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Market Date: 25 Mar 2019

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Trade Value (RM)
VWAP (RM)
4 Weeks Range
4 Weeks Change (%)
Avg Volume (4 Weeks)
1 Year Range
1 Year Change (%)
Avg Volume (1 Year)

Market Capital (RM)
Number of Share
EPS (cent)
P/E Ratio
ROE (%)
Dividend (cent)
Dividend Yield (%)
Dividend Policy (%)
NTA (RM)
Par Value (RM)

* Calculated based on the net profit of the trailing twelve months and latest number of shares issued.


DateFinancial
Year
No. Financial
Quarter
Revenue
(RM,000)
PBT (RM,000)Net Profit
(RM,000)
EPS (Cent)Dividend
(Cent)
NTA
(RM)
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Report
21 Feb 201931 Mar 2019331 Dec 201831,11410,0757,7132.610.001.360 Malaysia Stock - KLSE Quarter Report History
13 Nov 201831 Mar 2019230 Sep 201830,99511,5908,6202.943.501.380 Malaysia Stock - KLSE Quarter Report History
16 Aug 201831 Mar 2019130 Jun 201828,82210,7218,0712.800.001.390 Malaysia Stock - KLSE Quarter Report History
24 May 201831 Mar 2018431 Mar 201827,69610,8027,9102.773.501.390 Malaysia Stock - KLSE Quarter Report History
22 Feb 201831 Mar 2018331 Dec 201725,8969,5447,0022.460.001.360 Malaysia Stock - KLSE Quarter Report History
16 Nov 201731 Mar 2018230 Sep 201724,9648,0905,9612.433.251.400 Malaysia Stock - KLSE Quarter Report History
18 Aug 201731 Mar 2018130 Jun 201725,5716,8995,0502.190.001.460 Malaysia Stock - KLSE Quarter Report History
18 May 201731 Mar 2017431 Mar 201724,8508,2096,4202.793.501.450 Malaysia Stock - KLSE Quarter Report History
16 Feb 201731 Mar 2017331 Dec 201625,1197,6055,6702.500.001.440 Malaysia Stock - KLSE Quarter Report History
10 Nov 201631 Mar 2017230 Sep 201622,5257,2685,4112.453.251.450 Malaysia Stock - KLSE Quarter Report History
26 Aug 201631 Mar 2017130 Jun 201621,9947,4845,5002.990.001.560 Malaysia Stock - KLSE Quarter Report History
20 May 201631 Mar 2016431 Mar 201617,8987,2075,1102.913.501.840 Malaysia Stock - KLSE Quarter Report History
123

DateFinancial
Year
Ex-DateEntitlement
Date
Payment
Date
Entitlement TypeDividend
(Cent)
Dividend
(%)
Details
13 Nov 201831 Mar 201916 Jan 201918 Jan 201930 Jan 2019Interim Dividend3.50000.00 Malaysia Stock -  Dividend
07 Jun 201831 Mar 201803 Sep 201805 Sep 201826 Sep 2018Final Dividend3.50000.00 Malaysia Stock -  Dividend
16 Nov 201731 Mar 201823 Jan 201825 Jan 201808 Feb 2018Interim Dividend3.25000.00 Malaysia Stock -  Dividend
09 Jun 201731 Mar 201716 Aug 201718 Aug 201728 Aug 2017Final Dividend3.50000.00 Malaysia Stock -  Dividend
10 Nov 201631 Mar 201716 Jan 201718 Jan 201708 Feb 2017Interim Dividend3.25000.00 Malaysia Stock -  Dividend
02 Jun 201631 Mar 201613 Sep 201615 Sep 201630 Sep 2016Final Dividend3.50000.00 Malaysia Stock -  Dividend
18 Feb 201631 Mar 201616 Mar 201618 Mar 201630 Mar 2016Interim Dividend3.25000.00 Malaysia Stock -  Dividend
08 Jun 201531 Mar 201507 Sep 201509 Sep 201523 Sep 2015First and Final Dividend7.50000.00 Malaysia Stock -  Dividend
16 Jun 201431 Mar 201408 Sep 201410 Sep 201423 Sep 2014First and Final Dividend7.50000.00 Malaysia Stock -  Dividend
08 Jul 201331 Mar 201313 Sep 201318 Sep 201303 Oct 2013First and Final Dividend6.50000.00 Malaysia Stock -  Dividend

DateEx-DateEntitlement
Date
Transfer
Date
TypeRatioRight Issue
Price
Details
25 Jul 201704 Aug 201708 Aug 201708 Aug 2017Rights Issue1 : 51.160 Malaysia Stock -  Bonus/Rights Issue
09 Sep 201522 Sep 201525 Sep 201525 Sep 2015Rights Issue1 : 21.200 Malaysia Stock -  Bonus/Rights Issue
04 Mar 201414 Mar 201418 Mar 201418 Mar 2014Rights Issue4 : 51.000 Malaysia Stock -  Bonus/Rights Issue

ELKDESA (5228) : ELK-DESA RESOURCES BERHAD
Nicholas86
Member Star
Posts: 13
Joined: Dec 2018
Male, MYS
22 Feb 2019, 11:25 AMPost #1

ELK-Desa’s 9MFY19 net profit of RM24.4m (+35.5% yoy; EPS +17.6% yoy) was broadly within our expectations, driven by stronger profit contribution from its hire-purchase financing (which contributed 98% of pre-tax profit). HP receivables grew by 23% yoy partially fuelled by increased leverage within the group through block discounting. The furniture segment (though insignificant in contribution to pre-tax profit), continued to turnaround following management’s move to focus on the domestic markets. Our investment outlook on ELK-Desa has not changed from our last report, we remain upbeat on management’s vertical expansion plan. Maintai BUY, our Price Target of RM1.70 remains unchanged.

Nicholas86
Member Star
Posts: 13
Joined: Dec 2018
Male, MYS
22 Feb 2019, 11:25 AMPost #2

ELK-Desa reported a 9MFY19 net profit of RM24.4m, up +35.5% yoy, while EPS rose by 17.6% yoy, underpinned primarily by profits from its hire-purchase division (98% of PBT). Receivables growth remained robust in 3QFY19, rising by 23% yoy driven by higher transactions in the used car market, following management’s move to further expand its scope of financing for cars priced at below RM35,000 (from its previous policy for cars < RM20,000). Overall, ELK’s results appear broadly within our expectations for FY19E, as we anticipate a stronger performance in 4QFY19 following management’s move to leverage up on its borrowings (block-discounting).

Nicholas86
Member Star
Posts: 13
Joined: Dec 2018
Male, MYS
22 Feb 2019, 11:26 AMPost #3

The shift in management’s strategy was observed in its stance to leverage up in 3QFY19, whereby total borrowings have been increased by 126% to RM100.2m (from RM44.4m in Dec17). Even so, gearing ratio remains at a low of 0.25x (vs. other similar peers such as Aeon Credit at 4x).

Nicholas86
Member Star
Posts: 13
Joined: Dec 2018
Male, MYS
22 Feb 2019, 11:26 AMPost #4

Maintain BUY based on a CY19 Price Target of RM1.70, which is pegged to a 13x P/E multiple on our CY19E EPS of 13 sen. We remain upbeat on ELK-Desa as: i) a furtherexpansion of leverage will drive upside in EPS and minimize dilution effects from the last two rights issue; ii) dividend yields remain attractive at 5.2%-8.1%. Downside risks – high cost-of-living may cause higher defaults.


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