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Last Updated : 26 January, 2022 | 9:29

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Analysts’
Reports

20

December 2021

United Malacca Berhad – Above Expectation

United Malacca (UMB) reported one its strongest quarterly earnings in recent history. 2QFY22 CNP of RM30.8m was significantly above ours and market expectation thanks to a fortuitous combination of record CPO prices when FFB production was seasonally high. CPO prices have since eased but labour shortages remain and inventory is improving only gradually. We expect only slightly weaker QoQ earnings in 3Q but staying elevated YoY. Raising FY22- 23E CNP by 43%-23% on CPO prices staying buoyant longer than earlier anticipated and raising TP from RM5.20 to RM5.40 at FY22 P/BV of 0.8x but maintain MP as relative valuations are already at or above peers. ESG score is 55%.

26

Sept 2019

United Malacca Berhad – 1Q20 Deemed Within

1Q20 CNL of RM18.3m is deemed within our, but below consensus, expectation. No dividend was declared, as expected. No changes to FY20-21 estimates as we expect earnings to improve in subsequent quarter on higher CPO prices (QTD 2Q20: +9%) and higher FFB output leading up to peak production season. Maintain MARKET PERFORM with unchanged Target Price of RM5.00.

27

June 2019

United Malacca Berhad – FY19 Missed Expectations

FY19 CNL of RM33.8m came below our/consensus’ CNL forecast (116%/159%) of RM29.1m/RM21.2m due to lower- than-expected average CPO price. 6.0 sen dividend declared was a positive surprise as we expected less amidst losses. Widen FY20E CNL by 4% to RM18.4m and introduce FY21E CNL of RM6.8m. Maintain UP with an unchanged TP of RM4.90.

7

Jan 2019

United Malacca Berhad – The Edge Financial

Upgrade to market perform with a higher target price (TP) of RM5.05: United Malacca Bhd (UMCCA) has entered into three separate conditional sale and purchase agreements to dispose of plantation lands in Melaka and Negeri Sembilan, collectively measuring 1,021ha (approximately 3% of UMCCA’s total planted area), for a total cash consideration of RM175 million.

18

Dec 2018

United Malacca Berhad – Another Disappointing Results

United Malacca’s posted another disappointing 2QFY19 results, which came in below ours and consensus estimates. After stripping out all the exceptional items, 2QFY19 core net loss amounted to RM6.2mn compared to a core net profit of RM9.7mn recorded in 2QFY18. The lower-than-expected results were mainly due to higher production cost and lower FFB production.

27

Sept 2018

United Malacca Berhad – A Challenging Outlook

United Malacca’s posted a weaker-than-expected 1QFY19 results. After stripping out all the exceptional items, 1QFY19 core net profit fell into the red with a net loss of RM12.3mn compared to a profit of RM1.0mn in 1QFY18. The poor results were mainly due to higher depreciation and amortisation charges (owing to the adoption of new MFRS 116) and lower FFB yield.

20

December 2021

United Malacca Berhad – Above Expectation

United Malacca (UMB) reported one its strongest quarterly earnings in recent history. 2QFY22 CNP of RM30.8m was significantly above ours and market expectation thanks to a fortuitous combination of record CPO prices when FFB production was seasonally high. CPO prices have since eased but labour shortages remain and inventory is improving only gradually. We expect only slightly weaker QoQ earnings in 3Q but staying elevated YoY. Raising FY22- 23E CNP by 43%-23% on CPO prices staying buoyant longer than earlier anticipated and raising TP from RM5.20 to RM5.40 at FY22 P/BV of 0.8x but maintain MP as relative valuations are already at or above peers. ESG score is 55%.

26

Sept 2019

United Malacca Berhad – 1Q20 Deemed Within

1Q20 CNL of RM18.3m is deemed within our, but below consensus, expectation. No dividend was declared, as expected. No changes to FY20-21 estimates as we expect earnings to improve in subsequent quarter on higher CPO prices (QTD 2Q20: +9%) and higher FFB output leading up to peak production season. Maintain MARKET PERFORM with unchanged Target Price of RM5.00.

27

June 2019

United Malacca Berhad – FY19 Missed Expectations

FY19 CNL of RM33.8m came below our/consensus’ CNL forecast (116%/159%) of RM29.1m/RM21.2m due to lower- than-expected average CPO price. 6.0 sen dividend declared was a positive surprise as we expected less amidst losses. Widen FY20E CNL by 4% to RM18.4m and introduce FY21E CNL of RM6.8m. Maintain UP with an unchanged TP of RM4.90.

7

Jan 2019

United Malacca Berhad – The Edge Financial

Upgrade to market perform with a higher target price (TP) of RM5.05: United Malacca Bhd (UMCCA) has entered into three separate conditional sale and purchase agreements to dispose of plantation lands in Melaka and Negeri Sembilan, collectively measuring 1,021ha (approximately 3% of UMCCA’s total planted area), for a total cash consideration of RM175 million.

18

Dec 2018

United Malacca Berhad – Another Disappointing Results

United Malacca’s posted another disappointing 2QFY19 results, which came in below ours and consensus estimates. After stripping out all the exceptional items, 2QFY19 core net loss amounted to RM6.2mn compared to a core net profit of RM9.7mn recorded in 2QFY18. The lower-than-expected results were mainly due to higher production cost and lower FFB production.

27

Sept 2018

United Malacca Berhad – A Challenging Outlook

United Malacca’s posted a weaker-than-expected 1QFY19 results. After stripping out all the exceptional items, 1QFY19 core net profit fell into the red with a net loss of RM12.3mn compared to a profit of RM1.0mn in 1QFY18. The poor results were mainly due to higher depreciation and amortisation charges (owing to the adoption of new MFRS 116) and lower FFB yield.