Kumpulan Perangsang Selangor Berhad

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research Report by PBIV

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research Report by KENANGA

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research by Public
Neutral - TP RM0.78

"Stronger Quarter"

Kumpulan Perangsang Selangor’s (KPS) reported a stronger core net profit of RM8.8m for 2QFY24, compared to a core net loss of RM4.8m in 1QFY24, primarily due to better performance from its manufacturing business. The cumulative core net profit for 1HFY24 stood at RM4.0m, which was below our and consensus estimates, accounting for only 26.2% and 27.2% of full-year estimates, respectively. However, we maintain our estimates, expecting improved performance in coming quarters driven by gradual demand recovery in consumer electronics and improved cost structure as the Group streamlined its operations in China. We retain our Neutral call on KPS with an unchanged TP of RM0.78.

Analyst:
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research by Kenanga
Underperform - TP RM0.405

"Back to Black But Uneven Recovery"

KPS’s 1HFY24 results met expectations, consistent with our projection for a subdued FY24 due to ongoing weak demand for consumer electronics and a potentially uneven recovery. While 2QFY24 saw KPS returning to the black, we expect a more meaningful recovery in FY25 driven by restocking and new product launches from its customers. Meanwhile, it is actively enhancing its cost control measures. We maintain our forecasts, TP of RM0.45 and UNDERPERFORM call.

Analyst:
Nigel Ng
nigel@kenanga.com.my

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSPROPOSED DISPOSAL OF PROPERTY PLAZA PERANGSANG BY KUMPULAN PERANGSANG SELANGOR BERHAD TO PERBADANAN KEMAJUAN NEGERI SELANGOR FOR A TOTAL CASH CONSIDERATION OF RM46,000,000.00 ("PROPOSED DISPOSAL")

MATERIAL LITIGATIONKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" OR "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED AT SHAH ALAM HIGH COURT OF MALAYSIA (SUIT NO. BA-21NCVC-49-12/2023) RECEIVED FROM (1) TAN KOK HEONG, (2) TAN KOK CHENG AND (3) TAN KOK GEA (PLAINTIFFS) AGAINST (1) MENTERI BESAR SELANGOR, (2) KERAJAAN NEGERI SELANGOR, (3) KPS BERHAD, AND (4) PENTADBIR TANAH DAERAH KUALA LANGAT (DEFENDANTS)

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research by PIB
Neutral – TP of MYR 0.78

“Lifted by Disposal Gain”

Kumpulan Perangsang Selangor (KPS) reported a headline net profit of RM48.5m in 1QFY24, compared to a net loss of RM2.2m in 1QFY23. The significant improvement was mainly due to the gain of RM106.5m from the disposal of a 50% equity interest in Kaiserkorp Corporation SB (Kaiserkorp). After excluding nonrecurring items, a core net loss of RM4.8m for 1QFY24 is estimated.

Analyst(s):
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my

$KPS / 5843 (KUMPULAN PERANGSANG SELANGOR BERHAD)
Research by Kenanga
Under Perform – TP of MYR 0.45

“Losses Widen in 1QFY24”

KPS’s 1QFY24 results disappointed. Its 1QFY24 core net loss widened significantly YoY on sluggish orders amidst soft global demand for consumer electronics products. Not helping either was its inability to find replacement after losing customer T recently. We cut our FY24-25F earnings forecast by 50% and 5%, respectively, but keep our TP of RM0.45. Maintain UNDERPERFORM.

Analyst(s):
Nigel Ng
nigel@kenanga.com.my

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

General Meetings: Outcome of Meeting

MATERIAL LITIGATIONKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" OR "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED AT SHAH ALAM HIGH COURT OF MALAYSIA (SUIT NO. BA-21NCVC-49-12/2023) RECEIVED FROM (1) TAN KOK HEONG, (2) TAN KOK CHENG AND (3) TAN KOK GEA (PLAINTIFFS) AGAINST (1) MENTERI BESAR SELANGOR, (2) KERAJAAN NEGERI SELANGOR, (3) KPS BERHAD, AND (4) PENTADBIR TANAH DAERAH KUALA LANGAT (DEFENDANTS)

MATERIAL LITIGATIONKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" OR "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED AT SHAH ALAM HIGH COURT OF MALAYSIA (SUIT NO. BA-21NCVC-49-12/2023) RECEIVED FROM (1) TAN KOK HEONG, (2) TAN KOK CHENG AND (3) TAN KOK GEA (PLAINTIFFS) AGAINST (1) MENTERI BESAR SELANGOR, (2) KERAJAAN NEGERI SELANGOR, (2) KPS BERHAD, AND (3) PENTADBIR TANAH DAERAH KUALA LANGAT (DEFENDANTS)

Annual Report & CG Report - 2023

MATERIAL LITIGATIONKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" OR "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED AT SHAH ALAM HIGH COURT OF MALAYSIA (SUIT NO. BA-21NCVC-49-12/2023) RECEIVED FROM (1) TAN KOK HEONG, (2) TAN KOK CHENG AND (3) TAN KOK GEA (PLAINTIFFS) AGAINST (1) MENTERI BESAR SELANGOR, (2) KERAJAAN NEGERI SELANGOR, (2) KPS BERHAD, AND (3) PENTADBIR TANAH DAERAH KUALA LANGAT ("DEFENDANTS")

KUMPULAN PERANGSANG SELANGOR BERHAD PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

General Meetings: Notice of Meeting

KPS - Notice of Book Closure

Change in Risk Committee - ENCIK SAIPOLYAZAN BIN MAT YUSOP

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONSKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" or "the Company")
PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

Final Dividend

Change in Nomination and Remuneration Committee - MISS SHARMILA SEKARAJASEKARAN

Change in Audit Committee - DATO IKMAL HIJAZ BIN HASHIM

Special Dividend

Change in Boardroom - ENCIK SAIPOLYAZAN BIN MAT YUSOP

Change in Nomination and Remuneration Committee - PUAN NORITA BINTI MOHD SIDEK

Change in Audit Committee - PUAN NORITA BINTI MOHD SIDEK

Change in Risk Committee - PUAN NORITA BINTI MOHD SIDEK

Change in Boardroom - PUAN NORITA BINTI MOHD SIDEK

MATERIAL LITIGATIONKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD" OR "COMPANY") WRIT OF SUMMONS AND STATEMENT OF CLAIM FILED AT SHAH ALAM HIGH COURT OF MALAYSIA (SUIT NO. BA-21NCVC-49-12/2023) RECEIVED FROM (1) TAN KOK HEONG, (2) TAN KOK CHENG AND (3) TAN KOK GEA (PLAINTIFFS) AGAINST (1) MENTERI BESAR SELANGOR, (2) KERAJAAN NEGERI SELANGOR, (2) KPS BERHAD, AND (3) PENTADBIR TANAH DAERAH KUALA LANGAT (DEFENDANTS)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSKUMPULAN PERANGSANG SELANGOR BERHAD ("KPS BERHAD")

PROPOSED DIVESTMENT BY BOLD APPROACH SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF KPS BERHAD ("BOLD APPROACH"), OF ITS 50.00% EQUITY INTEREST IN KAISERKORP CORPORATION SDN BHD ("KAISERKORP") TO AI DREAM (HK) LIMITED ("AI DREAM") FOR A CASH CONSIDERATION ("PROPOSED DIVESTMENT")