Friday 28 September 2018

堡发(POHUAT)- 或受益于贸易战

堡发(POHUAT)- 或受益于贸易战




堡发的第三季度核心净利润为2690万令吉(同比下跌31%),是因为生产成本上升导致利润率低于预期。 相信堡发以迎合人口统计和市场趋势的变化而将继续调整其定价和产品供应。 如果美国对中国家具征收关税,堡发也可能受益于美中贸易战。


堡发的第三季度收入同比略微下降2.3%至4.324亿令吉,主要是其越南业务的销售额下降,由于越南制造商的竞争加剧以及产品组合转向更实惠的产品系列。由于对美国市场以及传统办公家具的面板卧室设备的持续强劲需求,导致马来西亚业务的销售额增长,部分抵消了销售额的下降。由于原材料成本增加和直接人工成本增加,导致马来西亚和越南业务均出现利润率下降。本季度未宣布派息。


在此基础上,堡发的第三季度营业环比增长15.5%至1.45亿令吉。 营业额增加主要是由于马来西亚和越南业务的销售额增加。 然而,在扣除一次性项目后,第三季度核心净利润环比小幅下降1%至830万令吉。


相信堡发将继续调整其产品供应,以迎合人口统计和市场趋势的变化,并进行价格调整以减轻原材料价格和劳动力成本的增长。 此外,如果美国对中国家具征收关税,认为堡发可能会受益于美中贸易战,这可能使堡发的家具更具竞争力,而中国制造的家具更具竞争力。


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

Thursday 6 September 2018

可口食品 (COCOLND)- 长持有价

可口食品 (COCOLND)- 长持有价



2018年上半年收入略微下滑1%至1.26亿令吉,主要受合约制造业务销售下滑因饮料产品需求疲弱拖累所拖累。上半年毛利率下降15.1%至3,220万令吉,毛利率下降25.5%( - 4.3%),由于劳动力成本上升。加上更高的产品展览和促销费用,上半年的净利润下降12.1%至为1,430万。



展望未来,鉴于国内和出口市场的强劲需求,预计软糖的强劲销售将巩固该公司的盈利增长。该公司计划增加一条新的生产线,这将使其软糖产能从92亿吨提升至14,200万吨,一旦在2019年底投入运营。成本上升可能继续带来挑战,但期望会有更好的运营效率和改进的产品组合抵消影响。



鉴于公司其旗舰软糖的强劲销售为基础,以稳健的资产负债表为基础提供丰厚的股息支付,健康的现金流量生成,以及凭借其产品在国内和出口方面的强大品牌资产支持的良好记录。应可考虑长期持有。

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PWROOT - 中期前景乐观


PWROOT - 中期前景乐观



在销售组合合理化和广告与促销(A&P)支出收紧的情况下,尽管销售额下降,该集团似乎准备从国内更高的盈利能力中获益,预计销售税将转嫁给消费者。另一方面,鉴于中东和北非市场萎缩,出口平稳可能被视为积极因素。

国内销售下降但回报更高。在最近的第一季度的报告中,本地销售额下降至3,820万令吉(同比下跌34%)。虽然这可能是由于2018年4月价格上涨之前的第4季度前期装载,但也可能是因为实施了更严格的销售程序。后者旨在确保对保证金的保护,这转化为某些经销商的销售订单履行较低。在此期间,营销活动削减和促销支出收紧,营运费用也较低,这也是集团重组活动的一部分。

2019年1季度的出口销售额为5110万令吉,占集团销售额的55%。鉴于较低的平均外汇汇率,认为这可能有利,因为它可能受到更高交易量的支撑。此外,由于年中季节性和地缘政治因素支出较差,该公司曾表示中东和北非市场规模下滑,平淡的销售,但该公司能够在不利条件下扩大其市场份额。

展望未来,虽然该公司正在削减营销支出,将继续实施选择性战略,以吸引其关键产品(即产品重新包装,引入新变种),从而加强本地需求。然而,随着SST的实施,预计将新的税收负担传递给消费者,这可能会削弱集团的销售势头。咖啡的指示性税率为5%,能量饮料的税率为10%。

尽管如此,与2018年相比,从相对较轻的生产成本中恢复的更高利润率可以支持更好的对冲策略,以及整体缓解商品趋势。此外,该集也正在实施进一步的结构改进,以优化运营支出和减少浪费。

最近的业绩似乎表明了该公司正在积极恢复,以抵御挑战性的本地和外国的逆风。除了在不利的经营环境下扭亏为盈,该公司提供稳健的股息收益率。


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

Thursday 16 August 2018

永信东南亚(YSPSAH)- 国内增长推动营收

永信东南亚(YSPSAH)- 国内增长推动营收



永信东南亚的2Q18核心利润远超预期。 在稳健的国内增长和更好的产品组合的支撑下,EBITDA利润增长12.4%。 由于新加坡和越南市场下滑,出口销售疲软。

2Q18收入增长13%至6,790万令吉,带来上半年收入至1,394万令吉(增长9%)。 这是由于持续的销量增长和更好的产品组合,主要来自国内市场(增长17%)。 该季度可以通过贸易补充库存活动得到补充。 在2018年上半年增长8%,制造部门将继续成为增长的引擎。 更令人印象深刻的是,由于更好的产品组合和更高的规模经济,上半年的制造业部门利润增长了惊人的51%。 扣除成本与费用后,核心净利润为2,010万令吉(增长46%),超出预期。

2Q18的净利润率增长5%至13%,主要是由于永信东南亚制造部门的进展。 2018年2季度的优惠税率为23.7%(2017年第2季度为33.5%)也是一个因素。 出乎意料的是,上半年的出口销售额(通常占总销售额的30%)同比下降8%。 大多数外国市场出现下滑,特别是越南和新加坡。

预计核心每股盈利年均复合增长率为21%。 因国内部门即将出现的结构性改善,将支撑着永信东南亚在可预见的未来的前景。


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

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

Thursday 9 August 2018

3A资源(3A)- 被原材料成本拖累

3A资源(3A)- 被原材料成本拖累



由于原材料价格上涨导致利润率下降,3A资源(3A)又报告另一个疲软的季度第二季度净利润下降42.4%至530万令吉。虽然原材料成本上涨带来的近期挑战将保持谨慎态度,但仍然看好3A的长期潜力,因为其提供高品质的各种餐饮成分的一致性,赢得业内大型跨国公司的信心,生产能力和办公空间扩张计划,未来两年分配4,000万令吉资本支出,净现金头寸清洁资产负债表,以及持续强调研发计划,从而促进新产品开发。

由于其地域市场的销量下降,第2季度收入略微下降-1.0%。 马来西亚和新加坡的销售额分别增长3.0%和2.3%,但受其他国家同比下降-10.4%的影响。 对于累计上半年,马来西亚分部收入增长4.5%。 展望未来,预计未来两年将增长4-6%,这主要得益于产品供应的整体多样化以及产能扩张计划的持续投资。相信作为配料生产商,3A将受益于餐饮业的稳定增长,作为该行业的支柱,其产品广泛用于食品加工,原材料或其他所需的半成品。 食品制造商生产各自的成品。

随着原材料价格上涨,特别是木薯粉,导致第2季度的净利润下降。 全球木薯价格目前比今年1月份高出12%,在5月时期达到峰值26%的峰值之后略有下降, 这应该反映在3A今年的整体表现中,除非3A能够将成本转嫁给客户从而缓解其影响。 仅在第2季度,不利的原材料价格已将毛利率削弱至14%,而经营,税前和净利润率分别下降至7.1%,6.8%和5.2%。 然而,考虑到全球木薯价格下跌,预计长期利润将有所改善,以及其麦芽糖糊精已于去年完成建设,这第三家麦芽糖糊精工厂的增加将做出更好的贡献。


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

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

Tuesday 31 July 2018

家丽资机构 (HOMERIZ)- 超出预期

家丽资机构 (HOMERIZ)- 超出预期




家丽资机构的第三季核心盈利1500万令吉(下降33.9%)超出预期,主要是因为先前的自动化措施导致运营成本降低。回想过去,去年第3季度盈利同比下降是由于原材料成本上升(特别是喷雾和包装),劳动力成本上升以及马币兑美元走强。


由于销量下降(集装箱销售数量下降了5%),第三季收入下降1.5%;然而,核心收益(+ 27.5%)受到加班和外包工作减少导致的运营成本降低的推动。家丽资机构最近投资了几台新机器,相信这些机器可以提高效率并节省成本(需要更少的工人)。

家丽资机构宣布第一级中期股息1仙/股。对于全年,预计总计DPS为3仙,相当于股息收益率为4.3%。


若有兴趣美国股市,请游览以下面子书
https://www.facebook.com/IncessantConcept/
https://www.surveymonkey.com/r/HJ395HP

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

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

Tuesday 17 July 2018

永信东南亚(YSPSAH)- 现有竞争地位,表明更高赢率

永信东南亚(YSPSAH)- 现有竞争地位,表明更高赢率






即合同采购的自由化和新的健康计划,永信东南亚有能力跟进制药行业的新发展。同时,继续看好永信的估值不高(市盈率为9.4倍,低于5年均值11倍),出口驱动型增长和行业前景改善。

根据永信过去从卫生部获得合同的记录,其机会一直很低,即不到政府年度支出40亿令吉的1%。随着卫生部采购流程的潜在自由化,这意味着要获得更多这些合同可能会有进一步的好处,对永信是一个恩惠,使得永信的整体竞争力。

根据马来西亚竞争委员会的制药行业报告,制药公司在许可进口商和本地制造商(其中包括永信,Apex Healthcare,Hovid和Kotra等当地上市公司)之间有着广泛的区别。尽管与默克,辉瑞和拜耳等公司竞争,但永信已经在马来西亚获得了2.9%的特许药品公司市场份额。与当地上市公司相比,永信的营业利润仅次于CCM Duopharma。这表明,凭借纯粹的竞争力和优点,永信可能会获得更多的卫生部合约,而不是目前的<1%的赢率。此外,考虑到政府相对于品牌药物更倾向于使用更实惠的仿制药。现有的竞争地位表明更高的赢率,有利于永信。

希盟领导的政府打算在政府的头100天内推出一项新的医疗计划,Peduli Sihat。然而,鉴于对政府财政状况的审议,卫生政策仍未确定。该计划每年向全国每个B40家庭提供500令吉的援助(按收入计算,马来西亚家庭占40%)。它既可以补充并且可以方便地获得私立医院和诊所的初级保健服务。根据2015年约有270万B40家庭,这一金额在13亿令吉的范围内。一旦根据咨询费用的最佳案例底价进行调整,13亿令吉的医药成分可能达到5亿令吉。这将立即推动现有50亿令吉的私人医药支出。新的健康计划Peduli Sihat的潜在实施可能会成为私人医药支出的直接福音。预计它将推动对仿制药的需求,从而使永信等仿制药生产商受益。

随着该集团蓬勃发展的出口许可证,预计将逐步推动出口销售。催化剂将由潜在增长的出口市场推动,这些出口许可证很好地定位了永信,以挖掘人口众多的潜在市场和较低的医疗保健支出/人均,从而在可预见的未来支撑增长。再加上出口销售作为收入的一个越来越重要的组成部分,反映出更多样化和出口带动的强劲增长前景。

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

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