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BUY with a fair value of RM0.52 based on a 15x PER (local peers average) over FY25F EPS. Rakuten project COLFORM to achieve core net earnings of RM18.4m-RM22.4m for FY24-FY26F.
COLFORM recorded a revenue of RM23.75 million for the Q4 2024 mainly derived from the manufacturing of downstream steel products and processing of steel coils segments, which contributed to RM14.60 million, representing 61.47% of the total revenue.
Registered profit before tax (“PBT”) and profit after tax (“PAT”) of RM5.88 million and RM4.36 million, with a PBT margin of 24.76% and PAT margin of 18.36%
The Ministry of Investment, Trade, and Industry (Miti) has received approval from the National Investment Council (NIC) to extend the current moratorium for the Malaysian iron and steel sector, which is set to end in August 2025. Steel prices will remain stable
MITI has reaffirmed its commitment to restructuring Malaysia’s steel industry to enhance its sustainability. Now it's the steel industry's turn to rise
RHB TA - COLFORM showing that bullish momentum is gaining pace. If it breaks past the immediate resistance at MYR0.40, we expect follow-through price action to test MYR0.415, followed by MYR0.43. A fall below the MYR0.38 support level would open the door for a correction.
