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Farm Fresh Berhad continues to show strong growth, with a 28.7% increase in revenue and a 26.9% rise in net income for FY2024. Their expanding market presence and focus on innovation position them well in the Malaysian dairy market. My observation:
From my observation, they operates four Klang Valley highways, delivering stable revenue through toll collections. Q3 2024 results showed RM81.4 million revenue (+146% YoY) and RM12.1 million net profit, supported by increased traffic and cost efficiencies. A DCF valuation sets a target price of RM1.10, driven by strategic highway locations, a 6.8% distribution yield, and growth opportunities in other services like R&R. Key risks include high debt, regulatory uncertainties, and reliance on traffic volume. Catalysts like urbanization, digital toll systems, and cost optimization bolster its investment case as a long-term growth asset.
