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。

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乔治肯特 （GKENT）- 蓬勃发展

乔治肯特 （GKENT）- 蓬勃发展

乔治肯特是马来西亚蓬勃发展的铁路项目推广的关键代理。该集团公布第四季业绩收入达到1.73亿令吉上涨36％和全年2018年收入达6亿令吉增长3％

乔治肯特也宣布5仙的股利，使得2018全年总支付达到9.5仙比之前都来得高。

2018年业绩强于预期因为有更高的计量收入，更好的工程赚幅，LRT3也取得强劲进展。




尽管2018年工程收入平稳，但税前盈利增长了26％。轻快铁延长线的剩余工程价值约1亿令吉将于明年完成。随着最近向IJM颁发的LRT3地下工程配套（约11亿令吉）大部分主要工程已经分配。因此，预计PDP费用（6％）将在2019年获得进一步增长趋势。
2018年的雪兰莪州，新加坡和尼泊尔的订单利润较高以致计量收入和税前盈利分别同比上涨20％和32％。 毛利率从21.5％扩大至23.8％



2019-2020年的收益将预计提高26％和23％，因为轻快铁的分机工程将持续到2019年，工程利润率将提高;更强劲的计量增长; LRT3的执行率较高。

乔治肯特拥有净现金RM0.82 /股（市值的19％）。值得一看。

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美特工业 （MAGNI）- 稳健基本面

美特工业 （MAGNI）- 稳健基本面

三月十五日，美特工业（Magni-Tech）公布较高的2018年第三季收入和核心净利润31.33亿令吉和3360万令吉。随着上半年疲软，这季业绩表现增长5.4%出显着改善，主要受销售订单增加和利润率提高所推动。由于其较好的表现，美特工业宣布股息为七仙，包括三仙的中期股息和四仙的特别股息。

美特的长期前景将继续得到越南两个新的制造工厂的支持，该工厂可能在于2019年开始投入生产。 而美特工业的资本支出将增加至1050万令吉，高于其过去五年全年资本支出。 由产能扩张可支撑其强劲的基本面。

基于美特工业的稳健基本面（截至3QFY18净现金额为1.73亿或RM1.06 /股），估值不高（核心盈利水平的7倍本益比）和有吸引力的股息收益（FY19F：4.3％）

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AWC设施方案 - 积极加强盈利能力

AWC设施方案 - 积极加强盈利能力 

AWC Bhd 从事提供综合设施管理服务，工程服务和自动化气动垃圾收集系统。

AWC计划以4,350万令吉收购Trackwork＆Supplies私人有限公司60.0％的股权，旨在将其现有的工程服务业务多元化以及包含与铁路有关的工程。

Trackwork＆Supplies成立于1999年，主要涉及供应轨道材料和机车车辆，铁路轨道的维修，轨道工具，设备和机械的供应和调试，以及仓库设备，工具和轨道诊断和监控的供应系统。

此次收购也为2018年和2019年带来了2千万令吉的累计净利润保证。因此，4,350万令吉的收购成本将以现金支付，并分批发行新的AWC股票。AWC计划通过内部筹资或和银行借款为拟议收购提供资金，预计将在下半年完成。假设该集团通过内部现金和借款资助购买，仍然相信AWC完全有能力支付这笔收购资金，因为该集团持有相当可观的现金（截至2017年12月31日净现金：7,910万令吉），并且过去几年一直处于净现金状态。

拟议的多元化将为集团带来额外的收入和收入来源，并减少其对IFM业务的依赖，而预计铁路相关项目的贡献将超过其净利润的25％。

新业务将使AWC有机会利用未开发的铁路维修行业，预计今年将宣布的大型铁路项目将进一步推动该行业。截至2018年2月21日，Trackwork已为轨道相关项目和销售佣金收入达到680万令吉订购了约1.2亿令吉订单，这将在能够支短期盈利。

这收购计划是有利于AWC，因为它将长期加强AWC的盈利能力。从2019年开始将显着增加盈利，导致2019年每股盈利可能增加。

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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.   

亿钢控股(ECONBHD) - 卓越发展

亿钢控股(ECONBHD) - 卓越发展

亿钢控股 (ECONBHD) 在打桩和地基业务领域已经有30多年的历史，所以拥有非凡的专业知识，曾参与马来西亚许多高层建筑和基础设施发展。

亿钢已在本财政年度取得价值4.419亿令吉的新合约，令订单总额超过13亿令吉，可提供未来3年的盈利增长。估计合同补货超过6亿令吉。 亿钢广泛的大部分设备和机械设备的贬值账目已入账，这是他们的关键优势，可为他们带来双位数的净利润率。

 


亿钢的资产负债表保持健康，资产负债率为0.1倍，并已分配30-40亿令吉作为更多机器的资本支出。该公司的净利润为20％，但过去两年的分红政策分别为27.7％和29.8％。亿钢13％的净利润率仍然高于其同行，这是因为他们拥有广泛的机器效率和卓越的成本管理。

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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.   

希世康 （SCICOM）- 柬埔寨之旅

希世康 （SCICOM）- 柬埔寨之旅

根据最新的获得柬埔寨旅游项目的收入预测， 该项目让希世康（SCICOM）接触到柬埔寨充满活力的旅游业，并有机会将该集团2019-2020年每股盈利提升30-35％。

最近，希世康获得了柬埔寨旅游部的一个项目，用于开发，实施，运营和维护完全一体化的柬埔寨旅游管理系统。 该合同的收入取决于来往柬埔寨的航空旅客人数。 该项目让希世康接触到快速发展的柬埔寨旅游市场（2016年：2.7亿国际游客到达空中，旅游总收入达32亿美元）。 假设每个国际游客支付1美元费用给希世康，EBITDA利润率为45％，那么该项目应该在接下来一两年中贡献1200-1600万令吉的净利润约占集团净利润的22-27％。

希世康的股价从去年四月下跌34％，归因于连续三个季度净利下滑（收入下降和马币加强，下跌16％）。进入2018，预计希世康会增加收取EMGS费用以减轻外国学生申请数量较少的影响。 此外，也预计BPO业务量将在下半年稳定下来和慢慢恢复。 

 总体来说，希世康在电子政务服务/电子解决方案领域的专业知识，高股东权益报酬率业务模式42%，2017-2020财年盈利年复合增长率为10％，低本益比使得估值有吸引力与5％高股息收益率。此外，希世康拥有强劲的资产负债表和净现金去支撑接下来的营运。 柬埔寨旅游项目是主要的盈利催化剂。

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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.   

晋纬控股 (Chin Well) - 追求成长

晋纬控股 - 追求成长

由于全球经济复苏以及国内一些大型基础设施项目的预期以及美国客户订单的增加，晋纬(CHINWEL)的主要增长动力将以大宗紧固件需求的复苏为前提。

通过其强大的分销管道，晋纬已定位的全球地位，特别是在欧洲，将继续支持出口销售增长。该集团也正在与DIY零售商讨论扩大其分销网络，这将对出口销售增长产生良好预期。在当地市场，随着产能逐渐扩张以满足不断增长的需求，较高的铁丝网订单将刺激2018年的收入增长。

预计2019年的净利润和收入将达到6,670万令吉和6,797万令吉的历史新高，五年年复合增长率分别为21.8％和11.8％。然而，底线利润率在2019年将从10.3％微幅下滑至9.5％，并且由于成本上升而下滑。该集团还采取40.0％的股息政策，每两年支付一次，这意味着股息收益率为3.0％-5.0％。

晋纬是世界上最大的碳钢紧固件制造商之一。凭借遍布全球（即德国，英国，意大利，澳大利亚和新加坡）的强大分销网络，该集团的国际业务足迹帮助晋纬赢得了重要的海外客户，尤其是来自欧洲国家的客户。来自其欧洲客户的收入占2016年总收入的大部分，为51.5％（或2.619亿令吉）。笔者认为出口销售将继续支撑收入，这得益于全球经济复苏以及欧洲DIY家装市场的良好需求增长以及全球工业紧固件市场的增长。

在过去几年积累了强劲的净现金头寸后，晋纬强劲的资产负债表和净现金为六千万令吉的情况下也为集团提供了足够的灵活性，为潜在的扩张计划提供资金和足够的流动性缓冲。

从历史上看，晋纬每两年宣布分红，相当于3.0％-5.0％的合理股息收益率。该集团每年还向股东分配至少40.0％的收益。

笔者认为晋纬拥有健康的资产负债表和净现金在手，相当稳定。利润率比同行对手东和资源来得高。随着全球汽车和制造业的积极前景，工业紧固件需求增长强劲； 来自吉打现有客户的额外丝网订单， 可以支撑长期稳定收入。

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