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Last Updated : 19 September, 2019 | 17:59

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Analysts’
Reports

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.

29

Jun 2018

United Malacca Berhad – Lower Dividend

United Malacca’s FY18 results came in within ours but below consensus expectations. After stripping out all the exceptional items, FY18 core net profit nearly halved to RM38.2mn (-49.6% YoY), which accounted for 105% and 82% of our and consensus’ full-year estimates. The poor results were mainly due to lower palm oil price, lower FFB yield and high unit cost of production in the newly-matured area.

23

Mar 2018

United Malacca Berhad – Near-Term Earnings Remains Subdued

United Malacca posted another disappointing set of results, which came in below expectations. After stripping out all the exceptional items, 3QFY18 core net profit dropped by 57.8% YoY to RM8.8mn. The lower-than-expected results were mainly due to higher production cost, which resulted in lower margin.

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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.

29

Jun 2018

United Malacca Berhad – Lower Dividend

United Malacca’s FY18 results came in within ours but below consensus expectations. After stripping out all the exceptional items, FY18 core net profit nearly halved to RM38.2mn (-49.6% YoY), which accounted for 105% and 82% of our and consensus’ full-year estimates. The poor results were mainly due to lower palm oil price, lower FFB yield and high unit cost of production in the newly-matured area.

23

Mar 2018

United Malacca Berhad – Near-Term Earnings Remains Subdued

United Malacca posted another disappointing set of results, which came in below expectations. After stripping out all the exceptional items, 3QFY18 core net profit dropped by 57.8% YoY to RM8.8mn. The lower-than-expected results were mainly due to higher production cost, which resulted in lower margin.

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