Booking.com

Booking.com

Favorite Links

Thursday, June 30, 2016

GKENT的AGM

GKENT的AGM
Author: koko888 | Publish date: Thu, 30 Jun 2016, 10:27 PM

GKENT的AGM
1)lrt3 - 利润是600mil,一人一半,所以gkent 300mil 5年,老板说材料的价格不在他们的范围里,所以不管steel的假钱如何,gkent的盈利依旧是300mill 2)meter-新加坡,香港,马来西亚一些州都用gkent的meter因为比较准,中国公司没有如此好的technology所以gkent还是最好的。 3)ampang lrt虽然已经完工不过还是有收入(多少老板不能说) **我记得的大约就如此

这是一位朋友出席GKENT的AGM后告诉我,虽然不多,但是重点有,LRT3五年利润3亿,等于每年6千万令吉,或等于每股益利20分,单单LRT3每年可达每股盈利20分,再加上现有的盈利,相信今年的每股盈利可达30分,公司拿50%盈利派发股息,股息可达15仙,看来一年前买进GKENT是对的选择,虽然目前已有五十多巴仙回酬,但我还是会保留着。

乔治肯特竞標50亿至100亿合约 30-6-2016

(吉隆坡30日讯)乔治肯特(GKENT,3204,主板贸服股)將积极持续参与竞投工程合约,让竞投合约价值介於50亿至100亿令吉之间。

乔治肯特集团主席丹斯里陈溪福在今天的股东大会后向记者表示,公司一直都积极竞投新合约,以確保公司营运,目前手中合约订单达50亿令吉。不过,乔治肯特也会精挑细选所参与工程,必须是符合公司现有的工程技术和能力范围。

他说道。该公司水表业务陆续爭取到庞大的新合约,如今年来自香港的60万单位水表订单,按领域標准来看,可说是最大的单项订单。另外,今年公司6月中旬也贏得来自新加坡公用事业委员会的订单。

此外,该公司活跃於东盟市场,並希望接下来可开拓其他商业机会,如欧盟及英国市场。不过,他强调,这些新市场目前仍在初步探討阶段。


资本开销1000万

展望2017財政年,陈溪福表示,今年首季公司已交出標青的业绩表现,管理层会持续努力让公司交出更好的表现。

同时,他也说道,水管领域竞爭相当激烈,並且也需要非常庞大的开销,为了保持市场优势,公司也投入资金在研发部门及提升效率。今年公司会拨出1000万令吉作为水管业务的资本开销(CAPEX)。

股息方面,陈溪福则表示,公司股息政策是拿出50%的净利作为股息,今年会努力稳定的派息,同时確保公司有足够的资金作为营运资本。http://www.orientaldaily.com.my/business/cj50100

Jambun: Guan Eng should step down, not do a ‘Pairin’

Jambun: Guan Eng should step down, not do a ‘Pairin’
Joe Fernandez | June 30, 2016

The Penang Chief Minister’s corruption case, said the human rights advocate, must not be allowed to be used by the BN as a tool in its politics of distraction and disruption.



KOTA KINABALU: A human rights advocate urged Penang Chief Minister Lim Guan Eng to remember that being charged with corruption in relation to the purchase of his private residence, and a land application, was not about him. “It’s about the DAP and the Opposition.”

“It’s also about the people and the movement to bring about change in Malaysia.”

Daniel John Jambun pleaded with Guan Eng not to “do a Pairin” and instead seize the initiative and step down not only as Chief Minister but vacate his parliamentary and state seats as well. “This is the only way that he can neutralize the karmic forces – cause and reaction — gathering around him.”

“The karmic forces are neutral. It’s human perceptions that see them as good, bad, ugly, evil and beautiful.”

He recalled then Sabah Chief Minister Joseph Pairin Kitingan was charged with three counts of corruption on 6 January 1991. “In hindsight, he should have stepped down and allowed his Deputy, Bernard Giluk Dompok, to take over. Instead, the Parti Bersatu Sabah (PBS) was bogged down with the case for several years. He was fined on a case by the High Court in January 1994, which led him to call for a snap state election, and it was not until 22 March 2005 that he was acquitted of all charges.

By that time, added Jambun who heads the UK-based Borneo’s Plight in Malaysia Foundation (Bopim), Pairin was Deputy Chief Minister in the Barisan Nasional (BN) Sabah Government. “It was the corruption case that led to the overthrow of the PBS Government shortly after the state election in 1994.”

“The party was not really prepared for the state election because it was so pre-occupied with the corruption case.”

Jambun pointed out that the corruption case against Guan Eng was about the BN as well, about the “karmic forces” gathering around the ruling coalition. “The RM55 billion 1MDB scandal and the RM4.2 billion political ‘donation’ controversy are both cases of crimes being committed but there are no criminals.”

“Who committed the crimes then, if not the criminals? No one must be allowed to act with impunity.”

Resuming his take on Guan Eng quitting all posts, including taking leave as DAP Secretary-General, the human rights advocate said the Penang Chief Minister can prevent a trial by media conducted by the BN-controlled media including those owned by the government. “Only Guan Eng can help end the controversy. In fact, he should forget about ever returning to Penang. He should put it down to experience and move on. If there’s a beginning, there must be an end.”

His departure, argued Jambun, will help the Opposition stay united and focus on the global financial scandals bogging down the Najib Government. “If Guan Eng takes the position that ‘a man is innocent until proven guilty’, as Pairin did, he will be leading a crippled Administration, having to turn up in Court all the time.”

“In the Court of Public Opinion, the thinking is that a man is guilty unless he can prove his innocence, and similarly in the media.”

The Guan Eng corruption case, he summed up, must not be allowed to be used by the BN as a tool in its politics of distraction and disruption. “The Opposition must focus on thel financial scandals and not the Guan Eng corruption case.”

http://www.freemalaysiatoday.com/category/nation/2016/06/30/jambun-guan-eng-should-step-down-not-do-a-pairin/

Hai-O hits six-year high following better-than-expected FY16 results

Hai-O hits six-year high following better-than-expected FY16 results
By Chen Shaua Fui / theedgemarkets.com | June 30, 2016 : 11:30 AM MYT

KUALA LUMPUR (June 30): Hai-O Enterprise Bhd rose as much 10 sen or 3.66% to RM2.83 in morning trade today to hit its six-year high following an above-consensus full-year financial performance.

The counter later gave up the gains to trade at RM2.81 apiece, still up 8 sen or 2.93% as at 10.45am. However, only a thin volume of 293,600 units changed hands.

Year to date, the counter has gained 20.6%.

Yesterday (June 29), the multi-level marketing (MLM) company announced that its net profit grew 24.4% to RM11.2 million in the fourth quarter ended April 30, 2016 (4QFY16) from RM9 million in the previous corresponding quarter.

Quarterly revenue increased by 25.8% to RM88.6 million from RM70.4 million in 4QFY15.

Hai-O also proposed a final single tier dividend of 11 sen per share, in respect of the financial year ended April 2016 (FY16).

The company attributed the improved earnings to higher revenue achieved by the MLM division.

AffinHwang Capital maintained its "sell" call for the counter with a higher target price of RM2.40.

"We introduce our 2019 estimate numbers and increase earnings by 17% to 18% for FY17–18E after updating our assumptions for the MLM division. We increase our target price to RM2.40, based on price-earnings ratio (PER) of 11.6 times (five-year historical PER) and calendar year 2016 estimate (CY16E).

"However, we still maintain our 'sell' call as stock price has reached a high of RM2.73 (peak of RM3.17 in 2010). Note that Hai-O has been actively buying back its shares and currently holds 4.5% of its total issued and paid-up share capital, which brings up the possibility of a share dividend distribution to shareholders," AffinHwang said in a note today.

The research firm added that key risks to its call include a stronger upturn in consumer spending; a strengthening of the ringgit against US dollar, which will reduce import costs; and higher growth of members for the MLM business.

Gamuda's earnings visibility 'improved' on RM30b MRT project - Affin Hwang

Gamuda's earnings visibility 'improved' on RM30b MRT project - Affin Hwang
By Chen Shaua Fui / theedgemarkets.com | June 30, 2016 : 12:48 PM MYT

KUALA LUMPUR (June 30): Gamuda Bhd's earnings visibility has improved after the builder secured the RM30 billion Mass Rapid Transit (MRT) Line 2 project in the Klang Valley, Affin Hwang Investment Bank Bhd said.

In a note today, Affin Hwang said Gamuda's construction order book had increased to RM8.2 billion after including the RM7.7 billion portion from the MRT Line 2 underground work contract.

"We believe earnings will bottom in FY16 and rebound in FY17 as the RM30 billion Klang Valley MRT Line 2 project starts to contribute earnings. Securing the project has improved earnings visibility over the six-year construction period," Affin Hwang said.

Affin Hwang's note followed the announcement on Gamuda's third quarter financials.

Yesterday (June 29), Gamuda said net profit for the third quarter ended April 30, 2016 (3QFY16) declined to RM152.69 million from RM160.43 million a year earlier. Revenue fell to RM467.29 million from RM553.78 million.

9MFY16 net profit dropped to RM474.04 million from RM528.46 million a year earlier. Revenue was lower at RM1.51 billion versus RM1.78 billion.

Today, Affin Hwang said Gamuda's 3QFY16 results are in line with the research firm's expectation. However, Affin Hwang cut its Gamuda's earnings forecast.

"We cut our earnings forecast by 3% for FY16E for lower construction and property earnings," said Affin Hwang, which, however, maintained its "buy" call for Gamuda shares with an unchanged target price of RM5.70.

提升服务影响客户增长‧亚通3年财测下调

提升服务影响客户增长‧亚通3年财测下调

亚通旗下天地通可能进行为期4个月的设备提升工程,分析员忧虑用户服务受影响恐掀起退潮,下调未来3年财测及目标价。

(吉隆坡29日讯)亚通(AXIATA,6888,主板贸服组)旗下天地通可能进行为期4个月的设备提升工程,分析员忧虑用户服务受影响恐掀起退潮,下调未来3年财测及目标价。

根据媒体报道,天地通将从6月17日开始对4700座电讯塔进行4个月的提升工程,以符合4G需求,大马投行认为,提升工程难免会影响到新用户增长,每月新用户将减少25%至1万5000名,因此公司除现有促销计划外,可能需有替代方案来将用户影响减至最低。

基于天地通新用户增长放缓,加上亚通今年首季营业额及净利按季走跌6%和21%,大马投行决定下砍亚通2016至2018财政年净利预测6至7%。

大马投行预期,天地通转变计划虽比想像中来得长,但看好收购尼泊尔NCELLL电讯公司将为亚通做出正面贡献,因此维持“买进”评级,目标价则从7令吉68仙下调至6令吉72仙。
广告

股价:5令吉56仙
总股本:88亿2344万3843股
市值:490亿5834万7767令吉
30天日均成交量:646万股
最新季度营业额:50亿零884万1000令吉
最新季度盈亏:净利3亿6825万6000令吉
每股净资产:2令吉61仙
本益比:20.14倍
周息率:3.58%
大股东:国库控股(38.21%)

George Kent profit boosted by projects

Thursday, 30 June 2016
George Kent profit boosted by projects

PETALING JAYA: George Kent (M) Bhd’s first-quarter earnings to April 30, 2016 increased by 52.06% to RM15.01mil on the back of a 108.32% jump in revenue to RM122.96mil.

This was mainly driven by its engineering division, where there was a steady progress of construction projects in hand.

Earnings per share increased to five sen from 3.3 sen previously. As of the period, the company had cash in hand of RM260.83mil from RM152.11mil previously.

In a release, the company said that the group’s engineering segment reported a higher revenue of RM94.6mil, up 169% compared to the first quarter of the previous financial year due to the steady progress of ongoing projects.

The metering segment reported a higher revenue of RM28.3mil, up 18% on higher demand from both local and original equipment manufacturer markets.

On June 17, 2016, George Kent received a letter of award from the Public Utilities Board, Singapore (PUB) for the supply and delivery of 323,630 units of DN15 Brass PSM-T water meters for a total sum of S$4.9mil (RM14.7mil). The meters will be delivered in 10 batches over a period of 18 months, with the first shipment going out in September 2016.

“This win indicates that George Kent is among the best and most competitive water meter suppliers in the region. It is the only company that has successfully secured at the same time large water meter contracts from both the Singapore and Hong Kong water authorities, which are known for their very stringent standards in evaluating submissions from water meter suppliers,” it said.

The award by PUB is the third consecutive contract to George Kent since 2012. In September 2015, George Kent won an open tender to supply 600,000 units of DN15 Brass PSM-T water meters for a total sum of RM28.9mil, one of the largest single orders in the region from the Hong Kong Water Supply Department.

George Kent’s operations for the group are mainly based in Malaysia, with regional activities in Asean countries and Papua New Guinea. Its core businesses are centred on the water industry and engineering works.

George Kent is an established metering and engineering company with core businesses focused on the water industry and the delivery of specialised infrastructure projects. The group also undertakes projects in the healthcare and rail transportation sectors and is currently carrying out the Ampang Line Light Rail Transit extension works and was recently chosen as the project delivery partner for the LRT3 project.

Kim Loong's quarterly earnings crimped by lower FFB yield

Kim Loong's quarterly earnings crimped by lower FFB yield
By Yimie Yong / theedgemarkets.com | June 29, 2016 : 10:55 PM MYT

KUALA LUMPUR (June 29): Johor-based oil palm planter Kim Loong Resources Bhd's earnings were crimped by lower fresh fruit bunches (FFB) production and lower oil extraction rate which caused its net profit to fall 16% to RM12.41 million in the first quarter ended April 30, 2016 (1QFY17), from RM14.78 million in the same period last year.

Revenue however, rose 9.1% to RM177.7 million, from RM162.88 million, due to higher selling prices for its palm oil milling operations, its bourse filing today showed.

Kim Loong said its FFB production for the current quarter was 52,500 metric tonne (MT), which was 18% lower than the 64,200 MT achieved in the same quarter last year.

Kim Loong said the significant drop in production was likely caused by the El Nino phenomenon.

For the financial year ending Jan 31, 2017 (FY17), Kim Loong foresees an increase in FFB production from newly-matured areas.

But in view of the potential effects caused by the El Nino phenomenon in the first quarter, it expects FFB production to be flat, while crude palm oil (CPO) production could be lower, compared with FY16.

Subject to fluctuations in the ringgit and the commodities market, it expects CPO price to move towards higher levels, considering a potential drop in CPO supply caused by El Nino.

As such, it expects its FY17's performance to be satisfactory.

Shares of Kim Loong fell 5 sen or 1.47% to RM3.35 today, giving it a market capitalisation of RM1.04 billion.

Hai-O’s 4Q net profit grows 24.4%, declares 11 sen dividend

Hai-O’s 4Q net profit grows 24.4%, declares 11 sen dividend
By Billy Toh / theedgemarkets.com | June 29, 2016 : 8:56 PM MYT

KUALA LUMPUR (June 29): Hai-O Enterprise Bhd’s net profit grew 24.4% to RM11.2 million in the fourth quarter financial year 2016 ended April 30, 2016 (4QFY16), from RM9 million in the previous corresponding quarter.

Quarterly revenue expanded by 25.8% to RM88.6 million, from RM70.4 million in 4QFY15.

The board of directors proposed a final single tier dividend of 11 sen per share, in respect of the financial year 2016 ended April 2016 (FY16).

In a filing of its results announcement to Bursa Malaysia today, the company attributed the improved earnings to higher revenue achieved by the multi-level marketing (MLM) division.

The MLM division recorded a growth of 46.5% in revenue to RM198.7 million, from RM135.6 million; and an increase of 26.7% in pre-tax profit to RM36.5 million, from RM28.8 million, as a result of higher sales volume on most of beverage and health supplements products, according to the announcement to Bursa Malaysia.

In addition, an average monthly newly-recruited members of about 3,000 to 4,000 persons, have also contributed to the division's additional sales. Despite lower unit selling price for the “small ticket” items, the recurring sales for “small ticket” items had contributed to the increase in sales and profit.

For the entire financial year of FY16, its annual net profit increased by 22.2% to RM36.4 million, from RM29.8 million in FY15; while its revenue for FY16 rose 24.3% to RM298.1 million, from RM239.9 million in FY15.

On its prospect, Hai-O expects the current financial year to remain challenging, due to continuous slowdown in the world economy that will negatively affect the domestic economy.

“The board of directors remains cautiously optimistic that the group will continue to be profitable in the next financial year,” the group added.

Hai-O was unchanged at RM2.73 today, with only 58,000 shares traded.

Wednesday, June 29, 2016

Gamuda reports 4.8% fall in 3Q net profit, pays 6 sen dividend

Gamuda reports 4.8% fall in 3Q net profit, pays 6 sen dividend
By Gho Chee Yuan / theedgemarkets.com | June 29, 2016 : 6:26 PM MYT

KUALA LUMPUR (June 29): Gamuda Bhd's net profit for the third quarter ended April 30, 2016 (3QFY16) fell 4.8% to RM152.69 million or 6.34 sen per share, from RM160.43 million or 6.81 sen per share a year earlier.

The group said earnings were affected by the softening of the domestic property market and tapering of underground and elevated works for the Klang Valley Mass Rapid Transit (KVMRT) Line 1 project.

Revenue fell 15.6% to RM467.29 million, from RM553.78 million in 3QFY15, Gamuda said in a filing to Bursa Malaysia today.

The group declared a second interim dividend of six sen per share, payable on July 28, bringing year-to-date payout to 12 sen per share.

Gamuda said net profit for the first nine months of FY16 fell 10.3% to RM474.04 million or 19.69 sen per share, from RM528.46 million or 22.58 sen per share in 9MFY15.

Revenue for the period fell 15.2% to RM1.51 billion, from RM1.78 billion.

Going forward, the construction outfit anticipates a good performance from on-going construction projects and steady earnings from the water and expressway concessions division.

This is despite the expected weaker growth at its property division over the coming quarters, arising from the softening residential and non-residential property market.

The property division recorded sales of RM190 million during the current quarter, resulting in total sales of RM575 million for the 9MFY16.

"Sales is expected to pick up in the next few quarters, due to the launches of several new projects in Malaysia and overseas," it said.

Its unbilled sales at end of the current quarter, was at RM1 billion.

Gamuda said KVMRT1 was 86% complete as at end of May, and is on track for full completion by July 2017, with no significant cost overruns so far.

"The underground works package has achieved a progress of 88% at the end of May," it added.

Shares of Gamuda closed at RM4.81 today, up one sen or 0.21% after 2.37 million shares exchanged hands. The group had a market value of RM11.6 billion.

http://www.theedgemarkets.com/my/article/gamuda-reports-48-fall-3q-net-profit-pays-6-sen-dividend

'Opportune time' to buy undervalued Malaysian stocks - Public Investment

'Opportune time' to buy undervalued Malaysian stocks - Public Investment
By Supriya Surendran / theedgemarkets.com | June 29, 2016 : 12:06 PM MYT

KUALA LUMPUR (June 29): The current share market lull is deemed an "opportune time" to accumulate undervalued Malaysian stocks for the long term amid world financial market volatility, according to Public Investment Bank Bhd.

In a note today, Public Investment said accumulation of undervalued stocks was recommended especially if there were fresh bouts of weakness from foreign money outflow.

"In the interim, a trading-oriented stance to capitalise on current market volatilities is also suggested, though confined to the larger-capitalised and more liquid stocks.

"Our (FBM KLCI) year-end target is 1,720 points and suggested stocks for the remainder of the year are Axiata Group Bhd, AMMB Holdings Bhd, Genting Plantations Bhd, SKP Resources Bhd, LBS Bina Group Bhd, Chin Hin Group Bhd, TDM Bhd, Uzma Bhd, Cypark Resources Bhd and Hock Seng Lee Bhd," Public Investment said.

At 11:34am, the KLCI rose 5.29 points to 1,639.33 amid financial market uncertainty after the UK's European Union exit (Brexit) decision.

The KLCI rose as the ringgit strengthened. At 11:40am, the ringgit appreciated to 4.0557 against the US dollar.

Public Investment said the firm expects the ringgit to average around 4.10 to 4.20 against the US dollar this year.

"We still see the ringgit remaining weak in the near to medium term, largely due to 1) strength of the USD (reflected in the Dollar Spot Index Rate) arising from the ongoing unwinding of carry-trades and 2) heightened risk aversion.

"We are more likely to see the ringgit averaging RM4.10 to RM4.20 for the entire 2016 as it remains in a state of flux in the near term," Public Investment said.

[转贴] 【稳健美女】- MAGNI(7087)盈利YOY进步14%,派发5仙股息! - Harryt30

[转贴] 【稳健美女】- MAGNI(7087)盈利YOY进步14%,派发5仙股息! - Harryt30
Author: Tan KW | Publish date: Wed, 29 Jun 2016, 09:29 AM

Tuesday, June 28, 2016

在美金走低的情况下,MAGNI还是继续交出了进步的盈利,Net Profit YOY进步了14%,这个季度派发了5仙的股息。MAGNI从去年的9月至今一共派发了24.67仙的股息(其中9月派发的股息经过调整是6.67仙)。 以今天闭市的价格计算,公司的周息率大约是5.98%,这在马股里算是非常优秀的。

不过今年股价的表现却落后大市,股价从去年底的4.48下跌到今天的4.12,全年股价下跌了8.03%。不过现在公司的PE = 8.16,而且股息丰厚,其实不失为一家长期持有的抗跌股。以下是MAGNI过往两年的业绩盈利表现。



MAGNI的的营业额更上个季度相比下跌了27.87%,但是却比去年同期进步了10%左右。
服装代工的生意比上个季度下跌了32%,主要是因为美金下跌以及订单减少。
虽然营业额下跌,但是这个季度9.71%的Profit Margin是最近几年第2高的表现。而且这是在公司蒙受了4.093 mil的情况下达到的,所以公司管理层的功不可没。
这个季度的USDMYR相比上个季度下跌了6.02%,因此公司蒙受了 4.093 mil。跟去年同期的1.338 mil外亏亏损相比,这个季度多了2.755 mil。主要原因是公司完全没有借贷,而手上持有不少的美金现金以及Receivable,因此美金下跌会造成外汇亏损。
MAGNI在FY2015的外汇盈利是0.989 mil, 而在FY2016是6.941 mil,足足比去年多了5 mil左右。
MAGNI全年盈利进步了57.57%,不过其中20%的进步是来自于外汇盈利。所以在未来MAGNI必须提高产量以维持成长,这也是MAGNI已经在进行着的,未来几年相信CAPACITY可以增加30 - 40%。
公司的现金是64.11 mil,相等于每股39仙,而且手握53.66 mil的other investment,手上的现金是非常丰厚的。


公司手上完全没有借贷,而且公司的营业额以及盈利已经连续进步5年了,相信FY2017也是可以达到的。
而且公司PE = 8.16, ROE = 25.48, 几乎每个季度都会派息,所以MAGNI是值得长期持有的高股息成长股。
这个季度的盈利QOQ下跌主要原因是Lower sales order received以及higher currency exchange losses。但是FY 2016已经结束了,现在展望的是FY 2017。市场越来越具挑战性,拥有大笔现金的MAGNI会是投资最佳的避风港,。

以上纯属分享,买卖自负。



Harryt30
20.30p.m.
2016.06.28

http://harryteo.blogspot.my/2016/06/1294-magni7087yoy145.html

SAPURAKENCANA PETROLEUM - Resilient For The Long Haul

SAPURAKENCANA PETROLEUM - Resilient For The Long Haul
Author: PublicInvest | Publish date: Wed, 29 Jun 2016, 10:36 AM

SapuraKencana Petroleum (SAKP) is Malaysia’s largest integrated oilfield services provider. Offering services across the upstream oil and gas value chain, the Group provides value through innovative techniques and capabilities to ensure EBITDA accretion. In our current uncertain oil landscape, we believe SAKP’s comprehensive scope of work would allow them to undertake various jobs across the O&G suite thus would stand them in better stead vis-à-vis its peers. The Group’s growth going forward will be supported by its engineering and construction (E&C) division which is supported by long-term contracts for its offshore construction and subsea activities such as the deepwater pipelay support vessels (PLSV) for Petroleo Brasileiro S.A. (Petrobras) coupled with ongoing contracts in areas of fabrication, hook-up and commissioning (HUC) and for the longer term its energy portfolio comprising a total of c.9-10 TCF of gross gas reserves and resources in SK310 & SK408. We do acknowledge the interim weakness expected from lower activity across its services segments affected by industry clients to cut capex spending. SAKP is however a player for the long haul and we are thus initiating coverage with an Outperform call with a TP of RM1.90 based on our blended SOP valuation.

Integrated O&G player with robust order book of RM20.3bn as at end-June 2017. The Group is involved in activities such as fabrication, HUC, offshore construction and subsea services, drilling and energy, therefore having the capability to provide end-to-end solutions in the upstream business, coupled with the support of a strategic fleet of assets.

Geographical diversification. A global player, the Group has exposure in over 20 countries including Malaysia, China, Australia, Brazil, the United States of America (US), Western Africa and the Middle East.

Outperform. We are affirmed of SAKP as a strong operational and reputable player with normalised EBITDA standing c.31% as at FY16 and with its operations remaining on track. In this challenging period, the Group has poised itself on a strong financial footing which includes right sizing the organization for better efficiencies, which we believe would weather them through these lower oil price scenarios. Its borrowings will be gradually pared down, funded through its stronger cashflows and recent completion of refinancing in December 2015. Its net-debt-to-equity ratio stands at 1.3x in FY16 and going forward is expected to reduce to 1.1x in FY17F. We are not concerned as its debt is backed by assets that are supported by contracts coupled with sustained operating cashflows.

Source: PublicInvest Research - 29 Jun 2016

Bright future for SapuraKencana in medium term, says CIMB Research

Wednesday, 29 June 2016 | MYT 8:16 AM
Bright future for SapuraKencana in medium term, says CIMB Research

KUALA LUMPUR: CIMB Equities Research sees a bright future for SapuraKencana Petroleum (SK Petro) in the medium term as it has good assets, like its fleet of 12 tender rigs, and fleet of six pipe-lay support vessels (PLSV) chartered to Petrobras and whose contracts are likely secure.

“While the near-term earnings outlook is muted, SK Petro has all the elements in place to benefit from the recovery when, not if, it comes,” said the research house on Wednesday.

SK Petro’s 1QFY17 core net profit of RM147m, excluding forex losses, was down 40% on-year, but CIMB Research considers this to be an excellent result given the circumstances.

Having said that, the remaining quarters of the year will likely be weaker, as the engineering & construction business runs down its orderbook, and as its drilling rigs’ utilisation falls.

In the first quarter February to April 30, 2016, SK Petro delivered group revenue that was down 14% on-year, with energy revenue down 28.5% as a result of the lower selling price of oil, drilling revenue down 19.1% due to lower utilisation of its tender and semi-tender rigs, and engineering & construction revenue down 7% on-year as the orderbook is gradually recognised.

Pretax profits declined a more significant 63% on-year, but SK Petro was assisted by tax writebacks, such that core net profits declined just 40% on-year.

Energy profits fell 98%, engineering & construction profits fell 58%, and drilling profits fell 24% in 1QFY17. In all segments, profits fell faster than revenue, on the back of the lower oil price, lower rates for drilling rigs, and a lower level of high-value added engineering & construction work during the quarter just over.

Drilling made up two-thirds of group earnings, as the Energy segment just broke even, while engineering & construction margins fell 9% pts on-year to just 7.7%.

“The company sounded a cautious note for the next few quarters, reminding analysts in a briefing that the utilisation of its drilling rigs – currently at 60-70% – is expected to decline to 50% by year-end after some of the current contracts complete their course.

“While crew on the rigs will also see their service contracts terminate in tandem, there is a certain level of cash operating costs and depreciation expense that will remain,” it said.

CIMB Research said SK Petro had a US$5.3bil (RM21.3bil) orderbook at the start of FY17, with US$1.7mil to be recognised in FY17. The company has a US$7bil bid book and needs to win at least US$1.5bil to keep the subsequent quarters relatively busy, and win US$4-5bil to reach full capacity.However, global competition is fierce.

Despite the challenges, SK Petro is fighting fit and continues to pursue jobs aggressively all over the world. As an indication of its competitiveness, it won US$126mil worth of contracts recently. It also achieved RM500mil worth of cost savings so far, for example by reducing contract headcount, and more cost reduction steps are being executed.

Clearly, SK Petro is led by dynamic management that have not led down their guard.

“Our existing earnings forecasts are no longer in sync with the reality of the tough oil markets and need to be reduced considerably. We are in the midst of this process and leave our recommendation, EPS forecasts, and target price unchanged for now.

“Nevertheless, we agree with the company’s assessment that its earnings will probably trough in 2016-17, and that the market for oil and gas service contractors will likely improve from 2018 and beyond.

“SK Petro’s gas fields, mainly offshore Sarawak, contains 238 mmboe of gas reserves (and 13.2 mmboe of oil reserves), valued at US$1bn. The company will invest in the next two years to bring them to production, with the SK310 B15 field starting production from 4QFY17, followed by the much-larger SK408 field during FY18. In this way, SAKP will enhance its direct exposure to the recovery in oil and gas prices,” said the research house.

CIMB Research retains Eco World target price at RM1.75

Wednesday, 29 June 2016 | MYT 8:19 AM
CIMB Research retains Eco World target price at RM1.75

KUALA LUMPUR: CIMB Equities Research is retaining its target price for Eco World Development Group Bhd at RM1.75, which is an upside of 37.8% from its last traded price of RM1.27.

It said on Wednesday the first half net profit was at 55% of its FY10/16 forecast and 48% of consensus, beating expectations due to lower-than-expected selling and marketing costs.

The research house said Eco World also announced the acquisition of Eco Horizon land in Penang for RM875mil and the Employees Provident Fund’s expression of interest (EOI) to participate in five of Eco World’s projects.

“We raise FY16-18 EPS by 8-30% for higher profit margin but maintain TP, based on 20% discount to RNAV. Maintain Add with higher sales as key re-rating catalyst,” it said. Key downside risk to its Add call is deterioration in sentiment on local property.

Eco World’s 2Q16 net profit rose 194% on-year on the back of higher revenue and better EBITDA margin. Faster construction progress raised revenue by 47% on-year in 2Q16.

Although gross margin declined marginally from 24.6% in 2Q15 to 24% in 2Q16, EBITDA margin improved from 6.5% to 10.3% as higher revenue resulted in lower fixed cost-to-sales ratio. Unbilled sales at end-May 2016 rose 40% on-year to RM4.5bil.

“The group sold RM1.05bil worth of properties in 1H16, 2% lower on-year. This was an outstanding performance, as many big developers in Malaysia saw double-digit decline in 1QCY16 sales. Although 1H16 sales made up only 26% of its full-year target of RM4bil, Eco World remains confident that it will achieve its target as upcoming launches would drive up sales,” it said.

Concurrent with the release of 2Q16 results, Eco World announced the acquisition of Eco Horizon land (two parcels of land measuring 375 acres on mainland Penang) for RM875mil. Eco Horizon’s gross development value (GDV) is estimated to be RM7.8bil.

This acquisition is a positive surprise as it raises Eco World’s GDV by 11% to RM80bil and it may start generating sales in FY17. The land price appears fair as it makes up only 11% of the project’s GDV.

“We were pleasantly surprised to learn that Eco World has received an EOI letter from the EPF indicating that it is keen to participate in Eco World developments in 1) Ijok, 2) Setia Alam, and 3) Eco Horizon land. Eco World is in the midst of acquiring the land for these developments for total cost of RM2.4bil. We believe EPF’s participation would ease investors’ concerns about Eco World’s gearing level,” it said.

Eco World’s net gearing stood at 55% at end-April 2016. Although it plans to raise about RM768mil from a private placement this year, net gearing could still increase by end-FY16 as it plans to subscribe for a maximum 30% stake in its sister company, Eco World International Bhd, during its IPO.

Despite the rising net gearing, CIMB Research believes Eco World’s gearing remains manageable as its cash flow is backed by high unbilled sales of RM4.5bil, which would translate into cash inflow over the next few years.

Tuesday, June 28, 2016

[转贴] 你的人生值得這樣過下去嗎?知道該做什麼,永遠比拼命做還重要

[转贴] 你的人生值得這樣過下去嗎?知道該做什麼,永遠比拼命做還重要
Author: Tan KW | Publish date: Tue, 28 Jun 2016, 06:14 PM

想像一個畫面:早上剛進公司,主管隨即丟一疊資料在你桌上,要求下午兩點前分析完且交出報告。令人匪夷所思的獎賞是,如果有辦法在限定時間內完成,今天就可以提早下班。

你瞥了一下文件,目測疊起來約有一個馬克杯的高度,心中盤算平常至少需要一天才能完成報告,不過若是能省去下午茶時間、同事閒聊的時段,專心做應該 有機會兩點前整理完。不過在此之前,你應該更想解決的是心中這個疑問:「主管為什麼突然丟難題給我?難道是傳說中逼退員工的方法?那可不行呀!我有房貸與 車貸還要繳呀……」

看你表情如此沉重,主管隨即補了一句:「別想太多了,快點開始!因為公司交代一件重要的事給我,所以我需要盡快拿到報告,兩點前完成真的就放你回家休息,明天再來上班就好!」在確認不是被惡搞後,當下你只想把主管趕快請走,好讓你專心做事。

以上是第一種情況,接下來思考第二種:主管一樣把文件丟給你,不過這次他只有交代要盡快完成,從主管的走路速度與慌張的表情來判斷,這恐怕也不是今 天最後一份急件。而你也早就習慣這樣的工作模式,你知道就算用最快的速度完成報告,後面還是會有處理不完的新文件在等你。令人沮喪的是,就算你完成再多事 情,晚上若太早離開公司,主管還反過來覺得你太閒!

重新思考這兩種情況,有發現什麼地方不一樣了嗎?

目標明確,讓學生成績變好30%

你應該知道了,當一個人心中握有明確的目標在做事情,跟漫無目的、毫無計畫在工作,兩種情況的工作效率會差多少;若加上額外的獎賞夠吸收人,完成的 動力更是大幅增加。好比情況一的你應該會馬上打開電腦,用沒人敢跟你說話的霸氣來整理文件,每分每秒都是你會珍惜的資產,因為這不只代表你的表現機會,還 可以獲得近半天的假期。

然而在不少人都遇過的情況二裡,每天的工作彷彿沒有結束的盡頭,就算知道再怎麼努力也不會有特別的獎賞,大部分人應該會在主管轉身離開後,以一般般的速度來寫報告,還可能把優先順序排在看完 facebook 之後。

這就是為何效率在不同人身上有高低差別的原因,也是擁有明確目標帶來的影響。麥基爾大學與多倫多大學的學者就合作過實驗,發現清楚知道該做什麼事時,不論是透過手寫、線上填寫、軟體輔助等方式把目標定出來,學生的課業成績都有顯著的成長,4個月平均提升30%的成果。

如果定出目標可以4個月後讓手上的事情變好 30%,那運用在一輩子的人生裡呢?肯定會有更好結果。就以我自己經驗來說,打從開始設定各式各樣跟人生有關的目標後,我在財務與工作、生活面的成果都持續變得更好。

然而我還要加個提醒,除了把目標定出來,有個關鍵也需要去做,甚至是影響最終能否實現目標的關鍵。

現代人的「忙」點:重要目標感覺不到重要

之前曾分享過巴菲特給機師的人生建議:要專注在自己最重要、最想要的5個目標上,至於其他的目標完全不該去做。故事中巴菲特給機師的建議是:「在你 選出最重要的5個之後,那20個目標就是你不計一切代價也要避免去做的事。無論如何,你都不能因為這些目標而分心,直到你完成那5個優先目標為止。」

不計一切代價避免去做的事,這就是排出優先目標的真正原因,也是實現目標的關鍵。你必須分清楚哪些事情要趕快去做,哪些事情是根本不該去做。因為對許多人而言,特別是在人生或財務目標上,很常被其他次要目標給分散掉寶貴的收入。

想想看,在沒有經過完整的規畫前,人一生有多少個目標會想要去完成?買房子、買車子、每年出國玩、擁有名牌包、休假一整年、提前達成財務自由、擁有豪華的家庭影音設備等,通常在不限金額下問一個人想要買什麼,往往清單很快就寫滿。

然而,這也正是許多人與目標漸行漸遠的原因,因為目標不夠明確,或是目標過於分散,因此不知道心中最重要的目標是哪一個;結果是,沒有將自己的時間、精力儘早集中去實現最想要或最重要的那個目標,或是讓自己的時間一再被別人奪走去完成別人的事,不斷推延實現自己的夢想。

多數人在死前最大的後悔,是年輕時沒有去做自己想做的事,反而被生活中其他相對不重要的人事物給干擾。 ── 來自 Bronnie Ware 的調查

不論你現在是處於什麼人生階段,寫下目標絕對能幫助到你。但更要注意的是,你需要隨時提醒自己現階段最重要的目標是什麼,該把人生拿去做哪些值得的事,然後持續聚焦在上面,告訴自己要用耐心及長期的計畫來完成。

記得,人一輩子的時間是有限的,一個人能賺到的收入也是有限的,愈早做出取捨對自己愈有利;否則你現在什麼都想得到,很可能最後什麼都得不到。

http://blog.17rich.com/you-need-to-focus-on-the-right-things.html

Apollo Food's 4Q net profit falls 73% on forex, impairment losses

Apollo Food's 4Q net profit falls 73% on forex, impairment losses
By Billy Toh / theedgemarkets.com | June 28, 2016 : 6:56 PM MYT

KUALA LUMPUR (June 28): Apollo Food Holdings Bhd's net profit for the fourth quarter ended April 30, 2016 (4QFY16) fell 73.2% to RM1.75 million from RM6.54 million a year ago, due to the fluctuation of the ringgit against the US dollar and Singapore dollar in the quarter.

The fluctuation led to more foreign exchange losses and the provision of impairment loss on one of the leasehold buildings, the group said, adding that the lower profit was also due to annual salary increments.

Revenue for the quarter was up 1.1% to RM53.1 million from RM52.6 million in 4QFY15, mainly contributed by the slight increase in overseas market.

The group has proposed a single tier first and final dividend of 30% for FY16. The dividend will go ex on Dec 8 and be paid on Jan 9 next year.

For the full year financial year (FY16), net profit increased by 17.8% to RM29.8 million from RM25.3 million in FY15. Revenue slipped 2.1% to RM208.2 million from RM212.6 million.

The group expects its operating environment to be tougher in both FY16 and FY17 in view of the increase in costs of raw materials and the volatility of the ringgit against foreign currencies.

"The market will remain competitive especially in maintaining input costs so that the margin will not be adversely affected by market conditions," it said in a filing with Bursa Malaysia.

Apollo expects to maintain its market position by implementing prudent measures and improving operational efficiency to safeguard its profitability.

Shares of Apollo edged up 8 sen or 1.43% to close at RM5.68 today, with 31,100 shares traded. The group has a market capitalisation of RM454.4 million.

OCK secures US$40m loan to construct 920 telco towers in Myanmar

OCK secures US$40m loan to construct 920 telco towers in Myanmar
By Billy Toh / theedgemarkets.com | June 28, 2016 : 6:03 PM MYT

KUALA LUMPUR (June 28): OCK Group Bhd has secured a US$40.2 million (RM163.8 million) loan in Myanmar to help finance the construction of 920 telecommunications towers in the country.

In a statement today, the telecommunications network service provider said its wholly-owned subsidiary OCK Yangon Pte Ltd signed the syndicated term loan agreement with the Yangon branches of OCBC Bank Ltd, Malayan Banking Bhd, United Overseas Bank Ltd and Bangkok Bank Plc.

OCK managing director Sam Ooi said the financing received from the banks is a testimony of their confidence in the group's telecommunication tower business.

"We continuously seek to expand regionally, which is part of our mission in building OCK to become an Asean tower company.

"The telecommunication industry in Myanmar has grown tremendously over the past few years, and it still presents enormous growth opportunities in view of the growing demand for more telecommunication towers," he added.

In December 2015, OCK and its Myanmar partner, King Royal Technologies Co Ltd, signed a master services agreement with Telenor Myanmar Ltd resulting in OCK becoming a tower company for Telenor in the country.

Telenor operates the largest 3G network in Myanmar.

The syndicated loan given to OCK is one of the largest by onshore foreign banks since the Myanmar financial sector was opened to foreign banks in 2015.

Myanmar Central Bank's foreign exchange management department director-general U Win Thaw said the central bank has granted 13 licences to foreign banks, starting with nine foreign banks in 2014.

"The foreign banks have shown full commitment to facilitate the development of businesses in Myanmar, and today marks a special occasion for four of the nine initial foreign banks to extend a US$40.2 million syndicated loan to OCK," he was quoted as saying in the OCK statement.

OCK's share price rose 0.5 sen or 0.63% to close at 80.5 sen today with 1.72 million shares traded. Its market capitalisation is RM633.8 million.

(Icon) My Observation & Assessment of KC Chong's Investment Philosophy

(Icon) My Observation & Assessment of KC Chong's Investment Philosophy
Author: Icon8888 | Publish date: Mon, 27 Jun 2016, 10:12 PM

1. Introduction

KC Chong has published many articles in i3. However, in my opinion, many people don't understand his investment philosophy, including myself. I guess the main reason is because his articles covered a wide range of topics : ROIC, Earnings Yield, Enterprise Value, Free Cash Flow, Moat, Mean Reversion, Margin of Safety, etc. Many people are not sure what exactly is the key message and how the various components fit together.

To try to figure out how KC invests, I undertook a study of his various articles. The following are some of my observations and assessments. I am quite sure KC will read this article. I look forward to his comments on whether I have got him right and whether he agrees with the way I look at various issues.

2. The KC Chong Template ?

Step I - Identify The Stock

My study of KC's articles led me to conclusion that KC are attracted to stocks that did well in recent one to two quarters (very similar to my practice). The conclusion was arrived at after comparing the timing of his Buy calls with the timing of quarterly results. There is a strong correlation between Buy calls and strong quarterly results for Tasco, Scientex, Magni-Tech, Jobstreet, Prestariang, Pintaras Jaya (non exhaustive). I believe this is sufficient as proof.

Step II - Evaluate The Stock

After identifying the stocks, KC will conduct financial analysis on the stocks. His favorite tools are ROIC and Earnings Yield. He will only buy a stock if its ROIC and EY is high enough. High ROIC is an indication of durability while high Earning Yield shows that the stock is attractively priced.

Step III - Calculate Intrinsic Value

KC will come up with a long term free cash flow projection and then perform a discounted cash flow analysis. The Net Present Value he gets will become the stock's intrinsic value. Based on that Intrinsic Value and existing market price, he will be able to determine the Margin of Safety. That will allow him to determine whether the stock is a good buy.

Step IV - Buy and Hold

My survey of the various articles showed that KC very seldom sells his holdings. Come to think about it, it is not surprising at all :

(a) KC bought a stock with the Intrinsic Value in mind. As long as it is still trading below Intrinsic Value, there is still potential upside. If that is the case, logically, he should hold on.

(b) KC is a big fan of Warren Buffett. Buffett holds really long term.

(c) Mean Reversion is something KC talked about very often. This concept is particularly relevant when the investee company's profitability has declined due to unfavorable operating environment. For Traders like Icon8888, when a company's profitability declined, it is time to flee. But for somebody who has Mean Reversion in mind, he doesn't mind holding on as given some time, profit will eventually revert to the norm - there is no need to cut loss.

3. Portfolio Performance

KC's portfolio did very well in 2013. Prestariang, Jobstreet and Pintaras shines, delivering more than 100% return. The interesting thing is that all these three superstars' profit did not grow much after he bought into them. The re-rating was caused by Valuation Multiples Expansion (for example, Jobstreet's PE Multiple was 10 times when he bought the stock, but it expanded to 30 times within two years). I am still scratching my head why there is such coincidence (three stocks) ? Was his ROIC and EY concept so powerful that it can allow him to predict those stocks are cheap and will experience second stage re-rating through Multiples expansion ? I wonder whether KC has the answer ?

It is impossible to tell how Jobstreet will perform over the long run as it subsequently sold its business. But Prestariang and Pintaras' profitability declined substantially in the subsequent years. Is this proof that high ROIC is not good predictor of a company's durability (Moat) ? Or is it proof that KC is right that there is no point analyzing a business in detailed as it is impossible to predict future earnings ? I will leave it to you to ponder.

Anyway, I do not want to leave you with the impression that KC only pick stocks with no growth. His picks such as Homeritz, Scientex, Magni-Tech, etc all turned out well, growing their profit by leaps and bounds over the years.

4. Concluding Remarks

I studied KC's investment philosophy not for the purpose of criticising or attacking him. What do I gain from doing that ? I have better things to do in life.

I undertook the study to find out whether his method is different from mine, and if different, in what way. I want to find out whether there is anything I can borrow or adopt, if not the entire package, at least some useful parts that can augment my own strategy.

The study revealed one similarity - very often it is a stock's strong recent performance (profitability) that attracts us to look at the stock.

The study revealed certain differences :-

(a) Financial ratios such as ROIC and EY play an almost "predictive role" for KC (indication of moat, and hence ability to grow earnings over long run). For me, those ratios play an "analysis role". I use them mostly to identify lemons such as London Biscuits and Engtex;

(b) Intrinsic Value is an important component of KC's stock picking decision. I very seldom bother about Intrinsic Value. Instead I prefer to play by ears - buying when stock is trading at low PER and sell when stock has achieved my targeted return; and

(c) KC holds real long term while I don't. I hate to go through down cycles (for a particular industry, not market. I very seldom time market). I try to ride upcycle and quit when there is risk that down cycle is approaching (whether can get it right is a different thing).

Come to think about it, I am not surprised that there are all these differences between KC and me. KC is a long term investor. I am more of a trader (Value Trader, I have discussed this before in my previous articles). There is no need to debate whose method is more superior. I guess as long as you buy and sell based on FA, you should be ok.

Jaya Tiasa, Ta Ann benefit from weak ringgit after Brexit

Jaya Tiasa, Ta Ann benefit from weak ringgit after Brexit

Author: Valuegrowth1nvesting   |   Publish date: Mon, 27 Jun 2016, 10:08 PM 

KUALA LUMPUR: AmInvestment Research is maintaining its Overweight stance on the timber sector, with Buy calls for Jaya Tiasa Holdings (fiar value of RM2.18 a share) and Ta Ann Holdings (fair value RM3.88). 

It said on Monday both stocks will benefit from the weakening ringgit stemming from news of Britain's decision to leave the EU. 

“Broadly, we believe both stocks are undervalued compared to plantation stocks. Notwithstanding the decline in timber prices since the start of the year and recent volatile crude palm oil (CPO) prices, the value of both stocks continue to be hinged on their plantation segments. 

“CPO price remains as a key catalyst, while a key risk is a further decline in prices, which are currently at the RM2,300+ and RM2,400+ levels,” it said.

 
AmInvestment said however, both Jaya Tiasa and Ta Ann will continue to benefit for their timber segment from the weak ringgit at above the RM4 to the US dollar. 

It added log export prices were sustained at US$220 a cubic metre though plywood prices remain weak at below US$480 a cubic metre. A positive is the removal of the overhang on the future of their timber concessions. Sarawak Chief Minister Tan Sri Adenan Satem has said he is not looking at breaking up the concessions to the big six timber groups. 

The research house explained its Buy for Jaya Tiasa was an unchanged fair value of RM2.18 a share based on an FY16F PE of 25 times. At 25 times, this was three notches below its10-year forward price-to-earnings (P/E) of 28 times. 

For Ta Ann, it maintained a Buy, with a tweaked fair value of RM3.88 a share (versus RM3.99 a share ex-bonus previously), based on a PE of 12 times (versus 10 times previously) on a cut FY16F EPS. 

“At the current level, the market appears to be treating the timber division to be at depressed valuations, though this could be attributed due to continuing uncertainties at its Tasmania operations. 

“Current catalysts include any weakening of the ringgit, and upward trending CPO and timber prices. The risks include a strengthening domestic currency, further pullbacks in CPO prices, and lower-than-expected fresh fruit bunches and CPO production.
http://www.thestar.com.my/business/business-news/2016/06/27/aminvestment-jaya-tiasa-ta-ann-benefit-from-weak-ringgit-after-brexit/ 

[转贴] 【亿能高升】- 浅谈ARANK(7214), 盈利YOY进步116%,PE= 6.32! - Harryt30

[转贴] 【亿能高升】- 浅谈ARANK(7214), 盈利YOY进步116%,PE= 6.32! - Harryt30
Author: Tan KW | Publish date: Tue, 28 Jun 2016, 09:36 AM
Monday, June 27, 2016

Aluminium的价格在最近几个月开始回弹,而PMETAL的股价更是因为这样儿突破了52周新高,今年上涨了60%之多。而LBALUM以及ARANK都身处Aluminium- 铝的领域,这个月公布的盈利YOY分别上涨了123%以及116%。

Aluminium的的价格从2015年11月底谷的1435, 一度上涨到4越月底的1,673左右,而这几天的价格也站稳在1,600左右。总体而言,Aluminium的需求以及价格很大可能会在2016年回扬, 因此以上几家公司都可以多多注意。ARANK的盈利刚刚出炉,在这里跟大家分享ARANK的一些功课。


ARANK的营业额相比上个季度下跌了10.45%,但是YOY却上涨了116%。

大家仔细看的话会发现ARANK的EPS已经连续4个季度都在下跌,这到底是为什么呢?让笔者跟大家解释解释。

大家仔细看2015Q4的PBT是1.933 mil,可是PAT却变成了3.967 mil,这是因为overprovision of deferred taxation in prior years。因此这个季度的EPS有高达2 mil以上的水分存在。

而FY16Q1的时候,Net profit里面有0.7 mil是insurance claim,所以Operating profit大约只有3.0 mil左右。

因此FY16Q2才是这5年来盈利最高的一个季度,而当时的铝价也不理想,这主要都归功于更高的销售额。

今天公布的盈利是3.321 mil,比上个季度下跌了2.98%,主要是因为营业额下跌。

不过大家仔细看Net Profit Margin的话,这个季度2.9%的才是最高的一次,因为完全没有参杂任何的水分(例如Insurance clain或其他等)。

而美金在最近两个季度开始回调,所以过去两个季度都蒙受外汇亏损。而在最新的3个季度里,外汇盈利只有RM22,000,也证明公司不会被外汇影响太多。

而公司的现金也有了很大的进步,从FY15Q1的7.271 mil增加到现在的19.728 mil。而Total borrowing也从FY15Q1的57.364 mil减少到现在的23.47 mil。

无论是现金以及债务都有了非常大的改善,现在的Net debt = 3.742 mil,相信下个季度就可以变成Net cash公司。

最后,公司的D/E ratio也处于0.24的健康水平,所基本面来看这家公司是非常不错的。


从上图我们可以看到公司的盈利已经连续4年进步,FY2016在短短3个季度的盈利就 超越了去年,只要下个季度的盈利可以保持2.5 - 3.0 mil, 那么盈利就可以突破公司上市以来的历史新高。最难能可贵的是,过往5年铝价都处于低迷,但是ARANK的盈利却能稳健的增长,这都得归功于管理层优良的成 本控制。

此外,大家也可以看到ARANK的Profit Margin也是5年来的高点,相信铝价走高将会提高ARANK的毛利率。



从上图我们可以看到,公司将会因为raw material cost增加而导致average selling price上升。5月1号 - 今天的平均Aluminium price大约是1,572左右,这比FY16Q3的1,543上升了接近2%,这对ARANK来说将会是利好消息。

公司现在的PE = 6.32, NTA 大过股价,ROE超过15,Dividend yield大约是2.96%。总体而言是属于安全地带,估值也不贵。长期而言,公司的股价或许会有惊喜。

以上纯属分享,买卖自负。

Harryt30
22.20p.m.
2016.06.27

http://harryteo.blogspot.my/2016/06/1292-arank7214-yoy116pe-632_27.html

[转贴] 【分享我做功课的方式 – 建筑领域】 - Harryt30

[转贴] 【分享我做功课的方式 – 建筑领域】 - Harryt30
Author: Tan KW | Publish date: Tue, 28 Jun 2016, 02:06 PM

阅读了冷眼前辈【做功课】的文章让笔者获益良多,笔者在此也分享一下自己【做功课】的一些心得。毕竟每个人投资股票【做功课】的方式都不同,因此大家可以借鉴不同的方式。过后从中吸取精华,找出最适合自己的方式。

笔者喜欢用TOP DOWN APPROACH 【由上而下】的方式选股,在考量经济走势以及各种因素后再选出前景看好的领域。过后再从领域当中选出最强势的公司,这样才能最大的获利。这也可以被定义成 “趋势选股”。

笔者把自己【做功课】的方式分成几个步骤:

Step 1:选出看好的领域

首先先考虑外围因素,国内经济走势,石油,汇率,大型商品等价格的趋势,再从中筛选出可能受益的领域。2014年年底美金以及出现走高的现象,在那个时候买进出口股可说是赚到
“笑‘。但是”趋势’股有起有落,所以在整个领域过于火热的时候就可以考虑出场。

而在2015年 -2016年,石油价格走低以及许多大型建筑计划即将颁发以及开跑,所以建筑领域很大可能会从中获益。所以今年的例子会使用建筑领域当例子。

Step 2: 剔除【亏钱】的公司

确定了选择的领域,那就要开始了解这个领域并筛选出有潜质的公司。大马股市在建筑版块上市的公司一共有45家,那又要如何从中筛选出有潜质的公司呢?最简单的第一步就是先剔除亏钱的公司,因为2015年建筑领域赚钱的公司超过80%,剔除剩下的20%就可以减少选项。

Step 3: 找出【盈利成长】或者【由亏转盈】的公司。

过后,在众多的建筑公司当中,找出过去1 - 2年都稳健成长的公司,或者可以留意一些由亏转盈的建筑股,例如PRTASCO 以及MUDAJAYA等。再经历这轮的筛选后,留下的公司可能只剩下一半了。

Step 4: 了解领域的整体PE,选出PE低以及估值吸引人的潜质股

了解建筑领域的Industry PE, 也就是的领域【本益比】,建筑大型股的PE大约是介于12 – 18之间。而小型优质股的PE大约是 8 – 12 之间。假设买进一家公司的PE越低,那就是投资者可以在更短的时间内回本。因此也代表者PE低的公司赚钱速度比较快,而且风险也比较低。

不过导致PE低的因素有两个,那就是盈利增长以及股价下跌。假设公司是因为盈利增长而导致股价下跌,那这种公司就是首选。反之,公司的PE是因为股价下跌而走低,那么投资者就要格外小心了。

当然也不排除一些优质公司的PE会比较高。例子SUNCON (PE = 16.24), SUNCON的PE虽然高,但是手上拥有大笔的合约以及现金在手,这也是为什么市场肯给SUNCON比较高的估值。而且SUNCON的市值接近20亿马 币,是大马上市建筑股里的老三,因此大家对它的信誉以及规模给予很大的肯定。

Step 5: 派息政策

在经过几轮的筛选后,接近60%的公司已经被剔除。在现在这么动荡局势里,有派发股息的公司会让人感到比较安心。45家建筑股当中,没有派发股息的大约有 20家。而当中派息比较大方的就有PTARAS, PRTASCO, MITRA, KIMLUN, CRESBBLD, BDB等公司。

Step 6: 建筑合约, Order Book/ Revenue Ratio

在建筑领域里,建筑合约就是建筑公司的活水。一家拥有大笔合约在手的公司,这就代表着未来今年的营业额都得到了保证。假设一家公司一年的营业额是800 mil,而手上的建筑合约有2,400 mil。
Order Book/ Revenue Ratio = 2,400 mil/800 mil = 3.00

这意味着公司可以在未来继续忙碌3年,假设公司可以继续获取新的建筑合约,那就代表着前景继续备受看好。因为一家手握大笔建筑合约的公司,银行会很乐意借钱给这些建筑公司。毕竟建筑领域的现金流一向比较差,所以必须跟银行保持良好的关系。

Step 7: 检查公司的现金,债务以及现金流

一般上建筑公司的债务都会比较高,因为他们需要大笔资金购买大型机器以及购买原料。建筑公司里净现金(Total Cash > Total Borrowing) 的并不多,少数net cash的公司就有PTARAS, ECONBHD, HSL, SUNCON, MUHIBAH以及KERJAYA等公司。

至于其他Net Debt - 净债务的公司,只要它们的Gearing Ratio低于1以下是可以被接受的,但是笔者比较喜欢Debt to Equity Ratio低于0.5的公司,这样可以减低现金流出现问题的机会。此外,一些公司因为营业额不断增加,债务也跟着持续上涨。但是只要营业额成长的比例高过 债务,这都是可以被接受的。

Step 8: 货比三家,选出强势股。

经过一层层的筛选,剩下的公司基本上都是基本面比较好的公司。当然投资者也可以比较这些公司的ROE, NTA, Profit Margin其他等等指标。不过笔者通常比较偏向小型股,因为小型股的成长空间比价大。IJM以及GAMUDA过往5年的股价表现远远落后于小型建筑股。 而大型股比较适合在牛市初期买进,因为那时候大部分的大型股股价都会从巅峰下跌40 – 60%不等。

经过层层筛选后,投资者就可以找到盈利成长,低PE,稳定派息,资产债务比较健康以及手握大笔建筑合约的潜质好股。

透过以上8个步骤,基本上建筑领域剩下的好公司应该不会超过10家,投资者可以使用冷眼前辈的《冷眼的分享 - 教你如何做功课》方式去筛选出你们最喜欢的公司。

***不过大家买股之前也必须注意一些事项:
-公司的股价处于高位还是低位,假设是高位等待股价回调再买进。因为再好的公司买贵了,赚钱的难度就增加了。
-检查公司派发股息的过往记录以及日期,这样才知道公司一年派发几次股息以及派息政策。
-可以投过Google search找出是否有部落客或者投行分析这家公司,这样就有更多的资料可以参考。
-买进公司之前,必须清楚自己是要长期持有还是【趋势】操作。这样才可以适时的套利,或者在股价低迷的是加码拉低价格。

投资股票就是跟一群人合作做生意,女人怀胎诞下婴儿都需要10个月。所以投资股票需要时间让公司成长,当公司的盈利不断进步,股价自然而然会成长。反之,当公司的前景变得暗淡,盈利不断下滑,投资者就要考虑止损离场。

在投资的路上,【时间】+【成长】+【心态】是很重要的,希望以上的分享可以帮助到大家做功课。共勉之。

Harryt30

[转贴] 外资撤走 市场波动 银行股浮现投资价值

[转贴] 外资撤走 市场波动 银行股浮现投资价值
Author: Tan KW | Publish date: Tue, 28 Jun 2016, 02:49 PM
2016年06月27日

(吉隆坡27日讯)隨著英国全民公投脱欧,包括马股在內的全球金融市场大幅波动。分析员认为,外资撤离马股,回流海外的避险资產,导致大马银行股因而浮现投资价值。

MIDF投行分析员指出,大部分银行股的外资持股率在2月、3月和4月连续3个月走高后,在5月回跌,包括马银行(MAYBANK,1155,主板金融股)、联昌国际(CIMB,1023,主板金融股)、兴业资本(RHBCAP,1066,主板金融股)、安联金融集团(AFG,2488,主板金融股)和艾芬控股(AFFIN,5185,主板金融股)。

至于大马银行(AMBANK,1015,主板金融股)、大眾银行(PBBANK,1295,主板金融股)和丰隆银行(HLBANK,5819,主板金融股)的外资持股情况,则不得而知,因为它们是只呈报季度外资持股数据。

其中,联昌国际的外资持股率从4月杪的29%猛跌至5月杪的27.7%;马银行则从18.8%减少至18%。另外,兴业资本(排除Aabar的持股)的外资持股率目前达9.66%,低于3月杪的9.93%;安联金融集团和艾芬控股则在5月杪分別达29.5%与26.5%,分別低于3月杪的29.9%及26.6%,跌幅不明显。

除了股市波动的问题,分析员相信,上述现象或多或少也和马股在MSCI明晟指数中的比重遭调低,导致外资缩减在马股的仓位。

跌深料反弹

分析员预测,基于英国脱欧、美国联邦储备局(Fed)快到升息时机,以及油价不稳定等一系列不明朗因素,马股將继续大幅波动。因此,向来被视为股市篮筹的银行股,就浮现趁低吸纳的投资价值。

具体而言,对于目前估值比价格对资產价值比率(PB)长期平均水平,低1至2点標准差(standard deviation),或低2点以上的银行股,可说已浮现投资价值。例如,按照分析员的说法,马银行、联昌国际、兴业资本、丰隆银行和大马银行,都符合这个条件(参阅附表)。

其中,分析员最为看好遭低估情况较严重的联昌国际和大马银行,均给予「买进」评级,目標价格分別为5.50令吉与5.10令吉。

无论如何,分析员也不排除,同样也出现股价跌深现象的马银行和丰隆银行,將在近期回升。

另外,分析员均「中和」看待丰隆银行、兴业资本、大眾银行、马银行、安联金融集团、艾芬控股和伊斯兰银行(BIMB,5258,主板金融股),目標价格分別为14.10令吉、6.30令吉、20.40令吉、8.70令吉、4令吉、2.30令吉与4.22令吉。

週一,受美国和欧洲股市在上週五大跌拖累,马股继续下跌,其中联昌国际和丰隆银行更是分別大跌16仙(1.21%),报13.10令吉,成为第8大下跌股。

http://www.orientaldaily.com.my/business/cj200017309

联昌国际 拓东盟保险业利长期

拓东盟保险业利长期
55点看 2016年6月28日
分析:肯纳格研究

目标价:4.87令吉
最新进展:


联昌国际(CIMB,1023,主板金融股)放眼与日本银行保险巨擘日本财产保险公司(Sompo Japan)的合作计划,首5年会带来10亿令吉营业额。

联昌国际总执行长东姑再鲁阿都阿兹表示,这项在本月落实的合作,已在新加坡开跑。

他说,未来两年将陆续扩展到其他国家,包括今年底在印尼销售,我国和泰国则会2017年和2018年才开跑。

行家建议:

对于这项合作,在短期内我们不会过度兴奋,因为能够为2017财年增添的营业额不大,假设取得1至2亿令吉,该财年的盈利仅会增强1.5至3%。

尽管如此,我们对长期展望则非常正面,因为联昌国际将借此攫取东盟的市场,并带源源不绝的营业额。

随着中产阶级崛起(尤其是印尼),保险领域的增长动力越来越强劲,东盟非人寿保险未来10年的年均复增(CAGR)估计达7%,市价规模在2025年达到500亿美元(2050亿令吉)。

我们上修目标价至4.87令吉,评级也提高至超越大市。


Jaya Tiasa, Ta Ann to gain from weak ringgit

Tuesday, 28 June 2016
Jaya Tiasa, Ta Ann to gain from weak ringgit

PETALING JAYA: Sarawak-based Jaya Tiasa Holdings Bhd and Ta Ann Holdings Bhd will benefit from the weakening ringgit stemming from the UK’s decision to leave the European Union, according to a research firm.

AmInvestment Research, which is maintaining its “overweight stance” on the timber sector, said it believed the two counters were undervalued compared with plantation stocks.

“Notwithstanding the decline in timber prices since the start of the year and recent volatile crude palm oil (CPO) prices, the value of both stocks continue to be hinged on their plantation segments.

“CPO price remains as a key catalyst, while a key risk is a further decline in prices, which are currently at the RM2,300 to RM2,400 levels,” it said in a report yesterday.

The research firm said, however, Jaya Tiasa and Ta Ann would continue to benefit from the weak ringgit at above the RM4 to the US dollar. It had a “buy” call for both stocks with Jaya Tiasa’s fair value pegged at RM2.18 a share, while Ta Ann Holdings’ at RM3.88.

It added log export prices were sustained at US$220 a cu m though plywood prices remain weak at below US$480 a cu m.

A positive is the removal of the overhang on the future of their timber concessions. Sarawak Chief Minister Tan Sri Adenan Satem had said that he was not looking at breaking up the concessions to the big six timber groups.

The research firm explained its “buy” for Jaya Tiasa was an unchanged fair value of RM2.18 a share based on the financial year 2016 forward (FY16F) price-to-earnings (PE) of 25 times. At 25 times, this was three notches below its 10-year forward PE of 28 times.

For Ta Ann, it maintained a “buy”, with a tweaked fair value of RM3.88 a share (versus RM3.99 a share ex-bonus previously), based on a PE of 12 times (versus 10 times previously) on a cut FY16F earnings per share.

“At the current level, the market appears to be treating the timber division to be at depressed valuations, although this could be attributed to continuing uncertainties at its Tasmania operations.

“Current catalysts include any weakening of the ringgit, and upward trending CPO and timber prices. The risks include a strengthening domestic currency, further pullbacks in CPO prices, and lower-than-expected fresh fruit bunches and CPO production.

“Given the lack of capex requirements for further planting, we now estimate a 16 sen a share dividend (ex-bonus) for FY16F-FY17F for a payout ratio of 45%-58% versus FY15’s 39% and FY14’s 60%. This translates into a yield a 5% for FY16F,” said AmInvestment.

RHB Bank opens at RM4.64 amid weak market

Tuesday, 28 June 2016 | MYT 9:19 AM
RHB Bank opens at RM4.64 amid weak market
BY NADYA NGUI

KUALA LUMPUR: RHB Bank Bhd, which took over the listing status of RHB Capital Bhd in a corporate exercise, started trading on the Main Market of Bursa Malaysia on Tuesday and opened at RM4.64.

At RM4.64, this was five sen below the adjusted price of RM4.69. There were 4,100 shares done.

At 9am, the FBM KLCI was down 5.2 points or 0.32% to 1,624.32. Turnover was 17.99 million shares valued at RM5.82mil. There were 30 gainers and 74 losers.

Its last traded price as RHB Capital was RM6.10 before the banking group's internal restructuring where shareholders received 1.3 RHB Bank shares for every one RHB Capital share.

Reports said the corporate exercise saw the injection of RM2.49bil capital into RHB Bank in exchange for 447.84 million new RHB Bank shares, which were issued at a price of RM5.56 per share, pricing RHB Bank at a price to book value of about 1.1 times.

On Monday, RHB Bank released the compositions of the bank’s board of directors as well as its audit committee and nominating and remuneration committee.

RHB Bank said the board would be headed by chairman Tan Sri Azlan Zainol, who was appointed the chairman of RHB Bank in July 2005 and RHB Cap on June 14.

Azlan was previously the Employees Provident Fund chief executive officer (CEO) until his retirement in April 2013. He has also served as the managing director of AmBank Bhd and AmFinance Bhd.

Monday, June 27, 2016

(Icon) Opensys - Bright Prospects Ahead ?

(Icon) Opensys - Bright Prospects Ahead ?

Author: Icon8888   |   Publish date: Mon, 27 Jun 2016, 04:06 PM 



1. Principal Business Activities

Opensys is principally involved in provision of solutions to the financial services industry in the areas of self-serviced machines and relevant IT services. 

If you don't understand what is "self-serviced machines", they are those elereonic kiosks such as ATMs, Cheque Deposit Machines, Cash Deposit Machines, etc. Opensys' customers are mostly banks, but insurance companies and utility companies also make use of its products.





2. Background Financials



Based on 298 mil shares and price of 28 sen, Openys has market cap of RM83 mil. It reported net profit of RM7.8 mil for the FYE 31 December 2015. As such, historical PER is 10.6 times.  

The group has borrowings of RM10 mil and cash of RM21 mil. Its shareholders' fund is RM44 mil. Based on 14 sen net assets per share, PBR is 2 times.



3. Historical Profitability

The group's revenue and net profit has been on upward trend since FY2012.

Annual Result:
F.Y.Revenue ('000)Profit Attb. to SH ('000)NPM (%)EPS (Cent)PEDPS (Cent)DYNAPSROE (%)
2015-12-3172,5067,76111.002.6111.311.003.390.151117.27
2014-12-3145,3015,59813.001.8816.491.003.230.177210.61
2013-12-3133,2374,66015.002.088.181.005.880.162212.82
2012-12-3132,9823,52911.001.587.601.109.170.151310.44


Details of recent quarters' performance are as set out below :-

 


In FY2015, the group's net profit increased by 39%, in line with higher revenue. However, first quarter of FY2016 was disappointing, with EPS of 0.3 sen only.

What is so great about this stock ? Why do I write about it ?



4. Future Prospects

What is exciting about this group is its prospects. There are many juicy details in the just released 2015 annual report and quarterly report.  

In the 2015 annual report, the group mentioned that traditionally, cash withdrawal and cash deposit are done separately via ATMs and Cash Deposit Machines respectively. However, their latest product, Cash Recycling Machine (CRM), can perform the above two tasks through one machine. This new machine is expected to gain wide acceptance as it will result in cost saving for end users (banks, insurance companies, etc). In addition, only 6% of banks machines are currently CRM. As such, there is still huge potential for the product.




The huge demand for CRM is more than just a concept. It is already materialising in real life. In its latest financial report for the quarter ended March 2016, the company stated that in the first quarter of 2016 alone, they achieved CRM order book more than the total amount last year.  





5. Concluding Remarks

On 20 June 2016, I wrote the article "It Is The Future Earning That Matters, Stupid" to discuss my observation and belief that future earning has huge bearing on share price.   
http://klse.i3investor.com/blogs/icon8888/98931.jsp

On 23 June 2016, I wrote the article "Predicting Future Earning" to discuss how one can make use of bits and pieces of information to try to predict future earning. 
http://klse.i3investor.com/blogs/icon8888/98931.jsp

In that article, I explicitly mentioned that "predicting future earning" is NOT about pulling out a spreadsheet to build a financial model to derive next year EPS. It is more like "walking down the street following the smell of delicious food" :-



Opensys is one good example of how I pick stock by following the smell of money.

As mentioned above, I got to know about the huge latent demand for the group's new product, Cash Recycling Machine, through management discussions in the 2015 annual report and March 2016 quarterly report.

Do I know how much the group's profit will grow ? No, I don't. All I know is that it is LIKELY to grow.

And my guess is that the additional demand should be quite substantial as only 6% of existing bank machines are CRMs. Hopefully this will lead to substantial additional profit. 

Do I know when the profit will grow ? Again, I don't know. But since the company mentioned that it achieved strong order book for CRM in Q1 of 2016 (more than the entire last year), I guess it is a matter of two to three quarters for the profit to show up.   

That is all it takes to arouse my interest. But before I jump in, I did a quick check of the group's balance sheets and cash flow. I also checked the PE Ratio.

They looked reasonable. 

Armed with the above information and knowledge, I pressed the Buy button. Please note I didn't even bother to come up with a prediction for 2016 EPS. There is simply not sufficient information to do that. Garbage in garbage out, it will be a waste of time.   

Will I be successful with this stock ? Nobody knows.

I believe that investing is 50% skills, 50% luck. My role is to assemble a portoflio of stocks with potential for earning growth. Whether those stocks will finally grow or not, I leave it to God to decide.

That is how I punt the market.

大资本油气股首选‧阿玛达前景受看好

大资本油气股首选‧阿玛达前景受看好

Author: Tan KW   |   Publish date: Mon, 27 Jun 2016, 05:50 PM 

2016-06-27 16:31
阿玛达今年盈利虽将走低,惟分析员仍看好其前景,将其列为大资本油气股的首选买进股项。
(吉隆坡27日讯)阿玛达(ARMADA,5210,主板贸服组)今年盈利虽将走低,惟分析员仍看好其前景,将其列为大资本油气股的首选买进股项。
安联星展研究表示,虽然阿玛达今年盈利将比去年疲软,但该公司手握庞大的242亿令吉合约订单,在完成浮式生产储卸油船(FPSO)改装后,将缓慢地转为盈利和现金流。
该行视阿玛达为大资本油气股的首选,看好其估值诱人和其商业模式,具备长期经常性收入来源,在目前市况下提供一些盈利可见度。
目前其合约订单包含89%的浮式生产储卸油船,离岸支援船(O S V)及运输装置(T&I)则占11%。可延长合约选项的总值达122亿令吉。
该行是在6月1日将阿玛达评级调升至买进,目标价85仙,目前对其长期盈利前景仍感正面,保持买进评级,并认为股价仍有上升空间。
该公司的主风险是若油价持续疲软,不排除其它浮式生产储卸油船合约可能被终止。