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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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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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。

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AWC设施方案 - 利润率提高

AWC设施方案 - 利润率提高

AWC的3QFY18净利增长36.3％至690万令吉，去年同期为500万令吉，这是由于盈利水平较高，收入贡献较强，收入达RM75.3mil 增长11.6％。

尽管去年同期的净利润也从去年同期的1,570万令吉增长8.2％至1亿1千7百万令吉，尽管收入略有下降至20,980万令吉同比减少0.2％。累计净利较高的主要原因是利润率较高，加上较低的税收支出。

然而，报告的净利润和收入比预期低，主要是由于进度费用较低，还受到前几个季度延迟的项目所拖累。

同时，尽管部分被较低的税收支出和较低的非控股权益所抵消，但环境和工程部门的税前利润疲软，影响AWC的整体表现。年初至今综合设施管理部门的税前利润（包括分部间交易）从去年同期上涨88.0％至1,460万令吉。另一方面，由于项目延误，成本超支以及缺乏资金，环境和工程部门贡献的年初至今税前收益分别下降至860万令吉下跌46.1％和360万令吉下跌52.5％。

展望未来，随着集团继续成本超支和项目延误，可能导致将来收益会减少。即便如此，由于环境和工程部门确保的新合同以及持续的成本重组计划，预计在2019年更有利的收入贡献支撑。

如果预计AWC超过10亿令吉的巨额订单将使该集团的业务持续到2025年。AWC董事会计划于2018年6月5日举行特别股东大会进行表决收购60％的股权铁路服务供应商Trackwork。在董事会批准之前，暂时排除Trackwork的潜在盈利贡献，相信盈利合并将提高AWC的盈利。根据Trackwork的供应商保证的累计2,000万令吉利润，集团底线可能增加13％-20％。

其投资风险包括由于建筑行业固有的周期性风险而导致订单补货率低于预期以及项目延误，这可能导致不可预见的成本增加和声誉损失。公用事业成本的增加和消耗品价格的上涨也可能压缩到综合设施管理合同的利润率，而原材料成本的任何波动也可能影响AWC在已经饱和的暖通空调市场的利润率。

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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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