Harta Q4 FY20 Review

Result was slightly below my research expectation but the performance was unthinkable amidst the overwhelming news reported on the only winner during the covid-19 pandemic!  

Q4 recorded an increase in revenue by 13.9% compared to corresponding quarter in preceding year from RM 683.2mil to RM 777.9 mil, thanks to higher sales volume achieved under this quarter with an improvement of 18.3%. 

Profit before tax increased by RM 24.9 million or 22.1%, mainly due to higher sales revenue, lower raw material and energy cost coupled with the Group’s cost control initiative to reduce operation costs for the current quarter. 

12M FY20 VS 12M FY19

The Group achieved sales revenue of RM 2.9 billion, increased by RM 96.7 million or 3.4% from RM 2.8 billion recorded in corresponding period in preceding year. The higher sales revenue reported was mainly due to increase in sales volume of 8.8%. The average selling price reduced by 4% in tandem with lower raw material cost and competitive industry pricing.

Profit before tax increased by RM 5.4 million or 1.0% to RM 556.2 million as compared to RM 550.8 million in corresponding period in preceding year. The increase in profit before tax was mainly due to higher sales volume. 

Q4 FY20 VS Q3 FY20

Revenue for the quarter amounted to RM 777.9 million, eased by RM 18.6 million or 2.3%. The lower sales revenue was attributed to lower average selling price. The operating profit increased by RM 19.6 million or 12.7%, to RM 173.8 million as compared to previous quarter of RM154.2 million mainly due to lower raw material and energy cost. Profit before tax for the quarter decreased by RM 22.1 million or 13.9% as compared with previous quarter mainly due to net foreign exchange loss of RM 36.5 million. 

Prospect Highlight:

1. The group has commissioned up to 4 out of 12 lines in Plant 6.

2. New purchase of 95 acres land in banting to serve for the future NGC 2.0 capacity expansion.

Inventories were remained similar amount compared to preceding quarter as recorded RM 276.039 mil. Total trade payables and receivables are slightly increased. 

Comment:

1. As I reckoned that the expected EPS for Q4 FY20 was 3.6sen and the result come lower by 5%. Understand that the previous plant utilization rate had achieved more than 85% and limited upside to increase further on their sales volume. Hence, I would expect the increase in revenue and profit will only be seen in Q1 FY21 onward mainly contributed by the increases in rubber glove ASP, lower material cost and operating cost. 

2. The group was unable to pick up new lines commission speed; only 3 additional new production lines were complete commissioned under this quarter, partly due to the MCO. Production capacity would not able to increase to secure more demands at this stage, expecting another 3 more lines put into operation for next quarter.

3.  Cheaper electricity cost, discount given by TNB during MCO period. Lower material cost as reported that Nitrile prices have reduced by 8% in May. 

4. UOB Kay Hian Research mentioned that ASP have risen more than 10% while the delivery lead times have extended to 3-4 months. 

By assuming all the factors above, an increasing in ASP by 5% and 8% lower operating cost compared to preceding year, I expect EPS for FY21 can achieve 14.34sen which is 11.7% higher;(5%+8%)x0.9 with 10% discount rate. In the condition that Harta's ASP would follow market trend, as quarter prospect didn't highlight on the future selling price outlook. By taking PE of 50, the TP would be RM 7.17. 

Although I believe the coming FY21 Harta can achieve higher profit margin compared to FY20 but the current stock price is overpriced by 27% at RM9.13 the time of this writing. I would give an on hold or sell call on this stock depending on the price chart trend movement.

  

Krono Q1 FY20 Review

The latest Q1 report was below expectation! The result shortfall was primarily due to a one off additional impairment loss was reported under this quarter and caused profit turning into red. 

No dividend was declared by management in this quarter.

Let's us look further into its financial report.

In the income statement, an extraordinary item was declared by management for the impairment on property, plant and equipment (PPE) with a total amount of RM 11.636 mil. Although management didn't mention in detail on the impairment loss, by excluding the one off loss, Q1 FY20 registered a PBT of RM 525k.

Under this quarter, average quantity of share has increased to 514.779 mil of share which will further dilute the EPS. The expected EPS for Q1 FY20 should be 0.078sen after excluding the one off impairment loss on PPE. EPS decreased by 92% and 88% compared to Q1 and Q4 FY19. 

On asset perspective remained healthy, total liabilities decreased by 21.9% compared to preceding quarter mainly due to lower other payables. However, asset reduced as lower trade receivables recorded.

Although one off impairment loss recorded, the group was having positive cash flow, showing that the management is cautiously maintaining its cash flow. Therefore, no dividend payout was declared under this quarter. I believe that the management tries to keep the stability in cash flow to weather through this pandemic.  

Note: Those figures excluded the one off impairment loss recorded in Q1 FY20 result 

After recorded the highest revenue in Q3 FY19, the results have declined for two consecutive quarters. We expect the disappointing results will extend until end of the year, amidst unprecedented global impacts of covid-19. 

Gross margin declined from Q1 FY18 of 26% to 12% of Q1 FY20. We expect that the stiff competition in IT market and higher staff costs are the main reasons to the decline.

The group's revenue during this quarter was mainly derived from Singapore and Philippines, amounting to RM45.297 mil, representing 87.16% of total revenue. However, contribution from China, HK & Taiwan had shrunk mostly due to the country lock down during earlier of the year. Hence, we shall monitor the performance for the coming quarter, expecting lower contribution from Singapore as country lock down was triggered until early of June. 

Technical Analysis:

Stock price had dampened by 65.7% from the previous high of RM 0.92 to as low as RM 0.315 within a month primarily due to the covid-19 pandemic outbreak fear. Stock price then picked up the momentum and recovered 96.8% to RM 0.62. I believe the recent rally of stock price was only the short term speculation activities on technology counters. 

With the weak quarter result reported and greatly below my expectation, I presume the stock price will break down the upward trend support (blue line) and decline further to RM 0.458 support point (Fibo-0.236). If the price cannot maintain within the fibo support range of 0.236-0.382, we might see the price to fall to next support line at RM 0.315. In addition, MACD trend is about to make a negative crossing which giving a signal of bearish before the quarter result was released.  

Comment:

• Unexpected Q1 FY20 result, which will drag the whole year performance to break off the track record of continuous growing in its profit since FY 2014 until now. 
• One of impairment loss that unable to explain in current financial quarter would shy away investors.  
• Impact from Covid-19 outbreak was more severe than expected. Previous review on Krono, I reckoned a drop of profit by 50%,  in fact, the profit was fallen as much as 98% from preceding quarter of RM 18.6 mil to RM 400k. 
• I will readjust the TP to the lowest support line at RM 0.315 by considering the coming quarter will get worse. 

GeorgeKent Q4 FY20 Review

A very expensive lesson that I learnt through my investing journey! By not having a proper investment strategy when I buy in this stock. I bought in George Kent (Gkent) on 27th March 2017 when Gkent was traded at RM3.78/share. During that time, I just followed tips given by a famous stock guru, without researching on the company background and it was one of the best bullish stock in 2017. 

After the change of government happened back in 2018, stock price fell like no tomorrow, just within a day of limit down, my portfolio from profit turned into loss. However, I thought it was a panic sell down on the unstable politics in our country and I topped up on this stock, not believing it will have any impact to Gkent financial status. 

After few quarters of monitoring, Gkent's existing projects were affected and cancelled as what we all know. I looked back the guru for help and most hilarious part was the guru had sold the stock without informing his members. And this is a lesson that I learnt, the biggest mistake i made was relying on someone else to advise me what to do on my own money. At the time of writing, I still holding some amount of this counter and having serious loss that not worth to cut loss anymore. 

Now, let's look into the latest quarter report, Q4 of FY20. 

Revenue reported RM 82.4mil was 28.6% lower compared to preceding year corresponding quarter of RM 115.4mil. No dividend was declared during Q4 compared to 3.5sen of dividend per share proposed by management in Q4 FY19.

The Group's current quarter profit before tax of RM10.36 million (31 January 2019: RM37.58 million) was 72% lower. The lower profit before tax reported was mainly attributed to lower contribution from the Engineering division. Other gains/(losses) mainly arose from unrealised loss on foreign exchange of RM1.94 million (31 January 2019: RM0.68 million) on foreign currencies held.

Revenue for engineering segment of RM52.10 million for Q4 FY20 was 35% lower as compared to RM80.53 million for the corresponding quarter in 2019. Segment profit of RM12.58 million for Q4 FY20 was 69% lower as compared to RM40.30 million for the corresponding quarter in 2019. The lower segment profit was mainly contributed by the lower revenue and gross profit margin in the current quarter.

Revenue for metering of RM30.29 million for Q4 FY20 was 13% lower compared to RM34.86 million for the corresponding quarter in 2019. Segment profit of RM5.88 million for Q4 FY20 was slightly higher as compared to RM5.60 million for the corresponding quarter in 2019. 

The group is having net cash position, after deducting all loans and borrowings, Gkent is still holding RM176mil of net cash. I believe the strong cash holding may offer support to the share price through continuous share buy back and sustaining its business operation.

Shareholder equity was improved slightly about 1.7% compared to preceding year. I believe the share value is still there, RM 0.32/share of net cash value. 

Ongoing project lists and outstanding order book 

Outstanding project lists (Not up to date) from Gkent's official website. 

http://www.georgekent.net/projects-reference/

There are remaining 4 major projects under construction. LRT 3 project construction work is taken care under its JV company 50:50 with MRCB. Therefore, LRT 3 project is not recognized in revenue. Same goes to MRT 2 track works where the work package worth of RM1.01bil was awarded to CCCC and Gkent JV on a 51:49 basis. The remaining projects showing in the group's revenue segment are both hospital construction projects and some variation orders from LRT 2 project. 

Outstanding order book reported by RHB investment.

Q4 Company prospects

Comment:

The coming FY21 will have negative impact on its financial performance due to extension of MCO and slower construction progress and manufacturing due to restriction in work force. From engineering segment, the balance outstanding order book that will reflect in revenue is around RM 245mil mainly contributed from two hospital projects that schedule to complete in FY21, by referring to the info written in RHB investment research report. 

Engineering profit margin has reduced from 38% in FY19 to 26% in FY20. I believe that the profit margin may remain stable at around 20-25% in FY21. The net profit contribution from engineering segment for FY21 would be around RM 56.3mil. 

For metering segment, after the changed on secured project status, the group is now focusing back its core business to expand its metering business and reducing material cost. However, the metering profit margin was affected by fluctuation in foreign currency. In near term, I anticipate that USD will remain strong vs RM and lower demand from other countries due to covid-19 pandemic. Hence, metering segment could see lower net profit for FY21 by 5% to RM20mil. 

The overall forecast net profit for FY21 to be around RM34.9mil after considering 16% higher operating cost during MCO and taxes expenses. Forecast EPS for FY21 should be 6.49sen. 

Taking PE of 8, the Target Price is around RM0.52/share. 

RHB investment gave a sell call on Gkent. I believe in near term, Gkent will remain in bearish trend unless the management is able to secure new projects to increase its order book or having new smart metering orders. Gkent is now standing at RM0.32/share net cash position. 

Krono (0176): Author's Review

Kronologi is Asia’s leading authority in cutting-edge enterprise data management solutions, such as IT Infrastructure Optimization and Data Protection. With an extensive regional presence in countries like Malaysia, Singapore, Thailand, Philippines, Indonesia, India, Taiwan, Hong Kong and China, Kronologi is well-positioned to add value to enterprises in the Asia Pacific region.

Kronologi went IPO on Bursa (Malaysia Stock Exchange) in 2014.

Since then, Kronologi has worked with some of the biggest organisations in Asia, including Food Corporation, Toshiba, Ocean Park, NCS and many more.
http://www.kronologi.asia/case-study/

Kronologi’s success stems from helping enterprises unlock the power of relevant technologies for smart cities, data centers, geospatial, autonomous vehicle, backup, archive and cloud providers. As technological requirements differ according to specific business objectives, Kronologi provides innovative “as-a-Service” and customizable solutions – on-premise, cloud-based and hybrid. Through this unique and effective approach, partners are able to unlock the business value of their digital content, ensure data integrity, and keep their work processes safe and smart.

The Group specializes in data assurance and protection to ensure business continuity for clients. Krono's portfolio of products and services provide our clients with the ability to achieve data assurance and protection through the systematic backup, storage and recovery of enterprise data to ensure business continuity as follows:-

i) On-site data backup and storage;

ii) Off-site backup and storage for long term archival;

iii) Data recovery and restoration;

iv) Problem escalation and resolution in the event of issues or errors during the backup process;

v) 365 days, 24 hours a day, 7 days a week technical support; and

vi) Consultancy on process improvement for data assurance, data protection and disaster recovery.

The above-mentioned are delivered via the Group EDM Infrastructure Technology and EDM Managed Services division. 

Krono's Corporate Structure

Group financial Status

Future prospects from FY2018 Annual Report

Although the EDM IT environment is expected to be challenging industry wide (e.g. mismatch of skilled human resources for data management at a time when enterprise data is growing exponentially), we are confident of continuing to provide better products and solutions to differentiate ourselves and provide innovative, value adding solutions to our customers.

The Group foresees that the EDM MS segment will remain highly competitive, but opportunities such as increased demand for hybrid cloud storage and other data management applications are well suited for its range of managed services solutions. To capture this growing market, the Group has already deployed its strategies into Hong Kong and plans to expand into other countries in the coming years.

The Group also expects the completion of its acquisition of Sandz Group in the financial year 2019 to contribute positively to our results. Synergies achieved from the enlarged Group will strengthen the offering of both EDM IT and EDM MS via the experience and network of Sandz Group in the Philippines.

The Group will continue to drive growth both organically through its existing footprint and inorganically via merger and acquisition opportunities, with the objective of expanding our suite of products and services to our existing customers base and in attracting new customers to the Group.

Coming back to the latest Q4 FY2019 Review.

The group's revenue for FY19 has recorded a 44% growth from RM 163 mil to RM 235.5 mil compared to the preceding year of corresponding period. Thanks to the contribution from the newly acquired Sandz Solutions (Singapore)Pte Ltd company.

From the beginning of year when Krono listed in Bursa until now, the CAGR over 6 years for revenue and net profit are 43.9% and 36.7% respectively, proving that data management and IT businesses are growing aggressively. This growth can further be sustained with the increase awareness of data analysis and network security in businesses. Based on this figure, it is a good sector that worth to invest for medium to long term.

If we look further into Krono business performance. Krono is mainly focusing on Asia countries.

The group continues to drive its growth can be seen from their recent activities that Krono acquired Quantum Storage (HK) Limited back in Dec 2017 which contributed to their sales from Hong Kong and Taiwan. The following years, Krono expanded its market share into more countries via acquisition of Sandz group on April 2019. Through Sandz group's network, Krono has ventured into Philippines and China market.

The breakdown of revenue by geographical area for each quarter from FY2018 to FY2019 can clearly see that Singapore market is Krono existing client base. However, sales from Singapore has slowed down. I anticipate that IT (Infrastructure Technology) businesses in Singapore has already saturated. In order to maintain their revenue, therefore, the managements try to grow their businesses inorganically via merger and acquisition opportunities. In FY2019, Krono has businesses in Philippines and China.

Hence, I can see that the management already have a good business strategies to drive their businesses. Although IT businesses will slowly get saturated in other countries, Krono has another business which is data management services for their new and existing customers as second income generation and also future plan. IT segment is still the main contribution to the group's revenue. One thing worth to take note is their data management services has improved the contribution compared to preceding period which it was only consisting of 6% in revenue for FY18 but 8% in FY19.

As mentioned earlier, contribution from China and Philippines market has increased the revenue starting from Q3 FY2019 mainly due to the sales revenue from Sandz group.

By looking at the gross margin trend, business expansion activities have caused higher operating cost which further reduces their gross and profit margin. Although Krono is still having double digit margin, the management have to optimize their costs to survive in this competitive market.

Comment:

Krono still have room to improve. With the recent Covid-19 pandemic outbreak, many countries are having movement restriction control. I believe it will stimulate more companies to invest in IT and data storage to bring their businesses into the internet.

However, the MCO will also affect Krono's operation in many countries. In latest quarter report (Q4 FY19) the group has highlighted that:
"The Company is cautiously optimistic for the outlook of the year ahead, which is clouded in the near-term by the on-going USChina trade war, political uncertainty in Hong Kong and the more recent global pandemic resulting from the Covid-19 virus. However, our evolving business strategy remains on track for achieving further business growth in the medium-to-long term."

Contributions from infrastructure technology segment might reduce due to their IT staffs are not able to carry out projects on site during MCO. Therefore, I reckon that the EPS for Q1 FY20 will reduce to 0.33 sen with a 50% reduction from preceding quarter. The reason I took Q4 FY19 EPS as a reference because after the newly acquisition, operating costs have increased which causes thinner margin compared to Q1 FY19.

By taking PE as 14, future EPS will be around 2.77sen to 4.56 sen, target price for Krono is around RM 0.40 - RM 0.56.

Technical Analysis:

Share price touches the resistance point at RM 0.57. Price closes above EMA50 trend on this Friday. It is a positive sign, where volume continues to improve to support the up trend, positive crossing between short term EMA 10 and 30 trends is about to happen. CCI continues to rise showing a strong buying signal on this counter. But the trend closed with a doji in the last trading day. Hence, next Monday, if the price stays above doji and EMA50, bullish trend remains. 

VS Q2 FY20 Review

Another wave of sell down might be just around the corner!

Current qtr VS has reported a decrease of RM 158.7mil or 16% in revenue as compared to the previous year corresponding qtr. The reason been explained by the group was due to lower sales orders from key customers. 

Align to the contraction in the revenue, PBT was also decreased 11.9% or RM 5.9mil to RM 43.5 mil. The qtr report said the improved earnings for the cumulative qtrs was mainly attributable to much smaller losses from the operations in China which shifting into an asset light and low cost model. 

Inventories, receivables and cash equivalents have slightly reduced during this qtr, same goes to loans, borrowings and payables. Company financial still remain healthy.

Malaysia segment recorded a lower revenue compared to preceding year corresponding quarter mainly due to lower sales orders from key customers which had also affected its PBT. 

Indonesia segment had achieved higher revenue, but PBT reported loss making. The group explained that it was mainly due to less favorable foreign exchange rate. I presume it was due to the continue descending on exchange rate from Rupiah to RM. For the cumulative quarters, Indonesia segment continued to incur loss largely owing to under-utilization of production capacity. In fact, the later explanation has more weight on causing business in loss making. 

Q4 FY19 Indonesia segment was making good PBT which the revenue reported was slightly higher than Q2 FY20 by 7%. However, PBT had drastically dropped by 180%!

China segment recorded lower revenue as a result of lower sale orders completed. Losses narrowed significantly for the cumulative quarters due to lower operating expenses incurred following streamlining activities and adopting an asset-light model with lower gearing structure. 

Company Prospects:

Orders expected to slow in coming months. Management has highlighted that "the operating environment has been challenging amidst the ongoing US-China trade tension and slowdown in global economy. The COVID-19 outbreak since January 2020, which has now turned pandemic, has further put much dampener on both local and global markets affecting trade activities and movement of people worldwide. "

The supply chains to VS from China are expected to delay as suppliers are now resuming operations in mid February 2020. Meanwhile, on the demand side, outlook for the next few months appears uncertain at this juncture. 

Discussion with prospective customers have also been held back, in view of the travel caution and restriction. In addition, VS said the Movement Control Order (MCO) implemented by the Government that is in place from 18 March 2020 to 1 April 2020 (subsequently extended to 14 April 2020), is expected to cause further impact on its operations.

In the prospects, the group has also pointed out that the financial performance of current year is expected to be lower than the previous year. 

Technical Analysis:

I reckon that EPS for FY20 will reduce to around 6.35sen which is around 27% dropping compared to preceding year EPS at 8.75sen. 

- Q3 FY20 financial performance will be the worst ever, VS operation will be badly affected by MCO implemented for 28 days by the time of this writing. Management didn't mention whether can VS operate during the MCO period as it might fall under E&E category and should be able to operate with half force.

- Europe and US major city lockdowns and movement restrictions will have significant negative impacts on customers' sales as normal daily activities are being disrupted. 

- Severe slowdown on economy and buying power.

- Q4 FY20 will be facing lower revenue as Raya festival will fall in that quarter. 

Assuming the PE = 8 at the end of FY20. The target price should be RM 0.51. 

Stock price has trended down since early of Feb when Covid-19 outbreaks. Price has declined for 51% from Rm1.50 until now RM 0.725. The next support line is around  RM 0.655, the previous lowest point during the end of 2019. I will use Fibo method to trace the rebound momentum to find the next support and resistance points. 

FPI Q4 FY19 Review

FPI Q4 FY19 revenue came in above our expectations, revenue rose 17.7% from previous year's corresponding qtr of RM149.0mil to RM175.3mil thanks to higher sales volume and change in sales mix.

However, Q4 EPS was slightly below our target (Forecast Q4 EPS: 3.82) bringing the cumulative EPS of FY19 to 16.9sen which is below our expected EPS of 17.02sen (15% improve from FY18).

Dividend payout has increased 1sen compared to previous year, which bringing DY to 6.7% (RM1.63 stock price). 

 FY 19 FPI recorded higher tax and other expenses compared to FY18. Higher revenue recorded in FY19 was mainly due to the speaker sales contribution from FPI's major shareholder (Wistron), accounting for 25% of its overall revenue. We believe that Wistron will continue to purchase speakers from FPI. 

Comment:

Demands for speaker system is directly related to the global economic conditions. The outbreak of the novel coronavirus (COVID-19) has disrupted the global supply chain. Moreover, the board is also cautious about the operating challenges due to the virus outbreak. Hence, we expect a slow down in Q1 FY20 revenue. Our forecast for Q1 FY20 EPS (2.88sen) is reduced by 10% to account for the slower demand and higher overhead cost of its production lines. Thus, Q1 FY20 TP to be RM1.41 (RM1.52-RM0.11) PE maintain at 10. 

Technical Analysis:

Short term:

Next support line: RM1.62 (Fibo 0.618). 

Although the price has shown a strong momentum of rebound to 0.236 level after heavy sell down to RM 1.52, the weak market sentiment due to virus outbreak might turn FPI into bearish.

Long term:

Stock price is still in bearish trend. The price touched Fibo 0.50 level twice but unable to break through, RM 1.78 is a strong resistance line for FPI to break into bullish trend.   

Harta Q3 FY20 Review

Better profit due to higher sales volume!

Q3 report has recorded an increase of RM 73.1 mil or 10.1% on the group's sales revenue compared to corresponding quarter in preceding year. In the report explained that the higher sales revenue was due to increase in sales volume of 17.4%. 

PBT also improved 6.5% compared to corresponding quarter in preceding year from RM 150 mil to RM 159.7 mil mainly due to higher sales volume recorded during the current quarter. It was tallied to the increase in company's inventories recorded in Q2 report. 

Year to date, The Group achieved sales revenue of RM 2.146 billion, increased by RM 2.0 million or 0.1% from RM 2.144 billion recorded in corresponding period in preceding year. The higher sales revenue reported was mainly due to higher sales volume.

Profit before tax however eased by RM 19.5 million or 4.5% to RM 418.6 million as compared to RM 438.1 million in corresponding period in preceding year. The lower reported profit before tax was mainly due to lower average selling price and higher natural gas and R&D expenses. 

Q3 FY2020 vs Q2 FY2020

Revenue for the quarter amounted to RM 796.5 million, increased by RM 87.1 million or 12.3%. The higher sales revenue was attributed to higher sales volume for the quarter. Sales volume increased by 12.9%.

Profit before tax for the quarter increased by RM 22.3 million or 16.3% to RM159.7 million as compared with previous quarter mainly due to increase in sales volume and lower nitrile, chemicals, labour and electricity cost. 

Inventories has reduced by 8% from RM 303 mil from preceding quarter to RM 276 mil. Cash & cash equivalents also slightly reduced compared to preceding quarter.

 Total borrowing has reduced from RM 343.9 mil to RM 253.4 mil by 26%. 

Comment: 

Fundamental Analysis

As I explained earlier in Q2 review, sales orders for glove sectors will be locked in for around three months before the delivery of goods. Hence, from Q2 report I anticipated that increase in inventories was to prepare for orders secured and to be delivered in Q3. The increase in EPS was above my expectation as previous review I gave a 3.24sen EPS for Q3.

In current quarter, inventories has reduced compared to preceding quarter. We might see a slower growth in revenue in Q4 FY20. However, the recent on going coronavirus outbreak might boost up the group sales volume due to stronger demand on glove products. 

PBT for current quarter is not picking up with the revenue growth due to lower gross margin (19%) compared to preceding year with an overall gross margin of 22%.   

I anticipate that Q4 sales orders will still remain strong. Moreover, due to recent reduction in electricity cost on ICPT, a similar profit could be achieved in coming quarter. Hence, I estimate that the Q4 EPS could be maintained as 3.6sen by giving FY EPS to 12.99sen. 

By taking current PE of 49 or PE 38 (a year earlier) with a 30% growth. The TP would be RM6.36 - 6.63. 

Technical Analysis

Harta is in a major bullish trend, currently it is having a 3rd motive wave. I will continue to hold on my stocks to swim with the wave until the end.