Mega First Corporation Berhad

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

DSPC since operation had managed to generate 10,000 GWH, for 2024 up to date more than 1700 GWH been generated.

Share price is depressed but earning is on the track 😅

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by APEX Securities

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

DSPC will be the solid cash cow for MFCB.

https://cutt.ly/6eIZHVBH

@jiaming8yap It's the time of $MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) now! They're also building a new solar farm in Malaysia. Btw, do you know what's wrong with $D&O / 7204 (D&O GREEN TECHNOLOGIES BERHAD) there's no update in Stockbit for the company since July 2024.

Interesting news on $TENAGA / 5347 (TENAGA NASIONAL BHD)
https://cutt.ly/meYV963z

Three sentences caught my attention, which may warrant further research & reading:
- Cross-border deal with Singapore's Keppel Electric Pte Ltd to supply up to 100MW of electricity.
- Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, (LTMS-PIP), aimed at strengthening energy security and sustainability across Asean.
- Asean’s broader energy transition, prioritising interconnectivity and grid efficiency as the region faces growing energy demand.

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) was the first that came to mind for some reason when I come across LTMS-PIP 😂

Official announcement on TNB Website: https://cutt.ly/OeYV95Gd

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

DSPC new PPA had been table and discussed on Laos National Assembly recently, hopefully it will be finalised soon.

https://cutt.ly/YeRyqMA6

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Public
Outperform – TP RM5.36

" Positive Tone Ahead”

Management sees stronger growth in 2H in anticipation of a higher energy availability factor of 98%-99% from the Don Sahong Hydropower plant during the wet period and a normalised margin from the resources segment. On a more positive note, the 50%-owned oleochemical business, Edenor Technology, is expected to turnaround in 2H, led by higher capacity utilisation. Key re-rating catalysts include i) a more favourable power purchase agreement, which is being finalised, and ii) stronger earnings growth from the 40%-owned modern farming business. Maintain Outperform with an unchanged SOP-based TP of RM5.36.

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Public
Outperform - TP RM5.36

"Robust Growth in 2H"

Excluding i) share of loss in investments (RM23.4m), ii) insurance income (RM24.8m), iii) gain on foreign exchange (RM3.4m) and iv) minority interest (RM19.6m), the Group registered core earnings of RM212.7mm for 1HFY24, accounting for 47% of our and consensus full-year expectations. 1HFY24 average EAF for Don Sahong Hydropower was marginally lower at 84.5%, due to lower water levels in 1QFY24. Key re-rating catalysts include i) more favourable power purchase agreement, which is being finalized and ii) stronger earnings growth from the 40%-owned modern farming business. Maintain Outperform with an unchanged SOP-based TP of RM5.36. A higher DPS of 4.5sen was declared for the quarter (vs 2QFY23: 4sen).

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Maybank
Hold - TP RM4.80

"Expect a stronger 2H24"

2Q24 results were in line with our/consensus expectations as Don Sahong’s earnings trended up sequentially in line with seasonality. The stock’s risk-reward remains balanced, in our view, with near-term earnings-accretive events priced-in to some extent. Maintain HOLD with an unchanged SOP-based TP of MYR4.80.

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) Q2 FY 2024 Online Investor Briefing!

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) will release its result in this upcoming week and will be having an online investor briefing for its existing and potential investors. Once again, we're very excited to welcome and moderate MFCB's briefing with the management. If you missed the previous one, do not miss this one!

📅 Date: Wednesday, 28 Aug 2024
🕐Time: 2:30PM

Join us for an exclusive online investor briefing where you'll get to know the progress of the company during Q2 of FY 2024. If you're new, this is a chance to meet the management and find out more about their businesses from renewable energy, plastic packaging, limestone, plantation to food security and more!

MFCB is opening this briefing for all. The registration link is also put up publicly in their website.

There will be no recording & second viewing. Register below & get your unique link sent over so you can join in on the date.

Registration link: https://cutt.ly/Yeb0Oszk

@ryunanda @JohnHuo

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

Some update on.DSPC

On 8/8/24, 1.04 MW of solar project installation work is completed and is expected go online on 15/8/24, the power generated is for the power plant own consumption and will have some cost saving (however the figures won't be big).
Looking forward for the coming Qtr results.

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

One of the MFCB director, Dr. Tan Hui Meng bought some @ $4.8666 ! Interesting 👍🏻

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
2024-07-10 - Crossed 5B market cap milestone. Congratulations to all who hold this counter since years ago ! still undervalued for me if factor in contribution from 5th turbines. cheers

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

On 28th of June, DSPC 5th Turbine successfully went through the 72 hours non stop testing, and now is in full operation.

Looking forward for the Q3 performance 🙏🏻

PUBLIC INVEST TOP PICKS 2H 2024

Push(ing) The Limits

Sentiment has been noticeably buoyant in the first half of 2024. This is more the result of a lack of “bad news” and/or market-shaking negative developments (i.e. geopolitical flare-ups, more acute supply chain disruptions, etc) however, rather than stark improvements in global economic conditions which have remained steady. Highlight of the first half has to be the artificial intelligence-driven fervour which, amongst others, saw the share price of industry-darling NVIDIA rocket >+170% higher year-to-date to catapult the company above Microsoft Inc. as the most valuable (public-listed) globally, at a point.

For 1H 2024, our view was for investors to “Stay the Course”, expecting that market conditions would be better, underpinned by healthier economic growth domestically (which has been fulfilled), a steadier earnings growth picture (which has been reflected) and traction from the various growth frameworks unveiled last year (relatively positively news flows), amongst others.

While risk premiums have risen with the risk-reward balanced skewed slightly to the downside, we think there is still sufficient reason to remain exposed to the local market, suggesting that investors “Push the Limits”.

We continue to favour names with multi-year growth stories to capture upsides from relatively steady global and domestic economic conditions. Kawan Food and QES Group are included alongside CIMB Group, Dayang Enterprise, Inari Amertron, Uzma, D&O Green Technologies and Mega First Corporation as picks going into 2H 2024. CCK Consolidated, IJM Corporation and QL Resources are replaced

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) $QES / 0196 (QES GROUP BERHAD) $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD) $UZMA / 7250 (UZMA BERHAD) $KAWAN / 7216 (KAWAN FOOD BERHAD)

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

DSPC 5th Turbine operation test run went through successfully without any problem. The test run results fulfilled all the requirements and is ready for operation.

The 5th Turbine is schedule to start operation by end of June or early of July.

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by PIB
Outperform – TP of MYR 5.36

“Setting Sights on Food Security Division”

At its recent result briefing, management voiced that it wants to grow the food security division to become the 4th core business. Going forward, we expect agriculture-based earnings to increase by leaps and bounds with potential earnings contribution of more than 30% to the Group in the next 5 years. Meanwhile, the new concession and power purchase agreements for Don Sahong Hydropower project are expected to be concluded soon while the commencement of the 5th turbine is timely ahead of the upcoming wet season. Maintain Outperform call with an unchanged SOP-based TP of RM5.36.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) - Q1 FY2024 Investor Briefing Live Recap!

Last Thursday, @JohnHuo and @terence775 hosted a LIVE session with Mr. Yeow See Yuen, Non-Independent and Non-Executive Director of $MFCB / 3069 (MEGA FIRST CORPORATION BERHAD), for their Q1 FY2024 investor briefing! During the session, Mr. Yeow provided insights into the quarter's results, future plans and prospects, and addressed many questions from the public about their various business segments.

Here's a brief overview of the updates and some selected Q&A from the session. The session was not recorded. Remember to follow MFCB so you don’t miss the next one!

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSVOLUNTARY ANNOUNCEMENT PROPOSED SUBSCRIPTION OF 13,551,072 ORDINARY SHARES IN CSC AGRICULTURE HOLDINGS SDN BHD, FOR A TOTAL CONSIDERATION OF RM25.0 MILLION

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by PIB
Outperform – TP of MYR 5.36

“A Decent Start”

Stripping out i) gain on foreign exchange (RM3.3m), ii) insurance income for packaging assets damaged by fire incident in 2023 (RM22.3m), iii) unexpected one-off losses incurred by JV-owned Edenor (RM13.9m) and iv) minority interests (RM12.5m), the Group kick started 1QFY24 with core earnings of RM97.4m, up 22.5% YoY. The stronger results were broadly in line with our and consensus full-year expectations, making up 21.4% and 21.7%, respectively. It is worth noting that the renewable energy segment, which contributed 88% to the Group’s bottomline, saw a decline in the average Equivalent Availability (EAF) from 81.9% to 79.3% while there was a 1% adjustment in hydro tariff since 1st Oct 2023. Maintain Outperform with an unchanged SOP-based TP of RM5.36 nonetheless. No dividend was declared for the quarter. Key re-rating catalysts include i) a more favourable power purchase agreement, which is being finalized soon and ii) maiden contribution from the 40%-owned modern farming business.

Analyst(s):
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 31/03/2024 (Amended Announcement)

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Maybank
Hold – TP of MYR 4.80

“A decent start”

1Q24 results were in line with our expectations as seasonally lower Don Sahong earnings were offset by sequentially higher contribution from resources and packaging. The stock’s risk-reward now appears balanced, in our view, with near-term earnings-accretive events priced-in to some extent. Maintain HOLD with an unchanged SOP-based TP of MYR4.80.

Analyst(s):
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) Q1 FY 2024 Online Investor Briefing!

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) will release its result in this upcoming week and will be having an online investor briefing for its existing and potential investors. Once again, we're very excited to welcome and moderate MFCB's briefing with the management. If you missed the previous one, do not miss this one!

📅 Date: Thursday, 30 May 2024
🕐 Time: 3PM

Join us for an exclusive online investor briefing where you'll get to know the progress of the company during Q1 of FY 2024. If you're new, this is a chance to meet the management and find out more about their businesses from renewable energy, plastic packaging, limestone, plantation to food security and more!

MFCB is opening this briefing for all. The registration link is also put up publicly in their website.

There will be no recording & second viewing. Register below & get your unique link sent over so you can join in on the date.

Registration link: https://cutt.ly/tetGnXXU

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) @ryunanda @JohnHuo

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)

KUALA LUMPUR: Mega First Corporation Bhd increased its net profit by 35 per cent to RM95.46 million in the first quarter ended March 31, 2024, from RM70.55 million a year earlier.

General Meetings: Outcome of Meeting

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

OTHERSInvitation to 1st Quarter ended 31 March 2024 Investors' Briefing

@BursaBuzz agriculture business that $MFCB / 3069 (MEGA FIRST CORPORATION BERHAD) acquired is from Chin Sam Chiap, seems like an established vege & fruits wholesaler & retailer in Johor

https://cutt.ly/OeruS0ay

$MFCB / 3069 (MEGA FIRST CORPORATION BERHAD)
Research by Public
Outperform – TP RM5.36

“Venturing into Modern Farming"

Mega First (MFCB) recently announced that it has entered into a share subscription agreement with CSC Agriculture Holdings S/B and the existing shareholders to subscribe for a 64% stake in CSC Agriculture Holdings S/B for a total consideration of RM25m. This will MFCB to tap on the latter’s agricultural platform for its modern farming venture in Perak. Meanwhile, MFCB is set to release its 1QFY24 results on 21st May where we expect to see better results on the back of increased core earnings contribution from the Don Sahong Hydropower plant, following the increase in equity stake from 80% to 95%. Maintain Outperform call with a new SOP-based TP of RM5.36 following some housekeeping on our numbers.

Analyst:
Chong Hoe Leong
chonghoeleong@publicinvestbank.com.my