6 Companies reported results. Will start from the most crap one. Will not make any changes to the portfolio as some reported on 27 Feb, will think about it in the next few days/weeks and see if a mid month adjustment or end of month adjustment is needed.
Hor Kew - 2H Results is crap. Revenue is lower and Gross Profit Margin is lower. 2H 2025 Business is actually loss making and profitability is held up by Other Income and Reversal of receivables and contract assets. Dividend has been cut by half as the group increased borrowings due to a new lease.
Any Bright Spots? Inventory increased from 9.3m in 1H 25 to 16.1m in 2H 25 to cater for higher upcoming deliveries
A reversal in receivables, could it indicate better economic environment?
Overall, it is still a poor result and this is a pivot towards a value stock for now and whether the Msia land will be sold.
Will have to see the Annual Report and AGM to decide if the new lease will contribute more to revenue and whether revenue / margins can improve. The commentary on business part has no mention of poor margins or competition though....
Hong Leong Asia: China Yuchai's poorer than expected result caused a sharp plunge but share price has recovered slightly since then.
Haw Par - Results improved due to better dividend income but healthcare dipped slightly. Otherwise, another stable year
Centurion - The redevelopment to a more management and pipeline based company. Core Profits should be lower in 2026 compared to 2025. The distribution of 1 REIT for every 10 shares will contribute to this lower earnings too.
Far East Orchard - Looks stable
Engro - China JV Losses ruined an otherwise decent results. Investment Gains at a record since 2021 and SG/MY Cement Segment at record revenue and profit since 2021
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