Three-A Resources Berhad

0012.KL

Food Confectioners · Consumer Defensive

Price

0.69 MYR

-0.01 (-0.71%)

Market Cap

337.8M MYR

Exchange

Malaysian Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Three-A Resources Bhd. is an investment holding company, which engages in the manufacture and sale of food and beverage ingredients. Its products include liquid caramel, caramel color, caramel powder, vinegar, glucose syrup, soya protein sauce, maltodextrin, and golden syrup. It operates through the following geographical segments: Malaysia, Singapore, and Other Foreign Countries. The company was founded on April 21, 1999 and is headquartered in Shah Alam, Malaysia.

Winston Score History

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 490.2M (2021) → 486.0M (2025)

Score breakdown

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Quality

Gross Margin

22.4%

Thin — 22.4% gross margin

Operating Margin

13.9%

Healthy — 13.9% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-9.6%

Shrinking sales (-9.6% YoY)

EPS YoY

+8.3%

Earnings growing (8.3% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

205%

Turns 205% of profit into real cash

FCF Margin

15.0%

Converts sales into free cash efficiently (15.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

586.02x

Comfortably covers interest (586.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.7x

Attractive valuation — P/E 7.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.33%

Healthy income — 6.33% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-83.5%

Dividend cut (-83.5% YoY) — warning sign

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