Congratulations all :)

*GCB at RM1.84*

- While broad market remains volatile amid year-end holiday, profit-taking activities persists. This is again dampened by FED’s recent unexpected hawkish statement that they might not rule out further rate hikes, reiterating “higher for longer” and allaying earlier expectations of swift rate cut through 2024.

- Amidst market uncertainty, *GCB at RM1.84* came under my radar. Share price have been retracing steeply to year-lows, despite recent Q results shown commendable earnings recovery.

- In my opinion, this reflects concerns on higher cocoa prices which have surged >60% ytd to c.US$4100 on Africa’s supply restrictions, higher fertiliser costs and challenging weather.

- *Current valuations* have fallen to attractive 16x PE (annualising recent Q’s earnings), with record high revenue of RM1.3b surging >70% from pre-pandemic’s base. That said, with margins starting to recover qoq, direct flow to bottomline could be tremendous in 2024F. While much downside have been priced in following the selldown, there might be capital upside opportunities at this juncture.

- *Furthermore, GCB’s new plant in UK have recently commenced operations,* which will further boost the group’s annual industrial chocolate capacity by 16% or 16,000 tonnes to 116,000 tonnes. This will further elevate earnings moving forward. To note, UK is the top 5 largest inporter of chocolate confectionaries, with consumption of c. £2.2b in 2022, +28.1% yoy.

- *On fund analysis,* the stock has limited liquidity with >80% controlled by major shareholders and institutional funds. It was also noted that few directors and EPF have been accumulating c.20m shares since Sept (not a common trend in past).

- *Disclaimer:* This is not a BUY/SELL call, above contents are just my personal view.

Oversold price, good dividend yield. Key concern from GEG removed also. Should rebound above RM10 soon

Congratz, strong movement instead.

底部已筑成，量低价平。

L&P at 42-43sen. 横盘双底了，业绩也好估价低，最近也带量上升。

投资前就是要深思和用不同角度分析

Synergy at 47c. Major shareholders holds 70+% with minimal floating shares. Strong volume accumulation above ipo price, potentially trending towards 60c range.

Trending towards rm4

Congratz. Ride all the way to 40sen