美特工业 - 继续扩展

美特工业 - 继续扩展

美特工业经营两个业务部门：制造服装和包装材料。 服装销售额占集团收入的90％以上。 其服装销售额超过90％来自耐克公司。该集团年产能为3560万件，利用率为70％，并计划到2020年将产能提高至5000万件。公司将其产品扩展到本地大马，越南，美国，欧洲，中国，加拿大，泰国，印度尼西亚和日本的市场。

美特工业分别公布其2018年收入和核心净利润分别为2.2亿令吉（下降26.4％）和2,390万令吉（下跌38.7％）。总体而言，2018年是一个表现不佳的年份，收入和核心净利润分别下降5.3％和11.1％，其主要受到收到的销售订单减少，运营费用特别是劳动力成本上涨以及不利的外汇走势影响。美特工业宣布第四季度每股5仙的较低股息7仙，全年派息为20仙，相当于2018年的35.6％派息。美特工业的估值不高，基本面稳健（截至2018年4月30日净现金额为1.929亿令吉或1.19令吉/股），有吸引力的股息收益率。

自2018以来，两家新计划生产设施之一已经开始生产，而第二家工厂仍在建设中，所以预计2019年的表现会更好，这得益于两家新制造工厂的新产能和更稳定的外汇流动。

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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.   

堡发资源 - 高生产成本拖低收益

堡发资源 - 高生产成本拖低收益

堡发资源的前半年的收入比较于去年同期下降了1.3％至2.8740亿令吉，主要是因为越南业务的销售额下降及越南盾兑美元汇率走弱。但由于用于美国市场的面板卧室套件以及传统办公家具的需求依然强劲使得大马本地业务的销售额增长，所以抵销部分下滑业绩。

由于大马本地和越南的业务经历了利润率被压缩，2018年年度上半年的息税折旧摊销前利润率下降至8.5％，部分原因是因为马币兑美元升值而导致其产品售价以马币计算而拉低赚幅; 其二，原材料成本和直接人工成本齐增加。截至2018年4月30日，美元收于3.92令吉，而一年前为4.34令吉。另外值得注意的是，堡发资源已于2018年1月，其大马工厂的火灾事件与其保险公司达成了430万令吉的火险赔偿协议。考虑到受损的资产总账面净值为300万令吉烈火，堡发资源录得净赚130万令吉。

由于生产成本上升导致利润率低于预期，剔除一次性项目后，堡发资源的前半年的核心净利润达到1,970万令吉下滑33％即低于预期。

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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. 

CBIP - 价值浮现

CBIP - 价值浮现

虽然CBIP在油厂工程和SPV分部补充订单的短期前景可能仍然疲软，但CBIP值得重新审视，因为价值已经浮现。由于持续低的毛棕榈油价格环境，CBIP在其油厂工程和SPV分部补充其订单的近期前景仍然疲软， 油厂工程部门的订单补货速度低于预期，以及部长职位变更（GE14结果发布后），这可能会导致SPV部门新合同授予延期。

价值已经出现。尽管近期的补贴前景不佳，但仍然看到CBIP的价值，因为砂捞越种植园资产（通过联营和合资）和加里曼丹（32,000公顷，其中约11,574公顷，或36％已经以及净现金4,270万令吉（或每股8仙）。

上游种植资产价值54仙/股。假设保守估价CBIP的土地储备价格为RM15,000 /公顷（种植面积）和RM500 /公顷（对于未种植面积），这低于目前的市场估值（至少为RM30,000 /公顷/区）。

6仙的DPS可能会继续。鉴于其净现金为4,270万令吉（或每股8仙），并且未来会出现巨额资本支出。目前股价为1.30令吉，股息转化为4.6％的不错收益率。

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.