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US tech sell-off isn’t random — it started with AI ROI concerns and triggered a full risk-off chain.
Malaysia tech got hit as spillover, while funds rotated defensive.
Solid Fundamentals and Financial Turnaround
Sealink has successfully transitioned into a leaner and more profitable entity:
• Return to Profitability: After several years of losses (Y16–Y23), the company recorded a profit of RM 18.8 million in Y24, driven by a revenue increase to RM 125.3 million.
Reasons for the Sudden Price Drop
Despite these "good" numbers, the market appears to be reacting to forward-looking risks rather than past performance:
Potential Risks - Fundamental View
Customer Concentration: The company heavily relies on a single customer, TNB, which accounted for approximately 72% of its FY24 revenue.
Higher Taxes: The exp................................................