dont put much hope on dividend until 2030 in my personal opinion. RWS2.0 and RWNYC capital commitment is USD5bil and USD5.5bil respectively. RWS2.0 upgrades started and will pick up pace while RWNYC will start this year. Capex in FY2024 is approx RM4bil and FY25 capex should be more than RM4bil. Capex needs will go as high as RM8bil assuming additional USD1bil capex yearly until 2030. FY23 and FY24 net cash from ops is slightly more than RM7bil and that means cash flow is not looking good as upgrades pick up pace.

There will be foreign exchange gain, Vin. USD weakened / MYR strengthened by approx 5% in q4'25 comparing to q3'25 peak and approx 10% comparing to q4'24 peak. The forex gain/loss will not move the share price as can be seen from the past reports. SG, MY and US assets performance trends will have a bigger impact on the share price.

There are 2 more variables added into the performance factors in 2026 onwards - (1) The 3.0 bil MTN issued this year for the financing of GenM acquisition at 3 months KLIBOR + 1.80 pc interest (~5.2 pc per annum) means additional 40 mil qtrly finance cost added; excluding any redemption this year onwards (2) Increasing GenM stakes from 49 pc to 73.8 pc means higher profit/loss attributable to equity holders and lower NCI.

first drop of LNG targeted by second half of this year, Vin. And, more capex needed along the way for O&G segment. LKT needs to sort out the mess with regards to the US assets asap - high investment low returns; less than 20% ebitda margins is horrible