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. 

CB工工业（CBIP）- 先锋冲刺

CB工工业（CBIP）- 先锋冲刺

CB工业（CBIP）凭强劲的订单前景，创新其先锋的地位及巩固其种植业务部门，CB工业是防御性种植股，其提供了强有力的价值主张。

2107年，CBIP在收集蒸汽工程部门取得一笔4.26亿令吉的优质订单，并以201亿令吉签订价值6,100万令吉的新合约可支撑盈利大概一年半。 随着生产恢复的进行，预计2018年合同流量将回升而使对工厂升级的需求增加。 同时，成长区域包括加里曼丹和南美洲拥有高成熟的土地将需要建设新的工厂。所以，该公司有可能将继续探索经常性收入模式。

CBIP已经获得了先驱者的地位，允许自2017年11月以来获得部分免税，有效期为5年，并可能延期。 预计今年新收购的项目有资格获得免税优惠，从从中惠及该公司。

尽管CBIP的种植业务在2017年的亏损有所缩小，再纳入了关联收入使得种植业务整体得到盈利。 尽管如此，管理层正在探索其资产的整合，该公司拥有1.5亿令吉的充足现金可支持进一步收购。如果在最高净负债率为50％的情况下，该公司可以支持价值高达4.5亿令吉的收购。

目前CBIP的交易价格处于多年低位，Fwd PER仅为9.2x，而其3年历史平均值为11.4x。 这是自2015年8月以来的最低估值。由于该公司盈利恢复再加上新的先锋地位和新兴的种植园部门的进展。还注意到的是在目前看跌的毛棕榈油价格环境下，该公司可以证明对较低的毛棕榈油价格进行稳健对冲，使其成为与种植业相关的防御性较强的股票。

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.