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Thursday, August 31, 2017

THE FIFTH PERSON:巴迪尼控股 – 你不可不知的6个优势



THE FIFTH PERSON:巴迪尼控股 – 你不可不知的6个优势
The Fifth Person
2016年 11月 23日

本文是由The Fifth Person的Victor Chng撰写。

寻找新投资点子的其中一个方法是多留意你身边的事物。笔者前往马来西亚出差时便给他发现了巴迪尼控股(Padini Holdings)。

他在谷中城美佳广场(Mid Valley Megamall)到处逛时,发现到一些商店的客流量特别高,而巴迪尼就是其中之一。知道了巴迪尼是一家上市公司后,笔者细心研究下,得出以下6个重点。
1. 巴迪尼是一家服装公司,并拥有以下多个时尚品牌



巴迪尼是马来西亚其中一家十分成功的服装公司,它拥有的时尚品牌包括: Padini、 Vincci、 Tizio、 PDI、 Seed、 Brand Outlet 及P&Co。

从上述图表可以看到,为巴迪尼提供最大贡献的是Yee Fong Hung,后者拥有Brand Outlet及 P&Co品牌;其次是 Padini 及 Vincci,它们的贡献分别占了总收入的33.3%及17.5%。
2. 收入持续取得增长



巴迪尼的收入在过去16年持续取得增长,尽管新业者像日本的优衣库(Uniqlo)及瑞典知名服饰品牌H&M 逐一打进马来西亚市场。亮丽的往绩说明了管理层有能力面对竞争对手的挑战。
3. 增长主要来自 Padini 及 Brand Outlet品牌



Vincci一向来是公司的最大收入来源,但随后被大受马来西亚消费者喜爱的Padini及Brand Outlet品牌迎头赶上。在2016年, Brand Outlet 首度成为了公司的最大收入贡献者。展望未来,估计这两个品牌会取得更大的增长。
4. 现金循环周期缩短



现金循环周期(Cash conversion cycle)是指公司把存货转换为现金所需的时间。 现金循环周期缩短是一个好现象。巴迪尼的现金循环周期为30天,相比在2000年为153天。当管理层为巴迪尼添加了资讯科技(IT)系统来管理存货和追踪客户的消费模式后,现金循环周期便大大缩短。
5. 现金充足及债务低企



投资者当然喜欢投资于拥有充足现金的公司。在过去16年,巴迪尼一直处于净现金状况。但在最近6年,公司现金大幅增长的同时,负债维持在低水平。
6. 股息增加



巴迪尼在过去16年派发的股息不断增加。尽管在2008年及2009年环球金融危机及2011年出现欧债危机期间,巴迪尼依然派息给股东。巴迪尼在危机期间依然能够令收入增长及持续派息足以证明公司的财务实力及市场地位。 文章链接:http://cj.sharesinv.com/20161123/41103/,所有文章均为本网站原创,转载请注明来源,作者信息并保留文章链接。
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Labels: Bursa - Padini

巴迪尼控股(PDNI,7052)越做越勇,可趁股价调整时买进


股市资讯研究团队
2017年 08月 29日

大马时装零售连锁店巴迪尼控股(Padini Holdings)的FY17收入年比增加20.7%至15亿7,090万令吉,部份原因是公司在本财年多开了14家新店。但销售成本增加更大的25.5%至9亿5,210万令吉,因此毛利只提高14%至6亿1,880万令吉,毛利率下降2.3个百分点至39.4%。这是由于公司决定把售价维持不变,尽管成本与日攀升。同时公司也采取了更严格的存货政策,使到存货注销和减记额提高。

若不包括注销存货的3,220万令吉开支,FY17核心净利是增加34.4%至1亿8,960万令吉。每股核心盈利提高14.6%至23.9仙。公司宣布派发每股2.5仙的股息,FY17股息合计11.5仙(包括已于6月30日派发的1.5仙特别股息),但肯纳格研究(Kenanga Research)原预期全年股息会达到14.5仙。公司的FY16总股息亦是11.5仙。

MIDF投资研究(MIDF Research)指出,本地时装零售市场充满竞争,并预期巴迪尼下个财年的本地销售额将会回落,因此公司最近在柬埔寨设立业务乃明智之举。然而,基于其柬埔寨业务仍处于初期阶段,相信不会在短期内对公司的业绩带来任何显著的影响。

另一边厢,肯纳格表示,公司的品牌店以注重物有所值的消费者为主是恰当的策略,而重整Vincci及Seed两个品牌的行动也已见效果。肯纳格预期公司将能维持其获利能力,由于其品牌组合强劲及门市数量不断增多。据悉,公司打算在FY18多开12家店。



巴迪尼控股的一年走势。图源:彭博社

巴迪尼昨日(2017年8月28日)闭市报4.06令吉;今日开盘4.06令吉,截至下午3时的最高价为4.14令吉,最低价为3.79令吉。其52周股价范围是2.26令吉至4.31令吉之间,目前的每股账面值约为0.84令吉,股价与账面值比约为5倍,净杠杆比为正数净现金。

自从肯纳格把巴迪尼的评级上调至‘表现超越大市’至今,公司股价已上升了29%。肯纳格表示,公司的资产负债表稳健,营运现金流强劲,加上约为3%的股息获益率,预期其股价将受到这些利好因素的支持。肯纳格把其对公司的FY18盈利预估上调20%至2亿2,450万令吉。
肯纳格研究:

重申表现超越大市:预期总回报会超过10%。
目标价:从之前的3.80令吉上调至4.60令吉

公司目前正以约16倍本益比交易,比其15倍的七年历史高位还来得高。MIDF认为,公司短期内的股价或会因投资者纷纷回吐套利而走软。不过整体而言,MIDF依旧看好这只股,因为开设更多新店及日后拓展至其他地域市场等行动都将对公司的业绩有利。
MIDF投资研究:


中立:预期未来12个月内会上升或下跌15%。
目标价:从之前的2.98令吉上调至3.79令吉
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Labels: Bursa - Padini

Tuesday, August 29, 2017

Tasco Bhd - Full-Fledged Logistics Solutions Provider

Author: kltrader   |    Publish date: Tue, 29 Aug 2017, 03:14 PM 


Investment Highlights

  • We initiate coverage on TASCO Bhd (TASCO) with a target price of RM2.81, which translates into a potential upside of 12.8% against current share price. On top of that, we expect a dividend yield of 2.6% in FY18 (6.5 sen per share). All in, investors shall expect a total return of 15.4%. TASCO offers logistics solutions covering air, sea and land transportations. It serves as a one-stop logistics center to handle domestic and international shipments for the customers.
  • Well established with 40 years of experience. The Group was incorporated in 1974 and subsequently listed on the Main Market of Bursa Malaysia on 28 December 2007. TASCO is a subsidiary of Yusen Logistics Co. Ltd. (YLK), which in turn is a subsidiary of renowned Nippon Yusen Kabushiki Kaisha (NYK).
  • Leverage on parents’ strengths. The Group is able to access to parent companies’ (NYK and YLK) resources especially under TASCO’s international logistics solutions which ride on Yusen logistics brand name. This enables TASCO to offer Air Freight services, Sea Freight services and Buyer Consolidation services that linked to global network with 514 locations and 22,554 employees worldwide. In addition, it renders lower credit default risk to the Group as the parents are act as counterparty agents.
  • Domestic logistics solutions backed by wide network of logistics centers and in-house operation resources. TASCO boasts 21 logistics centers across Northern region, Central region, Southern region, East Malaysia and Singapore. In addition, TASCO operates a total of over 2.6m ft² (243k m2) of warehouse spaces, out of which over 2.3m ft² are selfowned. To support its land transportation operations, the Group possesses a fleet of Trucks (333), Forklift (69) and Trailer (639).
     
  • Banking on potential growths in Malaysian economy and recovery of global economy. Global growth is projected to improve in 2017. This is well supported by the expansion of domestic demand in the advanced and emerging economies. As a highly open economy with well-diversified export products and markets, Malaysia stands to benefit from the better global growth prospects. Gross exports are expected to increase by 5.5% in 2017 (2016: 1.1%), while gross imports are expected to increase by 6.4% (2016: 1.9%).
  • Tapping into cold chain logistics after acquiring one of the leading players locally, i.e. Gold Cold Transport Sdn Bhd (GC) and MILS Cold Chain Logistics Sdn Bhd (MILS) together with 6 parcels of land near Westports. Total capacity for both the acquisitions amount to 37,000 pallets space. In addition, with the acquisition of 174 refrigerator trucks under GC, it would transform TASCO into a full-fledged chilled and frozen food transporter. Thus, TASCO is able to generate synergies with these acquisitions and render more comprehensive of “One Stop” services. Meanwhile, the 6 parcel of lands in Westport could be utilized for the expansion of warehouse in the near future.

Earnings Outlook

  • We expect revenue to grow by 23.7% yoy in FY18F and 5.7% in FY19F whilst PATAMI to increase by 41.2% yoy and 5% yoy respectively. The stellar growth in top lines and bottom lines are mainly boosted by the acquisition of GC and MILS which will be consolidated in FY18F, coupled with positive prospects of our economic growth and the recovery of global economy.
  • Major risks: 1.) Higher fuel price, 2.) Change in government policy, 3.) Hiccup in performance due to loss of major customers, and 4.) Slowdown in domestic and overseas economy.

Valuation & Recommendation

  • We are initiating coverage on TASCO with a BUY call and a target price of RM2.81, based on 13x FY2018F PER. Our target PE valuation is slightly higher than the average forward PE of its peers of 12.8x in view of its commanding position in the sector and at the range of upcycle forward PE. Overall, we are sanguine on its future growth following its venture into cold chain market. With this, TASCO is able to generate synergies across all of its divisions and provide integrated logistics services for its clients.
Source: JF Apex Securities Research - 29 Aug 2017
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Labels: Bursa - Tasco

Mlglobal (续Kerjaya的后尘?)第二篇

Author: Lim Wy | Publish date: Tue, 29 Aug 2017, 12:04 AM



Mlglobal 在今天公布了最新的季度报告!
2017年第二季度报告起了 6804% !是的,没看错。

营业额达到170million,而盈利达到了10 million。这和笔者在上一篇算的营业额167 million和10 million的profit几乎吻合。若如所算的,再多半年后,PE如果15的话,股价将会达到RM 1.59?!

在这边和大家update一下Mlglobal最新的动态,
Mlglobal在今年8月1号,以RM1.1431 的价钱完成了10% 的 private placement。这次的private placement笔者个人本来以为会有大约10%的discount价钱,哪知道只有低于市场价大约 5-6%的discount,所以笔者个人认为这个private placement 的价格非常的便宜。

这个季度的盈利qoq上涨了21%,营业额则qoq上涨了13.5%。这归功于Property Development第一次供应了 10 million 的营业额和 3.5 million的盈利。很不错的开始,接下来我们就期待公司投资了3千万到4千万的IBS为公司创造更好的将来。

若大家仔细研究,Mlglobal 和 Kerjaya是一样的,有好的管理层,好的Order Book, 好的未来。它们都是Reverse takeover 一家更大的企业来增加order book和盈利,所以营业额和盈利才会有爆发性的大涨,Mlglobal的盈利暴涨还会发生多两次哦。这些暴涨都是肯定会发生的,因为order book已经有了,目前Mlglobal的order book有 2 billion。让我们一起期待LBS Bina 会把更多affordable housing的工程交给Mlglobal。

水至清则无鱼,股至清则无疑。

之前笔者曾经分享了Mlglobal的前景,大家可以看一下这个link。

https://limwy94.wixsite.com/foodforthought/single-post/2017/06/01/Mlglobal-%E7%BB%ADKerjaya%E7%9A%84%E5%90%8E%E5%B0%98%EF%BC%9F%EF%BC%89

欢迎大家互相交流分享,喜欢笔者的可以like这个page,大家交流。

https://www.facebook.com/Food-For-Thought-%E5%8F%8D%E6%80%9D%E8%80%85-165594653947325/

纯属分享,买卖自负。
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Labels: Bursa - LBS

[转贴] 国际政治:印度退兵! - Leo Ting

Author: Tan KW | Publish date: Mon, 28 Aug 2017, 11:38 PM
Monday, 28 August 2017

今天最大的消息,莫过于印度在洞朗退兵了。
中国国防部回应,希望印方从此事中汲取教训。
由于金转五国在9月即将首脑会议,
这个时机点退兵是绝对的好事。

老实说,印度退兵对目前的国际局势绝对利好。
压在中国心头上的大石去掉了。
现在看回,莫迪这次派兵入侵洞朗的举动,
原因众说纷云。

从内部来看,印度目前内部问题比中国更多。
莫迪一心改革经济,废除大钞,推动制造业。
但是面对了种种的阻碍,经济形势并不乐观。
所以,有说印度出兵是为了转移焦点。

国家策略来说,印度的从属国,
尼泊尔和不丹在倒向中国,
因为它们会从中国的一带一路得到经济的利益。
这是印度不能容忍的。
而且中国目前在洞朗修路,
地理位置的确可以轻易的掐住印度的咽喉。
西里古里走廊,最窄处只有20公里。
除此之外,不丹和中国是没有邦交的。
不丹的外交和军队都依赖印度政府。

无论如何,印度这次入侵洞朗,
时机也很靠近中国19大,
除了以上的原因,
有没有意图影向中国政局,就不得而知。
最后,习大大在内蒙古以大阅兵立威,
并连番真枪实弹演习给印度施压。

外交方面,美国和日本给印度撑腰。
英国本来也偏向印度,
但是道理上实在说不通,
所以中立化了。
澳洲现在靠中国大量的买矿产支撑经济,
所以也中立。

尼泊尔和不丹两国也说自己中立,
而尼泊尔趁机要了经济的利益。
俄罗斯目前靠中国的美元购买能源和武器而活,
不会支持印度。
巴基斯坦一向是中国的铁杆支持者,
不停的在印巴边境制造冲突,
给印度增加压力。

结果的结果,
印度退兵了,中国松了一口气,
我们也松了一口气,
股市马照跑,舞照跳。

最后也提一提川普,
他对朝鲜很凶很强硬,
其实和莫迪一样,
也是为了转移美国人对他的不满。
对朝鲜开战的可能性几乎没有,
因为朝鲜的后面是中国和俄罗斯,
开战的结果是美中俄的完蛋,
而韩国日本陪葬,所以是一盘死棋。
没人想玩的死棋,只有金正恩很认真的在表演。

Posted by Leo Ting at 07:21

http://leoting81.blogspot.my/2017/08/blog-post_28.html
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Labels: Bursa - Steel

Mitrajaya - Below Expectations

Author: kiasutrader | Publish date: Tue, 29 Aug 2017, 09:19 AM

1H17 CNP of RM32.1m was below expectations, accounting for 31% of both our and consensus estimates.Negative deviation was caused by unexpected losses from their RAPID project due to cost overruns and lower-than expected construction margins from other jobs. No dividends declared as expected. Cut FY17-18E CNPs by 31- 18%. Downgrade to UNDERPERFORM with lower SoP derived TP of RM1.20.

Below expectations. 1H17 CNP of RM32.1m was below expectations accounting for 31% of both our and consensus estimates. The negative deviation was caused by unexpected losses from their RAPID project due to cost overruns and lower-than-expected construction margins from other jobs. No dividends declared as expected.

Results Highlight. 2Q17 CNP was down 30% QoQ despite revenue rising 4% mainly due to lower construction EBIT margins (-7ppt) stemming from losses amounting to RM6.5m incurred from their RAPID project Package 14-0304 worth RM186m (effective stake 49%) which was secured back in Nov 2015. We believe the losses were due to cost overruns from additional safety requirements imposed by the client, leading them to spend on additional machineries and labour. 1H17 CNP was down 32% YoY also due to lower construction margins (-8ppt) on the reasons stated above and also higher effective tax rates (+4ppt). That said, we note that property EBIT contributions increased 173% on the back of higher billings from advance works at Wangsa 9 project.

Outlook. Currently, MITRA’s outstanding order-book stands at c.RM1.42b, providing earnings visibility for another c.1.5-2.0 years. Jobs secured YTD at RM434m, which accounts for 54% of our RM800m target with a remainder of RM366m to be achieved. We note that our replenishment RM800m target is slightly more conservative against management’s target guidance of RM1.0b given the slower property market where MITRA has a strong track record in high rise residential projects. Meanwhile, we note that the abrupt rise in stee prices since July 2017 could potentially compress margins further for the rest of the year. For their property arm, unbilled sales stood at RM233m (mostly from Wangsa 9 residency and Puchong PRIMA affordable homes) which is expected to provide c.2.0 year visibility to the group. Meanwhile, its South Africa division will see unbilled sales of Rand45m (RM14.8m) recognised progressively upon completion of the transfer of ownership in FY17 and early FY18.

Slashing FY17-18E earnings. Post result, we cut our FY17-18E earnings by 31-18% after factoring c.RM18m losses for their on-going RAPID project (Package 14-0304) and reduce our construction margin assumptions (-2ppt) for other on-going projects given the abrupt rise in steel prices since July 2017 (+20% YTD).

Downgrade to UP with lower TP of RM1.20. Post reduction in earnings, we downgrade MITRA to UP (from MP) with a lower SoP derived TP of RM1.20 (from RM1.49). We believe our downgrade is justifiable given that: (i) MITRA has potential earnings risks from their two on-going RAPID projects where outstanding contract value from the remainder 2 RAPID projects stand at c.RM100m-RM150m, and (ii) existing high steel prices could lead to further margin compression. Our TP implies 11.2x FY18E FD PER, which we believe is fair given that it is in line with small-mid cap contractors’ targeted Fwd. PER range of 9- 13x. Risks to our call include higher-than-expected margins, higher than-expected order book replenishment and higher-than-expected property sales

Source: Kenanga Research - 29 Aug 2017
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Labels: Bursa - MitraJaya

Tiong Nam - 1Q18 Dragged by Setup Costs

Author: kiasutrader | Publish date: Tue, 29 Aug 2017, 09:24 AM

Despite an improvement in revenue by 8% YoY, 1Q18 results disappointed with CNP deteriorating 55% YoY, mainly due to setup costs incurred for its transnational logistics and other ventures. As such, we slashed our FY18- 19E earnings forecasts by 23-9% to account for higher logistics expenses. The company is expected to continue its logistics and warehousing segments expansion, having allocated RM100m capex for FY18. Meanwhile, property development earnings will be helped by unbilled sales of RM132.5m (as at end-FY17). Maintain MARKET PERFORM with slightly lower TP of RM1.70.

Below expectations. 1Q18 core net profit (CNP) of RM6.9m (arrived after stripping-off gains and losses from quoted investments) was a disappointment, coming in at only 8% and 9% of our and consensus full-year forecasts, respectively. This was mainly due to the higher-thanexpected expenses during the quarter from setup costs incurred for its transnational logistics. No dividend was declared, as expected.

1Q18 down due to higher expenses. Revenue for the quarter improved 8% YoY, from RM131.1m in 1Q17 to RM140.9m in 1Q18, mainly due to increased logistics and warehousing activity. However, CNP plunged 55% YoY, from RM15.3m in 1Q17, mainly from setup costs incurred for its transnational logistics ventures and new warehouses expansions. This led to a significant increase in overhead expenses (+102%), from RM8m to RM16.1m, as well as other expenses, such as direct operating expenses (+14%), depreciation (+34%), and finance costs (+19%). Effective tax rate was also significantly higher during the quarter (70% in 1Q18 vs 22% in 1Q17). Sequentially, 1Q18 CNP declined 46% QoQ from RM12.9m in 4Q17 to RM6.9m, mainly due to the aforementioned increase in overhead expenses. This was also coupled with weaker property development earnings, with segmental PBT deteriorating by 48% QoQ, from RM16.9m to RM8.9m, on the back of higher unbilled sales recognition in the last quarter.

Logistics to continue expansion. TNLOGIS is set to expand its warehousing capacity to 7.1m sq ft by FY20, from an estimated capacity of 5.3m sq ft as at end-FY17. On other logistics fronts, its expansions into cross-boarding trucking, coupled with its venture into ecommerce delivery services under the brand name “Instant” are seen as longer-term prospects play, with the gestation phases being dragged down by running costs. Overall, the company has allocated RM100m capex in FY18 for these expansion plans. Meanwhile, for its property development, FY18 segmental earnings are expected to be partially supported by its unbilled sales of RM132.5m (as at end-FY17). However, we believe that take-up rates for its property development projects will remain subdued over the longer-term.

Maintain MARKET PERFORM. Following the earnings disappointment, we trimmed FY18-19E earnings forecasts by 23-9% to account for higher expenses in its logistics and warehousing divisions. Our SoP-TP is also lowered slightly to RM1.70 (from RM1.71 previously) as we roll forward our valuation base-year to FY19. With that, we maintain our MARKET PERFORM call. Risks to our call include (i) drastically higher-than-expected expenses from its logistics segment, and (ii) slower-than-expected sales and earnings recognition from its property development.

Source: Kenanga Research - 29 Aug 2017
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Labels: Bursa - TiongNam Logistics

【MITRA也中业绩炸弹】 - Harryt30

Author: Tan KW | Publish date: Mon, 28 Aug 2017, 11:44 PM

MITRA今天刚刚公布了业绩,YOY下跌55%,盈利在连续17个季度YOY进步之后,终于迎来了业绩炸弹。
重点摘要:
- 营业额RM304.47 mil是历史新高
- 这个季度的建筑盈利PBT只有RM2.02 mil,原因如下:However, additional cost needed to comply with stringent requirements with regards to safety and different working procedure especially for the oil and gas projects have caused the reduction in profit for this division.
- 产业盈利会持续保持正面贡献
展望:
- 公司预计建筑营业额会不错,不过盈利会下滑,This is mainly due to additional cost is needed to comply with stringent requirements with regards to safety and different working procedure for the oil and gas projects.
- 产业部门预计会贡献更高的营业额以及盈利,PRIMA PUCHONG的Take up rate高达97%
- 南非投资贡献会减少,因为产业已经卖完,现在剩下RM14.81 mil。
总结:
为了要符合Oil & Gas 工程的安全条规,公司在建筑部门的Additional cost增加了,因此今年的盈利会受到影响。从这个季度Prospect来看,建筑部门会很具挑战性。不过公司的Additional cost是用来符合油气Project的安全条规,是否意味着未来会竞标油气合约,这都有待考察。
不过以短期来看,市场会对这个业绩表现得失望,股价肯定会受到影响。长期的话,还是要看管理层的操作以及表现。
Harryt30
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Labels: Bursa - MitraJaya

[转贴] 金属大多头-2 - Leo Ting

Author: Tan KW | Publish date: Tue, 29 Aug 2017, 11:53 AM
Monday, 28 August 2017

早在2017年2月写过一篇金属大多头。
http://leoting81.blogspot.my/2017/02/20162017.html
但是上半年,科技股和炒股风靡了马股,
所以,这个主题并不引人注目。
这篇文章再看看金属股的潜能!



金属是国际主要的商品,
仅次于石油天然气,多于谷类和食油类。
金属股是循环股,走势有预警的作用,
如果需求上升,通常代表经济也在上升。
这一轮的上升,更多是各国的基建带动,
和中国的因素。

这一轮金属上升周期,
我们比较熟悉的有金银铜铁铝煤锡。
在国外,金属是以有色金属和黑色金属分类。
金银铜铝锡是有色金属。
铁和煤是黑色金属。

大马本身并没有太多的矿,
除了锡和少许黄金。
这一轮金属大多头最受益的是上游,
包括炼铝,炼钢铁, 炼锡的产商。
炼铝首推Pmetal, 世界级的企业,
未来具备进入FBMKLCI30的工业股。
炼钢铁则是4大长钢商,
最受益的是拥有庞大库存的
Annjoo 和 Ssteel.
炼锡则是MSC.
黄金方面,
BORNOIL只能提炼很少的黄金。

除了上游,很多人不停的询问
金属中游,下游和加工,贸易商会不会赚钱。
答案是看库存和能不能涨价,把成本转嫁给顾客。
只要有旧库存,就可以赚一笔额外的理论。
适中到高库存的公司会受益。

中游业者比较辛苦, 在外国和本地的上游涨价,
如果之前订单过多,无法转嫁成本,
那就赚不了钱。
下游加工和贸易商的情形比较好,
什么价钱来,就什么价钱卖。
赚个加工费和原料价差。

总的来说,2017年金属业者大多都会赚钱,
而且当中有些公司大丰收,
年尾等待他们的是丰厚的几个月到一年的花红。

Posted by Leo Ting at 20:07

http://leoting81.blogspot.my/2017/08/2.html
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Labels: Bursa - Steel

Tiong Nam to invest RM100mil to expand fleet, strengthen network

Monday, 28 August 2017 | MYT 9:32 PM

Tiong Nam invested RM286.8mil over the last two financial years.

KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd has allocated RM100mil as capital expenditure (capex) for the financial year ending March 31, 2018, as part of an expansion plan for its logistics and warehousing network across South-East Asia.

The capex would be used to buy new vehicles to grow the group’s transportation fleet, build new warehouses in line with growing demand and strengthen its newly-established South-East Asia to China cross-border logistics network, it said in a statement on Monday.

“Looking ahead, we are confident that our expanded infrastructure and improved range of services would provide businesses with greater regional reach, granting them the competitive edge and agility in today’s global marketplace,” said managing director Ong Yoong Nyock.

Tiong Nam invested RM286.8mil over two years spanning FY2016 and FY2017, during which the group expanded its presence in Vietnam, Myanmar, and China.

The group also saw its total warehousing capacity increase to 5.3 million sq ft as at end-FY2017, from 4.8 million sq ft as at end-FY2016.

“With the new capex allocation, Tiong Nam expects its warehousing capacity to increase by 0.7 million sq ft to reach 5.9 million sq ft by end-FY2018.

“The group has a long term target of reaching 7.1 million sq ft in total warehousing capacity in FY2020,” he said.

Meanwhile, the group’s newly-established first last-mile delivery service, Instant, is to target new opportunities in the e-commerce sector, has entered into discussions with a number of prominent e-commerce brands in Malaysia.

“We are hopeful of forging long-term partnerships in the e-commerce space both domestically and regionally,” said Ong.

For the first quarter ended June 30, 2017, Tiong Nam recorded revenue and net profit of RM140.9mil and RM0.7mil respectively, compared to RM131.1mil and RM13.4mil a year ago. - Bernama

Read more at http://www.thestar.com.my/business/business-news/2017/08/28/tiong-nam-to-invest-rm100mil-to-expand-fleet-and-strengthen-network/#AxLDqKYSJJP5DFko.99
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Labels: Bursa - Capex, Bursa - TiongNam Logistics

Foreign funds sell RM382.1m in equities

Tuesday, 29 August 2017


PETALING JAYA: General foreign investor activity remained suppressed for the week ended Aug 25 despite an uptick in trade aggressiveness, according to MIDF Research.

“For the week, foreign funds withdrew RM382.1mil net based on transactions in the open market, excluding off market deals. This is the highest weekly attrition for the year,” it said in a report.

MIDF noted that foreign funds were selling for the past six trading days, the longest daily selling streak since December.

It said outflows gradually tapered during the six-day stretch as ringgit gained traction amid US dollar weakness before the Jackson Hole meeting took place.


The weekly attrition was in conformity with those seen by South-East Asian peers notably Thailand, Indonesia and the Philippines.

So far, foreign investors have been selling for eight weeks this year but the longest weekly selling stretch is only three weeks in a row. Therefore, a sustained period of selling has not yet been observed.

“Despite the largest weekly disposal, the cumulative year-to-date net inflow still stands above RM10bil,” MIDF said.

Foreign participation rate picked up for the week. The foreign average daily trade value (ADTV) increased by 13% from RM611mil to almost RM700mil.

Retail participation took cue from the foreign side as the retail ADTV increased by 5% from RM830mil to RM870mil last week, marking its fourth back-to-back week of being above RM800mil.

Genting Malaysia Bhd stocks were the beneficiary of the highest net money inflow of RM7.26mil for the week ended Aug 25. Its share price underperformed the benchmark index with a 5.21% loss for the week.

MIDF said the net inflow amidst declining share price indicated a buy-on-weakness stance among some investors.

The second-highest net money inflow beneficiary was Petronas Gas Bhd, amounting to RM5.05mil, while AirAsia saw the third-highest net money inflow of RM4.25mil.

Kuala Lumpur Kepong Bhd saw the largest net money outflow of RM12.29mil last week.

Hong Leong Bank Bhd recorded the second-largest net money outflow of RM12.11mil during the week under review.


Read more at http://www.thestar.com.my/business/business-news/2017/08/29/foreign-funds-sell-rm3821m-in-equities/#4WbY0mP4KevIb2qW.99
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Dominant plans new plant

Tuesday, 29 August 2017

“We are hopeful this new factory will contribute 10% to our revenue upon its completion,” it said in a statement. (Picture shows some of its production)

KUALA LUMPUR: Dominant Enterprise Bhd has allocated RM23.8mil in capital expenditure (capex) for the next three years to build a plant in Dengkil, Selangor, to further increase its production capacity.

The capex comprises RM10.3mil for the 4.2 ha land and RM13.5mil for the construction of the plant, which will be funded by internally generated funds and bank borrowings.

“The plant will improve production capacity by 5%, allowing the group to capture a larger market share in Peninsular Malaysia and abroad.

“We are hopeful this new factory will contribute 10% to our revenue upon its completion,” it said in a statement. — Bernama

Read more at http://www.thestar.com.my/business/business-news/2017/08/29/dominant-plans-new-plant/#B1MrJpRT8FcCLJtS.99
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Labels: Bursa - Capex, Bursa - Timber

Monday, August 28, 2017

Pesona Metro - Counting Down to the Acquisition of SEP

Author: HLInvest   |    Publish date: Mon, 28 Aug 2017, 02:49 PM 


    Results

    • Pesona reported 2QFY17 results with revenue of RM181m (+13% QoQ, +114% YoY) and earnings of RM6.1m (+1% QoQ, +8% YoY). This brings cumulative 1H revenue to RM341.5m (+85% YoY) with earnings at RM12.1m (+3% YoY).

    Deviation

    • 1H earnings formed 40% of our full year forecast which we regard to be slightly below expectations. Although 1H revenue surged 85% YoY, this was slightly less than what we had anticipated.

    Dividends

    • None declared for the quarter.

    Highlights

    • Digesting the results. We are not perturbed by the flattish earnings in 1H (+3% YoY) as other income was exceptionally high in the same period last year (RM10m) due to interest earned on receivables for the UNIMAP project. Earnings momentum is expected to be stronger in 2H as execution on its orderbook gains further traction, particularly on those jobs that it secured in 4Q last year.
    • Slow job wins but orderbook still sizable . Job wins have been slow for Pesona this year with nothing secured YTD. Management said that it lost out on 2 building jobs where it was one of the frontrunners. Nonetheless, its orderbook remains healthy at RM1.7bn, translating to a cover of 4.5x on FY16 construction revenue.
    • SEP acquisition may be concluded soon. We gather that Pesona may soon be concluding the acquisition of SEP (concessionaire for UNIMAP hostel). The key milestone is that Pesona recorded its maiden maintenance revenue from the hostel in 2Q amounting to RM5.1m. PBT margin on the maintenance was high at 76%. Upon acquiring SEP, Pesona will be able to recognise fixed annuity payments amounting to RM28m annually.

    Risks

    • Delays in the acquisition of SEP.

    Forecasts

    • We cut FY17-19 earnings by 10%, 7% and 9% respectively as we scale back orderbook recognition and lower new job wins for this year from RM500m to RM250m. Rating Maintain BUY, TP: RM0.76
    • Pesona offers investors exposure to a pure construction play with an incoming stream of recurring earnings. Its financials are solid with strong earnings growth (3 year CAGR: 35%) and increasing ROE (18%).

    Valuation

    • With the earnings cut, our SOP based TP is reduced from RM0.81 to RM0.76. This implies FY18 P/E of 13.2x which we reckon is fair for a pure construction play in an earnings upcycle with concession exposure.
    • The impending issuance of 39.5m shares at RM0.70/share (to acquire SEP) should provide a rerating impetus for the stock.
    Source: Hong Leong Investment Bank Research - 28 Aug 2017
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    [转贴] 5007 Chinwel 与 5665 Ssteel - Leo Ting

    Author: Tan KW | Publish date: Mon, 28 Aug 2017, 12:34 PM
    Sunday, 27 August 2017

    这篇文章是建立在另两篇文章之上。
    所以,读者必需先读两篇。
    其一是: 5007 Chinwel 晋纬

    http://leoting81.blogspot.my/search/label/5007%20Chinwel

    其二是一篇FOCUS的专访:



    作为台湾早期南向企业之一,
    落脚于槟城。
    它是世界级企业
    三兄弟,大哥蔡永龙现任中国大陆晋亿实业董事长、
    老二蔡永泉负责马来西亚和越南厂,是晋纬总经理,
    老三蔡永裕则是台湾晋禾总经理。

    由于在中国,台湾,大马,越南都有工厂,
    可以互相协调供应,和搜寻物料价格,
    所以拥有强大的优势。
    一般来说,台湾生产高端产品,
    中国之前得利于廉价钢铁,
    也供应大马钢卷 。

    大马的业务主要分为两大项。
    一是螺丝铨,二是钢线材。
    营业额的两大市场是大马和欧盟。
    其它东盟国家比重不大。

    在FOCUS的专访当中,
    可以看到螺丝铨的原料依然无法本地获得。
    但是钢线材的wire mesh,
    之前是从中国进口,
    现在则寻求同在槟城的SSTEEL的供应,
    供应出口市场。
    这当中的原因很简单,
    大马的长钢WIRE ROD 目前比中国便宜许多。

    管理层也说会缩减和停止渡锌钢线。
    (galvanised steel wires).
    道理也很简当,因为金属-锌的价格暴涨。
    所以,它们会转向wire-mesh,围篱和石笼墙。
    当中wire-mesh和围篱得本地供应原料。

    总的来说,这是两家基本没太大关系的上市公司,
    由于世界钢铁的格局转变,
    Chinwel 开始需要Ssteel的供货。
    当然,这只是一个个案,
    而大马各家之前都依靠中国廉价钢铁的公司,
    全部都面对同样的问题。

    可以预料,中国的5年去产能将会贯撤到底,
    而大马主要长钢商的扩充产能必然箭在弦上。

    Posted by Leo Ting at 07:33

    http://leoting81.blogspot.my/2017/08/5007-chinwel-5665-ssteel.html
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    Labels: Bursa - Steel

    Padini - Year-end Exceptional Sales

    Author: kiasutrader | Publish date: Mon, 28 Aug 2017, 08:53 AM

    FY17 core net profit of RM189.6m (+34%) excluding the inventories written off came in above expectations at 118%/120% of our/consensus full-year forecasts due to lowerthan expected operating expenses. Post results, we increase our FY18 earnings by 20% and we introduced our earnings assumptions for FY19 (at RM239.9m), as we impute more positive same-store sales growth coupled with the expansion of new stores. As such, we increase our TP to RM4.60 (from RM3.80, previously). Reiterate OUTPERFORM.

    FY17 above expectations. FY17 core net profit at RM189.6m (+34%) excluding the inventories written off (at RM32.2m) was above expectations at 118% of our in-house forecast and 120% of consensus due to lower-than expected operating expenses. An interim DPS of 2.5 sen and a special DPS of 1.5 sen was declared, bringing the FY17 DPS to 11.5 sen (FY16: 11.5 sen), which was below our expectation (of 14.5 sen for FY17).

    YoY, FY17 revenue surged 21% to achieve record sales of RM1.6bn driven by additional sales from 14 new outlets (6 Padini Concept Stores, 7 Brands Outlets and 1 free-standing store) as well as strong sales growth from its existing stores. Gross profit grew slower than revenue, by 14% with lower gross margin at 39% (-2.3pts) attributed to higher inventories written off at RM32.2m (FY16:RM10.0m) and the group’s strategy to maintain retail prices in spite of pressures from rising costs arising from weaker MYR. Nonetheless, excluding the inventories written off, core net profit grew higher by 34% on the back of lower selling and distribution expenses allocation of 27% (FY16: 28% of revenue) and lower effective tax rate at 26.2% (FY16:26.4%).

    QoQ, 4Q17 revenue surged by 23% attributed to the aggressive promotion for Hari Raya Aidilfitri festive season. However, gross profit grew slower than revenue by 3% with lower gross margin at 34% (- 6.7pts) attributed to higher inventories written off at RM26.0m (3Q17:RM2.3m) and the group’s strategy to maintain retail price in spite of the pressures from rising costs arising from weaker MYR. Nonetheless, excluding the inventories written off, core net profit managed to jump 76% due to lower selling and distribution expenses allocation of 24% (3Q17: 29% of revenue), and netted off by a higher effective tax rate of 27.5% (3Q17:25.0%)

    Flying high above headwinds. We are positive on the strong set of results that was achieved despite the weak consumer sentiment throughout the year. We believe Padini has adopted the right strategy in focusing on the value-for-money segment in Brand Outlet while the business restructuring in Vincci and Seed has also born fruit. Moving forward, we expect the earnings momentum to be sustained, underpinned by the strong brand profile of the Group and the continuous expansion in new stores.

    Post results, we increased our FY18 earnings by 20% and we introduced our FY19 earnings assumptions (at RM239.9m). We impute more positive same-store sales growth (SSSG) coupled with the expansion of new stores. We understand that Padini is planning to open another 12 new stores for FY18. We assume the same for FY18 and we assume another opening of 12 new stores for FY19.

    Maintain OUTPERFORM call with a higher Target Price of RM4.60 (from RM3.80, previously), based on PER of 13.4x against FY18E EPS, which is in line with +0.5 SD over its 5-year forward average PER. The share price rose 29% since we upgrade our call to OUTPERFORM and we believe the dividend yield of 3% on the back of sturdy balance sheet and strong operating cash flow should continue to provide support to the share price. Reiterate OUTPERFORM call.

    Source: Kenanga Research - 28 Aug 2017
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    SKP Resources - Within Expectations

    Author: kiasutrader | Publish date: Mon, 28 Aug 2017, 08:46 AM

    1Q18 NP came in line and so was the absence of dividend. We made no changes to our FY18E/FY19E earnings. Several strategic measures have been initiated to strengthen the group’s manufacturing capabilities to drive revenue growth momentum further with better profitability in the medium term. While we have yet to account for the positives, the riskreward ratio is appealing at this level, even with our conservative forecasts. Maintain OP with an unchanged TP of RM1.60.

    Within expectations. The group reported a decent 1Q18 net profit (NP) of RM33.4m (+1% QoQ; +83% YoY) which made up 25%/24% of both our and the consensus’ full-year estimates. As expected, no dividend was declared for the quarter under review. Note that the group usually pays its final dividend by end of July/early August; with dividend pay-out of no less than 50% as per its dividend policy. We are expecting the group to pay DPS of 5.4 sen for FY18 based on a payout ratio of 51%. For FY17 dividends, recall that the group has on 21st July 2017 announced a final single-tier DPS of 4.15 sen.

    YoY, 1Q18 revenue soared by 64% driven by: (i) second tranche of household electrical appliances (floor cleaning) contracts, and (ii) full contribution from the new revolutionary products (beauty tools). With the subsiding cost pressures (on the absence of last minute hiring of higher cost contract workers in 1Q17 to meet high orders) coupled with the continuous yield improvement on lower wastage, EBIT margin improved by 0.7ppts to 8.3%. With stable ETR, NP improved by 83% (with NPM of 6.4%). QoQ, while 1Q18 revenue decreased by 11% on shorter working months as well as the normalization from the high base in 4Q17 (which was boosted by the exceptionally high orders from key customer), EBIT dropped by a much lower magnitude of 1% with margin improving by 0.8ppts alongside better operational efficiency. With lower ETR of 24% (-1.6ppts), NP improved by 1%.

    Orders remain resilient; with potential margin enhancement coming from vertical integration. The orders for its main revenue drivers- the Beauty products and Household products which will contribute at least RM1.7b-RM2.0b in FY18E-FY19E, are still intact. While top line growth remains decent with a 2-year revenue CAGR of 16%, the key potential catalyst in the medium term to us, is on its potentially better profitability (beyond the current level) which could be reaped from its new PCBA services. Note that currently, the group is sourcing the PCB parts from other EMS players. To further improve its profitability as well as its capability as a complete integrated ‘one-stop’ EMS service provider, the group has on April 2017 announced its long-term strategic plans to expand into PCBA and other EMS related services. In our last visit in July, we were delighted to gather that the PBCA set-up will be up and running in 4QCY17, which will utilise 25% of space in its new plant. While we have yet to account for the margins accretion from the PCBA services given the scarcity of details, we see potential of margins improvement from our current conservative CNP margin assumption of 5.6%-5.7%, judging from the trend of other EMS players with in-house PCBA capability. On top of that, it is also noteworthy that with more complete integrated one-stop EMS services, this will enhance the group’s position in winning more contracts from its major customers.

    Maintain OUTPERFORM with an unchanged TP of RM1.60. We made no changes to our FY18E/FY19E earnings for now as our assumptions are still intact. Hence, we maintain our TP of RM1.60, which is based on an unchanged 13.5x FY19E PER (the average 3-year forward PER). Maintain OUTPERFORM.

    Source: Kenanga Research - 28 Aug 2017
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    Labels: Bursa - SKPRES

    [转贴] 猶太人9條賺錢法則:薄利多銷最愚蠢!

    Author: Tan KW | Publish date: Sun, 27 Aug 2017, 09:36 PM

    猶太人有著天生做商人的智慧,他們的行銷法則是“要麼把更多的產品賣給同一個人,要麼賣給更多的人同樣產品”,永遠沒有“薄利多銷”的說法。

    現在我們不妨看一下猶太人的經商之道,或許能夠為你找到一條快速致富的道路。



    1、瞄準女人

    猶太商人認為想要賺錢,首先必須要瞄準女人。因為男人擅長賺錢但不擅長花錢,

    男人的興趣根本不在保管與使用金錢上,而是放在賺錢上。所以多重視女性市場,會比大範圍的行銷更容易成功。

    2、為錢走四方

    猶太人重視利益,他們會因為利益做出很多不可思議的事情,在他們看來只有利益才是最重要的,俗話說:「慈不掌兵義不掌財」,猶太人有著天生經商的思維。


    他們居無定所,沒有國家概念,沒有固定的市場,只要能夠跟自己做生意讓自己賺錢,誰都能夠是朋友。

    在如今經濟全球化的背景下,所有企業的行銷都應該是為錢走四方,做四方生意,賺取八方錢財。不斷的拓展國際市場,在全球化的背景下尋找新的商機。

    3、遵循 78:22法則

    78:22法則是一個自然法則,如服飾、餐飲、建築、珠寶、藥物等22%的行業,基本上占了約78%的生活消費。所以,猶太人所經商的領域大多數集中在這22%的領域。


    還有的就是男人掙了這個世界78%的錢,而女人消費了這個世界78%的錢,22%客戶為企業創造了78%的利潤。

    因此在行銷中,企業也應該堅守這22%的核心事實大客戶的行銷戰略,既以客戶價值為基礎,把握重點產品和重點客戶,從而提升行銷效率。

    4、為嘴巴服務

    行銷過程中猶太人認為應該瞄準別人的嘴巴,用「嘴巴」做生意,為嘴巴服務。

    為嘴巴服務的行業包括蔬菜店、魚店、酒店、雜貨店、米店、點心鋪及水果店等,他們認為這類行業一定能夠賺錢。

    吃是所有動物的最基本需求,隨著人們消費水準的提高,對吃的要求也在增加,只有不斷滿足客戶嘴巴的需求,才能夠有巨大的發展空間。

    5、用腦去賺錢

    在猶太人的觀念裡,只有會賺錢的智慧才稱得上是真正的智慧,如果有機會賺錢而放棄那是對錢犯了罪,要遭報應的。


    猶太商人賺錢強調以智取勝,用腦去賺錢,因為智慧是能賺到錢的智慧,也就是說,能賺錢方為真智慧。

    猶太人將智慧和金錢等同,把金錢作為智慧的尺度,認為錢和智慧難以分開。




    行銷需要用腦,需要用到智慧,比如分析消費者的行為,利用消費者支配欲望、好奇、恐懼、不安心理等等因素。

    6、昔日如金

    猶太人經商有一句格言叫做「勿盜竊時間」。意思就是有台不會妨礙別人一分一秒的時間。

    猶太人信奉「時間就是金錢」的真理,他們用所自己所有的時間去搶佔商機。

    在商業競爭日益激烈的今天,「快魚吃慢魚」,行銷活動和行銷事件要快速的回饋,爭取主動,才能不斷的調整,積極應對變化。

    內容未完結,請點擊“第2頁”繼續瀏覽。

    7、靠資訊搶佔商機

    在相同的條件下,誰能夠捷足先登搶佔商機誰就能穩操勝券。

    在商業行銷中,需要不斷的分析市場諮詢,搶佔先機,快速制勝,還需要對宏觀環境分析等。

    在與競爭對手的博弈中,要快速出擊搶佔市場。

    8、講誠信

    雖然猶太人重利,但是在全世界商人的嚴重,猶太人的重信守約是除了名的。

    他們的經商中注重「契約」,一旦簽訂契約之後,不論發生什麼問題都不會輕易的解約。

    他們認為「契約」對上帝的承諾,甚至連口頭的允諾上帝也聽得見,也需要遵守。

    在行銷活動中,同樣需要誠信行銷,遵守遊戲規則,與行銷利益相關者建立互信的合作夥伴關係,用真誠去打動顧客,以誠信為根本。

    9、 善於整合資源

    猶太經濟學家威廉立格遜說過:「一切都是可以靠借的,可以借資金、借人才、借技術、借智慧。」

    換句話說,這個世界已經准好好了所有的資源,你要做的僅僅是用你的智慧把他們有機的組合起來,這樣便能實現互惠共贏。



    行銷活動同樣需要整合資源,無論是行銷傳播還是價值鏈管理,均需要整合資源和「借勢」。

    如事件策劃需要借勢,品牌打造需要借勢,終端促銷需要借勢,行銷傳播需要整合資源等等。

    深圳十大管理諮詢顧問樊小甯老師說過行銷的關鍵是將客戶的錢從他的口袋轉移出來,將產品和企業的思想裝進客戶的頭腦。

    我們在行銷過程匯總,不僅要找出自己的客戶並解除他,還要讓客戶對自己的服務滿意,不僅要「借勢」還要「攻心」,這樣才能激發客戶的購買欲望。

    http://aboutfighter.com/docNXhZanQxRTZIc0E9/3322
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    Labels: Entrepreneurship

    Thong Guan Industries - 1H17 Well Within Expectations

    Author: kiasutrader | Publish date: Mon, 28 Aug 2017, 09:47 AM

    1H17 core earnings of RM28.6m came in well within our (48%) and consensus (45%) expectations. No dividends, as expected. Maintain FY17-18E earnings of RM60.0-68.2m. FY17 will see the commissioning of the 33-layer nano technology stretch film line, the 8th PVC food wrap line in 2H17, and a 5-layer blown film line, with earnings accreting mostly in FY18. Reiterate OUTPERFORM and TP of RM5.40 on FY18E FD EPS of 37.1 sen and an unchanged Target PER of 14.6x.

    1H17 core net profit (CNP*) of RM28. 6m came in within our and consensus expectations at 48% and 45%, respectively. No dividends, as expected. We expect dividends to be paid out in 2H17, while historical trends suggest that TGUAN tends to declare the bulk of dividends in 4Q whilst maintaining a 30% pay-out ratio, which is in line with our estimates.

    Results Highlights. YoY-Ytd, TGUAN?s top-line grew by 11% on the back of solid sales volume growth from its plastic segment (+12%), which mostly driven by export sales, as well as the F&B segment (+6%). PBT margins declined marginally (-1.0ppt) due to the F&B segment from lower tea sales which generally have better margins, leaving PBT flattish YoY, while NP declined on higher effective tax rates of 18.4% (vs. 15.0% in 1H16). However, CNP was up by 3% after adding back losses on forex of RM1.8m. QoQ, top-line increased by 3%, on better sales from both segments, but CNP was down 7% as PBT margins declined by 0.1ppt, and excluding unrealised forex loss of RM1.8m in 1Q17.

    Outlook. Top and bottom line growth were driven by higher margin products with the commissioning of second 33-layer nano technology stretch film line, the 8th PVC food wrap line in 2H17, and plans for a 5- layer blown film line which we expect earnings to accrete mostly in FY18. TGUAN is consistently investing in R&D to improve sales and margins on existing products (i.e. stretch film) and continues to revamp its customer base to target more MNCs. We are positive on TGUAN?s prospects and we expect continued expansion into high-margin production lines to sustain the Plastic segment?s margins going forward. Note that we make no changes to FY17-18E earnings of RM60.0- 68.2m.

    Maintain OUTPERFORM and TP to RM5.40. We maintain our FY18E FD EPS of 37.1 sen on an unchanged Target PER of 14.6x. We like TGUAN for its consistent earnings, and plastic segment margin (c.8- 9%) since FY16, with most upsides from capacity expansion already factored into our estimates. We believe further earnings upside will come from the Group?s ability to boost margins from improved product mix, while its strong net cash position allows for further capacity expansion. Even on our conservative applied PER of 14.6x vs. other plastic packagers under our coverage of 17.6x to 20.5x, TGUAN warrants a OUTPERFORM call as its fundamentals are intact while upsides are attractive.

    Risk to our call include; (i) volatile plastic resin prices, (ii) foreign currencies risk, (iii) lower-than-expected contribution from its China- based subsidiaries, and (iv) lower-than-expected margin.

    Source: Kenanga Research - 28 Aug 2017
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    Labels: Bursa - ThongGuan

    Tomypak Holdings Berhad - 1H17 Below Our Expectation

    Author: kiasutrader | Publish date: Mon, 28 Aug 2017, 10:13 AM

    1H17 core earnings of RM9.2m came in below our expectation, at 39% on weaker margins in 2Q17. 1H17 dividend of 1.18 sen is also below at 40%. We expect TOMYPAK to grow by 89% up to 36,000MT p.a. by FY20-21. We lower earnings by 12-10% to RM20.9-26.6m in FY17-18E on lower margins. Maintain MARKET PERFORM but lower TP to RM0.92 upon lowering earnings, based on an unchanged Fwd. PER 19.2x on FY18E FD EPS of 4.8 sen.

    1H17 core net profit of RM9.2m is below our expectation, achieving 39% of our FY17 estimate. No consensus available. Topline is within at 46%, but we believe 2Q17 was an exceptionally weak quarter, on higher raw material cost and product mix, which affected margins. 2Q17 dividend of 0.8 sen was declared while total 1H17 dividend of RM4.9m implies 1.18 sen which is also below our estimate (40% of our estimate of 2.9 sen) post accounting for the enlarged share base post the share split and bonus issue which was completed on 2nd June 17. 1H17 dividend pay-out represent a 47% pay-out ratio vs. our expectations of 50%.

    Results Highlights. QoQ, topline was down by 3% due to lower demand from overseas customers this quarter, while margin was also affected, down 4.5ppt on higher raw material cost. All in, CNP was down by 57% after excluding RM1.3m unrealised gain. YoY-Ytd, topline was down by 2% due to similar reasons mentioned above, on the back of flattish EBIT margins, dragged down by a weaker 2Q17. However, CNP margins were up slightly (+0.6ppt), increasing CNP by 6% due to lower effective tax rates from the reinvestment allowance.

    Outlook. TOMYPAK plans to increase capacity by 89% up to 36,000MT p.a. by FY20-21 (from 19,000MT p.a. currently) by constructing a new plant in Senai. Phase 1 of the capacity expansion will come on-stream from 2H17 to 1H18, while Phase 2 and 3 will see capacity growing gradually from FY19 up till FY20-21. As such, we expect revenue to grow by 1-23% in FY17-18E, while historical revenue growth has been rather flattish at 2.4% to -1.5% in FY15-16.

    Lower earnings by 12-10% in FY17-18E to RM20.9-26.6m (from 23.8- 29.4m) mostly on higher raw material cost (+6%), which include resin, and ink cost, while we expect product margins to improve in coming quarters on better export sales. All in, we lower net margins to 8.9-9.3% (from 10.2-10.2%). We still expect strong earnings growth in FY17-18E of 9.9-27.5% driven by the group’s bullish capacity expansion plans, backed by improving EBIT margins, lower effective tax rates (12-13% in FY17-18E, vs. 21% in FY16) from Reinvestment Tax Allowance (RA), and riding off a weaker FY16 due to higher operating cost and the absence of the RA.

    Maintain MARKET PERFORM but we lower our fully diluted TP to RM0.92 (from RM1.00) based on a lower FY18E FD EPS of 4.8 sen (from 5.3 sen) upon lowering earnings and an unchanged Fwd. PER 19.2x, which is slightly below SLP (20.5x Fwd. PER) and SCGM (19.9x Fwd. PER) as they are both faring better than TOMYPAK in terms of margins, earnings growth and ROEs. We like TOMYPAK for its: (i) reputable client base, (ii) resilient demand in the F&B industry, (iii) bullish expansion plans of 89% up to FY20-21, (iv) effective turnaround and management since FY14, and (v) being a beneficiary of a strengthening USD. However, based on our fully diluted Target Price of RM0.92, we believe TOMYPAK is fairly valued warranting a MARKET PERFORM call.

    Risks to our call include; (i) higher-than-expected resin cost, (ii) weaker product demand, (iii) foreign currency risk from strengthening Ringgit, and (iv) new entrants/competition biting into its market share.

    Source: Kenanga Research - 28 Aug 2017
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    Labels: Bursa - Packaging

    [转贴] 潘力克:借助中国融资《清迈协议》 大马不再有金融危机


    Author: Tan KW | Publish date: Mon, 28 Aug 2017, 12:44 PM

    2017年8月28日



    众嘉宾为听众剖析宏观经济、投资创业、企业融资及税务管理,希望人人都有出头天。左起为周德谦、周芝简、颜海錀、江华强、黄玉珠、李志亮、林恒毅、谭贤凯及潘力克。

    (吉隆坡27日讯)华总经济研究委员会委员潘力克说,马来西亚在面对全球经济环境挑战存有一些隐忧,惟亚洲金融危机不会重现,大马不会再面临这类危机打击。

    他说,即使面对全球经济冲击,导致外汇储备不足,大马仍可仰赖中国银行融资及《清迈协议》协助渡过难关。

    “截至今年8月15日,我国外汇储备金达1004亿美元(约4290亿3932万令吉),足以应付一些资金流出等波动;当年亚洲金融风暴爆发后,马来西亚与中国银行签署一项协议,一旦大马面对紧急状况导致外汇储备不足,可获得中国融资260亿美元(1111亿580万令吉)。”

    他说,大马也能从《清迈协议》获得230亿美元(982亿8590万令吉)的协助。这项协议是东盟与中日韩财长于2000年在泰国清迈共同签署,以建立区域性货币互换网络。

    下月杪得跨“鬼门关”

    潘力克今日在“终有出头天”创业投资策略研讨会上发表演说时大派定心丸,表明大马不会面临新一轮亚洲金融危机的冲击。其讲题为“全球经济走势和精明投资”。

    潘力克强调,全球经济仍维持不错的发展趋势,但展望未来6个月,需要跨过一大“鬼门关”,即美国于9月29日召开的国会。

    他指出,如果美国国会与该国总统特朗普在财政预算案上,无法达成共识(提高债务上限),可能重挫全球经济。

    他指出,最好的情况是维持现状,如果特朗普“什么都不做”,对全球经济是好的,美国经济也将持续稳定的增长至明年首季。

    他说,未来6个月,全球通胀压力会增加,意味着发达国家利率会继续上升,对发展中国家的货币可能会疲弱,这意味着经商者将会很辛苦。

    3领域具投资价值

    潘力克指出,马来西亚目前最具投资价值的3个领域,分别是食物(包括农业及食品业)、水源及能源(包括电力)及环境与环保行业,而后者的发展也会直接影响这些行业,将带来商机。

    他说,网络与科技亦将作为推进以上行业发展的引擎,包括人工智能与大数据,惟必须关注网络安全,尤其不能忽略防火墙的功能,以保护自己的网络。

    出席嘉宾有大会主席黄玉珠、马中总商会副会长林恒毅、KFC会计师集团执行税务董事周德谦、资深税务顾问周芝简、背包客企业家颜海伦及Foooqy美食网络创办人谭贤凯。

    57亿助4万中小企融资 李志亮:逾万华商受惠

    财政部副部长拿督李志亮指出,截至今年7月,国际贸易及工业部通过中小企业发展机构已批准57亿令吉融资,资助国内4万3145家中小企业,其中33亿令吉款项已发放。

    他说,至今共有1万零660家华裔中小企业,在中小企业发展机构提供的计划中受惠。

    他说,根据中小企业发展机构提供数据,截至去年杪,我国共有90万7065家中小企业。其中微型企业占76.5%,从事服务业者占89.2%。

    他说,基于中小企业为我国发展及经济等贡献,政府通过中小企业机构、中小企业银行及国家储蓄银行等为中小企业提供不少资金和简易贷款。

    “政府也在2017年财政预算案拨款67亿令吉资助中小企业领域,其中9000万令吉拨给华裔中小企业,包括自立合作社中小企业贷款、大马华裔妇女创业基金及一马小贩商基金等。”

    蔡兆源:董事不能不“懂事” 逃税可控“洗黑钱”

    宏愿理财机构税务与财务咨询总监拿督蔡兆源指出,很多人或以为逃税行为并非犯罪,但基于逃税被认定为违背规定,将可被控“洗黑钱”。

    蔡兆源也是华总经济研究委员会副主席,他今日发表主题演讲时说,逃税款项就是非法资金,如果使用这笔钱,就相等于“洗黑钱”。

    “反洗黑钱组织—全球金融诚信机构(GFI)数据显示,大马从2005至2015年外流的非法资金达1.87兆令吉,当中包括逃税。”

    蔡兆源表示,在科技发达的今天, “原始”的逃税方式早已行不通,因为税收局如今调查的是价格转移、税基侵蚀及盈利转移,纳税人即使通过调整存货来减少账面收入,还是免不了被查出。

    他说:“再加上随着全球落实自动交换情报(AEOI)合作协议,各国将自动分享纳税人的财富资料,逃税漏税者皆无所遁形;加上税收局积极与频密的查税行动,要查出纳税人的税务漏洞,只是时间上的问题。”

    蔡兆源表示,全世界天天都在变,包括法律与税制,因此身为公司董事不能不“懂事”。

    “他们必须明确、承担自己的责任,对税务制度必须拥有一定的认识,否则将面对很大的风险”。

    遗产执行人须确保 委托人缴清所得税

    蔡兆源提醒遗产执行人,在尚未分配遗产给受益人之前,有责任将委托人(死者)所拖欠的所得税缴清,若被内陆税收局追查,将来或将须负上法律责任。

    “一个人即使逝世,其生前的收入还是要缴纳所得税;死者生前尚未缴清的所得税,必须由遗产执行人缴还。”

    他说,过去有太多个案,因为遗产执行人没有替死者呈报所得税,而变成他本身要负上责任。

    另外,蔡兆源回答听众提问时表示,尽管“大马即将征收遗产税”的传言虽层出不穷,惟大马已于1991年取消遗产税,即没有死亡税或继承税。

    老少企业家无缝接轨 江华强:业绩增10倍

    马来西亚中小型企业公会会长拿督江华强认为,国内有好几家中小企业,由于在第二代接班人上有着正确的安排,年轻人在长辈原有的基础下,把新想法、新理念融入,做得非常成功,生意量甚至获逾10倍增长。

    “老少企业家若能搭配推进转型,中小企业“终有出头天。”

    他指出,数字时代令各行各业发生颠覆性的变化,年轻企业家有富于挑战与开拓精神,对科技的了解更高,但相对来说缺乏经验,他们或许可上网寻找资料,但别人的经验是学不来的。

    “一些经营30年以上的企业家曾向我反映生意做不下去,除了面对接班人问题,也因为经营与税务改革令他们头疼;反之,年轻人则指自己无法适应一些企业的旧模式。”

    政策交私人界执行 可培养更多企业家

    江华强指出:“大马中小企业一直为国家作出很大贡献,却没有得到政府很好的支持,这并非代表没有推行政策,而是政策的实施一直不到位。”

    他呼吁政府提供平台,由私人界来带动及执行,加速中小企业结构的转型,使大马更竞争力。

    “我希望政府能全面性地协助大马,尤其是华裔中小企业转型;政府往往没有将资源用在正确的地方,培养的企业家寥寥可数,若交由私人界来执行,将可培养数以千计的企业家。”

    他指出,98.5%马来西亚公司(90万7065家)是中小企业,它贡献大马36.6%的国内生产总值,同时造就975万个就业机会或65.3%,预计2020年也将会维持在65%左右。

    此外,江华强促请国内中小企业自动自发,借助2020年中小型企业发展大蓝图及第十一大马计划,将优质的产品推广出去,其中一些值得投资的行业包括资讯科技、多媒体、电子商务、化学、电子、机械与配备、医疗器械及国际清真产业等。

    http://www.enanyang.my/news/20170828/%E6%BD%98%E5%8A%9B%E5%85%8B%E5%80%9F%E5%8A%A9%E4%B8%AD%E5%9B%BD%E8%9E%8D%E8%B5%84%E3%80%8A%E6%B8%85%E8%BF%88%E5%8D%8F%E8%AE%AE%E3%80%8Bbr-%E5%A4%A7%E9%A9%AC%E4%B8%8D%E5%86%8D%E6%9C%89/
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    Labels: BURSA - GENERAL

    DRB-HICOM - 1Q18: Continued Loss, Dragged by Proton

    Author: HLInvest   |    Publish date: Mon, 28 Aug 2017, 02:54 PM 


    Results

    • Below Expectation – DRB reported core loss of RM179.2m for 1QFY03/18 as compared to HLIB’s forecast of RM23m profit, while broadly in line with consensus RM153m loss.

    Deviations

    • Worse than expected sales volume of automotive division, dragged by Proton poor performance.

    Dividends

    • None.

    Highlights

    • YoY : Despite the jump of 33.4% in revenue, core loss widened by 30.5% due to lower margins of automotive division and contribution from automotive associates/JV, affected by higher COGS and operating costs on stiff competitions and RM depreciation.
    • QoQ: Revenue was relatively flat, but core loss lowered by 27.1% due to improved margins of automotive division on higher contribution from Deftech and stronger RM.
    • Comment: DRB continued to be dragged by the disappointing performance of Proton Group (including Lotus) in 1Q18. Proton sales was far behind its target of 120k units, affected by deteriorated consumer perception, tight bank lending guideline and stiff competitions from other marques.
    • With the upcoming completion of Geely’s new equity subscription in to Proton and complete disposal of Lotus in 3QFY18, DRB is expected to revert back into positive earnings from 3QFY18 onwards, as the group only needs to recognize 50.1% of Proton’s huge financial loss and disassociate from Lotus’s loss.
    • Furthermore, Proton has a better chance of turnaround, with the support of Geely as strategic shareholder. The immediate issues to be addressed include: 1) deteriorated consumer perception; 2) high cost structure; 3) low utilization rate of the plants; and 4) lack of new models line up.
    • Nevertheless, associate 34% owned Honda continues to lead the foreign market segment with attractive new models (new BRV, Jazz facelift and hybrid, City facelift and hybrid, and new CRV) launched during the year.

    Risks

    • Prolonged bank tightening measures on lending rules.
    • Slowdown of Malaysia economy affecting car sales.
    • Global automotive supply chain disruption.
    • Slow integration of Proton and Geely.

    Forecasts

    • Cut our forecasts for FY17 to –RM89m from +RM23m and FY18 to RM209m from RM298m in view of the worse than expected Proton performance. We introduce FY19 forecast at RM296m.

    Rating

    BUY ↔
    • With the emergence of Geely as strategic foreign shareholder for Proton, we can expect re-rating catalyst on DRB’s valuation.

    Valuation

    • Maintain BUY on DRB with lower TP of RM2.15 (from RM2.26) based on 30% discount to SOP, post forecast change.
    Source: Hong Leong Investment Bank Research - 28 Aug 2017
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    亏损恐旷日持久.百盛充满挑战

    Author: Tan KW | Publish date: Mon, 28 Aug 2017, 06:06 PM
    2017-08-28 17:42

    (吉隆坡28日讯)百盛(PARKSON,5657,主板贸服组)2017财政年亏损扩大至1亿1920万令吉,分析员认为零售业前景充满挑战,亏损恐旷日持久。

    百盛全年亏损由上财政年的9570万令吉进一步扩大,惟在营运上却在8季以来首见盈利,主要受中国业务改善烘托。

    尽管中国前景表现不俗,大众研究仍认为近期东南亚前景仍充满挑战,尽管东南亚业务也会仿效中国的业务转型模式,预测现有与新业务成本料压缩赚益“东南亚业务疲弱,大马受开斋节拉动,末季与全年营收各按年增长21.4%与11.3%,然而末季营运盈利按年跌56.3%,全年则由前期3610万令吉盈利转亏50万令吉。”

    肯纳格看好中国业务转型计划,认为百盛的最糟情况已过,2018财政年可开展崭新一页,惟认同东南亚业务受低迷消费情绪冲击,前景依然严峻。

    艾芬黄氏研究说,占总营收66%的中国业务,全年营收平平,每店销售额挫1%,中国业务在第四季的营运报喜,获2280万令吉营运盈利,相比前期亏损4180万令吉。

    尽管中国业务也开发电商平台,艾芬基于这需时和考量消费模式改变,认为百盛的前景充满挑战,亏损旷日持久。



    文章来源:星洲日报‧财经‧报道:张启华‧2017.08.28

    http://www.sinchew.com.my/node/1677061/%E4%BA%8F%E6%8D%9F%E6%81%90%E6%97%B7%E6%97%A5%E6%8C%81%E4%B9%85%EF%BC%8E%E7%99%BE%E7%9B%9B%E5%85%85%E6%BB%A1%E6%8C%91%E6%88%98
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    控股公司前景存疑.森那美种植产业看俏

    Author: Tan KW | Publish date: Mon, 28 Aug 2017, 06:07 PM

    2017-08-28 17:45
    森那美2017财政年净利微扬0.66%至24亿3800万令吉,低于市场预期,虽然分析员对分拆后之控股公司前景看法分歧,但一致认为种植与产业可释放更大价值。

    (吉隆坡28日讯)森那美(SIME,4197,主板贸服组)2017财政年净利微扬0.66%至24亿3800万令吉,低于市场预期,虽然分析员对分拆后之控股公司前景看法分歧,但一致认为种植与产业可释放更大价值。

    森那美周一一度受业绩激励,涨19仙至9令吉32仙,盘中遭卖压,闭市反跌4仙,报9令吉零9仙。

    森那美11月杪起派发种植和产业臂膀股票,一旦完成这个程序这两大业务分拆,森那美集团营运的业务剩下工业、汽车、物流与医疗等其他业务。

    达证券疑惑究竟如何“增值”,因园丘业务的估值“丰厚”,拆除后的母体业务前景存疑。

    联昌研究对分拆看法正面,认为会释放个别业务更大价值,管理层可更专注管理,集团现有业务的折价可消除。

    肯纳格认为其种植前景光明,森那美是获永续认证的最大棕油生产商,基于拥有策略地点地段和在英国、澳洲有海外产业计划,房产业务前景可持续。

    联昌预测森那美种植估值446亿令吉(或每股6.57令吉)、森那美产业130亿令吉(每股1.91令吉)、森那美集团104亿令吉(每股1.52令吉)。

    联昌说,一分三上市后,种植、产业与集团的净负债水平,将分别为0.48倍、0.24倍和0.19倍,60%的负债将在种植业务中,19%在产业、21%在集团的工业、物流等业务。

    种植业务将脱售森州拉务8793英亩地段予森那美独资子公司森那美集团公司(KSDB),8793英亩已鉴定为大马愿景谷(MVV),另1944英亩售予森那美种植。森那美脱售上述两块土地的售价每平方英尺6.88令吉,意味从脱售8793英亩土地一次获益24亿6900万令吉。

    肯纳格研究披露,在种植与产业亦有下列选项,包括购买古来A与B园丘的约5000亩地段、雪邦2000亩、加厘岛993英亩、雪州Lothian园丘的485英亩、槟城Byram之864英亩、森州Ainsdale和吉打武吉士拉隆各268亩地段。

    联昌预期分拆后将重估,主要下行风险是鲜果串产量下跌和上市计划失败。联昌调低下个财政年财测,以反映产业市场走低,2019财政年则因油棕鲜果串增产而调高。

    大众研究看好棕油价年杪接近每公吨2500至2700令吉之间,主要受10月的屠妖节与中秋节前的印度与中国采购支撑。

    汽车业务销售增

    预料芥油与葵花油产量受影响,欧洲亦会有更多棕油采购。更佳气候可支撑鲜果串产量提高。按照管理层预测,鲜果串下财政年可增长5%,至每公顷21.5公吨。

    大众说,森那美分拆后之工业臂膀预计新财政年可转亏为盈,比塞洛斯不再有显著拨备,澳洲业绩显著活络可促进澳洲器械租赁业务。高商品价格有助中国业务动力。汽车业务将推展更多新车,近期将见更高销售增长。

    物流业务正与中国合伙联合发展片与液体码头,预期增加产能的木片码头明年3月营运,液体码头则已竣工,10月将营运;上述两项发展有助增强潍坊码头之长远竞争力。



    文章来源:星洲日报‧财经‧报道:张启华‧2017.08.28

    http://www.sinchew.com.my/node/1677066/%E6%8E%A7%E8%82%A1%E5%85%AC%E5%8F%B8%E5%89%8D%E6%99%AF%E5%AD%98%E7%96%91%EF%BC%8E%E6%A3%AE%E9%82%A3%E7%BE%8E%E7%A7%8D%E6%A4%8D%E4%BA%A7%E4%B8%9A%E7%9C%8B%E4%BF%8F
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    手机订餐健康方便 中国消费者抛弃快熟面

    924点看 2017年8月27日

    (北京27日讯)就在美国人逐渐减少苏打饮料消费之际,中国对快熟面的需求正急剧萎缩,因为日益壮大的中产阶级追求更健康的饮食,同时智能手机食品外卖应用程式的兴起则让消费者能够更快更方便地获得物美价廉的食品。

    据香港《南华早报》网站报道,最近一项调查显示,在美国,随着人们减少饮用含糖饮料而选择喝瓶装水,苏打水的消费量已降至31年来的最低点。

    在中国,也出现了类似的趋势。过去10年,中国消费者个人可支配收入增长了一倍多,快熟面的消费量则出现了暴跌。

    据世界快熟面协会数据显示,2016年中国消费385亿份快熟面,需求下降17%,而在2013年消费量则达462亿份。

    东方证券分析师肖晨说:“快熟面市场正在萎缩,因为新一代消费者倾向更健康、更精细的食品。与老一代消费者不同,千禧一代(1984至2000年出生)和白领会尽量选择少糖、少脂肪以及非加工食品。”

    廉价食品逐渐失宠

    因此,廉价的快熟面和油炸食品正逐渐失宠,这类食品曾受到中国饥荒年代出生及成长的几代人的青睐。与此形成对比,瓶装水、乳制品及天然健康食品迎头赶上。

    此外,随着更多城市消费者开始使用智能手机订餐,中产阶级推动了在线饮食外卖的快速增长。手机订餐可以获得更健康美味的食品,还能享受打折。

    天风证券分析师刘张明说:“10年前,我们喜欢快熟面,因为很方便。不过10年过去了,快熟面已慢慢在我们的生活中消失,因为网上订餐更快捷、简单、食品质量更好,这些食品不贵又方便。”

    中国电子商务研究中心的数据显示,2016年中国外卖市场交易规模达到1524亿元人民币(约980亿令吉),比2015年增加了232%。

    新闻来源:中新社
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    SKP Resources results meet expectations, possible future margins improvement

    Monday, 28 August 2017 | MYT 9:03 AM

    KUALA LUMPUR: SKP Resources Bhd's financial results came in within expectations as the group reported a Q1FY18 net profit of RM33.4mil, up 83% year-on-year, which made up 25% and 24% of Kenanga Research's and consensus estimates, respectively.

    "We are expecting the group to pay dividend per share of 5.4 sen for FY18 based on a pay-out ratio of 51%. For FY17 dividends, recall that the group has on July 21,2017 announced a final single-tier DPS of 4.15 sen," it said.

    Y-o-y, the first quarter of FY18 saw revenue soar 64% driven by the second tranch of household electrical appliances contracts and full contribution from the new revolutionary products.

    "With the subsiding cost pressures (on the absence of last minute hiring of higher cost contract workers in 1Q17 to meet high orders) coupled with the continuous yield improvement on lower wastage, EBIT margin improved by 0.7ppts to 8.3%. With stable ETR, NP improved by 83%
    (with NPM of 6.4%)," said the research house.

    The orders for SKP Resources' main revenue drivers - beauty and household products, which will contribute at least RM1.7bil to RM2bil in FY18E-FY19E, are still intact.

    The key potential catalyst in the medium term, according to Kenanga Research, is on its potentially better profitability which could be reaped from its new printed circuit board assembly (PCBA) services.

    "To further improve its profitability as well as its capability as a complete integrated ‘one-stop’ EMS service provider, the group has on April 2017 announced its long-term strategic plans to expand into PCBA and other EMS related services. In our last visit in July, we were delighted to gather that the PBCA set-up will be up and running in 4QCY17, which will utilise 25% of space in its new plant," it said.

    The research house sees potential of margins improvement from its current conservative CNP margin assumption of 5.6% to 5.7%, judging from other EMA players with in-house PCBA capability.

    Kenanga Research also notes that the more complete integrated one-stop EMS services will aid the group in winning more contracts from its major customers.

    The research house maintains its Outperform call on the counter, as well as its target price of RM1.60 based on an unchanged 13.5x FY19E price-earnings ratio.

    Read more at http://www.thestar.com.my/business/business-news/2017/08/28/skp-resources-results-meet-expectations-possible-future-margins-improvement/#eA1wlDAYJIMCyAuV.99
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    平板電腦玩具虛實互動 膠公仔導電物料 控制操作

    平板電腦玩具虛實互動 膠公仔導電物料 控制操作
    文章日期:2017年8月28日

    【明報專訊】平板電腦遊戲主要都是透過手指觸碰2D屏幕畫面來進行互動,遊戲體驗比較簡單乏味。有本地初創公司便研發出一種互動裝置,結合真實與虛擬元素,物件或玩具可以與屏幕內外互動,大大提升遊戲效果和樂趣。此外,相關技術還可以擴展到其他應用上,例如客戶關係管理和市場推廣等,具發展潛力。

    科技園培育公司Animae Technologies Limited共同創辦人兼創作總監鍾慧龍、共同創辦人兼董事總經理林曉筠表示,他們最初是在修讀城市大學創意媒體課程的最後一年時,開始研究如何在觸控式屏幕上達到更佳的互動效果。他們發覺,可以在塑膠或紙張等物件的表面印上一些導電物料,令那些物件接觸觸控式屏幕時會產生反應。這套技術,更足以發展成一套在觸控式屏幕上使用的互動控制和輸入系統,可以應用於身分識別(例如會員卡、儲印花等),以及在屏幕上定位及辨識方向,甚至輸入可變數值(利用按壓力度)等用途,不論在設計遊戲、客戶關係管理(CRM)、市場推廣方面,都可以大派用場。

    相同技術 可廣泛應用

    透過城大老師的聯繫,他們與持有卡通雪橇犬品牌「哈士奇誠心」(Husky x3)的本地公司合作,為後者開發了一套互動遊戲產品「哈士奇樂園」(Huskyland),作為他們的畢業習作。這套產品包括一個底部有圓印的「哈士奇」膠公仔,以及幾個在平板電腦上運作的小遊戲,在台灣市場有售,售價大約是150港元。這個底部有圓印的「哈士奇」膠公仔,其實是一個遊戲控制和輸入裝置。視乎不同的遊戲,它可以讓用戶很方便自然地輸入不同的位置、方向(旋轉公仔)及速度(利用按壓力度)等數據。例如,當用戶玩射龍門遊戲時,不但可靠移動膠公仔,來改變遊戲中的「哈士奇」的位置,還可以藉轉動這個膠公仔,來改變其射球方向。當用戶玩障礙賽遊戲時,他在觸控式屏幕上垂直按壓這個膠公仔的力度愈大,「哈士奇」在遊戲中向前跑的速度就愈快。這些效果都是單靠手指撥弄觸控屏幕較難做到的。

    「曱甴屋」遊戲 吸引合作伙伴

    除了「哈士奇樂園」這個有發售的商業產品之外,為了用作示範,以吸引其他企業合作,該公司後來還自行開發了一個「曱甴屋」遊戲(但未有推出市場)。用戶玩這個遊戲時,只需將紙製的曱甴屋模型放在觸控屏幕之上,遊戲就會辨認到,令遊戲中也出現了一個虛擬的曱甴屋。

    當遊戲中的曱甴和曱甴屋的距離夠近時,用戶在曱甴屋模型的前方垂直按壓一下,就可以令遊戲中的曱甴屋發放誘餌氣味,吸引曱甴進入。捉到曱甴之後,用戶就可以選擇各種「處死」曱甴的方法,包括由小天使帶牠們升天,或者火化、溶化等。這個「曱甴屋」遊戲雖然是由該公司自行開發,但其圖像設計水平算相當高和相當逼真。

    或成傳統玩具生產商出路

    更重要的是,它令人聯想到多種跨界別合作的商機和可能性。例如滅蟲用品生產商大可以隨其產品附送一個這樣的模型曱甴屋,作為玩樂增值用途,以吸引更多消費者購買其產品(尤其是全新的顧客)。此外,傳統玩具廠也可以生產這些模型曱甴屋,直接推出市場發售,利用「虛實結合」的策略,借平板電腦遊戲來銷售實體玩具。對於近年不斷受市場萎縮困擾的傳統玩具生產商來說,這可能業界的一條出路。

    鍾慧龍和林曉筠表示,若以塑膠來製造那個輸入裝置,會比較容易設計,彈性也較大,可以節省試驗時間,產品亦比較耐用。若以紙張來製造那個輸入裝置,則需要花比較多時間來試驗摺疊方式和效果等,產品的耐用程度亦相對低一點。當然,如果產量真的夠大,以紙來製造的整體成本會低一點。

    該公司早已為這套技術申請多個發明專利,但因為之前專利尚未批出,令他們不敢太過高調宣傳。據悉,該公司申請專利的範圍相當廣泛,並不限於觸控式屏幕和導電物料,還包括採用類似的原理應用於其他顯示系統(如投射系統等)。早前,美國方面已正式向該公司批出幾個發明專利,他們未來將可以積極向各行各業介紹其技術。

    明報記者 薛偉傑

    攝影 鍾林枝

    [新經濟新天地]
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    何國良:內地補習商機無限

    文章日期:2017年8月28日

    【明報專訊】一場風雨,又讓大家感受到大自然的威力。人類還是需要不斷在錯誤中學習,才會悟出事情的真諦,這就是教育存在的原因。

    在教育這話題上,不幸地它亦是一個投資相關的命題。筆者以「不幸地」來形容,是因為在筆者眼中,教育本應有教無類,但當把教育看成一個產業時,以商業原則去「經營」時,教育的原意又好像因而改變。但人在江湖,當這個產業在市場逐漸形成時,又不得不去多研究一下。有分析師將現時教育相關的上市公司分成三類板塊:分別是民辦學校、專業進修培訓和K-12(Kindergarten to grade 12)學童課外補習課程。

    從行業發展的背景來看,學童課外補習課程是一個穩步增長的市場。首先從人口結構來看,雖然有說中國出現人口老化,但如果從0至14歲這個人口組別去看,其實適齡學童的人口總數從2012年一直是上升的,而且在2016年推出的二孩政策正式實施後,我們更看到一些相對發達的城市如北京,它們最近一段時間的出生率都有所回升,使這個適齡學童人口的上升趨勢可以持續,有利相關板塊的需求。

    二孩政策帶動出生率回升

    有研究公司數據指出,現時的學童課外補習課程在中國約為2466億元人民幣市場,在未來的3至4年,預計市場可每年7.8%的速度增長,預計2020年市場可達逾3000億元人民幣的規模。如果大家未能感到相關數字代表的市場有多大,我們可以換個角度去理解。

    有研究指出,有安排學童參加課外補習課程的家庭,他們平均每年每個子女花在相關課程的費用約6307元人民幣,這個數字預計在2020年時更接近8000元人民幣。在中國經濟持續發展下,內地愈來愈多中產家庭,孩子的教育支出在這類型家庭往往比普遍的家庭平均為高,這亦是另一重要原因,讓行業在需求面上可看得更高更遠。另外,由於現時非純學術的學習如STEM(科學、科技、工程和數學)興起,促使不少家長尋找更多學校以外的課程給自己的子女,加快行業增長。

    經濟發展回穩 中產家庭增

    在未來,由於《民辦教育促進法》將會在9月1日起實施,在不同的省份落地時,當地的有關民辦教育團體將會因應新法令的要求而逐步作出改變,這令投資者對民辦學校的上市公司抱着一種靜觀其行的態度,當不確定性仍存在,股價在這一段時間可能受到影響,亦解釋了分析員不特別推薦這子行業的一個主因。

    總括而言,教育相關板塊在需求強勁的前提下,受市場關注,從市場給這類型公司高估值已可見一斑。所以,未來的上升動能要看個別公司在競爭下的產出了。

    沛達投資管理有限公司

    [何國良 基金看世界]

    http://www.mpfinance.com/fin/columnist2.php?col=1463481156949&node=1503861190218&issue=20170828
    at 9:58 AM No comments:
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    Labels: 新經濟新天地

    Property sales to drive Paramount profit higher in 2H

    Anette Appaduray & Ben Shane Lim / The Edge Financial Daily
    August 28, 2017 08:49 am MYT

    KUALA LUMPUR: At first glance, Paramount Corp Bhd has not had a good start to 2017. Net profit fell 32% year-on-year (y-o-y) to RM23 million in the first half ended June 30, 2017 (1HFY17), despite a 27% increase in revenue.

    But a combination of one-offs has disguised a sharp rebound in the group’s property sales, which will translate into strong earnings in coming quarters.

    “It has been a strong first two quarters for Paramount, with our completed sales standing at about RM420 million for the first half of the year,” its group chief executive officer Jeffrey Chew told The Edge Financial Daily.

    This is in stark contrast to the RM403 million in sales that the group managed for the full 12 months in 2016.

    As of June 2017, Paramount’s unbilled sales stood at a respectable RM534 million. This is a 50% increase from the RM356 million in unbilled sales a year earlier.

    The stronger sales have already been reflected by a 25% y-o-y increase in the group’s property revenue to RM227.8 million in 1HFY17. Unfortunately, that has not translated into a stronger bottom line due to a mix of recurring and non-recurring items.

    Firstly, Paramount booked an exceptional gain of RM8.8 million for the disposal of apartments under its education arm in the same period last year.

    Secondly, the group this year began to incur losses on its 120,000-sq ft retail mall in Utropolis Marketplace in Glenmarie, Shah Alam, of about RM4 million in 1HFY17. Given the soft retail market, Chew acknowledged that the mall is unlikely to break even over the next two years. This would translate into about RM8 million in losses per year.

    That said, this should be offset by stronger recognition of unbilled sales going forward.

    Chew pinned the strong performance of the group’s sales on a rebound in the overall property market this year.

    “We saw a sharp slowdown in 2015 and 2016. Due to growing uncertainty at the time, many buyers chose to defer their purchases. But now, they are returning to the market,” he explained.

    Over the past three quarters, Chew noted that Paramount has booked in RM630 million in property sales — a record for the group.

    That said, he stressed that the recovery in the property market has been largely confined to the sub-RM600,000 portion of the market. High-end properties priced RM800,000 and above will not enjoy the rebound, he added.

    “There is still strong demand for property, but it has to be affordable,” he explained.

    While the group does have some high-end properties for sale, Chew pointed out that Paramount has always priced the bulk of its property projects in the RM400,000 to RM600,000 range. Thus, the company has not had to overhaul its pricing strategy significantly. Paramount’s property projects consist of Sejati Residences, Utropolis Glenmarie, Bukit Banyan, Greenwoods Salak Perdana and Utropolis Batu Kawan (Penang).

    In contrast, developers that have previously focused on high-end products might have to suffer some margin compression as they rejig their offerings.

    “In the past, some developers might have misjudged what the market could afford, especially if they had looked at [the] average household income, which is much higher than the median household income,” said Chew.

    According to the statistics department, the median household income is about RM4,600 per month. Assuming a loan service ratio of 30%, Chew pointed out that most households would only be able to afford a 30-year loan of RM300,000.

    Against this backdrop, Chew said that there continues to be a shortage of properties in major urban cities such as Selangor and Kuala Lumpur. The shortage is in part due to the mismatch in the price of properties supplied compared with what most buyers can afford.

    Based on 2016 National Property Information Centre data, Chew pointed out that there should be 7.67 million households in Malaysia based on the average household size of 4.31 and the population of 33.06 million. However, there are only 4.95 million units of property. This means there is a shortage of 36% or 2.72 million units.

    Interestingly, the bulk of the shortage comes from states such as Kelantan, Sabah and Sarawak with 304,391 units, 476,009 units and 384,985 units respectively.

    Selangor’s 6.3 million residents should require 1.6 million homes based on the state’s average household size of 3.9 people. But with only 1.39 million units of property available, there is a shortage of 13% or approximately 213,426 units.

    Note that there are 257,633 units in future supply. However, this supply will only be delivered over the next five years, said Chew.

    In the meantime, Selangor is the state with the fastest growing population, due in part to urban migration. Each year, Chew estimated, demand for homes in the state will grow by approximately 51,000 units.

    On a side note, the same statistics reveal Negeri Sembilan as the state with the least shortage and the largest oversupply of new property.

    It is this supply and demand dynamic that keeps Chew bullish on prospects for the property market. Thus, the group continues to look for more land bank, especially in Selangor.

    Against this backdrop, Paramount still has one more catalyst in the pipeline.

    The group is expected to book a gain on disposal of RM70 million when it completes the sale and leaseback agreement of the Sri KDU Campus with Alpha Real Estate Investment Trust in the fourth quarter.

    According to Chew, the group will look to reward shareholders with a special dividend to the tune of some RM30 million. This works out to about seven sen per share. For perspective, the group paid out a dividend of 8.5 sen in FY16. 

    Chew explains that there is still strong demand for property, but it has to be affordable. Photo by Sam Fong

    Paramount rejigs education arm for monetisation

    KUALA LUMPUR: Paramount Corp Bhd’s plan to monetise its education business, which contributes to about 30% of its revenue and net profit, is still on track, said group chief executive officer Jeffrey Chew.

    However, it will not be happening anytime soon as the group rejigs the business in preparation for the said monetisation.

    Ever since Paramount acquired a 66% stake in REAL Education Group for RM183 million from Character First Sdn Bhd at the beginning of the year, the market has been anticipating a spin-off listing of the enlarged education arm.

    The acquisition has allowed Paramount to expand its presence in the K-12 subsegment.

    Paramount’s Sri KDU education arm alone generated RM35 million in net profit last year. With an additional RM18 million a year from REAL, Chew anticipated that profit from the education segment will contribute RM55 million per annum, barring any unforeseen circumstances.

    Based on a valuation of 18 times earnings and a conservative annual profit of RM45 million, the education arm could be worth at least RM800 million if listed. This is a size, said Chew, which would be ideal for a listing.

    However, Chew also stressed that he would be open to other options, including a 20% to 30% trade sale to strategic investors.

    In fact, Chew also floated the possibility of listing in Hong Kong — an avenue the group would explore if it manages to successfully expand the education business into new markets like China.

    Looking ahead, Chew said that the K-12 segment will be the main driver for growth. Unlike private tertiary education in Malaysia which has a high penetration rate of 75%, the penetration rate for private K-12 institutions is only 16%.

    Thus Chew expects strong competition and lack of growth in the private tertiary education to drive consolidation in the segment.

    “The tertiary education segment has become oversaturated. The size of the new cohort each year — the number of SPM (Sijil Pelajaran Malaysia) graduates — is not growing very quickly. Only about 2% each year,” explained Chew.

    In order to continue growing, private tertiary education providers will have to focus on becoming more efficient and reducing costs. One way to do this is by employing technology to deliver course material online.

    Chew pointed towards online lectures as one example.

    “For certain subjects and courses, it makes sense to utilise online lectures. The students can access these lectures anytime, from their homes, and [it] reduces the cost for us to operate and maintain classrooms. It does not have to reduce the quality of the education either. We can source top quality lecturers,” explained Chew.

    Another way to offset the slowing growth in the segment is by expanding tertiary education to include older students, or “life-long learning”, as Chew called it.

    While it is an area that educators are just beginning to scratch, Chew argued that it holds great potential. In the rapidly evolving digital economy, many older employees in the workforce are quickly finding themselves redundant and in need for reskilling.

    This may prove to be a lucrative market in the future.

    Separately, Paramount is looking at an asset-light strategy for its K-12 segment. This will allow the group to expand more quickly in the future.

    Chew noted that the growth in the K-12 segment has been a little lacklustre over the past two years, in part due to faltering sentiment.

    “Enrolling your child in a private school is a long commitment at the K-12 level. It will cost at least RM20,000 a year over 12 years,” explained Chew.

    As such a big ticket item, a number of parents held off on the decision, preferring to save the money for tertiary education instead. However, Chew said that the industry is beginning to see a recovery in private K-12 enrolments this year.

    Paramount’s K-12 segment registered a pre-tax profit of RM37 million for its financial year ended Dec 31,2016 (FY16) while the first half of FY17 saw it register a pre-tax profit of RM21 million, after the acquisition of the REAL Group was completed in April.
    at 9:55 AM No comments:
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    Labels: Bursa - Paramount

    Sunday, August 27, 2017

    A Dozen Things I’ve Learned from Philip Fisher and Walter Schloss About Investing By Tren Griffin

    Author: calvintaneng | Publish date: Sun, 27 Aug 2017, 01:30 AM

    1. “I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run…. There are two fundamental approaches to investment. There’s the approach Ben Graham pioneered, which is to find something intrinsically so cheap that there is little chance of it having a big decline. He’s got financial safeguards to that. It isn’t going to go down much, and sooner or later value will come into it. Then there is my approach, which is to find something so good–if you don’t pay too much for it–that it will have very, very large growth. The advantage is that a bigger percentage of my stocks is apt to perform in a smaller period of time–although it has taken several years for some of these to even start, and you’re bound to make some mistakes at it. [But] when a stock is really unusual, it makes the bulk of its moves in a relatively short period of time.” Phil Fisher understood (1) trying to predict the direction of a market or stock in the short-term is not a game where one can have an advantage versus the house (especially after fees); and (2) his approach was different from Ben Graham.

    2. “I don’t want a lot of good investments; I want a few outstanding ones…. I believe that the greatest long-range investment profits are never obtained by investing in marginal companies.” Warren Buffett once said: “I’m 15% Fisher and 85% Benjamin Graham.” Warren Buffett is much more like Fisher in 2013 than the 15% he once specified, but only he knows how much. It was the influence of Charlie Munger which moved Buffet away from a Benjamin Graham approach and their investment in See’s Candy was an early example in which Berkshire paid up for a “quality” company. Part of the reason this shift happened is that the sorts of companies that Benjamin Graham liked no longer existed the further way the time period was from the depression.

    3. “The wise investor can profit if he can think independently of the crowd and reach the rich answer when the majority of financial opinion is leaning the other way. This matter of training oneself not to go with the crowd but to be able to zig when the crowd zags, in my opinion, is one of the most important fundamentals of investment success.”The inevitable math is that you can’t beat the crowd if you are the crowd, especially after fees are deducted.

    4. “Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself. … Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.” For the “know-something” active investor like Phil Fisher, wide diversification is a form of closet indexing. A “know-something” active investor must focus on a relatively small number of stocks if he or she expects to outperform a market. By contrast, “know-nothing” investors (i.e., muppets) should buy a low fee index fund.

    5. “If the job has been correctly done when a common stock is purchased, the time to sell it is almost never.” Phil Fisher preferred a holding period of almost forever (e.g., Fisher bought Motorola in 1955 and held it until 2004). The word “almost” is important since every company is in danger of losing its moat.

    6. “Great stocks are extremely hard to find. If they weren’t, then everyone would own them. The record is crystal clear that fortune – producing growth stocks can be found. However, they cannot be found without hard work and they cannot be found every day.” Fisher believed that the “fat pitch” investment opportunity is delivered rarely and only to those investors who are willing to patiently work to find them.

    7. “Focus on buying these companies when they are out of favor, that is when, either because of general market conditions or because the financial community at the moment has misconceptions of its true worth, the stock is selling at prices well under what it will be when it’s true merit is better understood.” Like Howard Marks, Fisher believed that (1) business cycles and (2) changes in Mr. Market’s attitude are inevitable. By focusing on the value of individual stocks (rather than just price) the investor can best profit from these inevitable swings.

    8. “The successful investor is usually an individual who is inherently interested in business problems.” A stock is a part ownership of a business. If you do not understand the business you do not understand that stock. If you do not understand the business you are investing in you are a speculator, not an investor.

    9. “The stock market is filled with individuals who know the price of everything, but the value of nothing.” Price is what you pay and value is what you get. By focusing on value Fisher was able to outperform as an investor even though he did not look for cigar butts.

    10. “It is not the profit margins of the past but those of the future that are basically important to the investor.” Too often people believe that the best prediction about the future is that it is an extension of the recent past.

    11. “There is a complicating factor that makes the handling of investment mistakes more difficult. This is the ego in each of us. None of us likes to admit to himself that he has been wrong. If we have made a mistake in buying a stock but can sell the stock at a small profit, we have somehow lost any sense of having been foolish. On the other hand, if we sell at a small loss we are quite unhappy about the whole matter. This reaction, while completely natural and normal, is probably one of the most dangerous in which we can indulge ourselves in the entire investment process. More money has probably been lost by investors holding a stock they really did not want until they could ‘at least come out even’ than from any other single reason. If to these actual losses are added the profits that might have been made through the proper reinvestment of these funds if such reinvestment had been made when the mistake was first realized, the cost of self-indulgence becomes truly tremendous.” Fisher was very aware of the problems that loss aversion bias can cause.

    12. “Conservative investors sleep well.” If you are having trouble sleeping due to worrying about your portfolio, reducing risk is wise. Life is too short to not sleep well, but also fear can result in mistakes.

    Walter Schloss

    1. “I think investing is an art, and we tried to be as logical and unemotional as possible. Because we understood that investors are usually affected by the market, we could take advantage of the market by being rational. As [Benjamin] Graham said, ‘The market is there to serve you, not to guide you!’.” Walter Schloss was the closest possible match to the investing style of Benjamin Graham. No one else more closely followed the “cigar butt” style of investing of Benjamin Graham. In other words, if being like Benjamin Graham was a game of golf, Walter Schloss was “closest to the pin.” He was a man of his times and those times included the depression which had a profound impact on him. While his exact style of investing is not possible today, today’s investor’s still can learn from Walter Schloss. It is by combining the best of investors like Phil Fisher and Walter Schloss and matching it to their unique skills and personality that investors will find the best results. Warren Buffet once wrote in a letter: “Walter outperforms managers who work in temples filled with paintings, staff and computers… by rummaging among the cigar butts on the floor of capitalism.” When Walter’s son told him no such cigar butt companies existed any longer Walter told his son it was time to close the firm. The other focus of Walter Schloos was low fees and costs. When it came to keeping overhead and investing expenses low, Walter Schloss was a zealot.

    2. “I try to establish the value of the company. Remember that a share of stock represents a part of a business and is not just a piece of paper. … Price is the most important factor to use in relation to value…. I believe stocks should be evaluated based on intrinsic worth, NOT on whether they are under or over priced in relationship with each other…. The key to the purchase of an undervalued stock is its price COMPARED to its intrinsic worth.”

    3.”I like Ben’s analogy that one should buy stocks the way you buy groceries not the way you buy perfume… keep it simple and try not to use higher mathematics in you analysis.” Keeping emotion out of the picture was a key part of the Schloss style. Like Ben Graham he as first and foremost rational.

    4. “If a stock is cheap, I start buying. I never put a stop loss on my holdings because if I like a stock in the first place, I like it more if it goes down. Somehow I find it difficult to buy a stock that has gone up.”

    5. “I don’t like stress and prefer to avoid it, I never focus too much on market news and economic data. They always worry investors!” Like all great investors in this series, the focus of Schloss was on individual companies not the macro economy. Simpler systems are orders of magnitude easier to understand for an investor.

    6. “The key to successful investing is to relate value to price today.” Not only did Schloss not try to forecast the macro market, he did not really focus forecasting the future prospects of the company. This was very different than the Phil Fisher approach which was focused on future earnings.

    7. “I like the idea of owning a number of stocks. Warren Buffet is happy owning a few stocks, and he is right if he is Warren….” Schloss was a value investor who also practiced diversification. Because of his focus on obscure companies and the period in which he was investing, Walter was able to avoid closet indexing.

    8. “We don’t own stocks that we’d never sell. I guess we are a kind of store that buys goods for inventory (stocks) and we’d like to sell them at a profit within 4 years if possible.” This is very different from a Phil Fisher approach where his favorite holding period is almost forever. Schloss once said in a Colombia Business school talk that he owned “some 60-75 stocks”.

    9. “Remember the word compounding. For example, if you can make 12% a year and reinvest the money back, you will double your money in 6 years, taxes excluded. Remember the rule of 72. Your rate of return into 72 will tell you the number of years to double your money.” Schloss felt that “compounding could offset [any advantage created by] the fellow who was running around visiting managements.”

    10. “The ability to think clearly in the investment field without the emotions that are attached to it is not an easy undertaking. Fear and greed tend to affect one’s judgment.” Schloss was very self-aware and matched his investment style to his personality. He said once” We try to do what is comfortable for us.”

    11. “Don’t buy on tips or for a quick move.”

    12. “In thinking about how one should invest, it is important to look at you strengths and weaknesses. …I’m not very good at judging people. So I found that it was much better to look at the figures rather than people.” Schloss knew that Warren Buffett was a better judge of people than he was so Walter’s approach was almost completely quantitative. Schloss knew to stay within his “circle of competence”. Schloss said once: “Ben Graham didn’t visit management because he thought figure told the story.”

    Share this:Oct27

    9 THOUGHTS ON “A DOZEN THINGS I’VE LEARNED FROM PHILIP FISHER AND WALTER SCHLOSS ABOUT INVESTING”

    David Merkel
    NOVEMBER 3, 2013 AT 3:18 AM

    All well said. There is no one way of doing value investing, because we have to cut down the amount of information that we process. That is why different value investors hold different stocks for different amounts of time, and still manage to outperform over a market cycle.

    I think we do well to compare the principles of different value investors, and embrace those that fit our natural characters best. We will then be most able to apply value investing in a way most natural for each one of us.
    at 12:02 PM 1 comment:
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