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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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。

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. 

堡发资源 （Poh Huat）- 低估的可能？

堡发资源 （Poh Huat）- 低估的可能？

由于马币兑美元的汇率转换以及原材料成本的上涨，越南业务的贡献低于预期以致堡发的第一季净利润为1,020万令吉下降-42％。

堡发的第一季收入略微下降1％至1.619亿令吉，主要是由于近期产品组合向中端及可负担部分市场转移，越南业务的销售减少，但由于大马业务销售至美国市场的面板型卧室套件以及传统办公家具的强劲需求间接抵消了冲击。由于马来西亚和越南的业务经历利润率压缩，税前利润率在第一季度减弱是因为马币升值；最近的火灾事件导致生产中断，运营效率下降; 和原材料成本增加。在初始调整期间，开始生产几种新型家具产品也导致生产效率和劳动生产率降低。

该集团表示，为了保持领先于竞争对手，将继续调整其产品以迎合人口和市场趋势的变化，还必须与客户紧密合作，以缓解原材料价格上涨，劳动力成本和价格调整以应付美元兑马币汇率近期的变化。

 股东权益率大约有14%，殖利率有6%，净现金8千万，本益比估值只有6倍，股价有被低估的可能性，可以观察看看。

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.