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Zetrix AI vs Pos Malaysia & JPJ Arrears: A Credit-Risk Case Study
When a company reporting half a billion ringgit in profit fails to remit collections held on behalf of the government, credit analysts do not just ask why it is late — they ask what changed.
Here is a factual breakdown of the Zetrix AI (formerly MyEG) and JPJ arrears situation as of October 2026:
📌 The Shortfall & The Timeline
• RM314 Million Unremitted: Zetrix AI collects road tax, licence renewals, and summonses on behalf of the Road Transport Department (JPJ). Under agreement, funds are due within one working day, but an RM314 million shortfall accumulated between 19 May and 30 September 2026.
• 35 Reminders & An Unprocessed Cheque: Despite 4 inter-ministry consultations and 35 reminders, payment was not remitted. On 21 August, the company submitted an RM231 million cheque dated 30 September, which the bank later stated could not be processed on instructions from the company itself.
• Suspension: JPJ suspended Zetrix AI as a collection agent effective 12.01am on 5 October 2026, with potential legal action underway to recover the full debt. Following suspension, company shares fell 43.5% to 6.5 sen.
📉 What Changed Behind the Scenes?
• Between August and October, founder TS Wong’s stake dropped from 29.49% to 13.14% (selling 1.245 billion shares for RM321 million following margin calls) and further down to 10.079% by 5 October.
• On paper, Zetrix reported RM540.58 million in net profit for H1 2026 with RM541.6 million in cash. However, it carried RM1.34 billion in long-term borrowings, RM853 million in short-term debt commitments, and RM3.73 billion in capitalised development costs — demonstrating that paper profit is not liquid cash.
⚖️ The Pos Malaysia Contrast
• Pos Malaysia reported a net loss of RM63 million for H1 2026, yet has no standoff with the government. Why? Pos Malaysia’s losses are its own and it holds no government money, operating under regulatory support while continuing as an active renewal channel.
• A loss-making operator hurts its shareholders; a collection agent delaying government remittance hurts its principal.
Closing Thought:
When a long-standing partner that always paid after one reminder fails to remit after 35 reminders and an unhonoured cheque, the core question remains: where did the cash go? https://youtu.be/5VIRpIVgdZ8?si=ssvlYDDMdKOLQ3cY
Rich on Paper, Broke in Cash: The Landmarks Story 🏨📉
How does a resort developer with massive asset holdings end up facing delisting at just 3.5 sen?
Here is what went wrong with Landmarks Berhad:
🔹 The Big Bet: Backed by Genting (which holds ~21.7%), Landmarks spent RM764 million in 2007–2008 acquiring the developer of Treasure Bay Bintan in Ind
you can look at ZETRIX 2025 annual report. Top 30 shareholders page (position as of 1Apr26). MBSB holding some TS Wong shares (pledged to MBSB). Among all those pledged shares, MBSB position is the 3rd highest.
As of 18 Sept 2026, CGS lawyer sent demand letter TS Wong to ask for RM73mil.
BUT 1 thing to note is... For those pledged shares as collateral for financing, we do not know how much has MBSB lent to TS Wong. And whether has MBSB recovered all its exposure by selling the shares
https://youtu.be/KUDW5DK-ke8?si=5tuDsdww3W9W9vR_
Alliance Bank could be the top 4 lender to TS Wong, Zetrix AI CEO (by looking at the size of pledged shares as of Apr 2026 in Zetrix annual report). Will the coming quarter report by impacted?
https://youtu.be/KUDW5DK-ke8?si=frwnl5WWXz9G14Kh
MBSB could be the top 3 lender to TS Wong, Zetrix AI CEO (by looking at the size of pledged shares as of Apr 2026 in Zetrix annual report). Will the coming quarter report by impacted?
https://youtu.be/KUDW5DK-ke8?si=J7i_SLtQnAwZ3w-P
Ambank could be the top 2 lender to TS Wong, Zetrix AI CEO (by looking at the size of pledged shares as of Apr 2026 in Zetrix annual report). Will the coming quarter report by impacted?
📉 The Zetrix Margin Collapse: What Every Bursa Retail Investor Needs to Know
The recent stock drop and legal dispute involving Zetrix AI and founder TS Wong (Wong Thean Soon) might look like a simple dividend disagreement on the surface, but the underlying figures reveal a larger story of margin financing, collateral shortfalls, and forced liquida
📊 NWE Resources Group Berhad IPO Analysis (RM0.20 per share)
Is NWE Resources just an established hotel amenity supplier, or can its IPO-funded shift into health-food formulation and R&D create a scalable consumer growth story?
In our latest video analysis, we break down NWE Resources Group Berhad's prospectus ahead of its ACE Market listing:
🔹 Core Business: Hospitality amenitie
🚀 UWC Berhad (5292): Is the Semiconductor & AI Turnaround Built to Last?
UWC Berhad has delivered a massive operational turnaround in FY2026! Driven by global semiconductor recovery and high-performance AI chip demand, full-year net profit jumped +131.6% YoY to RM93.8 million on a revenue of RM594.9 million (+54.0%) .
With the share price hovering around RM7.07, is this earnings turnaround a sustainable long-term growth story?
Here are the key takeaways from UWC's FY2026 performance:
🔹 What Drove the Numbers?
• Front-End Semiconductor Ramping: Transitioning from back-end component testing to high-precision cleanroom front-end modules for AI, memory (HBM/DDR5), and logic chips.
• Operating Leverage: Revenue expanded +54.0% while operating cost controls pushed PBT margins up from 11.6% to 18.5% (peaking at 23.5% in Q4).
📊 Key Financial Highlights (FY2026):
• Revenue: RM594.89 million (+54.0% YoY)
• Net Profit (PATAMI): RM93.84 million (+131.6% YoY)
• Basic EPS: 8.51 sen
• Operating Cash Flow: Turned strongly positive to RM80.49 million (vs -RM9.21 million in FY2025)
💡 What Does RM7.07 Valuation Imply?
At RM7.07, UWC trades at a trailing P/E of ~83.2x and P/B of ~13.6x. This valuation reflects high market expectations for continued earnings growth, front-end module execution, and sustained hyperscaler AI capex.
⚠️ Key Risks to Monitor:
Foreign exchange volatility (MYR strengthening), customer concentration, and ongoing cleanroom capacity expansion execution.
MCE Holdings Berhad (RM1.47): Strong Revenue Growth vs. Margin Pressure — What Investors Need to Know 🚗📊
MCE Holdings delivered a solid 21.5% jump in full-year FY2026 revenue to RM185.5 million, driven by new EV digital meter clusters, infotainment systems, and design engineering fees. However, net profit declined to RM16.3 million.
