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Wednesday, September 30, 2015

ViTrox Corp - Flattish 3Q15

Highlights

  • As guided, 3Q15 revenue is expected to be rather flat with 3.3% yoy growth reaching RM40.8m. While ABI is forecasted to deliver strong performance, this will largely eroded be by the sluggishness of MVS-T.
  • Bullish ABI estimate is mainly contributed by: a. Orders from Mexican EMS with 4 AOI and 4 AXI orders; b. Potential orders from Penang EMS with 1 AXI and 7 AOI; c. Orders of 5 AXI, 4 AOI and 6 V810 SI and SII upgrade from another Penang EMS; d. New account wins from Europe, Japan and Malaysia; and e. Various ODM in China and Taiwan buying 1 or more AXI.
  • MVS-T demand continues to be weak mainly due to sufficient installed capacity and lack of end-user demand visibility. As such, 3Q15 sales expected to be between RM3.5-5.0m, implying a yoy decline ranging from 55.8% to 69.0%.
  • Channel check reveals that ViTrox’s main MVS-S client, SRM is also expecting a rather flat FY15 but expecting a more challenging FY16 coupled with very limited order visibility.
  • Pioneer status was renewed for 10 years until 2024 but only expects to enjoy the full tax exemptions in FY16 once all products have complied with the new requirements. Although this was granted in June, 2Q15 was fully provisioned with 26% effective tax rate. Upon regulator’s approval, it is likely that June’s tax will be reversed in 2H15, which is estimated to be circa RM1m on top of FY15E PAT.
  • Book-to-bill ratio dipped marginally below parity in May and June but rebounded firmly in July and August with 1.02 and 1.06, respectively.
  • YTD global semiconductor equipment spending is flat (see Figure #1) and expected to be so for the rest of 2015. Some major players have announced CAPEX reductions, including TSMC by USD2bn and Intel by USD1bn in view of efficiency improvements rather than cut back in expansions. However, this will be cushioned by higher investments by Sony into image sensor and Samsung into its new plant in Pyeongtaek.

Risks

  • FOREX, downturn in semiconductor demand and equipment spending, patent infringement and technology imitation.

Forecasts

  • Unchanged.

Rating

HOLD , TP: RM2.95
Positives
  • undisputed 3D-AOI and AXI technology leader, great potential in winning more market share in the advent of global semiconductor growth.
Negatives
  • MVS-S sales is dependent on single customer, majority of sales are non-recurring, highly competitive 2D-AOI market and prone to rapid advances in technology.

Valuation

Reiterate HOLD with unchanged TP of RM2.95. Our TP is pegged to unchanged 1SD above 5-year historical average P/E multiple or 16.0x of FY16 EPS (see Figure #3).
Source: Hong Leong Investment Bank Research - 30 Sep 2015

Teo Seng Capital - Egg prices stage a rebound BUY

- We maintain BUY on Teo Seng Capital (TSC) with an unchanged fair value of RM2.70/share. This is based on an unchanged fully-diluted PE of 13x FY15F EPS.

- From our recent discussions with management, we learnt that egg prices have gradually rebounded from 28 sen/egg in 2QFY15 to 34 sen/egg over 3QFY15. Note that the latter was the average egg price in 4QFY14 and 1QFY15 and is the highest historically.

- The upward trend in egg prices is positive for TSC. Although we had earlier anticipated prices to tick up in tandem with increased domestic demand during the festive periods (eg. Hari Raya), we did not expect the quantum to be as large. The supply backlog has also eased, thanks to higher exports to Hong Kong.

- Egg prices had declined by 24% QoQ back in 2QFY15 due to seasonally low demand (i.e. absence of festivities and the fasting month in June/July) and to a smaller extent, the impact of GST on overall consumer sentiment.

- Interestingly, we also understand that the price of its egg exports to Singapore (~30% of total production) is presently as high as 38 sen/egg. This is unusual given that the price differential between the domestic and Singapore market is typically between 1-2 sen/egg. The wider spread is mainly attributable to the current weakness of the RM vis-à-vis the SGD (YTD: -31%).

- We make no changes to our FY15F-FY17F earnings estimates unchanged for now. The rebound in egg prices alongside the timely addition of two new farms in July and November (+25% capacity from 3.1mil eggs per day) bode well for TSC’s 2HFY15 earnings.

- Post its recent order-driven sell-down, TSC’s share price has been on an upward trend, rising 31% in the past month. The stock is currently trading at an attractive fully-diluted forward PE of only 7x. This is a steep 53% discount to the average PE of 15x for the consumer companies under our coverage.

Source: AmeSecurities Research - 30 Sep 2015

[转贴] 【小型股亮点系列 4 】 8个"亮点"让你轻松了解合约流GKENT(3204)的魅力! - Harryt30

【小型股亮点系列 4 】

8个"亮点"让你轻松了解合约流GKENT(3204)的魅力!

1. GKENT今天公布了业绩,最新一季的EPS 2.80, 比去年同个季度上涨了40%,税后盈利847.3万马币。

2.以现在RM1.54的股价计算,现在PE为13.67, ROE 11.19。虽然笔者觉得有点小高,但是其亮丽的前景弥补了这一点。

3.这家公司是Net cash 公司,现金扣除了债务后大约有9,500万现金。而且在半年多的时间内,债务从之前的5,800万减少到了4,800万。

4.公司今天公布派发2仙的股息,全年股息大约3.5%, DPS/EPS大约是45%以上,是一家大方派息的公司。

5.此外,公司的Profit Margin已经连续进步3年,从之前的7.1%到今时今日的10.6%,相信未来还会继续有所进步。

6.9月7号以及他们的Joint Venture MRCB一起获得了90亿的LRT建筑合约,而GKENT获得45亿合约。此外,隔天9月8号也获得了香港的 water meter合约,总值USD 7.17 mil。这也是GKENT历史上获得最大的water meter合约。所以相信未来的前景会很不错。

7. 公司的管理层对未来的展望正面,在获得了LRT以及外国的合约之后。公司能力以及信誉必定会受到外界的肯定,而且在未来也会开始贡献盈利。

8.技术面来说,volume在9月利好消息刺激下,屡屡突破52周新高。只要大市不垮,应该还有希望继续走高。

总结:
GKENT手握58亿订单以及香港的water meter合约,股息也相当诱人。最近已经吸引了许多投资者的目光,市值大约RM 463 mil, 是小型股里的优质股之一。

以上纯属分析分享,买卖前请勤做功课研究,买卖自负。

魔法师Harryt30
Sharix Consulting
http://harryteo.blogspot.my/2015/09/1151-4-8gkent3204.html

Cover Story: Logistics counters worth a second look - digitaledge Weekly

By Yen Ne Foo / digitaledge Weekly | September 29, 2015 : 6:00 PM MYT

This article first appeared in digitaledge Weekly, on September 14 - 20, 2015.

GIVEN the volatility in equities this year, the market has more often than not disappointed investors. Yet, some analysts say the counters in the logistics and transport sector could offer investors plenty of food for thought.

Soong Wei Siang, a Kenanga Research analyst who tracks stocks in the industry, argues that the charm of those in the business of shipping, freight and land transport would appeal to investors in today’s weak market environment due to the resilience of their earnings.

In a May 18 report, Soong writes that factors such as e-commerce growth in the local market, the industry’s fast-moving consumer goods-oriented customer mix, potential revaluation of logistics companies’ vast assets like landbank and the growing trend of logistics outsourcing warrant a rerating of the sector.

When contacted, Soong tells digitaledge Weekly, “We believe that the logistics theme has been overlooked by investors for some time but there is deep value in the sector. We believe that logistics counters should feature in the portfolios of investors, given their resilient earnings.”

Kenanga Research’s top picks in logistics stocks are a quartet comprising Century Logistics Bhd (fundamental: 1.90; valuation: 2.40), TASCO Bhd (fundamental: 1.80; valuation 1.40), Xin Hwa Bhd (fundamental: NA; valuation: NA) and Harbour-Link Group Bhd (fundamental: 1.70; valuation: 1.80).

“We like Century Logistics and TASCO. Both companies have visible earnings growth, expansion plans and a dividend-paying philosophy. Century Logistics’ valuations are cheaper than its peers’. It also has a good dividend payout policy of 50% of its net profit. We expect Century Logistics to have a dividend yield of 4% to 5%,” says Soong.

“TASCO has a dividend yield of about 2% but it is backed by its Japanese owner NYK. TASCO can leverage NYK’s vast distribution network and be more involved regionally going forward.”

Meanwhile, Harbour-Link, a comprehensive logistics provider in Sabah and Sarawak, can capitalise on government-backed economic initiatives like the Sarawak Corridor of Renewable Energy. Kenanga Research is projecting a net profit growth of 53.3% and 22.9% for FY2015 and FY2016 respectively, supported by its logistics division.

Commenting on Xin Hwa, Soong says, “The company is a smaller logistics play. Its operations are restricted to land transport, but operating on a smaller scale allows it to enjoy higher-than-average margins. If it develops into a more integrated logistics player, its earnings base will widen significantly.”

Despite good reasons for investors to look at logistics, some analysts warn that the sector, which has traditionally been sensitive to external trade factors, has certain downside risks.

RHB Research analyst Ahmad Maghfur Usman, who has “buy” calls on TASCO and Freight Management Holdings Bhd (fundamental: 1.40; valuation: 1.80), says the current economic landscape of slower global growth and weakening external trade numbers for Malaysia are a “substantial” threat to the earnings of logistics companies.

“TASCO and Freight Management will still be profitable but there are risks. Plus, we cannot predict how long the slower global growth and weak economic environment will last. The bright side, of course, is that economic conditions will recover eventually,” he says.

Similarly, Chris Eng, vice-president of Etiqa Insurance and Takaful’s investment management division, who has the same stock picks, says he does not have compelling “buy” calls on Freight Management and TASCO but nevertheless believes they are good bets for longer-term capital appreciation.

“TASCO handles a lot of the warehousing needs of online retailers like Zalora and Lazada. As more people turn to online shopping, it should be positive for TASCO’s earnings. As for Freight Management, it is a fundamentally stable and well-managed company. We believe there is potential for capital appreciation over the longer term. As long as external trade numbers are healthy, it will do well,” he says.

Furthermore, investments in capacity expansion made by both TASCO and Freight Management suggest that the longer-term growth prospects remain intact. TASCO has plans to spend RM120 million to RM150 million on building a four-storey warehouse to elevate storage capacity by 45%. Meanwhile, Freight Management is looking to expand its trucking fleet in Penang where demand is strong.

As Malaysia experiences an increase in e-commerce activity, Ahmad Maghfur says GD Express Carrier Bhd (GDEX) is his top stock pick in the logistics sector. The stock is expected to book the strongest earnings growth among its peers under RHB Research’s coverage.

“GDEX (fundamental: 3; valuation: 0.70) has seen very strong earnings growth with profit up 40% to RM9.2 million in the fourth quarter of financial year 2015. We believe there is still room to grow with earnings mainly driven by stronger e-commerce activity,” he explains.

logistics-counters-stocks_mm56_Dew007_theedgemarkets

Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visitwww.theedgemarkets.com for more details on a company’s financial dashboard.

http://www.theedgemarkets.com/my/article/cover-story-logistics-counters-worth-second-look

Tuesday, September 29, 2015

[转贴] 印馬聯手護盤‧棕油價可回升2400

2015-09-29 17:00

(吉隆坡29日訊)原棕油價格預測走穩,印尼與大馬10月將宣佈穩定棕油價措施,漸形成的厄爾尼諾現象料打擊產量,消減高庫存,艾芬黃氏研究認為棕油價低迷最糟時刻已過,預測今明年平均原棕價料上揚12%,回返到每公噸2千150和2千400令吉之間。

美國國家海洋和大氣管理局(NOAA)的最新預報,此次厄爾尼諾現象“很明顯,且在不斷加強”,還可能變得非常強烈。

太平洋赤道地區的溫度需至少連續3個月比平均氣溫高出2攝氏度以上,而這種現象可能延續24個月,幹旱氣候可能造成棕油減產2%。

艾芬黃氏認為,如此一來,將促使今明兩年庫存對比使用率由18.5%減至16.5%,寫下2006年與2007年新低。

棕油期貨由今年新低的每公噸1千867令吉,回揚至6月時的2千341令吉。過去4週,基准原棕油期貨價回升20%,來到2千240令吉。

艾芬黃氏說,棕油價回揚部份原因固然是因馬幣兌美元走疲,儘管8月高庫存達249萬公噸,棕油期貨價格趨穩。

最糟時期已過

除非全球經濟前景惡化和金融市場波動,艾芬黃氏認為棕油市場的最糟時刻已過;緊隨厄爾尼諾現象逐步加強,棕油期貨價格向上盤整。

儘管短期經濟波動的挑戰持續,這導致低原油需求和低原油價,加上其他菜油供應充沛牽制原棕油後市價格,但仍預測棕油價可回升12%。

緊隨棕油價回升,大豆油對棕油價溢價達每公噸9O美元,高於2014年第四季為50至60美元溢價。

艾芬黃氏表示:“歐元區和中國經濟放緩,全球經濟成長告緩,國際貨幣基金組織預測全球經濟由今年3.3%,改善至明後年的3.8%,更強穩的全球經濟有助提振原油、菜油和原棕油的需求。”

馬印10月公佈穩定措施

佔據全球85%產量的印尼和大馬,也將於10月公佈措施,以穩定原棕油價格。這包括生物柴油計劃、趁此時機翻種、透過持續經營改善西方對棕油不環保的觀念提振需求等措施。

艾芬黃氏維持種植領域“中和”評級不變,建議投資者“逢低買進”種植股。

種植股中,只有合成種植(HSPLANT,5138,主板種植組)獲“買進“評級。森那美(SIME,4197,主板貿服組)、IOI集團(IOICORP,1961,主板種植組)、吉隆坡甲洞(KLK,2445,主板種植組)、雲頂種植(GENP,2291,主板種植組)和怡保種植(IJMPLNT,2216,主板種植組)同獲“持有”

評級;聯土全球(FGV,5222,主板種植組)獲“賣出”評級。

種植業主要風險包括菜油與原油需求疲弱、馬印兩國延宕實施生物柴油政策,更高的大豆油與原棕油產量、進口國貨幣走疲等。
(星洲日報/財經‧報導:張啟華)

手握230億合約‧沙肯石油盈利看好

2015-09-28 17:12

(吉隆坡28日訊)沙肯石油(SKPETRO,5218,主板貿服組)手握230億令吉合約,長短期的盈利具透明度,惟未來業務表現,胥視國際石油價格走勢而定。分析員認為,預料2017/2018年的原油價格,將適度回升至每桶平均60美元水平,有助略為推高其盈利表現。

安聯星展研究指出,原油價格走高對沙肯石油有利,有助於推高其盈利表現,根據敏感分析,布蘭特原油價每桶每起5美元,將把盈利推升約7%水平。

沙肯石油最新手握訂單合約達230億令吉,持有的長期固定合約可持續至2020年,可提供長短期盈利透明度,包括2016年确認50億令吉及2017年再确認另外的50億令吉。沙肯石油的岸外服務領域業務短期內相當平穩。

長期而言,該公司其中120億令吉訂單,是來自為巴西石油供應及營運的6艘安置油管支援船服務,前後為期5至8年。雖然油氣領域深具挑戰,惟沙肯石油仍持續取得新合約,自2014年12月至今為止,已攫取27億令吉新合約。

安聯星展預料在未來12個月里,沙肯石油將填補40億至60億令吉的新工程合約。

目前該公司投標的工程合約達到150億令吉,其中53%為工程/採購/建築/裝置及啟動(EPCIC)合約,這合約47%來自大馬市場、25%在印度,東盟佔17%、墨西哥佔7%、以及非洲/中東則佔3%。

正實行2收購

沙肯石油每天淨生產1萬6千桶等同石油,尚擁有進一步加碼能力。該公司去年採勘發現的天然氣約值43億令吉,未來30年獲得每年复合收入。

併購方面,沙肯石油正在收購越南的產油資產(淨產能約為每天1萬1千桶等同石油),以及沙巴一項龐大的新油田生產分享合約。假設在2017年完成,越南收購料將其2018財政年盈利推高約15%。兩項收購成本達13億令吉,沙巴計劃則僅佔4千萬令吉。

沙肯石油的債務也在可管理水平,最新負債率達到1.3倍。

隨著最近發行70億令吉多元貨幣伊斯蘭債券計劃以填補短期債券後,預料在2020年前沒有重大的還債計劃。目前債務償還比例,2016年落在2.3倍及2017年則為2.5倍的可控制水平。

安聯星展預料,2016年布蘭特油價平均為每桶55美元,2017年及2018年則上調至60美元,主要是市場平穩下來及需求有所增長推動。

若是國際石油價格每桶增加5美元,將使沙肯石油的盈利成長約7%。該公司營運盈利成本達到無盈虧水平為每桶35美元。

若以綜合估值計算方式為准,安聯星展對沙肯石油的目標價定在2令吉15仙,給於“買進”評級。

不過,負面風險而言,國家石油削減資本及營運開銷,將負面影響該公司在大馬市場攫取新合約,從而潛在放緩大馬現有合約的推行。同時,該公司出租給國油的資產,如岸外支援船只及鑽油平台等的出租率,料將進行檢討與下行調整。

假如國際石油價格走軟趨勢持續至2017及2018年財政年,預料沙肯石油的盈利尚有下行風險,特別是整體市場合約活動將持續疲弱,使其核心資產如鑽井起重機、及競標鑽油平台的閑置期將拉長。(星洲日報/財經‧報導:李文龍)

江宗仁 經濟難V彈 股市好極有限

【明報專訊】港股升90點,收報21186點,成交金額690億元。聯儲局9月維持利率不變,當局一心希望能以此穩住金融市場,豈料卻出現反效果,部分大行更指盡早加息才能消除不明朗因素,對全球市况更有利。主席耶倫上周四演講時,便應大家要求表明今年內加息。但市場就是市場,總是反覆無常,耶倫表態後,亞洲股市未見利淡盡出、不明朗因素消除後的升市,除日股外,上周五多數變動不大,A股更因重啟IPO傳聞曾出現逾2000隻股下跌。其實主宰區內以至新興市場走勢的,最重要還是投資者對經濟前景的預期,而加息也好,不加也好,短期亦不會有U型甚至V型的復蘇。不過,今天期指結算,明天第3季季結,相信市况會較佳。

美加息與否信息混亂

如果是9月份會議時手起刀落,確實可能有利空兌現的效果,始終新興市場已暴瀉了20、30%,為此準備得相當充分。會後拋出超鴿派的立場,令市場也感意外,但不足一星期後又表明年內會加息,予市場的信息相當混亂。感覺上,當局決策與市場狀况互動,市場反應欠佳便立即轉軚。若如此,一直靠量寬(QE)令資金往同一方向流,從而持續多年的超大型單邊市,也就欠缺繼續走下去的基礎。

聯儲局貨幣政策趨正常 歐日成大贏家

事實上,自聯儲局逐漸退出QE後,美股上升動力逐步減弱,亮點只餘下科技、生化等少數板塊,市寬偏窄。現確立年內首度加息,似乎是消除了不明朗因素,但一來美股由高位累積跌幅不大,而首度加息後,市場今後仍要估何時再出手、聯儲局會否縮減資產規模、經濟有何反應等,再加上美國企業盈利亦不算太好,市場卻有頗高的期望,美股後市仍難展升浪。當然,聯儲局貨幣政策正常化,大贏家還是仍在QE中的歐洲和日本,上周五表現冠絕全球。

至於新興市場,問題還是出在自身。台灣6年多以來首度減息;韓國8月份出口大跌14.7%,外國投資者上周淨拋售韓股6.87億美元,第3季資金淨流出高達68億美元;中國8月份全國鐵路完成貨運量2.8億噸,同比下降15.3%,而根據國統局的最新演繹,6.5%增長又突然被視作7%左右,連中央亦終於承認無力再托再作大。新興市場經濟模式還是以外貿和投資為主,外部需求弱,既影響出口,但更打擊製造業的投資,在出現回穩迹象前,還是有反彈無上升。

港股兩個半月未見3連升

但較其他地區淒慘的是,港股自7月上旬在中央救市下連升3日後,至今為止已兩個半月,竟然未曾出現過3連升。基本上,第1天上升時不買,翌日入市便會即時被套,而第3天不止蝕,損失就會迅速擴大。經過這接近3個月的「磨練」,大家都對突然抽升相當淡定,全不當作是一回事。就好像上周五,雖然最終升幅不大,但其實恒指及國指即市由低位最多反彈1.7%及2.4%,但成交額卻連700億也不到。

不過,市場也有小許利好勢頭,例如恒指雖然仍處於低位,但恒生波動指數卻較高位回落不少,現處30.48。另外,恒指現已處於月線圖保歷加通道底部(見圖),回顧過去20年,跌至底部雖不會立即見底,但通常主要跌浪已過,只是數月內市况會相當波動。

[江宗仁 還看今朝]

http://www.mpfinance.com/htm/finance/20150929/columnist/afb_afb.htm

Monday, September 28, 2015

Ho Hup wins RM21.6m subcontract for soil improvement work at RAPID

KUALA LUMPUR (Sept 28): Ho Hup Construction Company Bhd ( Valuation: 1.50, Fundamental: 1.70) has clinched a RM21.6 million subcontract for soil improvement work at the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor.

In a filing with Bursa Malaysia, Ho Hup said today that the company was awarded the contract by Sinopec Engineering Group (Malaysia) Sdn Bhd (SEGM), the main contractor of PRPC Refinery and Cracker Sdn Bhd, via a letter of award dated Sept 23, 2015.

SEGM is a subsidiary of Sinopec Group, the leading oil refining, petrochemical and chemical engineering group based in China.

Ho Hup said the job is expected to commence next month and will be completed over four months.

The company said the contract is in the best interest of the company after considering the potential financial contribution to the earnings of the company, amongst others.

Ho Hup also said that the award of the contract will not have material impact on the issued and paid-up capital, substantial shareholders’ shareholding, earnings per share and net assets per share of the company.

“This maiden contract in Petronas’ RAPID project will put the group in a good and competitive position for other infrastructure and construction projects we have tendered for in Pengerang, Johor,” said Ho Hup chief executive Derek Wong Kit Leong in a separate statement.

Ho Hup shares closed one sen or 1.11% lower at 89 sen, with a market capitalisation of RM307.13 million.
(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

Insider Asia’s Stock Of The Day: TEOSENG (28/09/2015)

This article first appeared in The Edge Financial Daily, on September 23, 2015.
TEO Seng (Fundamental: 1.5/3, Valuation: 1.9/3) is predominantly involved in layer farming — rearing chickens to produce eggs. With current production of 3 million eggs per day, it is one of the largest egg producer in the country. The company has its own in-house feed mill and also manufactures animal health products. 
We like Teo Seng as a well-managed company, with higher than industry average profit margin (trailing 12-month net margin of 13.1%) and lower than average gearing of 29.7%. It is also fairly inexpensive, trading at trailing 12-month P/E and EV/EBITDA of 7.96 and 5.48 times, respectively. 
Whilst demand for eggs is fairly resilient — and should grow steadily — earnings are affected by fluctuating egg prices and costs for feed stock, mainly corn and soybean meal, which are denominated in US dollar. 
Teo Seng’s share price rallied in 1Q2015, buoyed by higher egg prices and lower feed costs. But its shares then slumped to the current RM1.42, down 35.75% from a peak of RM2.21. This follows weak 2Q2015 earnings results where a sharp fall in egg prices — Grade “A” dropped from 37 cents to 29 cents — saw earnings drop 58.44% q-q to RM7.3 million.
Positively, egg prices are on the rebound and we expect better performance in 2H2015. This could be the catalyst for a fresh rally. Teo Seng has hedged about one year’s supply of animal feed in 2Q2015; thus, impact from recent weakening of ringgit will be minimal. It also exports about 27.75% of the revenue to Singapore and should benefit from the stronger Singapore dollar.
The company is expanding capacity, which should underpin longer-term growth. Dividends, however, may be cut back this year, in view of the higher capex. Teo Seng has a dividend policy to pay out 20-50% of annual net profits. We estimate dividends at roughly 5 sen per share — after taking into account the 1-for-2 bonus issue in January. That will earn shareholders a fairly decent yield of 3.52%.
Teo Seng Capital Bhd
http://www.theedgemarkets.com/my/article/insider-asia%E2%80%99s-stock-day-teo-seng-capital-bhd
Insider Asia’s Stock Of The Day: TEOSENG (28/09/2015)

MIKROMB (0112) - Moving Technology - PinKooL

Source: http://klse.i3investor.com/blogs/kianweiaritcles/83522.jsp

Mikro MSC Berhad


Mikro opened its doors in 1997, since then it has built a reputation as a provider of high-quality, competitively priced equipment.

Mikro produces analogue, digital and numerical electrical distribution equipment.

Mikro's products are used as an important component of a building's integrated electrical system. They are designed to monitor and prevent damage to electrical equipment by isolating and tripping a circuit breaker when an electrical fault is detected, in the process allowing unaffected parts of the electrical system to continue to operate.

The versatility of our products makes them ideal for use in schools, hospitals, hotels, shopping complexes, banks and industrial plants and other mid-sized to large buildings.

Mikro is accredited with ISO 9001:2008 certification on quality management systems. The ISO 9001:2008 is an assurance of our ability to consistently provide products that meet their customer and applicable regulatory requirements. It also ensure their ability to enhance customer satisfaction through the effective application of the system, including processes for continual improvement of the system and the assurance of conformity to customer and applicable regulatory requirements.

Mikro has pushed technological boundaries to offer customers the latest in product quality and precision.
 
Analogue Protective Relays
Analogue Protective Relays use analogue electronic circuits and components in the shape of discrete semiconductor components such as diodes, transistors, or ICs. These are then assembled together on a printed circuit board (PCB) to create the final product.
 
Digital Protective Relays
Digital Protective Relays use a digital logic IC or microprocessor as the main component to control the essential functions and features. Minimal analogue electronic circuits are used to interface the digital logic part of the relay to the physical world. These analogue and digital circuitries are integrated on a PCB to form the relay. Digital microprocessor relays enable us to implement advanced features using specialist software.
 
Numerical Protective Relays
Numerical Protective Relays are similar to Digital Protective Relays but posses significantly advanced sensory programmes. This enables them to undertake more complex, precise and detailed analysis of input signals prior to issuing an action.
 
Microprocessors
Mikro's microprocessors use 16 bit microcontroller, DSP (Digital Signal Processor) engines. Signals are processed by digital means which improves reliability while overcoming the shortfalls of analogue circuits.
 
SMT
Surface Mount Technology or SMT, allows for a smaller form factor which improves production efficiency and yield (due to automation) and is responsible for improved noise immunity performance.
 
CAD CAM
At Mikro use 2 industrial standard software packages. 1) Altium, for printed circuit board design. 2) Autocad, for mechanical design. Computer aided design and manufacturing complements the end product by giving Mikro rapid prototyping and simulation, improved precision and tolerance and better documentation.
 
Switch Mode Power Supply
Customers can operate Mikro's relays under different electrical networks (US/Japan 110Volts, Malaysia, Europe, 230Volts). Their power supply units also promote higher efficiency and are lighter weight.
 

EMC
To perform effectively, all relays must be immune to EMC noise. Mikro's products are sensitive enough to detect small signals while remaining immune to nuisance tripping.
 
 
Mikro's products continue to develop a reputation for durability, quality and reliability in the workplace. This reputation has resulted in increased customer demand and the expansion of international export market. They now serve customers across 3 continents, covering the following countries:
  • China
  • India
  • Vietnam
  • Singapore
  • Hong Kong
  • Pakistan
  • Indonesia
  • Thailand
  • Iran
  • Peru
  • Sri Lanka
  • Bangladesh
  • Myanmar
  • Fiji
 
Good Points to share:-
  1. Mikro has delivered steady  earnings growth. It has maintained high double-digit net margins, ranging 14%-21% in past 6 years. Domestic sales accounted for some 72% of sales, with the balance from export.
  2. The company has a debt free balance sheet and net cash of RM 8.4mil (about 9% of its market capitalization)
  3. Mikro proposed to acquire a freehold industrial land in Klang, together with attached building for RM 11.7mil. The company intends to consolidate its entire operations under one roof.
  4. Its products are used in numerous high-profile developments, including the KLIA2 & Tropicana Medical Centre and MRT stations in Spore & Doha International Airport in Qatar.
Mikromb is small, relatively unknown company listed on the ACE market with Market Cap of just RM 91mil and its business is category as "exciting", can keep it into your watchlist and closely monitor it. 
 

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.

 
http://fatta888.blogspot.my/2015/09/mikromb-0112-moving-technology.html

RGB 最坏的时期已经过了?

Source: http://klse.i3investor.com/blogs/koko888/82464.jsp

RGB 最坏的时期已经过去了?
以下是RGB近几年的业绩:股票数额=1302000
2010年=营业额=158.61m税后亏损=(-50.88m)或每股亏损=(-3.91分)
2011年=营业额=118.21m税后亏损=(-30.85m)或每股亏损=(-2.37分)
2012年=营业额=187.40m税后盈利=6.72m或每股盈利=0.52分
2013年=营业额=139.64m税后盈利=6.64m或每股盈利=0.51分
2014年=营业额=214.65m税后盈利=18.53m或每股盈利=1.42分
2015年(6个月)=营业额=88.61m税后盈利=10.89m或每股盈利=0.84分

RGB刚完成私下配股10%,每股售价rm0.15,股票数额从1183000增加到1302000。

RGB从2012年开始转亏为盈,公司也尽力降低其债务,从31/12/13净负债达36.97m至30/6/15转为净现金22.14m或每股1.7分,已经成为净现金公司。

公司已经开始派发股息了,但不是很多,2013年派股息0.05分,2014年派股息0.25分。

去年赌博机的销售达1400台,公司今年希望能销售1500台以上赌博机。

公司放眼今年内,在亚洲以持许经营方式供应赌博机数量,从去年6300台增加至7000台以上。

同时也订下今年的目标,把特许经营赌博机供应对公司净利润贡献,从去年净利润50%提高到60%,与销售赌博机不同,特许经营的方式可以带来经常收入。

公司今年底将耗资300万令吉扩张工厂,这将提升产能一倍,目前,每年只能生产300台赌博机。

RGB大老板拿督蔡金城说:最坏的时期已经过去了,现在的目标是要在3年内,恢复其股价和净利润到2007年的水平,拿督蔡指出:在未来数年,RGB将会是一只成长股,在2007年,公司的净利润超过3千8百万令吉,而股价大约是RM0.60,我们希望能在2018年,再次触及该水平。

大华研究行报告指出,我们预计RGB截止12月底的下半年业绩将比上半年更强劲,预料在2016年起实行更渐进的派息政策,

大华研究行给于RGB"买入"的评级,目标价rm0.19。

(只供参考,如有买卖,盈亏自负)

RGB(重振雄风)拜访管理层后,再谈RGB

Source: http://klse.i3investor.com/blogs/koko888/83521.jsp

几天前,拜访了RGB管理层,这也是我第二间拜访的上市公司,经过与管理层交流后,对公司有更深一层的了解。

RGB有2个主要的业务:(1)Sales&Marketing,简称(SSM)销售和市场营销(2)Technical Support&Management,简称(TSM)技术支持和管理。

(SSM)业务:公司今年订下可销售1500台赌博机的目标,每台赌博机售价2万5千美元,转换为马币(用1美元对4.3令吉来算)=10万7500令吉,管理层认为赌博机业务可赚20%的税前盈利,今年上半年才售出4百台,管理层很有信心下半年可售出1100台,因为有9百台已被订购了,我认为赌博机最多只能赚15%税前盈利。

(TSM)业务:这是个很稳健的业务,也是公司主要盈利贡献的业务,强劲的美元对公司有利,因为出口的产品100%以美元计算,进口产品50%以美元计算。

从2012财政年至今,公司开始恢复赚钱了,2013财政年也开始派发股息,但不是很多,所以我向管理层提出意见,公司应该要提高派发股息率,可以用净盈利的30-40%来派发股息,他说目前会先把债务还清,至于股息会逐渐的提高股息策略,也答应会考虑我提出的意见,公司积极地每年把债务减少,从2012年总负债128.32m减少至2015年6月的50m,而且公司还有72.16m的现金,现金减去负债还有22.14m现金在手,当负债降低,那每年利息开支也很明显的减少,这是公司从2010年至2015年的利息开支(Finance Costs),2010年=10.64m,2011年=9.57m,2012年=9.38m,2013年=8.22m,2014年=7m,2015年(半年)=2.56m,以此推算,3年后有可能会还清所有债务,现金可能推高至1亿令吉。

管理层很自信认为下半年的盈利会比上半年更加强劲,就算出现意外,至少也能达到相同上半年的盈利,他指出,RGB将会是一只成长股,目标是要在3年内,恢复其净利与股价到2007年辉煌时期的水平,2007年公司净利达38.3m,他希望能在2018年,再次触及该水平,股价能达rm0.60,RGB2007年的股价最高达到rm0.69。

我相信今年的盈利会比去年强,预测每股盈利可达1.9分,公司已有派发股息了,盈利一年比一年好,而且还是净现金公司,管理层看好公司未来前景,给于12倍本益比相当合理,目前价rm0.23。

注:(我在rm0.115价位买入一些,现在和管理层交流后,又在rm0.135加码了一些,目前平均价rm0.122)

可参考上次于3/9/15的分析。 (只供参考,若有买卖,盈亏自负)

【小型股亮点系列 3 】- 9个"亮点"让你轻松了解冷门股MAGNI(7087) -美女的魅力! - Harryt30

MAGNI(7087)《美女》是一间生产服装和包装业务为主的公司,而且也替Nike代工。

1. 《美女》最新一季的EPS 14.35, 比去年同个季度上涨了54%,税后盈利1,557.3万马币。

2.以现在RM4.56的股价计算,《美女》的PE为8.61,是一家被低估的小型股。

3.此外,《美女》的ROE - 股東權益報酬率高达19.96%,这在马来西亚众多公司里是非常优秀的。

4.《美女》是一家Net Cash - 净现金的公司,手上完全没有借贷。所以最新一季宣布了2送1红股好消息,股价在9月10号的时候突破历史新高RM4.64, 股价也曾经一度冲上RM4.80.

5.公司建议派发3仙股息以及7仙特别股息,全年预计将会由15仙的Dividend. 以现在的股价计算,Dividend Yield大约是3.3%。

6.此外,公司的Profit Margin已经连续进步5年,从2012年的5.7%到今时今日的8%,相信未来还会继续有所进步。

7.《美女》也是一家出口公司,所以美金走强对它的好处不言而喻。在这么动荡不安的局势里,它将会是一家很不错的出口股。

8. 《美女》过去3个季度平局的EPS为15仙左, 只要它可以继续保持这种趋势的话。3个月后的每股盈利有望继续走高。

9.此外,Nike的业绩符合预期,星期五晚上上涨了8.89%,突破了股价的历史新高。这对MAGNI以及PRLEXUS等提NIKE加工的公司可说是很大的利好消息。因此长期唱好。

总结:
《美女》这家纺织业有着《双金》的护航,也就是美金以及现金。加上成长率一直维持在双位数以上,越看就觉得《美女》的魅力无法挡!

以上纯属分析分享,买卖前请勤做功课研究,买卖自负。

魔法师Harryt30
Sharix Consulting
http://harryteo.blogspot.my/2015/09/1149-3-9magni7087.html

[转贴] 颠覆刻板“华尔街风格” 末日博士麦嘉华不跟风

末日博士麦嘉华(Marc Faber)并非因为观点悲观而得名,事实上,他没有一项投资理论是属于悲观的。
被冠名“末日博士”,是因为他总是在大家过度乐观的环境里,保持冷静并看到阴暗面,因此,经常比其他人先察觉到危机并提早离场。
不盲目跟随大市,是麦嘉华投资理论的精髓,就如同他的造型,留有一撮小马尾,颠覆了金融领域刻板的“华尔街风格”!
累积财富回归基本
不跟随大市,以逆向投资手法着称的麦嘉华,总是会察觉事情的阴暗面,所以被冠以“末日博士”的称号。
但他并没有预知能力,累积财富的不二法门,就是回归基本面及多元化投资,通过长期分散风险,达到投资的目的。
全球未来1年内,会否再陷金融危机,目前不得而知。但末日博士麦嘉华强调,如果大家想要全球经济忽然增长,且增长率会像2001至2007年那样,那简直是做白日梦!
他接受《南洋商报》独家访问时说:“未来1年内,全球金融风暴会否再现,没有人知道。”
但他认为:“全球经济不可能短期内恢复增长,尤其中国。中国曾是全球经济增长引擎,但现要再取得8%至12%的经济增长率,不可能。最高是4%至5%。”
麦嘉华强调,高速经济增长时代已过,短期内,全球经济都不会有高速增长。
末日博士一语道破,敲了许多憧憬全球经济即将复苏的人的后脑袋,让大家不得不省思,尤其在目前市况,要如何调整本身投资策略,及部署未来!
本报唯一受邀媒体
今年9月初,麦嘉华受邀在2015年世界资本市场峰会(World Capital MarketsSymposium2015)上演讲。事后他接受本地媒体访问,《南洋商报》是唯一受邀进行访问的中文媒体。
他针对“全球会否在未来一年内再陷入危机?”的提问,做出上述回答。
麦嘉华向来都以逆向市场论调着名。
他的投资策略,从来不追着“牛市”跑,也不在“熊市”中停止投资。以个人独特的方式,渡过大小国际金融风暴,还从中获利。
“末日博士”的封号,来自于1998年出版的《末日博士:驾驭千禧风暴———麦嘉华从金融危机获利的路径》(Dr Doom Riding The Millennial Storm)。
当然,在更早前,麦嘉华就多次准确预测金融危机,甚至帮助客户套现退场。
反向思考 忌人云亦云
虽然被冠上“末日博士”的称号,但实际上,麦嘉华的投资理论并不悲观。
投资时,他强调反面思考,尤其在大家都过分乐观时,退一步观察思考,就可以看到危机,提早离场。
要了解麦嘉华的投资理论,可参考他最喜欢引用的轶事。
想象一下,投资就像一个人走在结冰的湖泊上,一开始,小心翼翼,左顾右盼,不断怀疑到底应否继续在结冰的湖面上步行,还是应该绕回去桥上?
走着走着,这个人看到有人陆续安然走过。后来,湖面上还来了一群小孩溜冰。最后,全村人甚至都到湖面上开派对。
但这时,这个人发现不对劲,转身离开,即刻听到冰块裂开,还有人们的惨叫声。
难道湖面上的人多越,就越安全吗?
事实是,结冰的湖面人多越多,冰块裂开下沉的风险就越大。
麦嘉华的投资理论,就是要像这个轶事的主人公,要反向思考,不要人云亦云,才能发现危机,提早抽身。
屋价家债太高 消费能力萎缩
回到访谈内容上,麦嘉华说,全球政府和决策者,可能成功展延金融危机的发生,但系统内,确实出现很多裂缝。
这意味着全球金融危机一触即发。
他解释,现在,全球包括大马都面对两大问题,将打击消费者的任意消费能力,进而拖累经济增长。
所以,短期内,经济增长恢复高速无望。
“第一,各国家债水平高。第二,屋价等资产价格太昂贵,年轻人无力承担。”
他坦言,这是个全球问题。即便是美国,年轻人大学毕业出来社会工作,产业价格与收入差距太远,打击了他们的购屋能力。
“美国已有数据显示,因为房屋购买力下跌,许多年轻人选择继续与父母同住,拥屋数据已下滑。这是不健康的征兆,因为他们不是自愿与父母同住,而是情势所逼。”
他续说,人总要自立门户,结果即便成功置产,年轻轻轻,20几岁就要背负庞大的房屋贷款,这些都将打压他们的消费能力。
“如大马,一些家庭,孩子甚至还要为父母背负房贷。”
熊市也该多元化投资
对于未来,末日博士的言论,让人顿时觉得前途一片黯淡,似乎看不见光明。
但不跟随大市的麦嘉华,秉持不在熊市中停止投资的原则,他建议投资者,要采取多元化投资策略,且投资期限要放长期!
他笑说,对一些人来说,10分钟就是长期。但他长期的定义是5至10年。
他也说:“我相信,一个人无论有多聪明,都无法预测未来5年,甚至10年内将发生的事情。
这也是投资者(长期)必须明白的一点。”
因此,他指出,若要成功投资,必须分散投资,拥有房产、债券、现金、贵金属,包括黄金、银和铂金等。
他认为,买入黄金是作为灾难性金融风暴的保险。
可见,末日博士并不是有什么预知能力,累积财富的不二法门,也就是回归基本的多元化投资策略,通过长期分散风险来达到目的。
别碰科技社交媒体股
至于要避开的投资类别,麦嘉华直言是科技股,尤其是社交媒体股。
他举例:“我们无法预计未来5年内,大家是否还继续使用面子书(Facebook)。所以,很难估计该公司的增长率,及盈利表现等。”
他认为,科技无疑是推动社会发展的主要元素,但要在投资科技相关股项中获得回酬,非常困难。
麦嘉华24岁,就取得经济学博士学位。除了是著名的经济学家和企业家,也是著作等身,其中《TOMORROW'S GOLD》曾蝉联亚马逊(Amazon)最佳销售榜数周冠军,更被翻译成多国语言。
而定期出版的报告“Gloom、Boom&Doom Report”,也颇受投资者关注。这个报告为投资者“提供”全球非一般的投资机会,受到投资机构、公司或是高净值人士的订阅。
买银行股好过储蓄
在前景黯淡的情况下,有人曾说过要100%持有现金,但麦嘉华不认同这个策略。
他说:“我不赞同100%持有现金,这对许多人来说也不容易。如果你把所有资产包括房产都套现,万一决定错误,该怎么办?”
他指出,美国等的宽松政策可以不断持续,所以对经济的影响没有上限,也会造成通胀率。
因此,麦嘉华说,他不会将这些资产套现,而且还必须考虑到,套现涉及的交易成本至少要5%,过后再买入又要5%交易成本。
一来一回,得不偿失。
针对持有现金的策略,他解释,投资者可以持有现金如美元,比较股票如马银行(MAYBANK,1155,主板金融股)的周息率来做决定。
他举例:“现在,若把美元存在美国,存款利息是零,而马银行的周息率是5%。这样拥有银行股,会比把钱放在银行获得更高的回酬。”
虽然在短期内,如1年,持有美元现金,可能会增值超过5%,表现好过马银行周息率5%。
但长期内,5至10年,马银行股票所累积的回酬,可能会好过持有现金。
不靠刷卡过活
全球经济动荡,生活水平日益上涨,年轻人苦叹生活逼人,活得比父母辈还穷!
麦嘉华坦言,因为现在年轻人的思维,和他那个年代的人很不一样。
“现在的年轻人思维已改变,他们并不关心未来。不像我们以前长大的环境,储蓄是非常重要的。”
出生于瑞士苏黎世的麦嘉华说,于50年代长大,那时候,先是经济大萧条,再来是第二次世界大战于1945年结束,是物资缺乏且食物供应严重短缺的年代。
他说,虽然瑞士没有战争,但食物也必须配给。
财务观念保守
“不骗你,当时的食物是定量供应,一家2周只有一个鸡蛋,所以就是说1周半个鸡蛋。”
所以,在艰苦的情况下,麦嘉华和家人的财务观念都非常保守,大家都培养存款的好习惯,而且是定期把钱存到银行。
“像我奶奶会在我每个生日前,为我存入一笔存款。”
另外,他还说,旧时代的人都不依赖信用卡生活,信用卡的功能完全只图个方便,甚至购买大型资产包括汽车和房屋时,也尽量不向银行贷款。
他说:“以前我的父母就算贷款买房,比率也不会占房价太高,至多占房价的30至40%,不像现在一般年轻人的高额贷款。”
投资房产 勿过度举债
麦嘉华持续看好产业投资,尤其东盟区域的产业投资还是有潜能。
但他强调,产业投资切忌过度举债,要分辨产业投资和投机。
他指出,香港、新加坡等地许多大亨都是投资产业致富,成功的秘诀就是低负债。
这些大亨经历香港多次产业价格崩盘,仍屹立不倒,原因就是低负债。
“高负债的产业投机分子,每次崩盘都会投资失败,但有实力的大亨却最爱崩盘,因为可以更低价买入该些产业。”
眼光独到 艺术品邮票免税易携带
就像他的形象,麦嘉华除了传统的投资工具,也鼓励投资替代投资品,而本身的分散投资策略中,也包括艺术品如画作和邮票等。
他的个人收藏品种类繁多,其中较经典的,还包括毛泽东有关的产品。
作为书本爱好者,还收藏了许多经济、股市等好书。
麦嘉华建议:“如果你喜欢艺术品,不妨考虑投资艺术品如画作。”
“实际上,不少人以投资艺术品致富。虽然目前许多画作被炒作,但不难想象,很多国家,还有很多艺术家等着被发掘,迟早会一夜会成名。”
他举例,一些艺术投资者会到柬埔寨、寮国、缅甸甚至大马这些文化丰富的国家,投资在10至15名画家身上,这些画家当中只要2至3人成名,就可获得高回酬。
他还说,所投资的画家并不需要每个都出名,更不需要全球著名,只在本地出名,也已值回票价。
说到艺术品投资,麦嘉华说还有一个好处,就是难以被征税,因为不像房地产等资产,人人都有,且有公价可以比较进而被征税。
此外,邮票和钻石也有异曲同工之妙!且这些收藏品容易隐藏,甚至可随身携带,轻易带走!
政府过度参与经济 不利大马长线向好
在苏黎世和纽约工作一段时间后,麦嘉华在1973年后定居香港。
因此,他与许多投资专家不同,对于亚洲和新兴市场颇有见地。
他在演讲时指出,全球料继续波动,且浮动很大,但东盟区域的未来经济前景乐观,因该区域人口年轻,加上基建设施等的发展,未来潜能庞大。
他预见,东盟地区产业和股市表现未来5至10年内将超越美国,尤其越南、柬埔寨和寮国等,有出口活动支撑,不过,先决条件是政治稳定。
麦嘉华也看好大马长期经济走势,不过短期内,缺乏经济动力。他指大马政府在经济的参与度太高,对经济增长没有帮助。
他说,大马经济增长表现正遭到2个因素冲击。一方面受到商品价格下滑的困扰,并同时遭受工业生产活动放缓冲击。
“工业生产活动尤其是电子产品的生产,对大马来说非常重要,但现在趋跌,对经济增长存有负面冲击。”
他劝请大马政府在经济方面“放手”,参与度太高无助对经济增长。
麦嘉华对市场其他观点
●全球经济动力和话语权不再是西方国家,而是在占了全球80%年轻人口的新兴国家
●美国经济影响力不如70/80年代,新兴市场将抬头
●中国经济影响力已经带到足以拖累全球经济放缓
●中国经济陷入低增速,拖累商品需求
●西方经济影响力转向新兴市场时,也引起地缘政治动荡
●全球宽松政策增加了许多游资,进而造成市场更加波动,波动将持续



麦嘉华档案

出生地:苏黎世
事业:1970-1978年:White Weld&Company Limited(纽约、苏黎士、香港)
1978-1990年:香港Drexel Burnham Lambert董事经理
1990年:创立麦嘉华公司(MARC FABER)担任投资顾问和基金激励
著名事迹:1987年,美国股市爆发“黑色星期一”大崩盘前一周,便呼吁投资人赶快退场。
1990年,准确预测日本泡沫破灭,赚到一些盈利,也证明他擅长利用市场泡沫行情获利。
1997/1998年的亚洲金融风暴也符合他预期。
2007年3月底,美国次级房贷危机爆发初期,麦嘉华也断言,美股多头走势必将受房市动荡所影响。



采访手记:留马尾的金融人

金融业属于传统领域,经济学家和基金经理一般都是西装笔挺,还有人曾说,在金融领域工作,必须以黑白灰冷色系色调为主。
但“末日博士”的形象,却颠覆该行业给人的刻板印象,麦嘉华还留有一条小马尾!
在2015年世界资本市场峰会演讲,麦嘉华衬衫配领带,加上蓝色卡其裤,轻松的装扮,虽然与出席者的“华尔街风格”成强烈对比,但也为严肃的金融届峰会添了一丝不一样的气氛。
所谓听君一席话,胜读十年书,大家或许冲着麦嘉华丰富的市场经验,独特的观点而来,但他的风趣幽默,更为演讲加分,绝对值回票价!
演讲时,他的开场白是:“我从来不会因为糟糕的市场睡不好,只是身旁选错对象而偶尔睡不好!”
此话一出,顿时引起哄堂大笑,让人印象深刻。
尽管现年69岁,“末日博士”不显老态,看起来比实际年龄年轻,且声音洪亮,中气十足。
根据资料,麦嘉华求学时期,还曾经是瑞士的国家滑雪队代表!
独家报道:伍咏敏 

http://www.nanyang.com/node/725701?tid=696

随大市疲弱下跌 勇达凭单估价低可买入

2015-09-28 15:02 
7月中央政府和雪兰莪政府于7月签下水供合约后,水管制造商勇达集团(ENGTEX,5056,主板贸服股)受到投资者憧憬公司可从中受惠,股价上升至1.32令吉的高位。
但是该公司股价在8月却受到股市疲弱影响而调整,母股一度下跌至97仙的低点。
随后公司董事增持和公司进行股票回购,勇达集团的股价才回稳。
该公司母股和凭单(ENGTEX-WA)在上周五分别以1.11令吉和37.5仙挂收。
勇达集团在2015年首半年取得2824万令吉净利,相比2014年同期的2531万令吉净利,增加11.6%。营业额也微增2.4%至6亿577万令吉。
目标价RM1.25
勇达集团董事在公司业绩报告上表示,业绩表现将受到国内外金属价格和国内基建计划是否能够如期进行的影响。
马六甲证券在最近发表的研究报告中,看好勇达集团前景,并给予该公司1.25令吉的目标价。
该证券看好勇达集团除了水管业务以外,或许也能通过打桩管,获得柔州边佳兰炼油与石油化工综合发展计划和地铁的订单。
勇达集团-WA目前以约9%的溢价交易,这对一项还有两年才到期的凭单来说并不太高。
从交易角度来看,勇达集团-WA的估价也不昂贵。
引伸波幅达27.9%,比高达39.8%的母股历史波幅低。
这意味着该凭单理论上被低估,如果投资者相信母股价会继续往上,通过勇达集团-WA参与交易短期的潜在回酬率会比母股来得高。
温世麟硕士
http://www.nanyang.com/node/725700?tid=687

Mikro MSC jumps 10% on undervaluation

KUALA LUMPUR (Sept 28): Mikro MSC Bhd ( Valuation: 2.10, Fundamental: 3.00)'s shares rose as much as 3.5 sen to 38 sen as shares of the electricity-transmission product manufacturer were deemed undervalued in price-earnings ratio (PER) terms.

At 12.30pm, Mikro cut gains at 36.5 sen with some five million shares changing hands. At 36.5 sen, Mikro trades at a PER of 12.29 times against the sector average of 52.43 times, according to Bloomberg data.

Year-to-date, Mikro shares had gained 55%, significantly outperforming the FBM KLCI's 9% decline.

Insider Asia, the report which appears in The Edge Financial Daily, said Mikro had a strong balance sheet.

According to Insider Asia, Mikro is a debt-free entity. As at end-June, Mikro had net cash of RM8.4 million, constituting about 9% of its market capitalisation.


(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

次季营业额市占59% 金沙超越云顶新加坡

(吉隆坡25日讯)云顶新加坡的圣淘沙名胜世界(RWS),第二季营业额大幅流失给对手滨海湾金沙(Marina Bay Sands),显示竞争环境日益激烈。
根据彭博社的数据,金沙的营业额在第二季上涨到占市场的59%,是该公司最大的获利。
就在名胜世界对贵宾业务感到担忧之际,金沙的大众市场业务则稳定发展。
不过,整体博彩业营业额而言,两家业者都无法取得2014年首次达17亿美元(约74.46令吉)的表现。
圣淘沙名胜世界2010年开业以来,因为有贵宾业务的激励,4年来的每季营业额介于5.5亿美元至6.5亿美元间(约24.09亿至28.47亿令吉)。
不过,这个利好因素自2014年下半年来便消退,因为中国赌客减少到新加坡和澳门等地。
次季仅收18.87亿
圣淘沙名胜世界次季营业额仅达4.31亿美元(约18.87亿令吉),较2014年首季的顶峰时期,大跌了34%。因此,云顶新加坡今年内,料持续面对挑战,另一方面,大华继显研究分析报告指出,云顶新加坡管理层强调,尽管过去5个季度内赌场赢率都低于应有赢率2.85%,也低于对手金沙的赢率,但他们有信心长期内,这个趋势会扭转。
根据该行分析员,尽管云顶新加坡再次强调,次季不会出现净亏损,投资者都关注该公司的衍生金融产品投资和资本管理的措施。
分析员解释,该公司的衍生金融产品产品投资一直缺乏详情。
他们对于该公司的未来感到担忧,不确定会进一步减少这类投资,还是会增加投资。
不过,分析员指出,云顶新加坡股价持续低迷,市场已将该公司缺乏透明度的资本管理纳入计算。
保留现金不派高息
尽管云顶新加坡现金流强劲,分析员不冀望该公司会派发更高股息。
分析员指出,因为该公司要准备更多储备金,才能把握拓新发展机会。财务状况稳健,日本赌场一旦合法化,就可随时把握机会。
该行分析员也说,该股评级上调的催化剂将慢慢显现,包括日本赌场合法化可能于今年末季定案,及净利表现持续改善。
同时,贵宾信贷业务已降低信贷额度,同时加紧收债,所以呆账拨备料继续减少。
不过,短期内,区域货币兑新元贬值,尤其令吉表现疲弱,将打击该公司表现,因为会冲击柔佛人的消费能力,进而减少到新加坡赌场消费。

Parkson’s timely move

THE proposal by Parkson group of companies to streamline its retail business in the region under Parkson Retail Group Ltd could not have come at a better time.
The challenging regional landscape and slowing economy of China are among reasons for Malaysia-listed Parkson Holdings Bhd to divest its interest in Singapore-listed Parkson Retail Asia Ltd (PRA) to Parkson Retail in a corporate exercise that would go to shareholders for approval next month.
Parkson Holdings says the sale of PRA is aimed at consolidating the retail business in the region with that of Parkson Retail which operates a similar business in China.
Parkson Retail is listed on the Hong Kong stock exchange and is one of Malaysia’s biggest success stories of local companies breaking into mainland China market. But the market in China has slowed down, hence giving it a chance to expand in the region.
As for PRA, it has not been able to replicate the success of Parkson Retail. The regional operations of Parkson under PRA that cuts across four countries with 67 stores has been loss-making.
Singapore-listed PRA recorded a S$52.8mil (RM163mil) in losses for the financial year ended June 30, 2015, compared to the S$32.06mil (RM99mil) in profits it made the previous year.
The Hong Kong-listed Parkson Retail, meanwhile, is profitable, although net profit dropped by 34% to 245.77 million yuan (RM169.64mil) from 372.6 million yuan (RM256.73mil) the previous year, according to its 2014 annual report. Parkson Holdings owns 53.49% of PRG.
The company takes cognisance of PRA’s challenging operating environment. According to its latest annual report, Parkson Holdings said the business in South-East Asia had become increasingly challenging, while in China, it was expected to grow.
“The group anticipates China’s domestic consumption will gain more forward momentum in line with the Chinese government’s economic rebalancing programmes to maintain a sustainable growth in the country.
“On the South-East Asian retail scene, the challenges are expected to continue in the near future,” it said.
For the financial year ended June 2014, the group had registered a weaker set of operating results with marginally higher gross sales proceeds of RM11.6bil, up by about 2% compared to RM11.3bil in the previous year.
It posted lower profit before tax of RM384mil, down 38% from RM615mil, and lower net earnings of RM139mil, down by about 42% from RM238mil a year ago.
Parkson Holdings said the corporate exercise was aimed at consolidating PRA’s retail business, which has a presence in South-East Asia, with that of Parkson Retail, which operates a similar business in China.
“The proposed acquisition would allow Parkson Retail to geographically diversify into high growth markets, enabling it to seek opportunities in South-East Asian markets. PRA has an established platform in South-East Asia, and this would allow PRG to establish an immediate foothold in the region, with a unique geographic footprint of 67 stores as at July 15, 2015 across cities in Malaysia, Indonesia, Vietnam and Myanmar, and at completion, be one of the leading Pan-Asian department store retailers,” it added.
In the corporate exercise announced in July, Parkson Holdings proposed to sell off its entire 67.6% stake in loss-making PRA to its profitable Hong Kong-listed subsidiary, Parkson Retail.
Retail industry officials say that there are “plus and minuses” to the streamlining of operations.
The downside of the deal, says an official, is Parkson Retail of Hong Kong has to bear with the capital required to grow the PRA operations in markets that are competitive.
“There is potential in Vietnam, Indonesia and Myanmar where there is an affluent middle-class growing,” says the official.
The bright side of the proposed transaction is that the Parkson group team in Parkson Retail of Hong Kong knows best how to handle the markets in the region.
“They have experience from growing Parkson into a success in Hong Kong.
“The team in Parkson Retail is best equipped to handle the operations of the region that are loss making,” says the official.
Singapore-listed PRA operates and manages an extensive network of 67 stores spanning about 797,000 sq m of gross floor area across cities in Malaysia, Vietnam, Indonesia and Myanmar. The Malaysian listed Parkson Holdings will receive RM641.42mil in proceeds from the proposed sale which the company says will be used to expand its business and to explore new investment opportunities.
In a reply to StarBizWeek, a company spokesperson says that of the proceeds, a sum of RM531.16mil is to be used as working capital and another RM109.26mil will be distributed as dividend to shareholders.
“The acquisition will enable PHB to raise cash proceeds and is expected to contribute positively to the company in the long term as and when benefits from the utilisation of proceeds crystalise,” it says.
Shareholders of Parkson Retail would deliberate on the corporate exercise in an extraordinary shareholders meeting on Oct 12. In the circular to shareholders issued by Parkson Retail, the company said the acquisition of stakes in PRA will enable them to realise economies of scale across Asia.
“The group is principally engaged in the operation and management of department stores offering a range of fashion brands and lifestyle elements in China.
“Given the target group’s retail business follows an identical retail format to that of the group, the acquisition would enable the group to realise economies of scale across Asia,” it says.
As at July 15, 2015, it said PRA has 43 stores in Malaysia, 14 in Indonesia, nine in Vietnam and one in Myanmar.
“At completion, the group would be one of the leading pan-Asian department store firms,” it says.
Parkson Retail said it intended to continue to leverage on the “Parkson” brand and to continue rolling out new stores in both China and South-East Asia. Kenanga Research had said that the divestment would dilute Parkson Holdings earnings next year by an estimated 15% to 20% but the cash proceeds can be utilised for business expansion and new investment opportunities.
“Upon completion of the proposal, Parkson’s effective equity interest in PRA will be diluted from 67.6% to 35.9% which will result in lower earnings contribution to the PHB Group going forward,” Kenanga had said in a research note.
“Looking ahead over the next subsequent quarters, we expect Parkson to continue facing a tough operating environment on the back of weak consumer sentiment due to the economic slowdown, particularly in the China market, which contributes the crux of its earnings,” it said.
http://www.thestar.com.my/Business/Business-News/2015/09/26/Parksons-timely-move/?style=biz

Eco World bets on Ijok

Developer aims big with a RM1.18bil move to buy over 2,000 acres
Property magnate Tan Sri Liew Kee Sin (pic) was once criticised for buying 4,000 acres in Shah Alam to develop a self-contained integrated township.
Market watchers back in 2002 said Liew had gone off his rockers for buying such a large plot of land, with some saying he was being too ambitious, especially because of its distance from the Kuala Lumpur city centre.
The deal, which involved SP Setia Bhd buying the oil palm plantation North Hummock Estate for almost RM600mil in cash, saw many concluding that it was too big for the then company with a market capitalisation of RM1.5bil to swallow.
The stock took a hit the day after SP Setia made the announcement, resulting in a 26 sen, or nearly 7%, fall to RM3.48 on April 3, 2002.
Now, more than 10 years later, that “ridiculously large” piece of land that was developed into what we now know as Setia Alam and Setia Eco Park, had won a slew of awards. These awards all praised Liew and the company for having vision and foresight in the development.
In 2003, SP Setia teamed up with two institutions, namely the Employees Provident Fund and Great Eastern Life Assurance (M) Bhd, to jointly develop part of the landbank in Bandar Setia Alam. This allowed it to minimise its capital commitment in the project, and opened up a new avenue for it to grow its business, rather than go through the traditional way of borrowing money to build a project.
Back then, property market observers were convinced that the company could extract a gross development value (GDV) of no more than RM5bil from the land. Today, Setia Alam and Setia Eco Park boasts an estimated GDV of about RM20bil, four times more than anticipated earlier.
It seems as though Liew is replicating the model, which he groomed and moulded during his time at S P Setia, at Eco World.
On Tuesday, Eco World announced in a filing with Bursa Malaysia that it proposed to buy 2,198.4 acres of leasehold land in Ijok, Kuala Selangor for a RM1.181bil.
The land is located at the north-west of Klang Valley and is 45km from the Kuala Lumpur city centre, 40km from the Petaling Jaya city centre and 18km from the Sungai Buloh town centre.
Its wholly-owned unit Paragon Pinnacle Sdn Bhd (PPSB) had entered into five separate sales and purchase agreements with Mujur Zaman Sdn Bhd, Ringgit Exotika Sdn Bhd, Liputan Canggih Sdn Bhd and LBCN Development Sdn Bhd to buy the land.
Eco World’s rationale for the acquisitions is that it would give the company sizeable tracts of land in the north-western growth corridor of the Klang Valley. Furthermore, such sizeable Klang Valley landbank comes as a rare opportunity. The company has already identified three projects to develop, including a 1,400-acre mixed-eco township project to be known as “Eco Gardens”, consisting mainly of landed and high-rise residential homes, among others.
It intends to build a 518-acre integrated gated industrial hub to be known as “Eco Business Park V”, and about 280 acres of affordable homes to be known as “Laman Indah”.
The estimated GDV is RM15bil over a 15-year development period based on the preliminary management estimates.
Analysts were surprised at the scale of the acquisition, saying that it would definitely put a strain on Eco World’s balance sheet, and nudge its net gearing levels up. If it shoulders the acquisition on its own, Kenanga Research says that this would increase its estimated net gearing for the financial year ending Oct 31, 2016 to 1.09 times from 0.73 times currently.
“We were taken by surprise by the magnitude of the land size especially when Eco World’s net gearing is expected to exceed the comfort levels of 0.5 times over the 2016 to 2017 estimate,” it says.
However, Eco World clearly indicated that it intends to fund the acquisition using a mix of internal funds, bank borrowings and, or equity funding. And to this extent, it is inviting institutional, private equity and corporate partners to jointly fund PPSB.
It is willing to let go of a 70% stake, while 30% is the minimum stake it wants to keep in PPSB, for it to be able to enjoy meaningful share of the development profits.
Analysts note that Eco World would prefer not more than three external investors.
These partners will enter a development management agreement with the company, where it will receive management fees.
CIMB Research says the company is already in the process of negotiating with potential new partners. It believes that Eco Gardens and Eco Business Park V could be the company’s first projects to have such a structure.
In Kenanga’s base case scenario where Eco World holds a 50% associate stake in PPSB, the company’s equity commitment would only increase 2016 estimated net gearing to 0.78 times. This is still manageable, says the research house, considering that it would take up to 2017 for property earnings to normalise.
It is “longer-term positive” on the acquisition, as long as Eco World is able to secure the right partners and does not assume more than an associate stake in the project for balance sheet management reasons.
“We believe this model is one of the best ways to grow their brand and future project earnings without overtaxing their balance sheet. If they do take on a subsidiary stake in this project, we do not discount the possibility of cash calls which would be dilutive to shareholders’ returns,” it says.
Amid a more subdued property market, Eco World is still taking advantage of landbanking opportunities and aggressively carrying out new launches. “Surprisingly, the recent launch of Eco Meadows enjoyed overnight queues. This exemplifies Eco World’s strong execution capability. We view Eco World’s gumption positively,” says CIMB.
But it now has run into a little hiccup. The Selangor government (MBI) “regretfully” said that the land Eco World is proposing to acquire is actually land involved in ongoing legal court proceedings with the state government.
MBI said it would explore any legal relief or remedies, which might include an application for an injunction due to action made by the vendors.
Eco World issued a statement on Thursday saying it believed the land referred to by MBI might be a separate parcel north of the land the company is proposing to buy.
It said it would meet with MBI officials soon to clear any doubts on the development.
http://www.thestar.com.my/Business/Business-News/2015/09/26/Eco-World-bets-on-Ijok/?style=biz