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While the company has bad quarterly accounting which lead the much profit fluctuation, the annual profit trend is clear:- the company has started profit making since 2022.
Handsome profits continue thereafter and will expect such trend in years to come, especially with new won mega projects, including those from MP Ampang Jaya.
Under the NIISE won scenario, the total profit could yield at least Rm100m. How would this compare to the recent annual profit of only <Rm10m?
The case is clear, existing growth without NIISE: Rm3.5 (50x PE multiple of FY24 profit), with NIISE: Rm6.
Is Well Chip’s lowest valuation among the 3 listed pawnshop group justifiable?
Well Chip traded at TTM PE 21x, while PPJACK (the first listed pawnshop group) and EMCC are traded at TTM PE 36x and 27x respectively.
Given that Well Chips is the largest pawnshop group by profit and market cap, could a higher valuation, say PE of 36x (Rm3.0) or 27x (Rm2.5) justifiable?
6 June: Gold maintains gains in the $2,360s just after the European Central Bank (ECB) decides to cuts interest rates by 0.25% at its June policy meeting. The decision to lower interest rates is positive for Gold as it broadly reduces the opportunity cost of holding the non-yielding asset.
Globally, interest rate expectations are falling. Just yesterday, the Bank of Canada (BoC) cut its overnight rate to 4.75% from 5.00%.
5 June: GOLD PRICES rallied as Canada became the first G7 and major Western economy to start cutting interest rates from today's post-Covid inflation spike highs.
The gold price in Canadian Dollars per Troy ounce shot above C$3220 as the Loonie fell on the foreign exchange market, trading 2.0% above Monday's 4-week low.
No.4 gold mining nation worldwide, Canada grew output above 210 tonnes in 2023.