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The packaging business continues to face challenges, with repeated claims of efficiency improvements over several quarters yet no substantive changes. It is not difficult to predict that in the coming quarters, similar excuses such as "due to intense competition, therefore..." will likely be reiterated.
1) The operating profit for packaging Q4/2025 improves to 42m from around 34.5m in Q3/2025. Profit margin for packaging has improved QoQ from 5.6% to 6.88%
2) Main operating profit is from property (operating profit ~ RM156.5m after minus one-off gain). If packaging industry is bad, company can use profit frm property segment to acquire assets frm competitor in packaging industry. Operating profit for property segment is at record high - 170m (even minus 13.5m one-off still record high). Even if we exclude packaging segment, using operating profit of 155m for packaging, x 75% = RM116.25 PAT/quarter. equals to P/E = 10.8 (RM3.23/share)
