11 July 2024

Our Stocks Watchlist

Dufu @ RM2.63 – Buy and hold for long term and Company is benefiting from both Seagate and Western Digital expected strong Q4 (June 2024) with revenue growth and volume of HDD shipped from market sources. Both Dufu’s customers are looking at further double digit % growth for Q4 June 2024

Notion @ RM1.98 – buy on weakness below RM1.80. Company reported good Q1 (EPS 1.56 Sen & PAT RM8.024 mil) and Q2 (EPS 2.72 Sen & PAT RM14.035 mil) with 1H net profit of RM22.059 mil with EPS of 4.27 Sen. The Co HDD business will be benefit from Western Digital Growth as WD is the Company’s HDD customer. Company had stated in no uncertain term that 2H will be better and we projected FY 2024 EPS to be 10 Sen

IFCAMSC @88.5 Sen – speculative and for trading purpose for short term investment. Just ride on the market momentum and business news on Einvoicing and after Q2 Report would have better feel of Company’s outlook.

ADB @RM1.28 – buy below RM1.20 and ride on the market momentum and business news on Einvoicing, after Q2 30 June Report would have better feel of outlook.

PIE @RM 6.37 – Too late to board the bus and valuation is ahead of earnings.

RGB @48 Sen) – Buy and hold when below 49 Sen. RGB is taking a breather and consolidating around 50 Sen. Valuation of 60 Sen to 72 Sen based on projected FY 2024 profit. On 31 May the Co secured a RM381 mil contract for delivery of gaming machines in FY 2024 and expected 70% delivery in Q3 and 30% in Q4. Thus, 2H will have a very strong result. Potential catalyst for further growth and to have dominance gaming machines market in Philippines with the regularization of the gaming industry and Philippines Players upgrading their facilities with the booming gaming industry. Looking at recent price volume, we think there is still leg to move up


QES now @71.5 Sen is valuable stocks to enter. Share price year range 46 Sen to 78 Sen. We heard trading of PPE for steal industries orders had been overwhelming and staff are paid above 3 mths bonus. Strong orders were shipped out in Q2 30 June and a rerating is due.

Recently secured orders from a German MNC with worldwide presence for test equipments. This could give Co to make inroad worldwide if the customer found it to be good and reliable.

Inari @RM 3.96 is probably fair valued achieving our target valuation. Better outlook and profit when their China Plant commenced operation with huge potential as Chinese semiconductors and RFID sensor Companies or Players will need Inari JVC to support their development.


ONG Companies
Deleum@ RM1.30 – good to hold and assess the co progress.

As at the end of the first quarter of 2024, Deleum maintained a strong cash position, boasting cash and bank balances ofRM279.8 million, an increase of RM63.9 million from RM215.9 million as at 31 December 2023. Shareholders’ equity remained steady at RM409.5 million as of 31 March 2024. Currently, Deleum’s order book is robust at RM594.7 million, with the majority of works and equipment slated for delivery within the next 12 months. Below is Q1 March Press Release



Coastal – just hold and no point cutting now just hold and wait for confirmation of extension of contract and new positive developments.

Ulicorp @RM2.21 – already FAIR VALUED AND achieved target valuation compared to our recommendation @RM1.40 in March.

SKB Shutters – only for investors with longer term perspective will be extensively involved with data centre buildings and waiting for Mr Market rerating

Samchem – Chemical and distribution business is seeing improvement in performance.

Bahvest @56 Sen. – Monitor closely when the BV Warrant expire on 20 Aug 2024 the share may vroom vroom. New shareholders and management would have cleaned out the mismanagement and gold pilferage.

$DUFU / 7233 (DUFU TECHNOLOGY CORP. BERHAD) $NOTION / 0083 (NOTION VTEC BERHAD) $SKBSHUT / 7115 (SKB SHUTTERS CORPORATION BERHAD) $RGB / 0037 (RGB INTERNATIONAL BHD) $DELEUM / 5132 (DELEUM BERHAD)