Top Glove report is a massive positive read-across for glove . If Top Glove can generate RM81m PATAMI on RM1.095b revenue, Hartalega's upcoming August QR (which is 100% automated and more cost-efficient) will likely be stellar.

1. If the headline PATAMI is > RM40m: The sector is safe.
2. If the headline PATAMI is < RM30m: The sector will get hit.
3. If PATAMI is flat (RM35m): It confirms the recovery is real but slow.

The Board of Directors wishes to inform that the Company will be releasing its third quarter financial results for the period ended 31 May 2026 on Thursday, 18 June 2026.

This announcement is dated 11 June 2026.

WHO Rapid Risk Assessment on #Ebola caused by Bundibugyo virus in the Democratic Republic of the Congo, Uganda:
 
The risk assessment has been revised:
🔴 Very high at the national level in #DRC
🟠 High for #Uganda
🟠 High for countries sharing land borders with DRC and Uganda
🔵 Low for the rest of the Africa region and at the global level
 
The risk in DRC remains very high, because:
⚠️ The outbreak has continued to expand rapidly in terms of numbers of cases and geographical spread with more areas affected
⚠️ Epidemiological links and the full chain of transmission are not yet clearly established, and the source of the outbreak remains under investigation
⚠️ Ongoing conflict restricts movement of frontline responders and surveillance teams
⚠️ Community fear and misinformation hinder case detection, contact tracing, and isolation, and potentially facilitate disease spread
⚠️ Limited healthcare infrastructure and delays in laboratory confirmation, although these are being scaled up by DRC, with support of partners
 
WHO continues to support DRC to put an end to this outbreak bit.ly/3Sgobhn

The fleet renewal is strategically sound for long-term positioning, here are the reasoning:

1. Fleet Rejuvenation
· Current AHTS fleet average age is ~17 years. New vessels (delivery expected 2028–2029) will improve reliability, efficiency, and competitiveness.
2. Positive Market Outlook
· PETRONAS Activity Outlook and sustained offshore upstream activities support continued demand for AHTS vessels over the medium to long term.
3. Strengthened Operational Capabilities
· New 60T bollard pull AHTS vessels enhance PPB’s ability to secure future contracts and support larger, more complex offshore projects.
4. Risk Mitigation via Contract Terms
· Refund guarantees, performance bank guarantees (3% of contract price), and 12-month warranty obligations protect PPB’s interests.
· Liquidated damages for delivery delays provide financial recourse.
5. Experienced Shipbuilder
· Aulong is a National High-Tech Enterprise in China with a track record in high-end offshore vessels, reducing construction quality risk.
6. No Immediate Dilution of Share Capital
· The construction does not affect share capital or substantial shareholders’ holdings.

这句话确实让人心里一沉。它描绘的是一种“利益交换式”的投票心态，其背后的问题比表面看起来更严重。

我们可以从几个层面来理解这种“可怕”：

1. 极端的短视与物化
用选票去换一种特定价格的啤酒公司，是把神圣的政治权利直接“物化”成了几块钱的差价。这不是在权衡长远政策，而是为了自己达到目标的快感，就把未来几年的治理方向交出去。这种交易，代价太大。

2. 价值观的割裂与投机
这反映出一种危险的“工具化”心态——可能此人根本不认同该党的意识形态，甚至明知其政策可能会限制生活方式（如酒精），却仍为了眼前小利而支持。这并非真心拥护，而是投机。这种分裂长期来看，会侵蚀民主的根基，让选举沦为纯粹的利益分赃。

3. 被单一议题或私利绑架
这可能是一个黑色幽默式的夸张，但如果是真实的，说明公共讨论已退化成对个人琐碎欲望的满足。选民忽视法治、经济、教育等复杂议题，却被最简单的利益俘获。这种“管他洪水滔天，只要我的啤酒公司便宜”的心态，是群体非理性的开始。

4. 危险的示范效应
更可怕的是，如果这种交易被认为“精明”而被效仿，政治就可能彻底滑向“谁给的小恩小惠多，谁就当选”。政客不再需要提出愿景，只需操弄短期补贴。长远看，损害的是所有人的共同利益。

这心思意念之所以可怕，在于它背后极致的自私、短视和价值观的虚无。它把庄严的权利变成了一场自我贬低、随时可抛的廉价买卖。

这更像一个警钟，让人看到：当人放弃思考长远和集体利益，只被最原始的物欲驱动时，可以做出多么荒唐的决定。这或许正是我们当下需要警惕和反思的。

The Good (Strengths & Positive Highlights)

1. Strong Profit Growth

· Profit before tax jumped 51.5% year-on-year (RM17.7 million vs RM11.7 million).
· Net profit increased 276% (RM13.4 million vs RM3.6 million).
· Earnings Per Unit (EPU) rose to 1.22 sen (from 0.32 sen).

2. Revenue Growth Across All Highways

· Total toll collection increased by 2.5% to RM79.7 million.
· GCE led growth at +5.5% , followed by AKLEH (+4.3%), LKSA (+0.5%), and SILK (+0.7%).

3. Improved Operating Efficiency

· Operating profit rose 12% year-on-year (RM51.8 million vs RM46.2 million).
· EBITDA margin improved to 76% (from 69%).
· Lower highway maintenance costs (RM5.1 million vs RM7.5 million) and other operating expenses (RM8.7 million vs RM11.5 million).

4. Strong Cash Position

· Cash and cash equivalents increased to RM230.4 million (from RM224.6 million at end-2025).
· Net cash generated from operations rose to RM39.6 million (from RM36.5 million).

5. Positive Economic Backdrop

· Malaysia’s GDP grew 5.3% in Q1 2026, supporting traffic demand.
· Klang Valley urban highway market forecast to grow at 4.6% CAGR through 2027.

---

The Bad (Risks & Concerns)

1. Net Asset Value (NAV) Declined

· NAV per unit fell to 52.53 sen (from 55.56 sen in Q1 2025).
· Total Unitholder’s Fund decreased from RM601.4 million to RM577.9 million.

2. Lower Other Income & Interest Earnings

· Other income dropped 23% (RM3.52 million vs RM4.57 million).
· Profit income from placements fell to RM3.35 million (from RM4.56 million), reflecting lower yields.

3. Higher Finance Costs

· Finance costs remain high at RM34.1 million, though slightly lower than RM34.5 million in Q1 2025.
· Total borrowings remain large at RM2.35 billion, with principal repayment only beginning in 2033.

4. No Distribution Declared

· No distribution per unit (DPU) was proposed for Q1 2026 (same as Q1 2025).
· Distribution yield is currently N/A, which may disappoint income-focused investors.

5. Taxation Expense Volatility

· Tax expense fell to RM4.3 million (from RM8.1 million), but the effective tax rate is still impacted by timing differences and deferred tax adjustments.
· The reconciliation shows significant non-deductible expenses (RM4.0 million) and deferred tax asset recognition.

6. Macroeconomic Risks

· Elevated fuel prices, inflation, and global geopolitical uncertainties could dampen traffic volume growth and increase operating costs.

The Good (Strengths & Positive Highlights)

1. Strong Profit Growth
· Profit before tax rose 71.1% (YoY) for the quarter (RM46.6m vs RM27.2m).
· Profit for the year rose 20% (YoY) to RM126.6m.
· Basic EPS increased to 8.62 sen (from 7.20 sen).
2. Lower Impairment Losses
· Allowances for impairment loss on receivables dropped significantly:
· Q4: RM4.8m (vs RM15.0m last year)
· Full year: RM24.3m (vs RM37.5m last year)
· This indicates improved portfolio quality.
3. No Goodwill Impairment
· The previous year had a RM19.0m goodwill impairment; this year, none → a major positive swing.
4. Strong Dividend
· Total dividend declared for FY2026: 6.50 sen per share (same as last year).
· Second interim dividend of 3.50 sen declared, payable June 2026.
5. Solid Net Assets
· Net assets per share increased to RM0.59 (from RM0.57).
6. No Material Litigation or Unusual Items
· Clean audit report, no pending material litigation, no unusual items.
7. ESG / Governance
· No qualified audit report.
· New Employees’ Share Scheme (ESS) proposed for 2027, aligning staff incentives.

---

The Bad (Areas of Concern & Decline)

1. Revenue Decline
· Quarterly revenue fell 14.3% (RM79.5m vs RM92.8m).
· Full year revenue fell 2.5% (RM323.2m vs RM331.7m).
· Main cause: lower early settlement and fee income, indicating reduced refinancing activity.
2. Higher Effective Tax Rate
· Effective tax rate > statutory rate due to non-deductible expenses.
· Tax expense rose to RM45.5m (from RM41.0m last year).
3. Lower Cash Position
· Cash and cash equivalents dropped to RM21.7m (from RM77.7m last year).
· Net cash used in financing activities: RM176.2m (mainly for Sukuk redemptions and dividends).
4. ESS Dilution Risk
· 31.7 million new options granted at RM0.96 exercise price.
· Diluted EPS is slightly lower (8.60 sen vs 8.62 sen basic).
5. Quarter-over-Quarter Decline
· Compared to preceding quarter (31 Dec 2025):
· Revenue down 2.1%
· PBT down 4.1%
· Net profit down 5.4%
6. High Financing Liabilities
· Total financing liabilities: RM2.04 billion (though slightly down from RM2.06bn).
· Interest/profit rates range from 4.4% to 5.1% → significant cost exposure.

The Good (Positives)

1. Strong Asset Growth
· Total assets grew 8.7% YoY to RM106.8 billion.
· Gross financing grew 5.9% YoY to RM76.1 billion.
· Customer deposits and investment accounts grew 9.2% YoY to RM88.1 billion.
2. Healthy Capital Adequacy
· Total Capital Ratio stood at 18.4% (well above regulatory minimum).
· CET1 ratio at 13.6%, indicating strong capital buffers.
3. Improved Asset Quality
· Gross impaired financing ratio improved to 1.02% (from 0.97% in Dec 2025).
· Net allowance for impairment on financing decreased by 32% YoY (from RM79.8m to RM54.2m).
4. Strong Liquidity and Funding Base
· Customer deposits grew to RM65.5 billion.
· Investment accounts grew significantly to RM22.6 billion.
· Liquidity position supported by high cash and short-term funds (RM2.84 billion).
5. Stable Net Income (YoY)
· Total net income increased slightly YoY to RM605 million (from RM587.8 million).
· Net fund-based income grew, driven by higher financing and investment income.
6. Post-Q1 Capital Raising
· Completed issuance of RM1.0 billion Subordinated Sukuk Murabahah in April 2026, strengthening capital further.

---

The Bad (Challenges & Concerns)

1. Lower Profitability (YoY & QoQ)
· Profit after tax (PAZT) fell 8.9% YoY to RM115.0 million.
· QoQ profit dropped sharply by 34.3% from RM175.1 million in 4Q2025.
2. Higher Operating Expenses
· Total overheads increased 7.7% YoY (RM17.9 million higher).
· Personnel expenses rose 8.0% YoY.
· Establishment costs (IT, depreciation, rentals) increased.
3. Lower Non-Fund Based Income
· Non-fund based income fell 18.1% YoY due to:
· Losses from revaluation of investment securities.
· Lower foreign exchange income.
· Lower fees and commission income.
4. Higher Finance Costs
· Finance costs increased 11.3% YoY (RM4.6 million higher), driven by higher costs on subordinated sukuk.
5. Decline in Net Income (QoQ)
· Net income fell 8.2% QoQ (RM59.4 million lower) due to:
· One-off property disposal gain in 4Q2025 not repeated.
· Net loss from FVTPL revaluation.
6. Lower Net Assets Per Share
· Net assets per share fell from RM3.56 (Dec 2025) to RM3.53 (March 2026), due to dividend payments and fair value losses.

伊波拉病毒持续在非洲肆虐！刚果民主共和国的伊波拉疫情持续夺命，另10个国家也被列为高风险地区。

#八度空间新闻网 #8TVNews #刚果伊波拉疫情