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Best analysis for analysts will be to do physical observations in both RWS & MBS. Will RWS lose further market share to MBS in Q4 2025 ? Even Genting Singapore shares are not trading at Fair Value.
Good analysis. High debts coupled with earnings quality risks. Let’s see QR3 due out soon. Otherwise, GP% exceptionally high @ almost 50% and would have attracted quality institutional funds. Bulk of recent Private Placements of ~ 50% (RM18m) in QR Note B7 varied and allocated to General Working Capital !
From a share price of > RM6 in 2018 to 53 Sen now :-| It is operating in the present challenging petrochemicals / chemicals manufacturing industry, producing products such as Polyethylene (PE), Polypropylene (PP), Olefins (ethylene, propylene) & other downstream chemical products used in plastics, packaging, automotive, and consumer goods. Unfortunately, sector outlook still bleak and not easy for the Titanic to manoeuvre across the icebergs !
Absolutely. On both QR3 comparison, RWS obviously losing significant gaming market share to MBS. That’s why their foray into US will be high risks with low returns. It is better to stick to “Jaguh Kampung” (RWG).
Q4 2025 QR onwards will be more reflective as that’s when recent increases in cost of doing business in Malaysia in 2025 and strong RM will have the maximum impact. Also, US reciprocal 19% tariffs full impact will be felt by exporters in Malaysia.
