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Hong Chew Eu
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Hiap Teck: When Half the Profit Lies Off the Balance Sheet

Hiap Teck derives the bulk of its revenue from two main segments: trading and manufacturing.

• The trading segment focuses on the import, export, general distribution, and leasing of steel products, hardware, and building materials.

• The manufacturing segment covers the production, sale, and rental of pipes, hollow sections, scaffolding equipment, and other steel-related products.

Although Hiap Teck holds a 27.3% stake in a steel plant in Terengganu that produces slabs and billets, this investment is accounted for using the equity method - its share of profit or loss appears as a single line item in the income statement.

Ironically, from FY2019 to FY2024, nearly half of Hiap Teck’s cumulative profit after tax came from this associate. As such, evaluating Hiap Teck’s business outlook and intrinsic value likely calls for a sum-of-the-parts valuation approach rather than relying solely on consolidated figures.

Along this line, looking at operating profit and returns based only on NOPAT from the consolidated segments provides only half the picture. To gain a true sense of value and performance, the contribution from the associate should be considered separately.
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Zero be Hero
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Break line.........
The Ney
dh pecah...
Like · 2 weeks · translate
R R
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Many ppl trapped at high prices.. Will they get bailed out or stayed trap, ha ha
David Sk
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ada power lagi
Ck Ang
Power rangers
Like · 1 month · translate
wei lun lee
1 Like · Reply
有东西要宣布吗?Office弄得那么漂亮,高调欢迎习主席到来访问。
market gambler 股市路人丙
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借屍還魂 靠的是先隔山打牛再靈魂出竅!!!!
zaini johari
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ini kaunter lama sgt tido..mesti kaunter ehem2 ni...
R R
Bkan tido... da msuk hspital ha ha
1 Like · 3 months · translate
Kelvin Kelson
Counter icu sekarang
1 Like · 3 months · translate
Mari Gold
3 Like · Reply
PE 4 料, 2024年的遗珠。没关系,2025年该你上场了
HaiDi Lao
没错,明年的建筑活动将会更加活跃
https://theedgemalaysia.com/node/737769
Like · 5 months · translate
Wendy Koh
仙家kevin。你还在做白题梦。不跌破0.30都偷笑
1 Like · 3 months · translate
zaini johari
2 Like · Reply
bangun la..sudah2 la tido...