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The Sun
a day ago
- Business
- The Sun
Ping Edge makes debut on LEAP Market, does not expect material impact from expanded SST
KUALA LUMPUR: Ping Edge Technology Bhd, a commercial foodservice and kitchen equipment supplier, has affirmed that the expanded Sales and Services Tax (SST), set to take effect on July 1, will not materially impact its operations. The company noted that any potential financial implications are expected to be managed at the manufacturing level, with responsibility for absorbing or passing on the tax to product suppliers rather than Ping Edge itself. 'We will try to maintain a competitive price for our products as we have no material impact from the tax. We are only an online trading company,' managing director Dexter Soh Yeow Seng said after the company's listing on Bursa Malaysia's LEAP Market today. When asked what sets Ping Edge apart from its competitors, Soh highlighted that the company is unique in its use of the iPay88 payment system. This integration, he said, enables customers to conveniently purchase products online by offering seamless and secure payment processing. 'That is what differentiates us compared to other competitors, and we have an offline showroom that allows customers to experience our products first-hand.' Ping Edge opened at 24 sen per share for a one-sen or 4.3% premium over the issue price of 23 sen., on volume of 30,000 shares. The company raised RM5.15 million from its listing to fund its strategic growth initiatives, allocating RM1 million (19.4%) for showroom expansion. Some RM500,000 (9.7%) will be allocated for digital enhancements, RM2.37 million (46%) for working capital and the remaining RM1.28 million (24.9%) for listing-related expenses. 'The listing of Ping Edge marks an important milestone in our corporate journey – the culmination of our team's dedication and hard work,' Soh said. 'The new status increases our visibility and strengthens our credibility among customers, business partners, and industry stakeholders. By embracing the transparency and accountability expected of a listed company, we aim to foster greater trust and confidence in our brands and platforms, as well as enhance the confidence our business partners have in us.' Ping Edge CEO and director Ethan Chong Wai Hon expressed confidence that no competitor can replicate the company's unique dual approach to selling kitchen equipment, which combines both online and offline sales. 'Unlike many competitors, we offer both an online presence and integrated payment solutions for our customers. Additionally, we operate a physical kitchen showroom, which further differentiates us in the market,' he said. Asked what the strategies that enabled the company to expand over the past few years were, Chong said they involved solving three key areas – supply, operations and customer management. 'On the supply side, we engaged our suppliers directly to negotiate better terms and enhance the services they provide. 'What made a significant difference was collaborating with suppliers to facilitate direct introductions to clients. This allows customers to ask questions about products upfront, making it easier for them to make informed purchases. 'On the operations side, we consulted our sales team to identify ways to boost sales, strengthen our online presence, and improve customer offerings through more effective face-to-face interactions. 'In terms of customer engagement, we revisited our previous customer list and reached out to them again, exploring opportunities for upselling and further strengthening our relationships. These initiatives have proven to be very effective,' he added.
Borneo Post
04-06-2025
- Business
- Borneo Post
Bintulu Port's 1QFY25 CNP falls 37 per cent y-o-y, disappoints analyst expectations
Analysts guide that Bintulu Port's negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. KUCHING (June 4): Bintulu Port Holdings Bhd's (Bintulu Port) first quarter of financial year 2025 (1QFY25) core net profit (CNP) has fallen by 37 per cent year on year (y-o-y) to RM28.4 million, disappointing analyst expectations. In a results note, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) reported that the group's 1QFY25 results were below expectations as it met only 19 per cent and 18 per cent of theirs and consensus' full-year estimates. They guided that the negative variance was largely due to weaker-than-expected LNG cargo volume due to technical difficulties at the MLNG complex. 'Note that, there was a scheduled major maintenance plant shutdown from April 30 to May 29 at the Petronas MLNG complex which we expect to have severely impacted its 2QFY25 performance,' said the research arm. The technical difficulties caused the group's Bintulu Port to see a two per cent y-o-y drop in revenue while its Samalaju Industrial Port fell by 9 per cent drop due to weaker cargo volume from key customers like Press Metal Holdings Bhd (PMetal) and OMH Ltd (OMH). Its LNG cargo volume was 3.4 per cent y-o-y weaker while its non-LNG grew at a flattish 0.5 per cent as aluminium exports shifted from containers to bulk shipments as well as weaker gateways cargoes from heavy industries in Samalaju Industrial Park due to high ocean freight rates caused by the red sea crisis. Overall, the group's 1QFY25 revenue fell three per cent y-o-y while its CNP fell at a wider 37 per cent as it was exacerbated by a higher effective tax rate of 38.3 per cent compared to 22.7 per cent a year ago. Kenanga Research added that Bintulu Port's declared interim NDPS of 3 sen was also below expectations as it was lower than the 4 sen declared back in 1QFY24. Despite the missed expectations, Kenanga Research believed that the LNG cargo throughput at Bintulu Port will remains table with sustained demand from Japan and South Korea, and stronger demand from China thanks to trade diversion. 'Meanwhile, there has been a pick-up in inbound and outbound cargo volumes at Samalaju Industrial Port from its key customers, such as Press Metal and OM Holdings,' they added. To reflect new lower adjusted forecasts, Kenanga Research maintained their 'market perform' call on the port operator with a lowered sum-of-parts derived target price of RM5.15 which is based on a weighted average cost of capital of 5.5 per cent and terminal growth rate of two per cent. Bintulu Port Holdings Bhd
