Asia File Corporation Bhd

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by MALACCA SECURITIES

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research Report by Malacca Securities

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$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by Malacca Securities

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by MIDF
Neutral - TP RM2.05

"Results Within Expectations"

• Within expectations
• Revenue improved supported by filing product performance
• Subdued profitability on forex losses
• Earning forecast; Maintained
• Maintain Neutral with an unchanged TP of RM2.05

Analyst:
MIDF Research Team
research@midf.com.my

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - DATO LIM SOON HUAT

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO LIM SOON HUAT

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - DATO' LIM SOON HUAT

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO LIM SOON HUAT

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - DATO LIM SOON HUAT

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO LIM SOON HUAT

Additional Listing Announcement /Subdivision of Shares

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by Mplus
Buy – TP of MYR 2.70

“Ended FY24 On A Solid Tone”

Ended FY24 within expectations. In 4QFY24, ASIAFLE recorded core PATMI of RM15.4m (+12.1% QoQ, +65.0% YoY), bringing the core PATMI to RM52.1m (+64.6% YoY) for FY24. The core PATMI came in within expectations, accounting to 102.8% of our forecast (consensus forecast stood at RM39.4m).

Analyst(s):
Loui Low
louilow@msec.com.my

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by MIDF
Neutral – TP of MYR 2.05

“New Products with Better Margins”

Within expectations. Asia File’s (“AF”) FY24 core PATANCI of RM40.2m (after excluding a one-time off item of -RM11.9m) came in within our forecast (at 101.9% our forecast) and consensus estimates (at 102% of consensus forecast). AF proposed a final single-tier dividend of 3.5 sen/share, pending shareholder approval. This brings the total FY24 dividend to 10.5 sen/share, up from 3.5 sen/share in FY23 and translates into dividend yield of 4.8%.

Analyst(s):
Genevieve Ng Pei Fen
genevieve.ng@midf.com.my

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

OTHERSASIA FILE CORPORATION BHD.
-Proposed Final Dividend for the financial year ended 31 March 2024

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD): Breaking Resistance, Signs Turning Positive

On 17/5/2024, ASIAFLE's share price rose by 1.8% (RM0.04) to close at RM2.26, breaking through the short-term resistance at EMA20. The current price stands above EMA20, MA70, and MA200, indicating an uptrend across short, mid, and long-term averages. The MACD suggests a potential golden cross, further supporting the possibility of continued price increases. The RSI is at 57.90, indicating a neutral position. Despite the trading volume not hitting new highs, it is sufficient to support the price increase based on historical trends. Fundamentally, the company is strong with a PE ratio of 9.61x and a dividend yield of 3.10%. Notably, the company maintained stable earnings and profitability even during the pandemic.

Support: RM2.20, RM2.16
Resistance: RM2.30, RM2.33

*This is not an investment advice, only for education purposes.

Additional Listing Announcement /Subdivision of Shares

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

Additional Listing Announcement /Subdivision of Shares

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by Malacca Securities
BUY - TP of RM2.60

"9MFY24 Results Came In Within Expectation"

Results came in within expectations. For 3QFY24, ASIAFLE recorded core earnings of RM13.8m (+100.4% QoQ, +115.2% YoY), translating to a sum of RM36.6m (+64.4% YoY) for 9MFY24. The core PATMI came in within expectations, accounting to 72.3% of our forecast (consensus forecast stood at RM39.4m). A second interim dividend of 3.5 sen per share was declared (ex-date: 30-Apr-2024).

In view of the softer recovery from China amid the struggling property sector, weaker consumption activities as well as slowing exports may have negative impacts on the overall business sentiment. However, ASIAFLE will embark and intensify the sales penetration on various digital platforms and focus on improving productivity and efficiency in protecting its operating margin.

Analyst(s):
Loui Low
louilow@msec.com.my
(603) 2201 2100

$ASIAFLE / 7129 (ASIA FILE CORPORATION BHD)
Research by MIDF
Neutral (Maintain) – Target Price RM1.85

“Continuous Weak Demand for Non-Essential Products”

KEY INVESTMENT HIGHLIGHTS
• Within Expectation
• Flattish core PATANCI with higher operating margins more than offset the reduced revenue
• Better operational efficiency in 9MFY24
• Maintain Neutral with an unchanged TP of RM1.85

Analyst
Genevieve Ng Pei Fen
genevieve.ng@midf.com.my

ASIAFLE - Notice of Book Closure

Second Interim Dividend

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

Change of Company Secretary - YEOW SZE MIN

Change of Company Secretary - LOW SEOW WEI