I think we shouldn't exclude the one off and forex losses in assessing the intrinsic value. The capability of the management in hedging the loss, offloading the costs to their customer, it's part of the management performance. If exclude everything, then we should exclude the existence of the weak management and useless blood-absorb substantial owner (muhibbah).

If exclude the one off items (eg: forex, allowances, derivatives & etc), Favco’s core Profit before Tax stood as:

24Q3: 27.231m
24Q2: 14.863m
24Q1: 14.686m

23Q4: 50.988m
23Q3: 22.040m
23Q2: 7.088m
23Q1: 9.994m

This stock at the moment is not good for defensive play because of the pandemic and oil price collapse. It’s crane business in high rise building and oil crane will be affected. Only Astro,Bursa , RCE cap and gloves stock are not affected, but gloves stock price already too high to go in. Two cents opinion.