Perak Transit

[winston]

vested

Nov 27, 2025

Investors Shouldn't Be Too Comfortable With Perak Transit Berhad's (KLSE:PTRANS) Earnings

Perak Transit Berhad expanded the number of shares on issue by 8.6% over the last year. As a result, its net income is now split between a greater number of shares.

Perak Transit Berhad has improved its profit over the last three years, with an annualized gain of 36% in that time. But EPS was only up 20% per year, in the exact same period.

And over the last 12 months, the company grew its profit by 10.0%. On the other hand, earnings per share are only up 7.1% in that time.

Source: Simply Wall St

https://finance.yahoo.com/news/investor ... 24365.html

[winston]

vested

Perak Transit Berhad (PTRANS) Stock Overview

Snowflake Analysis
Proven track record with slight risk.

Rewards
Price-To-Earnings ratio (4.5x) is below the MY market (13.8x)
Earnings are forecast to grow 7% per year
Earnings grew by 10% over the past year
Trading at good value compared to peers and industry

Risk Analysis
Highly volatile share price over the past 3 months compared to the MY market
Debt is not well covered by operating cash flow
Unstable dividend track record
Does not have a meaningful market cap (MYR349M)

Source: Simply Wall Street

https://simplywall.st/stocks/my/transpo ... urce=yahoo

[winston]

vested

Calculating The Fair Value Of Perak Transit Berhad (KLSE:PTRANS)

October 29, 2025

The projected fair value for Perak Transit Berhad is RM0.40 based on Dividend Discount Model

Perak Transit Berhad's RM0.40 share price indicates it is trading at similar levels as its fair value estimate

We use the Gordon Growth Model, which assumes dividend will grow into perpetuity at a rate that can be sustained.

For a number of reasons, a very conservative growth rate is used that cannot exceed that of a company's Gross Domestic Product (GDP).

In this case we used the 5-year average of the 10-year government bond yield (3.7%).

The expected dividend per share is then discounted to today's value at a cost of equity of 11%.

Source: Simply Wall St

https://finance.yahoo.com/news/calculat ... 45945.html

[winston]

vested

Perak Transit Berhad - Business as Usual
Date: 2025-11-25
Firm: TA
Price Target: 0.46
Price Call: BUY
Last Price: 0.29

Key Takeaways From Perak Transit’s 3Q25 Results Briefing:

Earnings growth intact but…
…tenant default risk escalates,

Slight delay in Tronoh Sentral construction progress.

No change to our FY25-27 earnings projections. Target price is maintained at RM0.46. Maintain Buy.

Management added that these two tenants are event operators who take up all advertising and promotional areas within TMR, TKP and TBS.

As of Sep-25, the outstanding receivables from these operators stood at RM40mn, representing 60% of Ptrans’ total receivables.

Of these, approximately RM27mn already exceeded the 90-day credit term.

Based on Ptran’s provision policy, it will evaluate the expected credit loss in Q4 and make provision or impairment in FY25 audited accounts if it is needed.

Ptrans has granted a 4-month grace period for the event operators to settle the outstanding debts in 4 instalments, which the first instalment has already been received in Nov-25.

In a worst-case scenario assuming the two operators will default and cease operations in end-25, the amount of receivable at risk could amount to RM53mn (i.e. existing RM40mn plus rentals of RM13.2mn for 4Q25) by Dec-25 or 3.0% of total assets, which can partially be offset with 2-month security deposits.

Meanwhile, the potential loss of rental income is estimated at RM52.8mn or 19.9% of estimated FY26 revenue.

Valuation
We maintain Perak Transit’s target price at RM0.46, which is based on 1x distressed NTA valuation with unchanged 3% ESG discount (Figure 1). As we have omitted the total receivables in our valuation, the potential default risk has largely been embedded into our target price of RM0.46/share. Maintain Buy

Source: TA

https://klse.i3investor.com/web/priceta ... arch/76803

[winston]

vested

Perak Transit Berhad - Fundamentals to Take Charge Soon
Date: 2025-11-20
Firm: TA
Price Target: 0.46
Price Call: BUY

From our observation, we believe it was the short-selling activity which triggered margin calls on the founder, Dato’ Sri Cheong (DSC), and shareholders and caused the share to hit limit down at RM0.33 on October 22.

The selling intensified the next day as two stockbrokers forced sold 26mn shares in the market, which belonged to DSC.

https://klse.i3investor.com/web/priceta ... arch/76727

[winston]

vested

Perak Transit secures 30-year deal to operate Tanjong Malim bus terminal

PETALING JAYA: Perak Transit Bhd has received a letter from Majlis Daerah Tanjong Malim to manage the Tanjong Malim bus terminal at a specified monthly rental payment for a period of 30 years.

Perak Transit executive director Datuk Cheong Peak Sooi said the Tanjong Malim bus terminal is a double-storey building with a land area of approximately 1.20 acres, a gross built-up area of approximately 18,522 sq ft, and a net leasable area of approximately 8,279 sq ft for shops and kiosks.

Source: The Star

https://www.thestar.com.my/business/bus ... s-terminal

[winston]

not vested

Perak Transit rides on recurring income strength

Perak Transit Bhd’s 10-year compounded annual growth rate for earnings is anticipated to be around 4%, anchored by stable recurring income streams, robust 40% net margins and consistently positive free cash flow, analysts say.

In a filing on its financial performance last month, Perak Transit said it had entered into a deal with subsidiaries of Edotco Malaysia Sdn Bhd to provide construction and engineering services for the building of telecommunication towers.

“As of today, the group has completed all 11 telecommunication towers. The group is actively seeking additional telecommunication tower construction projects to further contribute to the segment’s revenue.

“This new business segment aligns with the group’s strategy to pursue new opportunities and diversify its earnings base.”

Perak Transit also said it had received the Green Project Certificate under the Green Technology Financing Scheme for its RM17.1mil project involving the procurement of 30 new buses that meet the eligibility criteria for energy-efficient vehicles.

Source: The Star

https://www.thestar.com.my/business/bus ... e-strength

[winston]

vested

Perak Transit Berhad - No Problems to Borrow More
Date: 2025-12-24
Firm: TA
Price Target: 0.46
Price Call: BUY

A new RM1.5bn Sukuk Wakalah Program

Valuation
We maintain Perak Transit’s target price at RM0.46, which is based on 1x distressed NTA valuation with unchanged 3% ESG discount (Figure 1). Maintain Buy

https://klse.i3investor.com/web/priceta ... arch/77110

[winston]

vested

Datuk Seri Cheong Kong Fitt
Founder and managing director of Perak Transit Bhd

Perak Transit Bhd (KL:PTRANS), whose main business is managing public transport terminals, is steady, predictable and most of the time, uncontroversial.

But in mid-October, the stock was anything but quiet after a sharp selldown, possibly triggered by margin calls on founder and managing director Datuk Seri Cheong Kong Fitt.

Cheong, who once held about 23.5% of the company, has trimmed his stake to 8.95% — comprising 4.37% direct and 4.58% indirect — following a series of heavy disposals that sent the counter spiralling.

On Oct 22, Perak Transit’s shares plunged 47% to 33.5 sen from 63.5 sen, hitting limit down in a single day.

The company’s market capitalisation was wiped out by RM360 million in a single day.

When contacted by The Edge on Oct 27, his brother Datuk Cheong Peak Sooi, who is an executive director of Perak Transit, replied that the sharp decline in stock price had no impact on the company’s operations and “it is business as usual”.

The stock regained some lost ground after news emerged on Oct 28 that private equity firm Censuria Capital Sdn Bhd — spearheaded by founding chairman Datuk Marco Yap — had taken a strategic position.

But the reprieve was short-lived, with the shares slipping to a low of 25.5 sen the next day.

Censuria has yet to cross the 5% threshold that would trigger a substantial shareholder notice.

The market looked to Perak Transit’s latest quarterly results for clues.

Operationally, the numbers held up. Net profit for the third quarter ended Sept 30, 2025 (3QFY2025) rose 12.1% to RM19.86 million, supported by lower general and administrative expenses.

However, one red flag stood out. Trade receivables jumped to RM66.4 million, more than double the RM28.3 million a year ago, raising questions, given that business conditions have not been particularly strained.

Perak Transit has maintained that its operations remain intact, with the group continuing its quarterly dividend payout.

But until the overhang clears, investors remain wary — and the stock remains pinned under the shadow of its founder’s shares divestment.

Year to date, the company’s shares have declined 65%, bringing its market capitalisation to RM319.13 million.

[winston]

vested

Perak Transit remains operationally strong

Perak Transit has been cash-generative, operationally resilient, and on track to deliver steady, utility-like growth.

Consistent foot traffic growth of 3% to 4% yearly and its ongoing expansions of existing facilities.

Consistently winning extensions of concessions from regulators, affirming long-term earnings visibility, and the prospects of the new bus terminal in Kota Baru will bode well for the company.

Investors will be looking for the outcome of elevated trade receivables recorded in 3Q of FY25, which management attributed to a distressed customer currently on a repayment plan and whether the dividend payout of 40% will be maintained.

“The total distressed receivables is about RM30mil, and could wipe out 40% of our FY25 earnings.

Source: The Star

https://www.thestar.com.my/business/bus ... lly-strong