Wegmans Holdings Berhad

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

General Meetings: Outcome of Meeting

Annual Report & CG Report - 2023

STATEMENT TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES

General Meetings: Notice of Meeting

OTHERSWEGMANS HOLDINGS BERHAD ("WEGMANS" OR "THE COMPANY")
PROPOSED RENEWAL OF AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN ORDINARY SHARES OF UP TO TEN PERCENT (10%) OF THE ISSUED SHARES CAPITAL IN THE COMPANY

WEGMANS - Notice of Book Closure

OTHERSPROPOSED INTERIM SINGLE TIER DIVIDEND FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Interim Dividend

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

@portoftheyear
$MSM / 5202 (MSM MALAYSIA HOLDINGS BERHAD) - 20%
$D&O / 7204 (D&O GREEN TECHNOLOGIES BERHAD) - 20%
$PBA / 5041 (PBA HOLDINGS BHD) - 20%
$ECONBHD / 5253 (ECONPILE HOLDINGS BERHAD) - 10%
$WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD) - 30 %

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

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

Additional Listing Announcement /Subdivision of Shares

From my analysis, I can found that $POHUAT / 7088 (POH HUAT RESOURCES HOLDINGS BERHAD) $WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD) and $HOMERIZ / 5160 (HOMERITZ CORPORATION BERHAD) have the best long term performance.

However, $WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD) is still new, so from my research, they are rapidly reinvesting their cash flow into growing their business.

Hopefully, we can see the result of the strategy in their future stock price.

Additional Listing Announcement /Subdivision of Shares

$WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD)
Research by Public Invest Bank
CEASING COVERAGE – Target Price N/A

“Ceasing Coverage”
Wegmans’ 2QFY23 headline net profit declined by 45.9% YoY to RM3.6m, as furniture demand continued to be affected by the rising interest rates. After adjusting for gain on foreign exchange, Wegmans core net profit came in at RM2.6m, bringing 1HFY23 core net profit to RM2.4m. We deem the results to be below expectations, as it accounts for 29% of our full-year estimates. The discrepancy in our numbers was mainly due to the weaker-than-expected sales volume. Due to an absence of significant re-rating catalyst in light of a declining furniture demand dragged by the rising inflationary pressure, we are ceasing our coverage on Wegmans. Our last call and target price are Underperform and a TP of RM0.15, based on a PE multiple of 8x FY24F EPS.

Analysts:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

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

Notice of SBB by a Company Pursuant to Section 127 (16) of CA 2016

Immediate Announcement on Shares Buy Back

Immediate Announcement on Shares Buy Back

$WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD)
Research by Public Investment Bank
Underperform - Target Price RM0.175

"Weaker Furniture Demand"

Wegmans’ 1QFY23 headline net profit fell by 96% YoY to RM0.2m, dragged by weaker furniture exports especially to the North America region. After adjusting for gain on foreign exchange, Wegmans turned into a core net loss of RM0.1m, which was below our expectations. The discrepancy in our forecast was mainly due to the lower-than-expected furniture demand. We slash our earnings forecast by 30-43% for FY23-25F, mainly to account for the weaker demand given the rising interest rates environment. In view of the challenging operating environment for furniture manufacturers, we downgrade our call on Wegmans to Underperform, with a lower TP of RM0.15 based on a PE multiple of 8x FY24F EPS.

Analyst:
Wong Ling Ling
wong.lingling@publicinvestbank.com.my

General Meetings: Outcome of Meeting

Quarterly rpt on consolidated results for the financial period ended 31/03/2023

STATEMENT TO SHAREHOLDERS IN RELATION TO THE PROPOSED AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN ORDINARY SHARES OF UP TO TEN PERCENT (10%) OF THE ISSUED SHARE CAPITAL OF THE COMPANY

Annual Report & CG Report - 2022

General Meetings: Notice of Meeting

OTHERSWEGMANS HOLDINGS BERHAD ("WEGMANS" OR "THE COMPANY")
PROPOSED AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN ORDINARY SHARES OF UP TO TEN PERCENT (10%) OF THE ISSUED SHARES CAPITAL IN THE COMPANY

$WEGMANS / 0197 (WEGMANS HOLDINGS BERHAD)
Research by Public Investment Bank
Neutral (maintain) - Target Price RM0.21

"Near-term Concerns Remain"

Wegmans’ 4QFY22 core net profit grew by 125.5% YoY to RM3.8m in 4QFY22, mainly driven by the strengthening of the USD and lower effective tax rate. Full-year FY22 core net profit of RM17.7m, was within expectations, accounting for 99% of our full-year forecasts. However, we are adjusting down our FY23-24F earnings forecasts by an average of 4%, as we remain concerned over the near-term furniture demand as the rising interest rates environment should negatively affect the housing market. Following our earnings adjustment, our TP is reduced to RM0.21, based on a PE multiple of 8x FY23F EPS. Our Neutral call on Wegmans is maintained.

Analyst(s):
Wong Ling Ling
wong.lingling@publicinvestbank.com.my