Heveaboard Berhad

$HEVEA / 5095 (HEVEABOARD BERHAD)
Research Report by HLIB

$HEVEA / 5095 (HEVEABOARD BERHAD)
Research by HLIB
HOLD– TP RM0.33

"Back in red”

Hevea’s 2Q24 core net loss of -RM1.0m (1Q24: RM392k, 2Q23: -RM478k) brought 1H24’s sum to -RM654k (1H23: -RM7.8m), which came in below our full year FY24 core net profit forecast of RM3.4m. The results shortfall was due to lower-than-expected revenue. We cut our FY24/25/26 earnings forecasts by - 71%/-47%/-30% respectively to account for lower sales volume. Despite a weakening yen potentially spurring higher demand for Hevea’s products, the weaker USD poses dampener to the group’s earnings. Maintain HOLD with an unchanged TP of RM0.33 (0.45x FY25 P/B).

Analyst:
Tan Je Jyne
jjtan@hlib.hongleong.com.my

Change of Company Secretary - WONG YOUN KIM

General Meetings: Outcome of Meeting

$HEVEA / 5095 (HEVEABOARD BERHAD)
Research by HLIB
Hold – TP of MYR 0.33

“Impacted by higher opex”

Hevea recorded 1Q24 core net profit of RM392k (QoQ: -93%; 1Q23: -RM7.3m), which came in below our expectation, making up 10.1% of our full year forecast. The negative deviation was due to higher-than-expected operating expenses. We cut our FY24/25 forecasts by -12.8%/-6.1% to account for higher opex. Despite revenue seeing improvement over the past few quarters, Hevea’s operating expenses have been increasing as well attributed largely to operational hiccups at its RTA segment as it pivots to a changing business landscape. The demand for the group’s products in the near-term remains uncertain due to the challenging economy from its main export market of Japan. Maintain HOLD with an unchanged TP of RM0.33 based on 0.45x P/B of its FY25 BVPS of RM0.73.

Analyst(s):
Tan Je Jyne
jjtan@hlib.hongleong.com.my

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

Annual Report & CG Report - 2023

HEVEABOARD BERHAD - SHARE BUY-BACK STATEMENT IN RELATION TO THE PROPOSED RENEWAL OF AUTHORITY FOR PURCHASE OF OWN SHARES BY HEVEABOARD BERHAD

HEVEA - Notice of Book Closure

First and Final Dividend

General Meetings: Notice of Meeting

OTHERSHEVEABOARD BERHAD ("HEVEABOARD")
- RECOMMENDATION FOR DECLARATION OF FIRST AND FINAL DIVIDEND IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Change of Company Secretary - LIM LI HEONG

Change of Company Secretary - WONG MEE KIAT

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

Changes in Director's Interest (Section 219 of CA 2016) - MR YOONG HAU CHUN

Changes in Director's Interest (Section 219 of CA 2016) - MISS YOONG LI YEN

Changes in Director's Interest (Section 219 of CA 2016) - MR YOONG TEIN SENG @ YONG KIAN SENG

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - TENSON HOLDINGS SDN. BHD.

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR YOONG HAU CHUN

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MISS YOONG LI YEN

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR YOONG TEIN SENG @ YONG KIAN SENG

$HEVEA / 5095 (HEVEABOARD BERHAD)
Research by HLIB
Hold (Maintain) – TP of RM0.33

“Buoyed by net positive taxation”

Hevea’s 4Q23 core net profit of RM5.3m (QoQ: +6.1x; YoY: -12.2%) brought FY23’s sum to -RM1.7m (FY22: RM10.2m). The results came in above our full year net loss forecast of -RM5.0m. The results beat was largely due to positive net taxation. Despite the results beat, we continue to remain cautious in view of the weak consumer demand from Japan, as the country is Hevea’s largest export market. With Japan’s economy remaining uncertain, we think that Hevea’s earnings for the near-term will remain clouded. No change to forecast. Maintain HOLD with an unchanged TP of RM0.33 (0.45x FY24 P/B).

Analyst(s):
Tan Je Jyne
jjtan@hlib.hongleong.com.my

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

@portoftheyear
$HEVEA / 5095 (HEVEABOARD BERHAD) 25%
$ELSOFT / 0090 (ELSOFT RESEARCH BERHAD) 25%
$KOBAY / 6971 (KOBAY TECHNOLOGY BERHAD) 25%
$BIOHLDG / 0179 (BIOALPHA HOLDINGS BERHAD) 25%

This is my entry for 2024 Stockbit Portfolio of the Year.

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

Changes in Director's Interest (Section 219 of CA 2016) - MR YOONG HAU CHUN

Changes in Director's Interest (Section 219 of CA 2016) - MISS YOONG LI YEN

Changes in Director's Interest (Section 219 of CA 2016) - MR YOONG TEIN SENG @ YONG KIAN SENG

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR YOONG HAU CHUN