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Malacca Securitiesproject a 3-year earnings CAGR of 9.7%, with core PAT anticipated to reach RM12.9m-RM15.1m over the next three years. This growth is underpinned by:
(i) continuous contracts secured in the construction and data centre industry
(ii) the increasing adoption of intelligent building solutions
(iii) general growth in M&E engineering industry
West River holds the highest-level Class A registration with the Energy Commission (ST) and a top-tier G7 license from the Construction Industry Development Board (CIDB), allowing it to bid for projects of any value
In FY23, WESTRVR’s revenue jumped 50.3% YoY from RM83.3mn to RM125.2mn, driven by higher contributions across the board. In tandem with the significant revenue growth, adjusted core earnings almost doubled to RM12.9mn from RM6.5mn in FY22, supported by normalised input costs and efficient cost optimisation measures. In FY24, however, revenue dipped slightly by 2% YoY to RM122.7mn, as several projects reached completion. This led to a lower adjusted core net profit of RM11.7mn.
The market is currently experiencing mixed signals due to uncertainty and lack of confidence. However, President Xi’s visit could trigger a positive shift and lead to a significant market reshuffle. If sentiment improves, we may see strong momentum. WestRiver could even be oversubscribed. While outcomes still depend on overall sentiment, the potential for a turnaround is definitely there.