenges from the high USD/MYR, global macroeconomic and geopolitical headwinds, as well as the potential fuel subsidy rationalization effect.
Forecast.
Raised FY24 forecasts by 4.8% and FY25 by 0.2%. We also introduced FY26 forecast earnings at RM278.5m.
Maintain BUY, TP: RM6.50.
Maintain BUY on MBMR with a higher TP of RM6.50 based on 10% discount to SOP (RM7.18). MBMR is in strong net cash position (55.2 sen/share) with sustaining earnings and cash flow, by leveraging onto the strong demand for Perodua models. MBMR offers dividend yield of 4.8% for FY24-26 with potential special dividend payout. We believe Perodua will be less subjected to increasing market competition driven by the emergence of Chinese OEMs and new EV introductions.
13501450155016502.53.03.54.04.55.05.56.0May-23Aug-23Nov-23Feb-24May-24Pts(RM)MBM (LHS)KLCI (RHS)
2024-05-28 11:24
Wow. 5.39 high so far and still solid. Can't do anything with current holdings, just keep holding. In the past IB claimed unclear, peak earnings etc to entice selling but anyone who followed to sell will be regretting. This company turned around from high net debt to positive net cash by FYE 2018. And the Net Cash keeps growing and growing. Management has done a great job so far. Just this quarter alone, net cash grew by 25 million in 1 quarter, or 100m expected if annualized. The last 12 months earnings is reported to be 86 sen. Total dividends paid out last year including special dividends is only 39 sen. At 39 sen, the dividend yield when divide by my cost price of 3.50 is already 11% dividend yield on cost i.e. I will never sell this company as long as its fundamentals remain intact as there is no where else that I can deploy that money that pays me such a high dividend yield. Best to do nothing and just enjoy the ride. Thank-you Mr Market!
2024-06-07 14:59
geary
MBMR Monthly Positive Pivot Point Momentum!
S1: 4.60.
PIVOT: 4.90.
R1: 5.40.(Matched)
R2: 6.20.(Coming Soon)
R3: 7.10.
Fair Value range...#6.20/7.20!?
Mr. Market is Unpredictable!
Dis: Trade at your own Risk!
1 month ago
2024-06-07 20:42
@Geary, S1 means support 1? What does PIVOT means? I don't really use TA for stock buying... Would you mind to enlighten me? Thanks.
2024-06-07 20:53
SeekUndervalued
@Geary, S1 means support 1? What does PIVOT means? I don't really use TA for stock buying... Would you mind to enlighten me? Thanks.
1 day ago
Are u a swing traders or value Investor?
It's for traders, it depends on your holding strength...days, months n 52 weeks.
PIVOT is an inflection point...the highest n the lowest price... within a range...like #52Weeks...plus average closing price. Divided by 3.
It's rather a range...or approximately pivoting point.
U have to judge the business catalyst...bullish or bearish.
Anyway...Mr. Market is unpredictable.
Good luck🤓
2024-06-09 10:00
If the EV trend fades, with possibly 3 out of 10 cars being EVs, 4 out of 10 being petrol cars, and 6 out of 10 being other or future car types, MBMR's business could still thrive. This assumes people continue to prefer driving over walking, Malaysians still need fuel-efficient cars (pro2), especially if R95 petrol prices rise.
2024-06-26 16:35
why is this a big news? Perodua EV everyone knows....Proton also coming to launch their EV.
2024-07-20 21:07
Europe stocks close 2.8% lower, extending losses after weaker-than-expected U.S. jobs report
2024-08-03 03:19
Yes if Q2 results are good along with a high or special dividend there should be some more upside.
2024-08-19 19:30
Listed company has two months from their end of financial years/ quarter to report their quarter results. MBMR latest quarter should end on 30/6, so i suppose MBMR has until 30/8 to report their quarter result?
2024-08-27 14:57
Good result along with a 6 sen dividend plus yet another 10vsen special dividendv😃
MBMR still my favourite share!
2024-08-29 07:18
some people like to make small trades eat roti canai, some people collect 5 figure dividends. I guess you have to decide who you wanna be like
2024-08-29 16:02
MBMR Monthly Pivot Points Momentum!
S1: 4.80.
PIVOT: 5.10.
R1: 5.50.
R2: 5.90.(Sold...#50%).
Dis: Buy/Hold at your own Risk!
Hold for DY/BY. My Cost of Capital Employed...@2..00🤞
3 weeks ago
2024-08-29 19:44
I sold it because i traded on MBMRC4 call warrant which give me about 30% gain, earning 5 figures cannot eat roti canai? funny...and the most crucial point is the QR and special dividend is below my expectations. If you had observed the special dividend has been decreased compared to last year. Most worry is the market sentiments, luckily MBMR do not gap down on morning. Good luck to all MBMR investor. God bless you.
2024-08-30 01:20
I sold 75% of mine yesterday. This counter has been very good to me over the past few years with bumper dividends. I notice most analysts target price are well beloz the current price of 4.90 so decided its time to take some profit but will leep my remaining MBMR shares for the time being at least.
2024-08-30 08:47
Hard to understand why MBMR can distribute so much dividend each year. Though this year the div will drop to the normal level, who knows Durian Runtuh again. Thks MBMR.
3 weeks ago
Mbmr PBT % keep going up and up. No reason for reducing dividend for now. Somemore MBMR is super cash rich
3 weeks ago
Last year total dividend 54 sen, special dividend 27 sen, the ratio of normal dividend and special dividend is 27 :27
This year up to date, special dividend declared 10+22=32 sen, full year total dividend could be 64 sen, final dividend could be 64-45 =19 sen
2 weeks ago
EMO-II ... launch
https://www.youtube.com/watch?v=v_UHeDK7FNg
https://www.youtube.com/watch?v=1UgYg8GM238
2 weeks ago
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
QQQM99
https://paultan.org/2024/05/21/perodua-hit-all-time-record-sales-in-2023-with-330325-units-up-17-1-aims-to-maintain-level-for-2024/
2024-05-21 18:37