PWROOT - Techincal view on May 2018

Power Root was testing the MYR1.70 level in its latest session. A bullish bias may be present above this point with a target price of MYR1.90, followed by MYR2.04. The stock may consolidate further if it cannot breach above the MYR1.70 threshold decisively in the near term. Support may be found at MYR1.37, where traders can exit upon a breach to limit the downside risk.

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合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

合成工业 （HUPSENG） - 仍在努力经营，创造佳绩

由于国内和出口市场销售季节性下滑，收入下滑10.5％至7,710万令吉。 此外，毛利率也从38％下降至36.7％是因为较高的投入成本而导致税后盈利较低（-23.0％）。其主要原因是投入成本较高（以棕榈油，面粉和食糖等原料为主），而运营成本仍然很高（管理和营销费用包括员工，运输，能源成本占收入的五分之一）。 由于毛棕榈油价格较便宜，相信未来利润率将继续提高。


利润连续两年下降后，6月1日开始，GST 降至0%将消费者信心逐步改善，预示着提高该集团的盈利。 尽管第一季度的毛利率较低，但毛利率下降将导致原材料成本下降。 估计2018年棕榈油价格平均价格将低于2,500令吉/吨，而2017年平均价格为2,715令吉。迄今为止，棕榈油价格平均为2,465令吉/吨。 请注意，棕榈油和面粉占集团原材料成本的70％以上。


合成工业表示，由于现代化商店的销售收入增长以及分销商网络规模扩大，销售额有所增长。通过培育自己的分销网络打开中国市场的计划尚未起飞。预计合成工业的额外增长将来自中东和中国市场出口销售的增长，因为有更高的销售激励措施; 和分销商的促销赞助活动。 相信2018年国内销售将增长2.8％。


合成工业仍在努力管理经营和投入成本，以及强劲的股息收益率，健康的净现金状况和预期的利润率扩张。基于60％的股息政策，预计该集团在2018年支付6仙（与2017财年相似），意味着潜在的股息收益率为4.8％。

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3A资源 - 整装待发

3A资源 - 整装待发

3A资源年初开始表现疲软，因为净利润较高，净利润也跟着下降。第一季净利润下降-39.6％至620万令吉是因为受原材料价格上涨拖累毛利率下降的拖累。尽管原材料成本上涨带来的短期挑战，所以保持谨慎态度。

由于其地理市场的销量略有下降，虽然公司第一季度收入同比下降0.7％，但大马的销售额却增长了5.9％，抵消了新加坡的-24.4％和其他国家的-7.2％。 展望未来，由于产品供应总体多样化以及持续投资扩产计划，可以保守预计2018-2020年的增长率为4-6％。 作为配料生产商，3A将受益于餐饮业的稳步增长，作为食品加工行业的馈送者，其产品广泛用于食品加工，以其他食品制造商生产所需的原材料或半成品形式 他们各自的成品。

第一季度净利润下降是因为原材料价格上涨尤其是木薯粉。 今年迄今为止，全球木薯价格上涨了25％，这应该在3A的未来两个季度中得到反映，除非3A能够将成本转嫁给客户，从而缓解其影响。 本季度，不利的原材料价格和汇率使毛利率下降。 尽管如此，预计长期利润率将有所提高，因为3A在去年已经完成建设的麦芽糖糊精第三工厂增加，并且应该在明年之后带来更大贡献。

相信3A拥有长期潜力，因为其一贯以优质的品质提供各种类型的餐饮原料，赢得行业内大型跨国公司的信心 ；还有生产能力和办公空间扩张计划，未来两年拨款4000万令吉；净现金头寸清晰的资产负债表;以及持续重视研发活动，从而开发新产品。

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PWROOT - 减低成本，提高盈利

PWROOT - 减低成本，提高盈利

在过去几个季度，由于干旱引发全球咖啡价格飙升，该公司的关键原料（即咖啡）的平均成本很高，导致利润下滑。

由于消费者信心疲弱，该公司对现有国内经营环境的审查也发现了各种改进空间。 这包括减少生产浪费，合理化促销支出和分析不良销售安排。 虽然上述可能会为公司带来更好的底线贡献，但相信可能只会在实施一段时间后才会看到好结果。

出口数量受到强劲接待的推动，特别是在中东和北非地区，国内销售可能因本地竞争加剧和消费习惯疲软而受挫。 虽然该公司将战略重点放在新市场（即“Kopi O”）可能会为增加国内贡献提升销量。 关于国内收益问题，相信该公司已解决运营失误的问题，这可能会提高利润率。

PWROOT将积极扩大国内地位，但相信出口收益可能会受到马币复苏的阻碍。 相信该公司将改善运营以扩大利润率，提高销售策略。

PWROOT的长期前景感到乐观。 运营成本已合理化，但可能只能在中长期才会反映出来。 然而，从较低的平均商品价格带来的短期利好可能会缓解生产成本。该股仍具有价值，因为预计2018/2019年的股息收益率将保持稳定在6.9％/ 8.3％。

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贸易战争

贸易战争

金融危机爆发以来，全球经济面临1929年经济大萧条以来最困难的局面。很多国家为了自保，挥舞起了贸易保护主义大棒。当前这种贸易保护的趋势，它是糖水还是毒药？它能帮助经济走出困境，还是会使危机更加恶化，这成为2009年初达沃斯世界经济论坛上各位商界领袖最热衷于讨论的焦点问题。随着时间推移，危机进一步蔓延，贸易保护是否会进一步演化成为贸易战争、军事战争？这影响着全球的经济走势，也将决定你我未来的生活。

面对全球化的新态势，特朗普搞地方保护主义、贸易保护主义，实在是逆流而行。贸易战，就是一场战斗，无论什么战斗，杀敌百万必定自损三千。

在这场美国与世界各国的贸易战中，美国真能以一敌百吗？当然，既然是战争，就有可能取得局部和阶段性胜利。但是，美国与世界各国打贸易战，绝不可能取得最后胜利。近期来说，美国可能有一些收获，在与一些国家的贸易交往中，可能会从贸易逆差变成贸易顺差；而长远来说，只能把美国带入自给自足、孤家寡人的境地。

中美打贸易战对双方都没有好处，没有赢家，希望双方还是保持理性，避免打贸易仗。

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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.  

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。

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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.  

合成工业 （Hup Seng）- 大马饼干王

 合成工业 （Hup Seng）- 大马饼干王

合成饼干是马来西亚的最悠久饼干象征：合成工业的核心业务涉及制造和销售饼干，饼干，燕麦饼干和饮料。 合成的奶油饼干在马来西亚食品市场已经有近60年的历史了。 目前，饼干占集团销售额的约65％。

由于棕油和面粉累计占该集团原材料成本的70％以上而随着棕油价格下降导致合成毛利率将显着增加，反之亦然。预计未来，合成估计2018年CPO的价格平均为2500令吉/吨，而2017年平均价格为2715令吉/吨。 迄今为止，棕油价格平均为2495令吉/吨。预计2018年的毛利率将从2017年的37.8％将增加至41.3％。

按现价计算，尽管该集团的最低派息比率为60％，而预计合成将在2018年支付90％的收益，与过去三年一样，预计合成收益率为5.5％，股息收益率较高。

截至2017年底，合成现金净额为9,900万令吉或每股12仙，净现金状况。 该集团表示，他们计划在现金需求大幅增加时需要增加产能的情况下，用现金购买新的烤箱。

合成工业`指出，该集团生产饼干的产能达到满负荷。 此后，该集团在其工厂附近购买了两块土地，以期增加产能。 目前合成燕麦饼干生产能力约为30％。

集团的税前盈利由2015年的5,470万令吉高位下滑至2017年的4,450万令吉，原因是令吉疲弱影响了原材料成本。 所以预计合成的2018年底将有可能反弹是因为预计2018年的预期棕油价格将下降使到毛利率将上升。

合成工业占马来西亚最大的饼干市场份额，拥有悠久的历史，能够向其他饼干品牌收取溢价。拥有强劲的股息收益率，健康的净现金状况和预期的利润率扩张。合成增加产能，可增加燕麦饼干的销售量，以符合市场对健康替代品增长的需求。

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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.