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Have you finished reading the report, F@@L, Restia? What do you think? There is one thing that I am perplexed after going through it. It is known that the performance is seasonal and Q2 was a low season. The timing of one of its corporate action is probably the non-recurring / one-off contributing cause to the loss rather than seasonality.
spot on, AC :) RM34M forex loss due to full settlement of the HK$ denominated bank loans pulled down the operating profit to RM65.9M. This is where I am perplexed of the timing for the execution of the full settlement of the loan.
170,175 support zone valid,老板很孤寒不舍得洗破170的哈哈哈哈哈……….. 恭喜有买的,大家赚钱最开心哈哈哈哈哈………. 170买180出都超5%了哈哈哈………传统公司有一优点我喜欢的,就是产业都是几十年前买的,现在很值钱的,就算拿票斗长命也安心……又不是买三角以上哈哈哈哈哈…….闪人
China's latest economic measures seems a bit aggressive; particularly addressing the sluggish property sector and liquidity support for China stocks; strong support for equity market if you will. Will there be more measures in coming months to increase the consumer consumption/spending which is their main GDP contributor?
priced in low seasonality in Q3. A better than expected performance in Q3 will send it up north all the way to Q4'24 and Q1'25 which will be a seasonally strong quarters - festive seasons.
coming budget will probably be focusing on lower income groups, B40 and civil servant groups; cash handouts / bonuses / subsidies. Hopefully will drive higher spending during festive seasons in Q1'25.
not a surprise for PRA to exit the watchlist as Malaysia ops has been reporting positive profits for 3 consecutive years now. PRG (China ops) has just reported the first profitable fiscal year in FY23 and we should continue to see 2nd consecutive profitable fiscal year in FY24 barring any unforeseen circumstances. It is PHB that has yet to report the first profitable fiscal year due to impairment charges; so near yet so far in FY23 though. While impairment is a non-cash expense, it will drag the net profit down as impairment is considered as "operating expense". On the positive side, impairment will lower down the asset value which in return will reduce the depreciation expense over the longer term; positive impact to profitability. Either sell non profitable China malls to stop impairment or wait for the inflection point where asset value is lower than recoverable amount. It feels like management opting for the latter as we have not seen aggressive closure of non profitable malls in China yet.
Thanks for sharing, war breaker. More stimulus should be expected from China gomen as they are adamant to meet the 5% growth rate for 2024; which means higher consumer consumption/spending needed to meet the target. Some economists anticipating that a higher fiscal measures in trillion yuan will probably be announced by the end of the month to meet the growth number.
KUALA LUMPUR, Oct 7 — Prime Minister Datuk Seri Anwar Ibrahim expressed optimism about Budget 2025 after signing documents at the Ministry of Finance today, noting that it will strengthen the economic framework and promote equitable distribution. Budget 2025 will be tabled in Parliament on October 18, 2024. “With optimism, I anticipate that during the budget presentation on October 18, further enhancements to the economic framework will be unveiled, aiming to facilitate a more equitable distribution of accelerated economic growth among a wider population,” he wrote on the X platform.He also expressed sincere gratitude to all those who contributed to the formulation of Budget 2025.
In a recent interview with CNBC, Anwar, who also serves as finance minister, said the Madani government will address inflation and boost wages in the upcoming budget. — Bernama
why sifu here keep asking people collect on dip since at 0.30?What strategy, is it unlimited bullet? Last week stock price achieved 1 year lowest 0.165,just rebound then now all very excited than holding speed99....
Let's see whether any new fiscal measures in trillion yuan as anticipated by economists in the two upcoming meeting/conference (1) Ministry of Finance fiscal policy briefing on 12th Oct (2) Standing committee of the National People's Congress on 20th to 24th Oct. China's GDP in 2023 is about RMB126 trillion and more than 50% of it contributed by consumer consumption/spending. The target for 2024 is 5% growth rate. Millions worth of monetary/fiscal policies wont make much of a difference to its GDP :) A 1% of monetary/fiscal policies worth of 2023 GDP is equivalent to RMB1.3 trillion.
Good data coming out of china retail sales :) Better-than-expected growth for China's third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Even though that's higher than the 4.5% in a Reuters poll, it trails the second-quarter's growth of 4.7%. On a quarterly basis, China's economy grew by 0.9% in the third quarter.
Chinese and U.S. retail sales going strong: China's retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. That's better than the 2.5% estimate in an LSEG poll and August's figure of 2.1%. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September. It's higher than both the 0.1% gain in August and the 0.3% Dow Jones forecast.
China's domestic consumption kept increasing in September, with faster rise in the sales of auto and home appliance, highlighting the nation's significant potential for sustaining economic growth amid a slew of policy supports. In September, the total retail sales of consumer goods reached 4.1112 trillion yuan ($577.45 billion), increased by 3.2 percent year-on-year, 1.1 percentage points faster than the previous month, according to data released by the National Bureau of Statistics (NBS) on Friday.
Sheng Laiyun, deputy head of the NBS, said during a press conference on Friday that series of policy supports launched in the first three quarters have taken significant effect, including releasing domestic demand potential and relevant industrial potential.
Sheng stated that domestic retail sales of automobile grew by 0.4 percent, reversing a negative trend after several consecutive months of decline, including a 7.3 percent drop in August. Retail sales of household appliances surged by 20.5 percent in September, a significant acceleration of 17.1 percentage points compared to August.
PRA results is out and no surprises which is a profitable quarter despite low season :) 3 continuous years of profitable fiscal year and will continue to fy24 and so on.
I think the focus is on PHB, AC. We have seen PHB absorbing the impairment losses from either PPE, ROU or intangible assets despite strong operational profit. PHB has done impairment to update the carrying value in its balance sheet compared to the recoverable amount based on their assessment. We have seen active closure of non performing stores/Indo and Vietnam sites following these impairment exercises :) Hopefully, FY24 will be the inflection point for PHB as both PRA and PRG have started reporting annual profit :) I am sure you are more familiar with the balance sheet details than me. Manage it well until then.
Did not notice any profit warning issued by PRG prior to Q3 results :) A profitable quarter despite a low season will be cool as the profitable journey of PRG continue into 2nd fiscal year. Results should be available by the end of the day.
PRG results is not cool. Approx. RMB11M loss driven by lower revenue. PHB Q2 was hit by MYR34M forex loss due to full settlement of HK denominated loan and there's RMB2.37bil loan as of Jun'24. Exchange rate of RMB to MYR in Q2'24 is avg at 0.65 while the lowest in Q3'24 is 0.59 and average at 0.62. There could be forex gain for PHB in Q3?
retail sales in China finally beating forecast in Oct after retail sales expanded 4.8 per cent on year in October, the National Bureau of Statistics (NBS) said, speeding up from the 3.2 per cent in September. The reading also significantly outperformed the 3.8 per cent forecast in a Bloomberg survey of analysts – representing the best reading since February. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,925.5 billion yuan, up by 4.7 percent year on year; and that in rural areas reached 614.1 billion yuan, up by 4.9 percent. Grouped by types of consumption, the retail sales of goods were 4,044.4 billion yuan, up by 5.0 percent; the income of catering was 495.2 billion yuan, up by 3.2 percent. Upgraded goods sold well. The retail sales of cosmetics and of sports and recreational articles by enterprises above the designated size went up by 40.1 percent and 26.7 percent respectively. Driven by the trade-in programmes of consumer goods, the retail sales of household appliances and audio-video equipment, cultural and office supplies, furniture and automobiles by enterprises above the designated size went up by 39.2 percent, 18.0 percent, 7.4 percent and 3.7 percent respectively, 18.7 percentage points, 8.0 percentage points, 7.0 percentage points and 3.3 percentage points higher than that of last month respectively.
Parkson's Q3 results is out :) Making money despite a low season and lower revenue achieved from China. Thanks to the strategies put in place by the BODs a year and half ago - becoming a commercial space operators and optimization which resulted in stable other operating income which includes consumer financing aka Parkson Credit. Upcoming two quarters Q4'24 and Q1'25 which is year-end festivities and holiday seasons will be interesting.
ermm. Should not do bonus issue or issue dividend now. 280M buffer is insufficient if you will :) Mgmt should just continue with their strategies/optimization particularly in China. Personally, I will prefer the share price to catch up with the improved balance sheet :) still looking forward to the first profitable fiscal year for PHB in FY24.
I am hoping that FY24 is the start of profitable year for PHB. After all, PRA and PRG have returned to black. As for the non-cash impairments of CGUs from PRG, hopefully the inflection point is around the corner where the carrying amounts are pretty close to the recoverable amount based on the assumption that sales + old lease terms + real estate / properties depreciation are the culprits that led to carrying amount >> recoverable amount. We have seen actions of new lease terms / renegotiated lease terms, optimization and strategies that resulted in stable other operating income, gomen's action to stabilize the properties market and to boost consumer spending, and closure of non performing stores though not as aggressive as Malaysia.