April 02, 2023

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Kossan Results Update (Q2 FY21)

Kossan results were released today. Again it was brought forward by almost 3 weeks. I think by now most would be able to see the results, it is self explanatory in terms of its performance.

It is a record earnings, highest ever in their corporate history. Revenue was at RM2.23B whilst Profit after tax is at RM 1.07B. The cash position has ballooned to RM1.98B and net cash stands at RM 1.6+B. The net cash position is 20% of current market cap of RM 8.41B (RM3.29)

In addition, the company maintained its high dividend payout of 12 sens. At current share price, the dividend yield for this dividend alone is 3.6%. Coupled with the earlier 12 sens declared, in this half year alone, Kossan share price yield amounts to 7.2%.

In Kossan's prospect guidance, they highlighted a gradual decline in ASP and remains confidence that the coming quarters the company will do well. In addition, they believe the economy rebound will assist its technical glove division. The management maintains FY21 will be an exceptional year.

"Despite a reduce operational capacity at 60% workforce due to MCO implemented nationwide since June 2021, Kossan was still able to deliver record breaking results." 

All in all, I am pleased with Kossan results because this QR takes into account of reduce operational capacity when the country entered into MCO in June. So despite of 1 month of MCO reduced capacity production, Kossan still managed to maintain a stellar results.

Kossan reminds me of that tall big friend in high school who is always rather quiet and low profile but consistently do very well in school without much expression of happiness or worry. Just a very cool and calm performer.


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