Not many companies on Bursa Malaysia can boast of an 18-year compounded annual growth rate (“CAGR”) in net profits of 26%. This is the enviable track record of Scientex Berhad (“Scientex”) (KLSE: SCIENTX) which was achieved that from the financial year (“FY”) 2001 to FY2019. (Source: 2019 annual report) In this article, we take a closer look at the business, management and financial aspects of Scientex, to assess whether the company remains a worthwhile investment going forward. Corporate background Established in 1968, Scientex was previously a fledgeling enterprise engaged in the manufacture of PVC leather cloth and sheeting. Today, Scientex is an established industrial and consumer packaging manufacturer and a leading developer of affordable homes. Scientex’s manufacturing segment contributed 73% of revenue, but only 38% of operating profit to the company in FY2019. Conversely, its property development provided 27% of revenue and 62% of operating profit to the company for the same year. Under its Vision...