QL
Ql Resources Berhad
Company Background
$QL / 7084 (QL RESOURCES BERHAD)
Research by CGSI
$QL / 7084 (QL RESOURCES BERHAD)
Research by TA
$QL / 7084 (QL RESOURCES BERHAD)
Research by MAYBANK
$QL / 7084 (QL RESOURCES BERHAD)
Research by Maybank
$QL / 7084 (QL RESOURCES BERHAD)
Research by Public
Neutral – TP RM6.85
"CVS Segment Continues to Shine”
QL’s 1QFY25 core PATAMI grew by 15.8% YoY to RM107.4m, primarily owing to better performances from the Convenience Store Chain (CVS) and Palm Oil and Clean Energy (POCE) segments. 1QFY25 results came in within our expectations and consensus estimates, accounting for 24% and 23% of full-year forecasts, respectively. We have tweaked our earnings by <1% due to bookkeeping changes. We foresee QL’s growth prospects remaining stable going forward, albeit at a slower pace following the high base in FY24 and a normalisation in earnings from the Marine Product Manufacturing (MPM) and Integrated Livestock Farming (ILF). Therefore, we maintain our Neutral call on QL, with an unchanged DCF-derived TP of RM6.85.
Analyst:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my
$QL / 7084 (QL RESOURCES BERHAD)
Research by RHB
Neutral– TP RM 6.36
"CVS Boosted By Increased Spending”
Maintain NEUTRAL and MYR6.36 TP, 2% downside. 1QFY25 (Mar) results met expectations on solid contributions across all business divisions. We keep our call given the forecasted pedestrian earnings growth from the elevated FY24 base, considering the challenges of the marine products manufacturing (MPM) division and heightened integrated livestock farming (ILF) earnings in FY24. Valuation remains lofty, warranted by the resilient nature of the well-diversified business model, but we do not see increasing appetite for defensive shelters to drive a valuation re-rating at this point
Analyst:
Soong Wei Siang
soong.wei.siang@rhbgroup.com
$QL / 7084 (QL RESOURCES BERHAD)
Research by HLIB
BUY – TP RM8.18
"CVS shining through”
QL’s chalked in 1QFY25 core PATAMI of RM107.4m (+9% QoQ; +16% YoY which came in within estimates. Overall, sales remain fairly steady QoQ and YoY. CVS segment stole the spotlight with revenue increase (+14% QoQ; +22% YoY) and earnings uplift (+48% QoQ; +77% YoY), which was boosted by store expansion and margin improvement. We opine that ILF and MPM will continue to benefit from cost subsidies for Malaysia’s farm products and good fish landing, coupled with the stable demand for surimi-based products. POCE is also expected to perform better with increase in CE project delivery and margin recovery. We look forward to CVS’ further expansion which will contribute positively to the group’s sales. Maintain BUY with unchanged TP of RM8.18 based of 45x PE of FY25 EPS.
Analyst:
Syifaa’ Mahsuri Ismail
syifaa@hlib.hongleong.com.my
$QL / 7084 (QL RESOURCES BERHAD)
Research by Maybank
BUY – TP RM7.05
"1QFY25: Steady as she goes”
1QFY25 results were within our expectations. QLG’s sequential earnings are expected to be well supported by resilient demand from MPM and ILF with group margins propped up by the ongoing downtrend of key input costs. Our earnings estimates, BUY call and DCF-TP of MYR7.05 (WACC: 7%, LT growth: 4%) are unchanged.
Analyst:
Jade Tam
jade.tam@maybank-ib.com
$QL / 7084 (QL RESOURCES BERHAD)
Research by TA
Hold – TP RM7.21
"1QFY25 Within Our Expectations”
We revised our DCF-driven TP to RM7.21/share (k: 6.1%; g: 3.0%) after incorporating a 4-star ESG premium. Downgrade the stock to Hold from Buy due to limited risk-reward potential.
Analyst:
Liew Yi Jiet
yjliew@ta.com.my
$QL / 7084 (QL RESOURCES BERHAD)
Research by MIDF
BUY – TP RM7.25
"FY25 Opens with Higher Sales and Earnings from CVS”
• 1QFY25 revenue up +1%yoy, core PATANCI surge 16%yoy; results within expectations
• Positive 1QFY25 earnings across all segments with the CVS segment achieving highest revenue
• Prospects further strengthened by egg cost subsidy, ceiling price mechanism, and new stores, farm and plant
• Maintain BUY with TP of RM7.25
Analyst:
MIDF Research Team
research@midf.com.my
$QL / 7084 (QL RESOURCES BERHAD)
Immediate Announcement on Shares Buy Back
$QL / 7084 (QL RESOURCES BERHAD) - proposes one-for-two bonus issue
https://cutt.ly/GegVNGcP
$BOILERM / 0168 (BOILERMECH HOLDINGS BERHAD) / BMGREEN - one-for-four bonus issue of warrants
https://cutt.ly/XegVNH9h
Abang adik? 😂
1/2
$QL / 7084 (QL RESOURCES BERHAD)
Research by PIB
Neutral – TP of MYR 6.85
“Proposed Bonus Issue”
QL has proposed a one-for-two bonus issue with an entitlement date to be determined later. Post bonus issue, QL’s enlarged share capital will increase to 3.65bn shares. We are positive on this proposal as we believe that the bonus issue will enhance the marketability of its shares, making it more appealing to a wider base of public shareholders thereby improving its trading liquidity. Should the proposed bonus issue go through, our DCF derived TP will be adjusted to RM4.56. Nevertheless, we maintain our Neutral call on QL with an unchanged TP of RM6.85 at this juncture, pending further details from the proposal.
Analyst(s):
Wong Ling Ling
wong.lingling@publicinvestbank.com.my
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
CONSUMER
$AEON / 6599 (AEON CO. (M) BHD) $FOCUSP / 0157 (FOCUS POINT HOLDINGS BERHAD) $QL / 7084 (QL RESOURCES BERHAD)
Research by HLIB
Overweight
“Government booster to support consumption”
All in all, we turn more positive on consumer sector on the back of (i) possible margin expansion from moderation in raw material prices; (ii) consumption boosters with the EPF Account 3 and civil servants pay hike; (iii) encouraging macro environment with stable employment levels and uptick in retail spending. With this, we upgrade our sector call from Neutral to OVERWEIGHT. Our top picks are Aeon (BUY, TP RM1.82), FocusP (BUY, TP RM1.14), and QL Resources (BUY, TP RM8.18) given their attractive valuations with earnings backed by their expansion plans and brand equities.
Analyst(s):
Syifaa’ Mahsuri Ismail
syifaa@hlib.hongleong.com.my
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
全利资源携手群联电子 设Gen AI实验室
[郭凯文（左起）、潘健成、AWS大马区经理彼得·默里和全利资源执行董事谢立凯为Axrail的人工智能实验室主持开幕。]
全利资源（QL,7084,主板消费产品服务组）子公司Axrail公司，宣布携手大马留台企业家潘健成的群联电子（Phison），在大马和东南亚设立了生成式人工智能（Gen AI）实验室。
实验室展示云端和边缘解决方案
根据文告，该实验室展示云端和边缘解决方案，以支持对人工智能解决方案日益增长的需求与国家的数字经济宏愿。
Axrail公司是亚马逊网络服务（AWS）在大马的高级服务合作伙伴。
该生成式人工智能实验室将AWS、群联电子（Phison）和Axrail公司的专业知识汇集在一个协作中心，并展示由AWS提供的尖端云端解决方案，包括基于亚马逊Bedrock构建的解决方案及采用群联电子创新的aiDAPTIV+技术进行的内部创新。
生成式人工智能实验室满足了企业不断变化需求，这些企业寻求快速、可扩展AI应用途径，并将Axrail公司定位在为云端与本地环境提供全面的端到端生成式AI解决方案前沿。
Axrail公司创办人兼首席执行员郭凯文指出，公司正考虑加快AI的应用，尤其对大马中小企业，利用即将在大马设立的AWS区域进行数据挖掘丶在整个东南亚地区提供低延迟和强大的云端服务。
“创新的沙盒将增强企业通过AI重新思考营运的能力，提供可衡量的结果，并鉴定他们未来的方法。”
同时，群联电子首席执行员拿督潘健成指出，公司与Axrail合作加速大马的AI数字转型，并提供额外的数据保密保证。
“未来，群联电子将继续与Axrail公司合作，在存储和AI应用方面展开合作。”
位于Axrail AI解决方案卓越中心的Gen AI实验室占地3000平方英尺，旨在促进负责任的实验和共同创造生成AI应用。
助企业从数据中得到价值
该实验室希望能协助企业从数据中得到价值，加强多功能营运的效率，加速企业的AI准备能力。
值得一提的是，全利资源创办人兼集团主席谢松坤，是巴生滨华独中董事长，而滨华独中也是潘健成的母校。
$QL / 7084 (QL RESOURCES BERHAD)
https://cutt.ly/LesyOw5G
OTHERSQL RESOURCES BERHAD ("QL" OR THE "COMPANY")
PROPOSED ESTABLISHMENT OF A SHARE GRANT SCHEME OF UP TO 2.0% OF THE TOTAL NUMBER OF ISSUED SHARES OF QL (EXCLUDING TREASURY SHARES, IF ANY) FOR THE ELIGIBLE DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES OF QL AND ITS SUBSIDIARIES INCORPORATED IN MALAYSIA ("PROPOSED SGS")
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD