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5041 PBA

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  • 2.010
  • -0.010-0.50%
15min DelayMarket Closed Feb 14 16:50 CST
665.30MMarket Cap8.45P/E (TTM)
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    $PBA (5041.MY)$
    It's amazing what we can learn from old TVB dramas.
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    $PBA (5041.MY)$
    It seems many misinterpreted PBA’s deferred tax expense/liability.
    To provide context, in 2018, PBA reported a loss after tax due to a significant RM137.60 million deferred tax liability. However, this was a non-cash flow item, as clarified in PBA’s 2018 Annual Report (page 13):
    "Please note that the recognition of the deferred tax liability is a NON-CASH FLOW item. The ACTUAL tax that is payable by PBAHB to the IRB for FY2018 is only RM1.55 million, based on a PBT of RM36.14 mi...
    $PBA (5041.MY)$
    Performance was good. Need to understand the financial report.
    3Q24 PBT RM42.2m +45% yoy, revenue RM139.9m +22% yoy.
    Deferred tax expense is a non-cashflow item. Actual income tax paid is low.
    9M24 Cash flow from operations before working capital changes RM159.4m +58% yoy
    Budget announced that there will be a 2% dividend tax in 2025. So, if PBA pays a much higher dividend upfront now in 2024 will be good for everyone. PBA has yet to decide on the dividend amount.
    Next...
    $American Water Works (AWK.US)$
    The water utility business is highly defensive, and $PBA (5041.MY)$ stands as the undisputed monopoly in Penang, with zero competition. Its valuation is extremely attractive, and the company is on track to achieve at least RM150 million net profit in 2025. At just a 10x forward P/E, the stock could soar to RM4.53, and at a more favorable 15x P/E, it reaches a compelling fair value of RM6.80.
    ...
    Asia's growth water utility stock in Penang: The Silicon Valley of the East
    3
    The water utility business is highly defensive, and $PBA (5041.MY)$ stands as the undisputed monopoly in Penang, with zero competition. Its valuation is extremely attractive, and the company is on track to achieve at least RM150 million net profit in 2025. At just a 10x forward P/E, the stock could soar to RM4.53, and at a more favorable 15x P/E, it reaches a compelling fair value of RM6.80.
    Penang boasts the second-lowest domestic water tariff in the country, giving PBA immense upsi...
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