Thursday, April 29, 2010

Fulfilling a role of trust

Malaysian Business, Apr 16, 2010


NCB Holding Berhad plays a vital role in the nation's development through logistical excellence.

NCB HOLDINGS BHD (NCB) IS A LISTED investment holding company in which PNB and other unit trust funds that it manages collectively hold majority interest of more than 56%.

The value drivers for the NCB Group of companies are two wholly- owned subsidiaries Northport (Malaysia) Bhd, a company involved in the management of port services and the allied back-up activities and Kontena Nasional Berhad, a company engaged in the provision of transportation and logistics service in various manners of description.

Northport was previously known as Klang Container Terminal (KCT). It is a port operating company that operates port services in two locations in Port Klang, one in North Port and another in Southpoint (formerly known as South Port). The entire ordinary shares in Northport are held by NCB. One special share in the company is held by the Minister of Finance Incorporated.

Northport is made up of the combined businesses that were previously operated separately under the KCT and Klang Port Management (KPM). Northport is today an inclusive brand-name that relates directly with the market and offers the full range of activities of ship-to-shore container and cargo transfer, storage and packing/unpacking services within the terminal area as well as the supporting value-adding distripark services provided by the former Port Klang Distribution Park (PKDP), which the NCB Group acquired soon after the operational merger that created Northport. PKDP has been re-named Northport Distripark Sdn Bhd (NDSB).

Northport today runs a full-service port that encompasses both container terminal activities as well as activities of handling conventional cargo. It provides its own marine support services of pilotage and tuggage and is capable of receiving the top-end container vessels that today run services to this part of the world. In terms of growth track record, Northport had risen in stature from what was a quarter million TEU-per-year port when it began operation in 1986 to a port that today services 3 million TEUs per annum. While it handles equally well both containers generated by the indigenous trade of the country and transshipment containers from the neighbouring third-country economies, it is still credited as the main gateway port for Malaysia's import and export trade, handling nearly 60% of the volume of imports and exports in containers passing through Port Klang, the country's main port for domestic trade. Indeed Northport cannot be wrong in calling itself Malaysia's world port.

Kontena Nasional is the company that pioneered the service of hauling containers. It began in a modest way in Port Klang in 1971, with a fleet size of one prime mover and three trailers. It is today fast migrating into the image of a 3rd party logistics services provider (3PL player) with service menus eventually covering in- store logistics, vendor management, last-mile delivery, reverse logistics, e-commerce, etc. Kontena Nasional also has a strong asset base with a vehicle fleet of more than 400 prime movers, warehouse space in excess of 700,000 square feet and more than 3.5 million square feet of open storage space located in its various operating branches. It also has well-developed IT system that supports the logistics solutions that the company offers its various clients.

With the context of the growth of national trade, the role played by the subsidiary companies under NCB represents both a great trust and expectation. In going forward, the challenges for NCB is to provide the crucial strategic leadership for its subsidiaries in term of maintaining their service performance, as much as in the delivery of values its various stakeholders are looking forward to.

"We share the desire to be understood by the investors as much as the lay public about what and who we are so that we can be accurately judged by the various groups. We believe the aim of creating an investment-savvy nation has a lot to do with availability and accuracy of information on investment and related matters to the public and the various interest groups for them to make their judgment calls. We believe we can play a role in this by sharing accurate information about ourselves and appropriately responding to people who have inquiries they want to make."

- DATUK' DR ABDUL SAMAD MOHAMED, GROUP MANAGING DIRECTOR NCB HOLDINGS BHD

Copyright 2010
Provided by ProQuest Information and Learning Company. All rights Reserved.

"Fulfilling a role of trust". Malaysian Business. FindArticles.com. 29 Apr, 2010. http://findarticles.com/p/articles/mi_qn6207/is_20100416/ai_n53329076/

Wednesday, April 28, 2010

Malaysia's big 8 Bank

Malaysian Business, Apr 1, 2010 by James S


Alliance Financial Group

This list is arranged according to alphabetical order THE SHARE PRICE OF ALLIANCE FINANCIAL Group (AFG) was affected in early January following news reports that it had placed several of its top management on forced leave pending completion of an informal internal investigation. Its board of directors later clarified that the bank's chief executive officer (CEO) and chief operating officer (COO) were on voluntary leave pending an investigation process.

This culminated in Datuk Bridget Lai tendering her resignation as CEO with effect from April 1. Apparently, the bank said that the resignation was a joint decision of the bank and Lai and was not in any way a reflection of the CEO's role or conduct.

Analysts are positive of a closure on the event as they say it will reduce distractions to the bank that might arise from a possible long- drawn internal investigation.

Research house AmResearch reiterates that AFG has demonstrated strong teamwork and maintained a good grip on its operations despite the recent distractions. It says the decision-making process in the bank continues to be supported by the various exco and sub- committees in the absence of the CEO and COO.

The local research house remains positive on AFG. While its share price has moved up from its recent lows, AmResearch foresee further catalysts for a rally from (i) stronger-than-expected net earnings; (ii) appointment of a new CEO; and (iii) the fact that AFG is also a prime beneficiary of the overnight policy rate (OPR) hike given its variable rate loan contribution of 85.1% of its total loan base.

The research house has a `Buy' rating on AFG with a fair value of RM3.10 per share.


AMMB Holdings

MOST ANALYSTS' CONCERNS OVER AMMB Holdings in the past centred on its high dependence on hire purchase (HP) loans (where the group was making sub-par returns) and its persistent asset quality problems. The former concern has apparently been greatly reduced with returns on its HP portfolio now enhanced by a combination of tighter approvals and risk management and better price discipline within the industry.

The general concern over the group's asset quality remains but this is now more of an industry phenomenon than one that is particularly applicable to AMMB.

Analysts are apparently happy that the various new initiatives the bank has taken with the help of its strategic foreign shareholder, Australia and New Zealand Banking Group (ANZ), which took a 19.2% stake in 2007, is now helping to strengthen AMMB's competitiveness and efficiency.

KAF Research reckons that the group's transformation is real and its structural upside now more apparent, especially if the economic and capital market cycles turn ahead as well.

It says the bank's non-consumer segments are showing strong potential especially among the larger government linked companies (GLCs) and multinational companies (MNCs). These are areas where the group's investment banking arm has always had good relationships with but has not been able to tap into their credit and other operational needs.

This is because the commercial banking balance sheet has been managed separately, not to mention the legacy problems the group had to deal with in the past.

However, KAF Research says the management now sees significant opportunity both in terms of growing its loan book and generating more fee income from providing a complete suite of products to these MNC and GLC clients.

Although spreads on corporate loans are generally thin, this strategy is one of the initiatives being used by management to increase the proportion of its variable rate loans and diversify away from its high dependence on HP. The competitive landscape in this area is said to be now better as the foreign banks have been less aggressive in this area.

Given the positive changes above, KAF Research has revised up its earnings forecasts for AMMB by 5% for FY10 and 9% each for FY11 and FY12, taking into account the better than expected operating environment.

AMMB is also one of OSK Research's favourite banking stocks, with a target price of RM5.35.


CIMB Group Holdings

CIMB GROUP HOLDINGS, THE second-largest bank by assets in Malaysia with a 15% loan market share, has been in the limelight with its intention to take advantage of new rules allowing overseas listings on Thailand's stock exchange.

The group is also proposing a one-for-one bonus issue which could boost trading interest in the stock.

According to Citibank Equity Research, CIMB has the most strategic overseas expansion plan with its established footprint in the major Asean countries of Singapore, Indonesia and Thailand. In its nine-month FY09 results, overseas operations contributed 29% of CIMB Group's pretax profits (from a mere 11% in FY08). CIMB Niaga was a key driver for the group profits vis-a-vis Malayan Banking.

The foreign research house observes that CIMB's management is efficient in tapping synergies from its operations in the key Asean countries via forex and cash management products that have boosted the group's fee-based income.

While growing commercial bank profits would alleviate investor concern over CIMB's heavy reliance on volatile investment bank earnings, a buoyant capital market could still provide an earnings surprise, given CIMB's strength in corporate advisory services, says Citibank.

All in all, it reckons that CIMB is firing on all cylinders. Coupled with the potential positive impact from the country's recent interest rate hike, OSK Research has named CIMB its top big-cap banking stock pick, with a target price of RM14.90.


EON Capital

AT THE END OF LAST YEAR, HONG Leong Bank announced that it had received Bank Negara Malaysia's approval to start talks with `certain shareholders' of EON Capital pertaining to the potential acquisition of assets and liabilities including equity interests in EON.

Hong Leong Bank went on to make an offer to buy the entire assets and liabilities of EON at RM7.10 a share to be satisfied fully in cash, representing a price-to-book value of 1.4x, based on EON's book value of RM5.03 a share as at end-September 2009.

While some analysts reckon that the offer price was fair, EON however announced that after consulting its advisers and considering all available information, its board of directors had resolved that the offer was not in the interest of EON and its shareholders.

As such, the board would not table the offer for consideration and approval by EON's shareholders and would not submit an application to the authorities for approval to accept the offer.

The tussle escalated however when two EON shareholders, Kualapura (M) Sdn Bhd (holding a 15.4% stake) and Lintang Emas Sdn Bhd (4.3%) requested for an EGM to be held to appoint new directors on top of the current ones, essentially hoping to control the board.

The outcome of the EGM favoured the two shareholders, with eight new directors being introduced. A few days later, four independent directors resigned from the board, making the board composition fall short of the requirement that no less than a third of board members must be independent directors.

At the time of writing, it was reported that Abu Dhabi Bank was ready to offer at least RM9.20 a share to certain shareholders for their stakes, adding more uncertainty to the whole tussle.

AmResearch assigns a `Hold' on EON, as the stock is being traded around the earlier offer price by Hong Leong Bank of RM7.10 a share.

Even if the market talk about Abu Dhabi's offer is true, the research house says this will not have a significant impact on EON's market price as the offer is meant for certain shareholders only and that the fundamentals of the banking group remain unchanged except for the holdings of its major shareholders.


Hong Leong Bank

MOST ANALYSTS AGREE THAT Hong Leong Bank has been travelling the conservative path after the Asian financial crisis of 1997/1998. The bank has dedicated itself to promoting retail banking in the past few years.

However, to its credit, it has slowed down its lending to the motor segment since mid-2006 due to intensified competition coupled with a diminishing asset value.

Hong Leong has delivered consistent growth over the past few years, increasing its net profit from RM382 million in FY04 to RM905 million in FY09 (a CAGR or compounded annual growth rate of 19%).

According to KAF Research, this growth came about without Hong Leong taking on too much risk. This is noted by the fact that the bank's liquidity remains extremely high, its gross non-performing loans ratio (NPL) falling from 11.2% to 2.2%, and its provisioning cover jumping from 58% to 109%.

Despite the relatively consistent track record, the market has unfortunately continued to assume limited growth for Hong Leong, as highlighted by the fact that the current consensus earnings estimates imply only an increase in net profit of 3% in FY10 and 11% in FY11 for the group, says the research house.

Going forward, the local research outfit expects Hong Leong's net profit to increase at a CAGR of 15% over the next three years. Even without taking into account the potential upside from any merger and acquisition activities, it believes that Hong Leong will rerate further over the next 12 months.

The stock remains a top pick for KAF Research, with a target price of RM10.40.


Malayan Banking

THINGS ARE DEFINITELY GETTING better for the nation's largest bank. Malayan Banking (Maybank) improved further on its strong fiscal first quarter performance by reporting a 44% rise in headline net profit and 15% higher normalised profit for the six-month period to December 2009.

Its quarterly net profit on a normalised basis has risen for three consecutive quarters from a low of RM503 million in 3QFY09 (to March) to RM936 million in 2QFY10 while return on equity (ROE) has recovered from 9.9% to 14.2%, says KAF Research.

As such, the research house has raised its net profit forecast for Maybank by a further 11%-18% over FY10-FY12 given the better than expected results and general improvement in macro conditions.

Following the earnings upgrade, the research house's target price for the bank has been raised from RM5.70 to RM7.70. This target is based on the Gordon growth version of the dividend discount model (DDM), assuming a sustainable ROE of 15.5% and long term growth of 5.5%.

However, KAF Research believes that Maybank may not be able to move to the higher end of its payout guidance due to new capital rules. As such, the research house has assumed that the dividend payout ratio for the group will remain at 40% in FY10 and rising to 50% each in FY11 and FY12, translating into dividend per share estimates of 41.5 sen and 46.1 sen respectively.


RHB Capital

GOING INTO FINANCIAL YEAR 2010, RHB Capital is now moving towards the tail end of the Phase 2 `Meet the Benchmark' (2008-2010) of its multi-year transformation programme.

Phase 1 `Get the House In Order' was completed with fully integrated structures and a universal banking platform in 2007. The key focus in Phase 2 includes setting main targets for its retail, commercial and investment, Islamic and international units, initiating cross-selling and sales and service models, continued improvement in process and service quality and meeting milestones and targets.

Phase 3 `Raise the Bar' (2010-2012) will include strategies to meet its vision to be one of the best-run banks in Malaysia and the Asean region. Main targets include maintaining its position at no less than fourth- largest bank in Malaysia, being a major Islamic player, building a long- term competitive advantage, and moving towards leadership positions (at least the top 3) in its chosen market/product segments.

According to AmResearch, the company has painted a confident picture for FY10. The banking group is maintaining its net earnings target of at least RM1.4 billion or double that of FY07's level. The bank's main targets for FY10 include:

* Gross loan growth of 15%. This is expected to be derived from consumer, corporate as well as its new focus on lending to the public sector segment.

* Net NPL ratio targeted to be reduced to below 1.9% in FY10 from 2.2% in FY09.

* To raise its international contribution to more than 10% in FY10 from 6% in FY09. This is in line with its recent proposed acquisition of an 89% stake in Bank Mestika, Indonesia.

Given such a rosy picture, AmResearch reckons that RHB Capital is the most underrated mid-cap banking stock in the industry. The research house is maintaining a `Buy' call on the counter, with a higher fair value of RM7.10 a share (RM6.60 previously).


Public Bank

THIS BANKING group continues to grow from strength to strength. AmResearch remains positive on Public Bank and is maintaining its `Buy' recommendation with an upgraded fair value of RM13 a share (from RM12.60 previously). It was reported that Public Bank has unveiled several key three-year targets:

* ROE to be raised to 30% from the 26% level in FY09.

* Core capital ratio of 8% (currently 9.9% as at end-2009).

* Net NPL ratio below 1% (currently 0.8% as at end-2009). * Loan book size of RM200 billion (up from RM135 billion as at end- 2009).

* Total asset size of RM320 billion (up from RM217 billion as at end- 2009).

According to AmResearch, Public Bank has also provided a strong reassurance on the dividend front given the possibility of more stringent capital requirements from the Basel Committee.

The group has indicated that it remains on track to meet a dividend payout ratio of 50% to 55% even if capital requirement levels were to be raised to, say, 6%-7.5% for Tier 1 (from 4% currently) with core equity levels set at 4%-5%.

Copyright 2010
Provided by ProQuest Information and Learning Company. All rights Reserved.
James S "Malaysia's big 8". Malaysian Business. FindArticles.com. 28 Apr, 2010. http://findarticles.com/p/articles/mi_qn6207/is_20100401/ai_n53096421/

股海宝藏: 大展控股具重估潜能

2010/04/26 3:59:08 PM
●慧眼

落后大市的科技股

随着全球经济复苏,科技股在2010年需求强劲及盈利反弹的带动下,股价大力反弹。因此许多证券行在今年初已经提升科技领域、硬盘驱动器以及电器领域的评级。笔者发现到在科技股涨潮时,许多投资者都忽略了大展控股,因为很多投资者都不知道大展控股的印刷电路板,在2009财政年为它的收入和盈利分别做出89%和57%的贡献。

尽管在艰难和金融危机时期,大展控股的印刷电路板业务还是在2006、2007、以及2009财政年分别做出2300万、2100万以及2800万令吉的税盈利贡献。

它处于本益比4.8倍(行业:19倍)、价格对账面价值0.7倍(行业:2.2倍)的便宜估值水平,以及拥有每股49仙的净现金(行业大部份处于净负债)。不包括每股49仙的净现金,大展控股只处于2.8倍本益比水平交易。当市场发现其廉宜的本益比、稳固的财务基础以及前景良好的印刷电路板业务之后,相信它的股价重估的几率会很高。

它的总部在槟城,主要从事电器及电子、产业发展、种植和电力业务。

电子业务

它的业务在2009财政年取得2790万令吉税前盈利最高的记录。这个业务在2009财政年为它的收入和盈利分别做出89%和57%的贡献。它在槟城和中国苏州的生产设施主要是生产和销售印刷电路板给电讯、音响和录影、电脑、汽车和家电以及其他消费产品。

16年丰富经验

它的产品范围包括单面印刷电路板、双面印刷电路板以及多层印刷电路板、LED产品以及铝制印刷电路板。在这些年来,大展控股通过与跨国伙伴的合作,以开发和提升技术。

由于拥有16年的丰富经验和技术,这使到它拥有信誉良好的客户以及稳固的财务基础,这也让它在面对东协和中国制造商的激烈竞争时,可以将业务多元化至新工业、新产品 、新客户的高价值链。

前景看俏

大展控股预料将从看俏的行业前景趋势中受惠。

根据印刷电路板伙伴(台湾)在2010年1月份表示,新兴市场对电子产品的需求增长、行业重组以及经济复苏,将使到印刷电路板产量恢复正面成长。

精明电话及手提电脑将是未来产品的新明星,此外,LED也将在各种电子产品、控制器以及电子书本上运用,这将使到印刷电路板的需求进一步成长。

电器业务

电器业主要是贸易电器产品。产品范围由按纽到电线以及供应散户、承包商、顾问以及自助者的产品。这一业务预料也会扩大至地砖、壁砖和屋瓦以及门窗的金属架构等。这一业德为2009财政年的收入和税前盈利做出少过1%的贡献。

产业业务

产业业务主要是进行Taman Bukit Kepayang的产业发展计划,这是位于芙蓉的混合产业发展计划。它的地点具非常适中,位于南北大道的芙蓉交通枢纽附近。整体而言,这一业务在2009财政年为集团的收入和税盈利分别做出7%和9%的贡献。

种植业务

大展控股已经扩展至油棕种植业务,目前在吉打州拥有385英亩的全面种植的油棕园。这油棕园在2007年开始有收成以及由经验丰富的团队管理。这一业务为2009财政年的收入作出46万1000令吉贡献,并且蒙受20万令吉亏损。

电力领域

该集团也在海外拥有20&股权的联号公司,这家联号公司在柬埔寨拥有发电厂,运作期限是由1997年至2015年。这项投资在2005年至2009年期间平均每年为集团税前盈利作出740万令吉的贡献。这业务在2009财政年为盈利做出约14%的贡献。

良好股东价值提升

自从大展控股在1994年上市以来,它的管理层已经将转型为印刷电路板业的主要业者。它也获得现金流良好的电力业务以及其他业务的支持,这使到在2000至2009财政年的复合平均年增长率达到15%。在同样的期间,它的净现由1200万令吉增加至1亿令吉以及每股股息由2仙增加至4仙。

尽管发生金融危机,大展控股的盈利依然表现良好,在2008和2009财政年分别取得2500万令吉和5000万令吉的盈利。由于全球经济复苏,大展控股的盈利预料将会在2010年进一步改善。

加强产能·设手套城 速伯玛启动十年大计

2010/04/26 3:59:08 PM
●魏素雯


郑金森:尽管全球经济放缓,可是全球手套需求仍然强稳,全球手套消费量预计可按年增长介于8?0
随着全球逐渐提高卫生意识,许多国家开始落实强制性使用手套措施,加上或有更多疾病暴发等,都有望提高全球手套需求。

同时,由美国总统奥巴马积极推行的美国医疗改革法案,已在2010年3月23日获众议院投票通过,整个医疗改革计划总值8750亿美元(约2万8087亿令吉),当中包括让之前没有获得健康保险的额外3200万名美国人,获得健康保险保障。

对于手套领域前景,速伯玛(Supermx,7106,主板工业产品股)执行主席兼集团董事经理丹斯里郑金森表示,美国推行上述医疗改革计划将对保健领域有利,包括药房,医院、疗养院、医疗设备制造商、分销商以及所有机其他保健供应商。

他说:“除此之外,新兴市场如中国、印度、俄罗斯、印尼及越南对手套的需求日益殷切,也是造成手套需求持续增长的关键之一。

“在接下来的日子里,我们会提高出口至这些国家的产量,以加强公司在当地的市场份额。”

他指出,尽管全球经济放缓,可是全球手套需求仍然强稳,全球手套消费量预计可按年增长介于8至10%。

为了应付庞大需求量,速伯玛计划于今年在巴生中路(Meru)的新厂房设立16条全新生产线,预计可生产23亿只手套。

同时,该公司还计划拆除现有3间厂房的12条旧生产线,以更换17条新生产线,预计有助于增加生产8亿只手套。

加强新旧产能

除了加强新旧厂房的产能之外,速伯玛也计划耗资4亿5000万至5亿令吉,在巴生加埔设立手套城(Glove City)。

郑金森说:“这个手套城占地37英亩,共设立6间使用环保能源的厂房,目前已开始着手于首阶段的建筑工程,预计耗时18至24个月竣工,即明年首半年就可投入生产。

“每间厂房皆拥有32条生产线,也即是说可生产41亿5000万只手套,6间厂房总计可生产24亿9000万只手套。”

尽管整个发展计划为时10至12年,需要不菲的资本开销,可是郑金森表示,该公司拥有强劲现金流动,截至2009年第四季止,自由现金流动高达2亿1320万令吉,因此,该公司计划通过内部融资筹集资本开销。

每年设大方向昂首迈进

为了能够让企业走得更高更远,速伯玛每年都会定下一个大方向,让管理层遵循目标,昂首向前迈进。

今年,该公司管理层将继续专注于数个关键领域,包括信贷风险管理、应收账款管理、库存管理、优化生产效率和生产力、财务管理、原件品牌生产(OBM)、分销与制造收入贡献,以及管理乳胶与外汇波动等。

郑金森说:“鉴于外汇的波动幅度频大,加上全球信贷紧缩以及全球金融危机所带来的负面冲击,都不得不让我们加强信贷风险管理,希望可识别和转移国家风险。”

速伯玛是全球第二大手套生产商,在大马拥有9间厂房,按年产量为145亿只。

同时,速伯玛还拥有6间海外分销中心,分别遍布在美国、巴西、比利时、澳洲、加拿大以及德国。

根据资料,该公司的产品主要是出口至全球145个国家,包括美国北部(美国与加拿大,42%)、美国南部(16%)、美国中部(4%)、非洲/中东(6%)、亚洲(6%)以及欧洲(26%)。

郑金森说:“我们拥有非常广泛的分销网络,在超过145个国家拥有750个分销商。

“我们的产品主要是供应给牙科和科学实验室(47%)、医疗(43%)、食品与服务(4%)、工业(4%)以及生物科技(2%)。”

他还披露,该公司旗下共有5个原件品牌生产(OBM),即SUPERMAX、AURELIA、MAXTER、MEDIC-DENT以及SUPER GLOVES。

积极参展推广品牌

“为了推广旗下品牌,我们一直积极参与全球的贸易展、贸易代表团以及展览会。”

他指出,原件品牌生产占其总销售量的63.9%,其余的36.1%是来自代工生产(OEM)。

截至2009财年,该公司共取得8亿1480万令吉销售额,其税后盈利分别来自制造(7110万令吉或54.8%)以及分销(5860万令吉或45.2%)业务。

翻新厂房·增生产线 提高效率降成本

今年,速伯玛希望可将成本合理化,特别是在最大限度地利用人力资源、提升其余非生产性的生产线、减少不定期的停工时间,以及提取所有厂房的最大产量。

郑金森说:“我们不断为旧厂房进行翻新工程,希望在今、明两年添加了新生产线后,可提高整体效率以及以更低成本生产更多产品。”

他相信,产量激增不会对销售价格造成压力,主要是急性供应短缺所致。

他说:“过去2年,鉴于对全球经济、难以获得信贷以及缺乏天然气供应等种种担忧,导致产能扩充计划无法与内部需求增长并行。”

可是,现在总算守得云开见月明,随着全球经济复苏以及全球提高了对手套的需求,扩充计划终可顺利推行。

缩短收账周期

另外,为了确保速伯玛拥有充裕现金保持运作,该公司希望将应收账款周期降低至低于2.5个月(2008财年为3.46个月)。

截至2009年12月31日止,该公司的应收账款周期为1.98个月。

在库存管理方面,该公司计划将存货周转周期减少至介于1.00至1.50个月(2008财年为2.00个月)。

截至2009年12月31日止,其存货周转周期为1.56个月。

在财务管理方面,该公司则计划将净负债率降至介于0.50至0.75倍(2008年为0.90倍),以及减少利息成本(2008财年为2030万令吉)。

截至2009年12月31日止,该公司的净负债率为0.31倍。

转嫁成本·调整售价 赚幅冲击仅属短期

虽然最近手套领域出现许多负面新闻,如乳胶价格走高、令吉增值以及担忧供过于求等,导致手套股项面对卖压,可是从证券行报告看来,速伯玛仍是它们的“心头好”,否则不会一致给予“买入”评级。

话说回头,最近乳胶价格直逼8令吉大关,确实对手套领域造成一定程度的威胁;同时,令吉不断攀升,也对以美元交易的手套业者不利。

对于两大负面因素,郑金森说:“乳胶是跟随国际价格浮动,相信目前的波动只是暂时性。当橡胶树落叶季节结束后,乳胶价格有望在今年5或6月份回软。”

他指出,最理想的乳胶价格是介于每公斤5.50至6.00令吉,可是若可再降低至4.50至5.00令吉,则可让所有人从中受惠。

货币增值抵消差异

对于近期令吉不断增值,郑金森表示,这不会对以美元交易的速伯玛造成影响。

他说:“令吉走高之际,区域其他货币也一并增值,甚至增长幅度比令吉更高,所以有助于抵消外汇上的差异。”

关于美元贬值,联昌国际证券行分析员也认为,这会对100%以出口业务为主的速伯玛的营业额造成冲击;不过,值得庆幸的是,该公司有一半乳胶是从泰国入口,并且是支付美元,所以美元贬值对其有利。

他说:“与其他手套业者一样,速伯玛的平均销售价格是根据前一个月的平均乳胶价格与令吉兑美元汇率而定,而销售价格是每个月或在成本突然有变动时,作出调整。

“有鉴于此,令吉增值以及乳胶价格走高,应该只为速伯玛的净利带来极微影响。

他补充说:“由于手套业者可转嫁成本以及可调整销售价格,所以对赚幅所造成的任何冲击,应该只是暂时性而已。”

供应过剩未必失定价权 不应过虑产量过高

另一方面,对于市场担忧手套领域会出现供过于求的窘境,分析员认为,就算真的供应过剩,也不代表手套公司将失去定价权。

他说:“一直以来,手套公司都是以产量过剩的方式营运,除了2009年爆发A(H1N1)型流感,促使手套需求剧增之外。

“再者,我们的预测是假设基本情况需求增长;手套制造商仍坚信全球手套需求会按年增长8至10%之余,还相信美国医疗改革计划以及主要发展中国家,如中国及印度对手套的需求激增,会推动未来增长。

“有鉴于此,我们认为投资者不应过于担忧手套生产量稍微过高的问题。”

截至2010年3月31日止首季,速伯玛取得5147万3000令吉净利,比去年同期的1970万7000令吉劲飙161.19%。

其首季营业额则上扬了14.70%至2亿2065万2000令吉,去年同期为1亿9237万2000令吉。

基于该公司已在首季取得亮丽业绩表现,因此,分析员预计该公司可在接下来季度内,取得更卓越的表现。

Tuesday, April 27, 2010

Ajinomoto Malaysia a promising consumer stock

Written by Yong Yen Nie
Monday, 29 March 2010 00:00

From households to restaurant kitchens, Ajinomoto’s monosodium glutamate (MSG) and flavour enhancing products can be found on almost every shelf. Although it is recognised as a Japanese brand, its operations in Malaysia are carved out through listed Ajinomoto Malaysia Bhd.

Ajinomoto Malaysia exports food seasonings and MSG products to various Asian markets and more recently the Middle East. This puts the company alongside several other consumer goods, food and beverage manufacturers listed on Bursa Malaysia that have global reach.

While companies like Nestle Malaysia Bhd and Guinness Anchor Bhd are trading with a PER of over 15 times, analysts says Ajinomoto Malaysia is trading at a significantly lower PER.

An analyst says based on annualised earnings of 54.3 sen per share for FY2010 and its current trading price of RM4.08 on March 24, Ajinomoto’s estimated PER would be 7.5 times. “The market has not recognised Ajinomoto Malaysia as a growth consumer stock, hence it is undervalued currently,” she says.

The analyst explains that due to Ajinomoto Malaysia’s smaller market capitalisation and lack of product diversification, a 30% discount should be given on its PER based on Nestle’s forward PER of 21 times. That will give Ajinomoto Malaysia a PER of 14.7 times. Even at that level, Ajinomoto Malaysia ought to be trading at RM8 levels, she says.

Being a low-profile company, coverage of the stock is low so there is no consensus PER. Bloomberg data shows that the counter traded at a historical PER of 10 times.

One of the reasons Ajinomoto Malaysia is undervalued is because of its illiquid shareholding structure, an industry observer says. Ajinomoto of Japan, its parent company, owns a 50.05% stake while the second largest shareholder Amanahraya Trustees Bhd owns 11.95%. Nevertheless, investor interest in Ajinomoto Malaysia has picked up significantly recently on market talk that it could be taken private. The counter was on the rise in recent weeks and closed at its 52-week high of RM4.20 on March 22 compared with RM3.20 in December 2009.

Indeed, Ajinomoto Malaysia has the ingredients of a privatisation target, as it is already 50.05% held by its Japanese parent Ajinomoto of Japan.

However, an analyst says Ajinomoto Malaysia’s parent is not likely to take it private, as the listing here gives the Japanese company expansion opportunities in Southeast Asia.

A check of its books shows that the company’s profit, mainly derived from domestic sales, has grown steadily even during the global financial crisis.

In the first three quarters of FY2010, Ajinomoto Malaysia posted 30% growth in net profit to RM22.4 million from RM17.3 million a year earlier. Revenue was also higher at RM212.7 million from RM183 million.

Of the total revenue in FY2009, RM166 million, or 68.3%, is attributed to domestic sales. Revenue from the domestic market grew 12.4% y-o-y compared with RM147.6 million a year earlier.

An analyst says Ajinomoto Malaysia dominates the MSG market in Malaysia with a market share of 85% to 90%. “Being the dominant player in this consumer product segment, the MSG producer can easily adjust the selling price of their products to protect its margins,” she says.

According to its FY2009 annual report, Ajinomoto Malaysia also exports its products to other Asian and Middle Eastern markets. Its latest venture is in Dubai, where it has set up an office to facilitate its export businesses in the Middle East.
Revenue from other Asian markets and the Middle East is also gaining momentum. Revenue from other Asian countries grew 29% y-o-y in FY2009 to RM56.5 million compared with RM43.8 million previously. The company’s Middle Eastern market revenue grew 6.6% to RM19.1 million from RM17.9 million a year earlier.

In its 3QFY2010 financial results, the company has said that given the improved regional and domestic economic environment, Ajinomoto Malaysia expects its performance for the current FY to be better than that of previous years.

Hence, an analyst opines that Ajinomoto Malaysia may be able to pay higher dividends for FY2010, especially with the anticipated record earnings and its huge cash pile of RM50.5 million as at Dec 31, 2009.

“Management has guided that it will declare a higher dividend this year, or at least maintain the same quantum of dividend,” the analyst says.

Another analyst says dividends have grown consistently with its earnings, and with a special dividend of nine sen declared last year, she foresees that this will be the trend set by the company for future FYs.

The company paid a total of 17 sen in dividend in FY2009, comprising eight sen less tax and nine sen tax exempt. This represents almost 50% dividend payout ratio in FY2009.

Further, analysts opine that shareholders who hold Ajinomoto Malaysia shares for the long term may benefit from higher dividends under the single-tier tax system, given that it has to use its S108 tax credit by 2013.

The company’s annual report shows that it has S108 tax credit of RM43.9 million to be declared as dividend by 2013. This works out to about 96.4 sen gross dividend per share, based on its 60.8 million share base.

With growth prospects and possible higher dividend payout, Ajinomoto Malaysia may emerge as a promising consumer stock, especially in a more positive economic environment.

Monday, April 26, 2010

Ajiya to inject RM30m in two glass plants

Tuesday April 27, 2010
By ZAZALI MUSA


New facilities in Shah Alam and Bangkok will boost the company’s position

SEGAMAT: Ajiya Bhd will invest RM30mil in two new safety glass-processing plants in Malaysia and Thailand - RM10mil in a plant in Shah Alam and RM20mil in its Bangkok plant.

Managing director Chan Wah Kiang said the Shah Alam facility would start operation in the first quarter of next year, while the one in Bangkok should be ready a few months after that.

“This will further strengthen our position as the leading metal roll and safety glass processing player in Malaysia and Thailand,” Chan told StarBiz after the company AGM on Friday.

He said the new facilities would complement the company’s existing metal roofing manufacturing plants in Shah Alam and Bangkok.

The Shah Alam plant would cater to the central region of Peninsular Malaysia while the Bangkok plant would serve its Thai and Indochinese markets, especially Cambodia and Vietnam, he said.


Ajiya’s safety glass processing plant in Segamat

With several redevelopment property projects coming up in the older parts of Kuala Lumpur and the Riverside City project in the Klang Valley, demand for building materials, including safety glass, would rise, he added.

According to Chan, there are not many large-scale integrated plants producing metal roofing and safety glass materials for the construction industry in Thailand and the neighbouring countries.

Hence, Ajiya was well positioned to capture the market, he said, adding: “We are also in a better position as our products conform with the Green Index Building and energy saving with more developers now using green technology and initiatives in their projects.”

Chan said the use of safety glass in new buildings was becoming prevalent all over the world due to its aesthetic value and contemporary look as it allowed sunlight through and reduced energy consumption.

He said Iskandar Malaysia also provided good prospects for the company as there would be many projects coming up in the country’s first economic growth corridor.

Ajiya has safety glass processing plants in Senai, Segamat, Puchong, Sungai Petani and Kota Baru.

On the current political turmoil in Thailand, Chan said the company was not perturbed with the situation and he was confident that foreign investments in Thailand would be well protected.

For the financial year ended Nov 31, 2009 (FY09), Ajiya recorded net profit of RM29.82mil on revenue of RM312.39mil against RM30.77mil and RM318.59mil respectively in FY08.

Tecnic to focus on five core segments

Tuesday April 27, 2010
By SHARIDAN M. ALI


BANGI: Tecnic Group Bhd, a plastic products manufacturer, will continue to rely on a business model that helped turn it around in 2005, said its executive director Ivan Gan.

The company, formerly known as STS Tecnic Bhd, was a loss-making company before a new management took over in 2004 and implemented an already existing business model.

Executive director Ivan Gan said prior to that the implementation was hampered by limited funds to acquire equipment and human resources that were much needed for the company to grow.

“It was in trouble after the Asian financial crisis in 1997. But, when we came in, the debt were gradually decreased over the years, investment were made to expand the company and we started marketing aggressively for new customers a few years back,” Gan told StarBiz.


He said the new management introduced electrical and electronics as well as automotive sectors as part of the turnaround plan.

Tecnic now boasts five core segments including medical, industrial and consumer packaging as well as oil and gas. The mix gives it the edge over rivals in the plastic components industry.

The company returned to the black in 2005 from a net loss of RM6.3mil in 2004 and recently posted a net profit RM13.1mil in the previous financial year ended Dec 31, up 52% from previous corresponding year.

Revenue was at RM137.5mil, up 25.8% for the period under review and the company which now has zero gearing, has also proposed a final dividend of 16 sen per share.

As of Dec 31, 2009 its cash and its equivalents stood at RM10.8mil.

“Our involvement in a mixed range of sectors has made us resilient during recession. Although some sectors are badly hit by the global economic crisis, we can still rely on the other sectors that are still growing in demand such as consumer packaging and medical.That was why we still recorded strong growth in 2008 and 2009,” he said.

Among its notable customers are Panasonic, Samsung, Sony, Unilever, Cadbury, Carlsberg, Shell, Petronas, Exxon Mobil and BP Castrol.

Gan said Tecnic’s strength in plastic moulding was an added advantage over the other players, armed with latest tooling technology such as overmoulding, double-injection, multi cavities, gas assist injection and electric moulding just to name a few.

“This has enable us to produce high gloss, precision and rigorous quality products,” he said.

This year, Gan said Tecnic had targeted 20% growth in both top and bottomlines in tandem with growing demand from its customers.

“Our capital expenditure (capex) this year will be around RM6mil to RM8mil focusing on technology upgrading. Our capex this year is lower than 2008 and 2009 that stood at RM13.1mil and RM10.2mil respectively as the company spent a lot on expansion of its factory expansion including land acquisition in the last two years,” he said.

Currently, the company is utilising between 65% and 70% of its total facilities’ capacity.

分享集:让时间通胀为你创富(下)

2010/04/24 6:15:33 PM
●冷眼

对于长期把钱存在银行的上班族,是在做“慈善”,因为他们把钱低息借给别人去赚钱,使别人富起来,自己却永远在贫困中打滚——对别人慷慨,对自己残忍,唉!

参与股票投资的人数,肯定多过房地产投资者。因为股票投资额可大可小,有更多人负担得起,而手续也比房地产更简单,对懂得投资的人来说,股市是一座金矿。

然而,大部分人都在股市亏钱。其中最重要的两个原因是:

短线投资

第一:以赚快钱为出发点,没有让“时间”为你服务。在股市,时间的长短通常与盈亏成正比例。记得股票交易所曾在很久以前作过统计,一个经过谨慎选择的投资组合,持有三个月,大部分亏本;持有五年,盈亏参半;持有十年,没有一个人亏本(大概如此)。

问题是绝大部分股市中人都是短线投资者,长线投资者寥寥可数,难怪亏蚀的总是比赚钱的少。

第二:错误的选择,买股票就是买公司的股份,买股份就是与人合股做生意。合股做生意要有做生意的眼光,做生意的眼光是要经过长期的研究和观察才能得到的。

不幸的是大部分股票投资者都是上班族,对商业所知有限。上市公司,良莠不齐,一不小心,就会上了“贼船”,血本无归。

上班族要淌股市这一浑水,与其去学习猜测股市动向,不如培养看生意的眼光。不断的问:这种生意可以赚钱吗?公司组织健全吗?掌舵人有诚信吗?这种生意有可能持久吗?你买进一家公司的股票,不是因为别人告诉你这只股票价格会起,而是因为这家公司营业和盈利会越来越好。

必须投资

如果选对股票,长期持有,收益不在地产之下。

“投资”不限于地产和股票。任何有利可图的东西都可以成为投资对象,但有一个原则:不了解,就不投资。

要了解,就要做功课。

上班族的一个通病,是把投资视为可有可无的事,不肯化时间和精神去研究和思考。做工当然要尽责,但是单靠做工,无法改善生活,也无法使你退休后的生活有保障。脱贫,必须投资,而且越早开始越好,让时间和通胀为你创富吧!

与其成为时间和通胀的受害者,不如以其人之道,反治其人之身——使你成为受益者。这个转变,其实只系于一念之间:投资还是不投资,只是一念之差,后果却有天壤之别!

Monday, April 19, 2010

股海明灯:工程陆续出笼·钢铁需求回温 柏华嘉渐入佳境

2010/04/19 4:05:59 PM
●庄学勤博士


随着全球经济复苏,以及刺激经济配套启动,国内钢铁需求自去年中开始,已经逐步从2008年最后一季的低潮期回温。

从最近钢铁公布的业绩中,可以看出钢铁公司“清理”之前积压产能工作已经完成,成功摆脱需求低迷的窘境以及亏损的纠缠。

由于钢铁产品价格自去年5月开始触底反弹,因此一些已经敲定铁矿砂合约,使成本固定的钢铁公司,可以取得更大的赚幅,进而提高盈利基础。

柏华嘉(PERWAJA,5146,主要板工业)是我国钢铁业界的重量级公司,根据黄氏星展维克斯研究的报告资料显示,目前国内还原铁产量有40%是来自柏华嘉,此外,它也占有半制成长铁市场的17%份额。

在钢铁业2008年陷入凄风苦雨的时期,柏华嘉所蒙受的打击也是非常大的,因为当时全球海啸严重肆虐,令到建筑业停滞不前,钢铁需求也严重减少。

因此,在2009年3月31日为止的第一季业绩中,柏华嘉蒙受了5644万令吉净亏损,而它在前期,即2008年3月31日为止的第一季业绩中,还取得7521万令吉的净利,短短一年时期,业绩出现天差地别的变化。

恢复赚钱能力

到2009年6月30日为止的第二季业绩,情况更为严重,因为它的净亏损已经扩大至8490万令吉,相较它前期是取得1亿4740万令吉净利。

这两季交出亏损业绩之后,这使到柏华嘉的累积亏损达到了1亿4135万令吉,相较前期是取得2亿2262万令吉的净利。

尽管这半年业绩并不理想,但是随着全球经济回春以及建筑业开始启动之后,柏华嘉业绩也随着钢铁业的复苏而好转。

因此,在2009年9月30日为止的第三季业绩中,它已经开始恢复赚钱的能力,这一季度它取得1306万令吉的净利,虽然与前期的8034万比较,还减少了83.74%,但是在之前两季连亏损之后,这一季能够取得盈利,则是一个良好的发展趋势。

到了截至2009年12月31日的第四季,它依然交出盈利的业绩,取得1274万令吉的净利,这意味着柏惹嘉已经渐入佳境,日后表现令人期待。截至2009年12月31日为止的财年中,它的每股净有形资产为1.67令吉。

柏华嘉的股价也由近期的最低点,即2009年12月2日闭市时的1.28令吉,反弹至今年4月15日时的1.46令吉闭市。它的近期都处在1.40令吉上下的水平波动。

2生产线迁至甘马挽

柏华嘉是由本地著名企业家丹斯里方天兴领导,他通过另一家钢铁公司——锦记钢铁(KINSTEL,5060,主要板工业)持有柏华嘉的37%股权。

目前,柏华嘉分别在甘马挽及莪仑拥有厂房,甘马挽厂房从事钢铁上游工业,莪仑厂房从事下游工业。由于从登嘉楼甘马挽生产的钢铁半成品,载送到莪仑厂的运输费用,每年高达4000万令吉,因此,柏华嘉已经计划将莪仑厂2生产线迁甘马挽。

柏华嘉表示,搬厂房或生产线每年至少为柏华嘉节省4000万令吉,估计厂房搬迁工程分阶段进行,需要3年时间,估计开销为1亿令吉。

此外,尽管去年是钢铁业的低潮期,但是柏华嘉并没有停止本身企业活动。

它在去年12月宣布,以超过683万9000令吉收购冷铁屑工厂。

它是通过独资子公司柏华嘉钢铁私人有限公司与SAITO钢铁达致协议进行这项收购,並將透过內部融资。

柏华嘉在文告中表示,这项收购活动是减低成本及合理化计划的一部份,预计可增强成本效益,与外包相比,直接经营工厂更可降低成本。

总结

正如之前所说的,随着全球经复苏以及刺激经济配套的落实,预料这将带动国内对钢材的需求,再加上中国政府也在积极解决供过于求的问题,所以,钢铁行业的长期前景是令人期待的。

尽管国内钢铁股在过去数月股价已经出现扬升趋势,但是投资者可以对温和估值的钢铁股进行长期的投资,以等待有关钢铁股获得市场重估的时机到来。

Sunday, April 18, 2010

分享集:相信事实轻听误事

2010/04/17 11:45:15 AM
●冷眼

根据大马股票交易所2009年报,投资者在中央存票机构开设的户口,多达400万个。

一名投资者可能拥有超过一个户口,我们无法知道有多少个户口是重复的。即使是其中四分之一的投资者拥有两个或更多的户口,那么,大马股票市场就最少拥有300万名股票投资者。

这300万名投资者中,到底有多少名阅读公司的年报?没有人知道确实的数目,但是,肯定比我们想像的更少,因为在我所接触的投资者中,读年报的如凤毛麟角。

由于大家都不做功课,对上市公司略识之无,他们所知道的,多数是一些不大确实的零碎知识,因此自己没有主张,总是希望听到别人的意见,尽管别人的意见也并不怎样高明,仍被他视为至宝。

在股市中,当有人说股市会起时,起初人们还在怀疑,当说的人越来越多,看法渐趋一致,一个趋势,因而成形。

趋势一旦形成,群众化零为整,结合成一个整体,在这个整体中个人逐渐失去了思考能力,不再用脑思索,只是盲目地,凭着下意识,跟着别人向前走,趋势持续越久,参加的人数越多,群体中个人的智慧越低,到了一个狂热的阶段,大家只是模模糊糊的,如行尸走肉般向前跨步,一个数以万计的人潮,实际上还能思考的,恐怕就只有三、五个人。

这样的例子,不胜枚举。

跟在别人后面

这是我本身的经历。

有一次,我跟朋友到一个胜地观光,对通往景点的道路,完全陌生,而该地歧路颇多,正当我们无所适从的时候,我们发现一群人沿一条道路向前走,下意识里,就认定这条道路既然有这么多人去,肯定是通向景点了,就跟在后面,最后我们真的到达目的地——厕所。

股市也是这样,置身股海,很少人有独立思考的习惯,绝大多数的人,是惟别人的马首是瞻,跟在别人后面,是最容易的事,至于别人所走的道路是否正确,却很少人去理会,直到他发现他所跟随的人,其实也是一个瞎子,他所走的,其实也是错误的道路,那时他已走得太远,难以回头了。

所以,无论是股市或股票,都不可轻易相信别人的意见,要有自己的主张。尤其是股市的动向,谁也没有预测的把握,问别人等于问道于盲。

要在股市长期生存,要养成一种习惯,一切的决定,是根据事实,而不是根据别人的意见作出的。

巴菲特说:你的决定正确,是因为你是根据正确的事实作出的。

没有事实根据的意见,有如空中的彩虹,美不可言,但却不会长久。

记住,意见是免费的,也不需负任何责任,发表意见的人,也许只是根据当时的感觉脱口而出,过后也就忘得清光。

但听者反而如获至宝,铭记于心,何其不智。

死不认错·越陷越深

股票投资者还有一个通病,就是当他买错股票时,由于自尊心作祟,不但不肯承认错误,反而找出种种理由,将他的错误合理化,结果是泥足深陷,越陷越深。

我认识一名拥有辉煌学历的专业人士,事业很成功,但在股票投资上却败得一塌糊涂。我发现他的困境,是他那种死不认错的心理造成的。

赚钱就是英雄

股票投资是很残忍的金钱游戏,赚到钱就是英雄,赚不到钱就是狗熊,如果你买错了,切勿逞强,马上采取壮士断臂的行动,切勿优柔寡断,以至全军覆没。

在股票投资上,意见纷纭,如果你多阅读股票分析论文的话,你会发现,同一只股票,都有人同时看好和看坏,看多了反而使你无所适从,你也无从知道谁的推荐才是正确的。

在这种情形之下,我相信事实。意见可以言人人殊,但事实却是不变的,相信事实,因为事实是没有偏见的。

当众说纷纭,前途不清晰时,只要你遵从以下五点,可以减少错误。减少错误,等于提高成功的把握:

1)尽量做功课,发掘事实。

相信事实,别人的意见,可以考虑,却不可尽信。

2)常识、常识、常识。

当一组意见出现,甚至一堆资料到了手中时,要判断正误,最好是诉诸于常识,常识就是“理应如此”。如果悖理,则意见无论怎样棒,消息无论多么好,都不可盲从,更勿轻举妄动,以免落入别人的圈套。

3)养成反向的习惯。

当形势一片大好时,要想到盛极而衰,当月最圆时,也正是月缺的开始。当悲观气氛弥漫时,想到冬天过后,春天一定会到来。

孙子曰:“军争之难者,以迂为直,以患为利”(军争篇)(争取先机之利之所以困难,是因为要把迂回的弯路,变为直路,是把困难变成有利)。只有思想挣脱框框的约束的人才能做到这一点。

4)不要感情用事。

养成理性思考的习惯,凡事权衡利害轻重后才采取行动。孙子曰:“合于利而动,不合于利而止”(九地篇)此之谓也。两利相权,取其大者,两害相权,取其小者。

5)坚守原则“宁可错过,不可买错”。

只要股市存在,机会就存在,错过了一个机会,下一个机会也许更好。如果买错了,青山都没有了,那还有柴烧?

记住,不要轻听,轻听误事。只相信事实,谁说得天花乱坠,口沫横飞,没有事实作根据,就是废话。

Tuesday, April 13, 2010

分析员:埋没优质公司 越南概念股被低估

2010/04/13 6:15:47 PM
●南洋商报


(吉隆坡13日讯)由于越南具备良好的增长潜能,分析员认为一些早已进军越南市场的本地上市公司已被低估,并指出这情况若长期出现,大马交易所将丧失吸引力。

肯南嘉投资研究分析员指出,近期与一些基金经理到越南胡志明了解当地经济情况时,有机会拜会数家早期已到当地发展的大马公司。

透过这旅程,他观察到以下重要事项:

●由于人口庞大和推行开放政策,越南是出口主导工业业者所找寻的地点,进而有强劲的能力来吸引外资。

●越南拥有稳定和亲商政策,执行效率很高。

●有远见的公司,即早期已进入越南发展的公司,因抢先进军这市场而占据各种好处,尤其在设立成本方面(地段和厂房设立成本自2000年初便看是激增)。

●这些早已进入越南市场的公司评价很低,这情况不合理,也显示出大马交易所的效率欠佳。这些优质公司被错误定价,短期内仍情有可原,但若长期如此,本地交易所将丧失吸引基金经理的能力。

率先进军越南上市公司

大马纸盒厂(Boxpak,6297,主板工业产品股)

由于包装原料需求强劲,大马纸盒厂在2004年正式在越南设立设厂,越南厂房的初期产量为6000吨,2009年则激增至4万1600吨,占集团营业额的63%。

大马纸盒厂是一站式的包装方案供应商,该公司现有产量是每月4000吨,其新生产线将在2010年中正式运作。

饮食业是该公司销售额的主要来源(占42%),接下来则是家具业(占11%)和电子业(9%);在2010年,该公司也开始生产球鞋盒。

大马纸盒厂预计,其产量在今年会增长18%至4万9100吨(2009年是4万6000吨);同时,该公司计划今年内在将每月产量提高2000吨,目前是4000吨产量。

考量到客户的需求,该公司正探讨扩展至河内,惟还未时间和成本还不明确。

分析员指出,根据越南业务的18%增长预测,以及大马业务预计零增长,大马纸盒厂只以6.8倍评价交易。

金锋(GFB,8281,主板工业产品股)

金峰在胡志明市的业务,是由Alcamax包装(越南)有限公司负责管理;其越南厂房在1997年正式投入运作,目前每年和每月的产量分别是4万5000吨和3750吨,厂房使用率介于60%至65%。

该公司的主要客户包括:

●饮食业--Friesland Campina或子母牌(DLady,3026,主板消费产品股)、百事公司、雀巢(Nestle,4707,主板消费产品)和VBL。

●家具业--Interwood、堡发资源(Pohuat,7088,主板消费产品股)和Theodore。

●消费者电子业--三星、索尼、美的和矢崎(Yazaki)。

●消费产品--Koa、味之素(Aji,2658,主板消费产品股)、Vinacosmo和美国庄臣公司(SC Johnson)。

该公司计划扩充其河内厂房,但只在2011年初才会有议决。随着全球经济复苏,分析员预计金峰的展望会维持正面,该股目前则以8倍的评价交易。

纬树(Latitud,7006,主板消费产品股)

纬树在越南的两家主要家具制造厂分别座落在Song Than和Ben Cat,主要生产珍藏版家具系列,并销售至美国市场。目前,这两件厂房正以最高产能来运作,每月生1000万至1100万美元(约3220万至3542万令吉)的产品。

由于需求强劲,该公司计划在今年杪将产能提高20%,即投资大约2000万令吉来设置新设备(预计在2011年初开始运作)。

分析员指出,纬树过去拥有良好的执行记录和财务表现(净现金超过1亿令吉),该公司也放眼在截至今年6月份的财年内,让营业额增长至少25%至5亿令吉。

根据20%的派息率,拥有5.2%潜在回酬率的纬树,目前是以2010财年预测的3.8倍来交易。

堡发资源(Pohuat,7088,主板消费产品股)

堡发资源在越南拥有两座厂房,分别座落在Binh Duong和Dong Nai,目前已70%至80%的产能来运作。

据悉,该两座厂房每月有能力为该公司带来700万美元(约2254万令吉)的销售额。

该公司越南业务的客户包括 Standard 家具、Ashley家具工业和Pulaski家具;在2009财年,其主要销售额是来自美国市场(60%),接下来则是加拿大(14%)和中东(10%)。

分析员表示,堡发资源管理层相当看好今年的展望,并预计越南业务今年会增长10%至15%。

该公司也预计整体集团今年的表现良好,其股票目前是以2010年首季数据的6倍来交易。

股海宝藏:辉高具备全球竞争力

2010/04/12 3:10:13 PM
●慧眼 电邮:shares888@yahoo.com


辉高(Favco,7229,主板工业产品股)是于2006年8月在大马交易的上市,它是一家著名的国际公司以及成为世界主要的重型起重机生产商之一,而它在国际上建立起来的品牌为Favell Favco 和 Kroll。

该公司是世界最大的塔式起重机-Kroll K10,000以及最大悬臂起重机-Favelle Favco M2480的生产商。目前它的生产设施是坐落在马来西亚、丹麦、澳洲和美国。

多元化客户基础

该集团成功建立强大和多元化的客户基础,他们分别来自不同的工业和地区。

拥有超过40年的经验、成功与著名的世界级客户交易记录以及有效率的成本架构,这使到辉高拥有在国际市场上竞争的良好定位。

它也是全球兴建10座最高大楼的当中9座都采用它的起重机。它生产的各种起重机,包括岸外、塔式、港口和履带式起重机。

它的生产设施分布在全球各地,使到它能够以经济可行和准时交货的时间生产起重机。

它的大股东为麦严文(译音)拥有公司60%股权、朝圣基金局拥有6.7%。麦氏也是睦兴旺的大股东,持有23%股权。

两大起重机行业

重型起重机是全球起重机生产行业的主要成长领域。全球起重机生产可以分别两大类,即

1)起重机生产商通过内部和非内部扩张行动成长至今日的规模。这些生产商在辅助行业,例如矿业、建筑设施以及建材运送行业,拥有多重股权;以及

2)起重机生产商在特定的市场或领域建立本身的势力。这些业者提供的起重机种类有限,不过特定的起重机种类则不缺。他们生产和应付特定领域或应用领域的起重机需求。科技成为重型起重机主要的区分因素,这包括塔式起重机、港口/码头起重机和岸外起重机。

成长的动力预料来自石油及天然气领域,因为高油价促使油气公司投入更大的资本开销在石油开采和生产领域,以及新兴经济体,例如俄罗斯、中国和亚洲太平洋地区的建筑活动增加,以及最近受到天然灾害打击的国家在进行重建工作。

产品行销全世界

辉高通过在中东、新加坡和英国的三间销售办室处将产品行销全世界。它在巴西、比利时、中国、香港、印尼、韩国、墨西哥、纽西兰、俄罗斯、台湾、泰国、越南和美国拥有强大的代理网络。

大部份的辉高客户是国际业者,例如BP、 Exxon Mobil、 Keppel Fels、 Nippon steel, 国油、蚬壳、 Smedvig、Talisman、Technip、Transport Equipment Sales Inc. (TES)等公司。该集团成功建立强大和多元化的客户基础,他们分别来自不同的工业和地区。

依赖最终用户增长

重型起重机的生产高度依赖最终用户的增长。重型起重机的主要应用领域为建筑、港口和岸外钻油台,这些领域决定起重机行业的未来展望。

高耸大楼和发电厂设施的建筑活动增加,这些都需要重型起重机。在油气领域,进一步投资在岸外开采活动,需要更多重型起重机。新发现的岸外油田将成为岸外起重机市场的成长引擎。再加上油价高企以及全球经济复苏,石油公司将增长开采和生产的活动。

俄罗斯、西非岸外油田的活动增加,预料将进一步加强墨西哥、中国和马来西亚岸外的油气开采和生产活动。简而言之,世界油气生产和投资活动将会提升起重机的需求。与此同时,船坞领域起重机的需求则会随着各国提升海港和设施的投资中受惠。

订单健全

在今年3月30日,辉高取得7980万令吉订单,以提供4座岸外起重机和1座高架起重机。随着取得这项最新的订单之后,辉高的订单总值达到约5亿令吉,这当中主要是生产供岸外油气开采和活动使用的起重机。其他供应给船坞、建筑和风力涡轮的行业。

展望谨慎乐观

2009财政年,尽管营业额下跌7.8%至5亿3600万令吉,但是辉高却刷新记录取得2780万令吉税后盈利,按年增长28%。它的净利改善主要归功于起重机销售的赚幅以及营运效率增加。

该集团的2010年展望谨慎乐观,因为它拥有高达5亿令吉的庞大合约总值,足以让它忙碌一整年。在经济复苏情况下,许多市场活动开始恢复,许多较早被搁置的计划都将重新启动。整体而言,辉高将可以良好把握这次经济循环所带来的机会以及取得更佳表现。

适合中期至长期投资

由于国际石油价格已经从去年每桶49美元的低价,攀升至近期的80美元以上,因此,预测在油气概念股重返市场之后,投资者对辉重的购兴将重燃。

在每股0.965令吉水平,辉高是在2009财政年6倍和价格对账面价值0.9倍的不昂贵历平交易,这较行业平均本比益13倍和价格对账面价值1.7倍的水平低很多,而且辉高提供4%免税股息的回酬。

Monday, April 12, 2010

Kawan Food banking on China

By Zurinna Raja AdamPublished: 2010/04/13


Frozen food manufacturer Kawan Food Bhd (7216) is optimistic that China will make up as much as 70 per cent of its sales over the next two years.

In 2006, Kawan Food bought a 4-hectare land in Nantong for US$5 million (RM15.9 million) to build a factory.

The plant in Nantong, which is in Jiangsu Province, will produce paratha and chapati among others, of which more than half of the output will be marketed in China.

With additional production capacity, chief executive officer Jon Fang said the company is also looking to venture into other emerging markets.

Kawan Food is well-known for its parathas and chapatis, capturing 60 per cent of its sales each year. It produced more than 200 million parathas in 2009.
Last year, it reported a net profit of RM13.5 million on revenue of RM88 million.

"Sales increased by 17 per cent last year despite the economic slowdown. This is because our food was inexpensive which went well with the credit crunch," Fang said in a recent interview.

The company hopes to sustain its performance this year as it plans to venture into new markets, put more effort in building its brands and continuously introduce new innovative products.

The export-focused group sells 70 per cent of its products to the UK, France, Germany, Sweden, the Middle East, Japan, Hong Kong, New Zealand and Australia. The US is the group's biggest market, making up about 35 per cent of its export sales.

Locally, the group has just started operation on its second facility on a 1.6ha land in Shah Alam. The RM22 million plant will double its existing production capacity to 50,000 pieces of paratha per hour.

Kawan Food offers more than 90 products, which include vegetarian selection, tandoori naan, soya protein-based product, samosa, mini buns, flower rolls and dumplings.

Thursday, April 8, 2010

分享集: 先处战地者逸

Mar 27th, 2010

孙子曰:“凡先处战地而待敌者逸(佚),后处战地而趋战者劳”(孙子兵法“虚实篇”)。

(白话译文:孙子说:“凡先到战场等待敌人的就安逸,后到战场投入战斗的就疲劳。”)

孙子这两句话中最重要的两个字是“逸”和“劳”。“逸” 就是安逸,从容不迫;“劳”就是疲劳,疲于奔命。

甲乙两军对垒,要在一个战场决一死战。甲军提早20天到达战场,有足够的时间了解地形,构筑好工事,作好如何迎击,如何歼敌,如何撤退等的准备,而士兵又有足够的时间休息,养精蓄锐,以给予敌人以迎头痛击。由于时间充足,他们可以从容不迫地备战,这就是“逸”。

乙军远道而来,一到战场,士兵已精疲力倦,由于马上就要投入战斗,根本没有时间了解战地形势,更不要说策划战略了,这种打法,兵士疲于奔命,这就是“劳”。


甲军准备充足,以逸待劳,胜算自然较高。乙军以疲惫之师,仓促作战,胜算自然较低。

利润是战利品

股市就是一个战场,买方和卖方,就是两支对垒的军队。一方得利,是另一方的损失。例如买方以2令吉买进一只股票,此股涨至3令吉,买方赚1令吉,卖方就损失了1令吉的利润,买方是胜利者。同样的,如果卖方以5令吉把一只股票卖给买方,股价跌至3令吉,买方亏损2令吉,则卖方是胜利者。

利润,就是买卖两方的战利品,是买卖两方斗智斗力所要卤获的标的物。

军事之战和股市之战,其实极为相似,都是“凡先处战地而待敌者逸,后处战地而趋战者劳”。

在股市中,绝大多数的投资者都是“后处战地而趋战者”。

当股市沉静时,他们按兵不动,直到股市狂升,股价大涨时才冲进股市,仓促作战,由于行动仓促,备战工作不足,结果是屡犯错误,搞到损兵折将,铩羽而归。

他们在股市中抢进杀出,终日提心吊胆,生活在炼狱中,这就是孙子所说的“劳”。如果“劳”而有获,还算值得,但是,如果劳而无功,不但无功,而且满身刀伤,怎么值得?然而投资者却趋之若鹜,乐此不疲,实在匪夷所思。

其实,只要投资者改弦易辙,采取孙子所说的方法,先处战地以等待敌人的到来,则不但可以轻而易举的击败来犯的敌人,卤获丰富的战利品,同时又可以过着安逸的生活。

先处战地而待敌人到来,有两个好处:

1)你有足够的时间,作好战斗的准备。

在股市之战中,你有足够的时间做好功课,考虑更周密,犯错的机会自然减到最低。

减少错误,等于提高胜算。

2)你可以享受安逸的生活。投资不再是一件烦恼的事。

那么,要怎样才能做到“先处战地者逸”呢?

很简单,只要做人“有求必应”就可以了。

所谓“有求必应”就是人家要什么,你就给他什么。

有求必应则发

当股市暴跌时,投资者惊慌失措,他们不计成本,在股市中贱价售股,要收回资金;这时候,你就顺应他们的要求,给他金钱,接受他的股票。

当公牛发狂,股价涨到离谱的高峰时,人人进场狂追,他们要的是股票,不要金钱,这时,你就顺应他们的要求,把股票卖给他,接受他的金钱。你这样做,就是有求必应,有求必应的人,就是好人,好人有好心,好心有好报,你这样做,准会发达。

“有求必应”的做法,其实就是反向。

“先处战地以待敌”其实就是比对手先走一步,这一步可能只是一小步,但战利品可大得惊人。例如在去年这个时候,金融海啸蹂躏下,股市疮痍满目,如果你在那时买进股票,等于“先处战地”,今天的战利品大得惊人。

获利时间较长

这种“先处战地”的策略,应用在股票上,效果如响斯应,试举例说明:

1)当经济衰退时,大胆投资,等待经济复苏。

2)在熊市中,“先处战地”,低价买好股,等待公牛回头。

3) 棕油价低沉,买棕油股。

4)钢铁厂生产过剩,钢材大跌,买钢铁股。

5)夹板价到底,开始回升,买夹板股。

6) 受去年金融海啸冲击,一些高价买进原料的建材股大亏,以后不再发生,今年开始恢复盈利,可买。

7)别人看不起的冷门股,价值被严重低估,可买,等待别人发现它们。

这样的例子很多,投资者只要养成“先处战地”的思维,应用起来,自然得心应手。

这种策略的缺点,如果也算是缺点的话,就是等待获利的时间较长,例如夹板价格回暖了,但夹板股的盈利,要一年以后才公布,你必须有等待一两年的耐性,才能得利。

优点是由于买得早,买价常常极低,风险小,利润高。

时间就是金钱,此言不谬。

Wednesday, April 7, 2010

HSL invests RM22mil in machinery for Kuching sewage project

Wednesday April 7, 2010


KUCHING: Hock Seng Lee Bhd (HSL), the contractor for the RM452mil Kuching city centralised wastewater management system package I project, has invested RM22mil in specialised equipment to reinforce its position to bid for future sewage projects in Sarawak.

Corporate affairs manager Sonja Gan said the marine engineering specialist last year spent RM22mil to buy four advanced tunnel boring machines to carry out trenchless installation of an underground sewage pipe system for the state capital.

She said sewer lines deeper than 2.5m would be installed by these machines which would ensure minimal environmental destruction as no open-cut trenches had to be dug.


Sonja Gan sees many business opportunities in the implementation of SCORE.
“Our investment in these machines and mastery of the trenchless engineering technology will put us in good stead to bid for the future phases of sewage works,” she told StarBiz recently. Similar sewage projects are also expected for Sarawak’s other major towns.

The Kuching city centralised sewage project was reported to be worth RM2bil. It is expected to be carried out in four or five packages to provide coverage to some 90% of the city’s total households.

A central sewage treatment plant will be built under package I, which is due for completion in the second quarter of 2012. Its other main components are a trunk sewer (7.7km), secondary sewer (5.4km) and tertiary sewer (51.4km), connections to large properties (127 in number) and shophouses (1,924) and residential houses (782).

Gan said HSL was now working with Singaporean consultant firm – CH2M Hill Singapore Pty Ltd – on the design for the package II project. HSL intends to bid for this and the remaining packages of the project.

“Going forward, we see wastewater management works as an important component of Sarawak’s urbanisation programme,” said Gan.

She said HSL also saw many business opportunities in the implementation of the Sarawak Corridor of Renewable Energy (SCORE) and the 10th Malaysia Plan.

“There is definitely a clear agenda to speed up development, like the construction of more roads to open up the interiors, and to bring electricity and water supplies to more rural people,” she added.

Gan said HSL, with its strong technical capabilities, local logistical experience and extensive portfolio of specialised marine, heavy-lift, road construction and transportation equipment, had an edge in bidding for both federal and state-funded infrastructure and other development projects.

“Our marine engineering expertise is in strong demand, especially in mass reclamation and flood mitigation works. Many other forms of construction in Sarawak also requires our geo-technical or water-related expertise.”

The company owns a computerised hydraulic cutter suction dredger, which costs some RM50mil at current market price, for mass land reclamation work.

The dredger sucks and pumps sand to the shores. Besides the tunnel boring machines, HSL spent about RM5mil last year to acquire other new construction equipment.

Having secured RM36mil worth of contracts so far this year, HSL is eyeing one or two of the five packages of the proposed Murum dam access road project in the upper Rajang River basin in central Sarawak.

The five packages are estimated at between RM700mil and RM800mil.

The 944MW Murum dam, which is located upstream of the Bakun dam, is under construction for scheduled completion by late 2013.

HSL currently has RM1.75bil worth of contracts in hand, including the RM136mil Sibu flood mitigation scheme. — By Jack Wong

New power projects will drive Tanjong's growth

Written by InsiderAsia
Tuesday, 06 April 2010 16:02


TANJONG plc (RM18.82) is looking to new power projects to drive growth for the company for the foreseeable future.

The company has had a good start in terms of overseas expansion, successfully acquiring power plants with effective installed capacity totalling some 2,461MW over the past few years.


Its biggest investments are currently in generating plants in Egypt and Bangladesh with smaller interests in Pakistan, Sri Lanka and the United Arab Emirates. Having already established a track record in these countries, Tanjong is upbeat on its ability to secure new power projects, especially in the Middle East and North Africa (MENA) region.

Focus on MENA power projects
The MENA region has vast reserves of petroleum and natural gas with a population equivalent to that of the European Union. Electricity demand growth expectations and investment requirements in the power and power/water sector in the region is one of the highest in the world, particularly for members of the Gulf Cooperation Council.

Against this background, Tanjong has aspirations to add some 4,000MW to its power-generating portfolio over the next five years. The company has a relatively strong balance sheet to leverage upon. Its existing power plants generates a cumulative RM1 billion in cashflow annually while the company has over RM1.5 billion in gross cash, some RM1.3 billion of which lies with the power business.

The power arm accounted for over three-quarters of Tanjong's pre-tax profit of RM953.3 million in its latest financial year ended January 2010. Not taking into account any new acquisitions, we expect the business to record steady earnings in FY11 — save for some RM50 million budgeted for major overhaul expenses for two of its power plants.

In short, power will continue to be the largest earnings contributor and key driver for future growth.

Sustained performances from property and leisure
Elsewhere, the property and leisure businesses are expected to sustain earnings in FY11.

The property arm, mainly rental income from Menara Maxis, contributed some RM48 million in FY10, excluding RM22 million in revaluation gains. The building is fully occupied and few surprises are expected on the earnings front.


Similarly, TGV Cinemas is expected to maintain its performance this year. The unit reported operating profit of RM14.8 million in FY10.

Tropical Islands will probably stay in the red but with slightly narrower losses. The resort theme park recorded RM22.7 million in operating losses in FY10, down from losses totalling RM33.9 million in the previous financial year.

Nonetheless, any significant turnaround is likely only possible once more on-site accommodations are available. Tanjong's venture partner has completed 21 villas so far and aims to have another 25 units available by mid-2010. The company targets some 400 units by the end of 2012. On-site accommodation is key to attracting a greater number of visitors from a wider geographical range. Currently, most visitors are day-trippers. Longer stay would also boost the average visitor spending in the resort.

Working to resolve RTO losses
Less positively, operating losses at the racing totalisator (RTO) business widened in FY10, to RM65.8 million from a loss of RM26.9 million in the previous year. Losses may increase further in the current financial year as the company works to resolve issues plaguing the business.

Sales per draw at the numbers forecast business (NFO) too have contracted in FY10. We believe this was due, in part, to the higher number and timing of special draws as well as competition from new games recently introduced by its peers.

Given that another 20 special draws are slated for the current year, the same as that in FY10, sales would probably stay flattish. Operating profit will be dependent on the luck factor and prize payout, which tends to average out at around 65%-66%.

In all, we forecast earnings from the gaming business to decline in FY11, weighed down by bigger losses — estimated at about RM80 million — for the RTO unit.

Still good investment for the longer term
Thus, in the absence for any extraordinary gains/losses, we expect lower profits in the current financial year for Tanjong. Net profit is estimated at roughly RM636.4 million or 157.8 sen per share, down from RM676.8 million in FY10.

Despite the expected earnings contraction this year, we believe the stock is still a good longer-term investment — priced at just about 11.9 times price-to-earnings (P/E) — with better than fair prospects for growth. A new power project would result in a step increase in its earnings base, which would then be sustainable over the period of the power purchase agreement.

Furthermore, Tanjong should be able to sustain its dividend payments, at least, supported by steady cashflow from the NFO business. Assuming gross dividends remain at RM1 per share, shareholders will earn a fairly decent yield of 5.3% at the current share price.

派息率料媲美往年 建议买入巴迪尼控股

2010/04/07 5:49:29 PM
●南洋商报

由于较为缓慢的拓展趋势,巴迪尼控股(Padini,7052,主板消费产品股)2010财年的按年销售额预计将微幅提高;该集团将会在今年增加约4万平方尺的零售空间;2008及2009年则分别为14万及9万平方尺。

该公司2010财年首半年的净利及营业额,分别取得了3170万令吉及2亿6910万令吉,剩余季度的表现预计将受到华人农历新年佳节及其它全国的销售活动所激励。

随着经济增长预计将达到介于4.5至5.5%,料将推高消费者开销,而巴迪尼控股预估将能从强劲的消费者开销下受惠。

该集团过去两年来派发了13.4仙的股息,在现持有1亿4100万令吉现金及正面的营运现金流的支撑下,预计今年的派息率将媲美往年。

分析员建议该股“买入”评级,合理价格为4.24令吉。

Monday, April 5, 2010

股海明灯: 发附加股改善业务 马航受市场瞩目

2010/04/05 3:05:34 PM
●庄学勤博士


在最近的股市涨潮当中,蓝筹股成为带领域富时吉隆坡综合指数冲破1300点大关,并且成功持稳于这个水平之上,而这些蓝筹股当中,马航(MAS,3786,主板贸服股)便是其中一个功臣。

最近马航是众人注目的股项之后,从它计划通过1配1比例发售附加股筹资27亿令吉,以用来融资购买飞机的部份开销开始,它便一直成为市场的焦点。

马航这次的发售附加股计划已经在2010年首季落实。

为了扩展本身的机队,马航已经与空中巴士(Airbus)签署谅解备忘录,以收购15架A330宽体飞机,另外有选择权再收购另外10架同类飞机,总值50亿美元(170亿令吉)。

这些飞机将会用来应付不断增长的南亚、北亚、中国、澳洲和中东的需求。马航收购这些飞机的庞大开销,是通过这次发售附加股以及借贷来完成这项交易。

平衡资产负债表

其实,对于马航发售附加股筹资的行动,市场一点都不感到意外。就如益资利投资研究表示,为了赎回衍生产品以及重组衍生产品,马航的现金储备已经由2008年12月31日的47亿令吉骤降成今年9月30日的24亿令吉,所以,该证券行对于马航进行上述的筹资活动并不感到惊讶。

该券行表示,以净现金的基础来看,马航的净现在同一期间内已经从32亿令吉跌至7亿令吉。以现有的现金花费情况来看,马航的现金储备极有可能在2010年年中耗尽。

就此而言,无论是贷款或产权的筹资活动,对于平衡其资产负债表都是非常必要的。

不过,对于发售附加股的公司,市场的一般反应便是抛售手中的相关股票。所以,马航在宣布发售附加股之后,其股价一度下跌至1.87令吉的近一年最低价位。

投资者认为公司发售附加股,便是公司准备将股东的荷包掏钱,所以他们会尽量不去参与这项活动,所以马航股价在公布附加股之后股价跌至低点,一点都不出奇。

然而,马航的情况可能不一样,投资者似乎忽视该集团在重组计划上得到的利益,因为马航所发行的附加股是为了扩充机队计划、改善流动现金状况,以及加强资本结构,这对马航未来稳健的发展非常有利,也是非常重要的。

强大后盾作股东

此外,值得一提的便是马航拥有强大的股东作为后盾,那就是国库控股(Khazanah)、雇员公积金(EPF)和大马飞行公司(PMB),它们三大股东已经认购了79%的总发行份额(根据马航2008财政年的年报显示,大马飞行公司和国库控股分别持有马航的52%和14.33%股权,另外雇员公积金局则持有12.57%股权),这使到马航这次可以顺利通过发售附加股,取得所需的融资资金。

全年净利猛增101%

马航最近也交出良好的业绩,在2月份时,它公布截至2009年12月31日为止的全年业绩中,净利猛增100.64%至4亿9019万7000令吉,前期为2亿4431万2000令吉。

去年能够取得如此良好的业绩,主要是归功于燃油护盘衍生產品大赚。马航在第4季因为燃油护盘取得5亿8170万令吉的赚益,使第4季的净利激增1220.27%至6亿零970万4000令吉,前期为4618万令吉。

由于这一财政年马航的营业额不起反跌,反映航空业前景仍严竣,全年营业额下跌25.33%至115亿7445万6000令吉,前期是155亿零130万4000令吉;第4季的营业额为33亿零879万令吉,比前期38亿6643万6000令吉下跌14.42%。

不过,第4季的经济復甦,已经使营运表现转亏为盈。

马航在第4季转亏为盈,营运取得380万令吉盈余,主要是季度搭客量增加12%,创下自2008年首季最高成长。

马航第4季的搭客量取得良好成长,主因是在国內外市场採取积极的促销活动,具竞爭力的价格以及传统旺季所推动。

此外,最近首相拿督斯里纳吉指示国库控股和官联公司减持上市公股权,因此国库控股和官联公司持有约79%股权的马航,将是减持的对象之一。

由于在航空业当中,马航是我国唯一的国营航空公司,因此一旦外资想参与我国的航空业,马航将会成为它们的首选股项。



总结

从马航股价最近从谷底反弹,以及证券行给于它良好的评级中,可以看出马航最坏的时期已经成为过去。

不过,航空业的需求及回酬因素对外围市场的变化非常敏感,加上飞机燃油价格也难以预测。

目前马航以每桶100美元,为2010及2011財政年的燃油需求进行60%及40%护盘。至於2012財政年则没有採取护盘措施。

所以,有意在马航的投资者,仍然必须分析本身所能承受的风险,才来做出投资的决定。

Sunday, April 4, 2010

分享集:狭颈瓶中糖果

2010/04/03 11:34:02 AM
●冷眼

语云“现金为王”,道尽了现金的威力。

上市公司的账目,有没有被灌水,谁也不能保证。账目中几乎每一个项目都有可能造假,只有一个项目例外——现金。难怪投资者对拥有巨额现金,完全没有负债的公司,信心满满。

现金充沛的公司,在金融风暴中,轻易化险为夷,拥有这类公司的股票,可以高枕无忧。

但从做生意的观点看,坐拥大量现金长期不动用,有违股东投资于公司之原意。

一家公司,手头能够持有巨额现金,必然是历年盈利丰厚,日积月累而成的。公司掌舵人立下之汗马功劳,股东应激赏。

公司赚钱固然重要,但同样重要的是将所赚到的钱分发给股东。投资的整个过程由三个环节组成:

1. 投入资金;

2. 赚取利润;

3. 分红。

如果公司把赚到的钱长期存放在公司不分给股东,等于没有完成投资过程。

公司的所有资产,包括现金,当然都是属于全体股东的。长期将钱存放银行,又不进行投资,对大小股东都有欠公允。

小孩子对糖果总是贪得无厌,如果任由取食,恐有碍健康。为了节制小孩子食糖过多,大人把糖果储存在狭颈的大肚玻璃瓶中,小孩伸手入瓶,每次只可拿一粒,如果他贪多,握满一把,则拳头大,瓶颈小,就无法把手抽出来。

如此一来,小孩对瓶中的糖果,看得到却吃不到,只有猛呑口水的份儿。那种无法满足食欲的滋味,真不好受。

小孩的感受,正是多金公司股东的感受。

多金公司3选择

多金公司,如何应用过剩资金,有三个选择:

第一个选择:积极寻找新的投资机会,以提高盈利,这是上策。

例如:拥有1亿2000万令吉现金的格林尼(Glenealy)积极开拓新油棕园,拥有3亿令吉现金的红筹股星泉兴建新厂,使产能倍增,拥有2亿3000万令吉的鹏尼迪(Plenitude),积极增购地皮,补充地库;拥有净现金近7000万令吉的建筑股亿成控股(Melati)积极在雪隆买地皮,俾将业务多元化至产业发展;握有1亿7500万令吉的金兴投资于基金;握有净现金5000万令吉的KESM雄心万丈,要将该公司发展为世界级的电子测试公司。

新投资明智

这些投资都有提高公司未来盈利的潜能,积极应用现金进行新投资乃明智。

第二个选择:通过派发高股息、特别股息或回退资本,将过剩现金还给股东,这是中策,却是最合算的做法。

拥有3亿令吉现金的中钢(CSC Steel),拥有1亿2000万令吉的PIE;拥有4000万令吉现金的纬钜(Wellcall);拥有1亿2500万令吉的速远(Zhulian),都将超过60%的盈利,通过发高股息回馈股东,大受股东欢迎。

第三个选择:长期将巨额现金存放银行,派发微不足道的股息。如一些小型种植公司的作法,此为下策。

持有巨额现金的公司,如果经过5年仍无法找到适当的投资,而本行已饱和,没有扩展业务的空间,何不考虑将资金退回给股东,由股东自己去寻找投资机会,岂不更好?这样做,相信大小股东,都会无任欢迎。

对于投资大众来说,现金多,派息少的公司的股票,有如鸡肋——食之无味,弃之可惜。明知股票价值被低估,却对买进与否,难以抉择,那种无可奈何的感觉,实令人沮丧。

勝利者國際轉型 提供創意生活空間方案

更新: April 4, 2010 17:46


(吉隆坡4日訊)勝利者國際(SIGN,7246,主要板消費) 著從廚房製造商,轉型成為專門提供創意生活空間解決方案的供應商。

該公司於3月31日推介全新的品牌形象,邁向企業歷史上一個重要的里程碑。

勝利者國際集團董事經理陳騰雲在文告中說:“從概念到落實,我們的創意解決方案都反映勝利者國際智慧的延伸,讓每一個出自我們的生活空間,都成為想像力與靈感的泉源。”

他說,勝利者國際將會續扮演行業先鋒角色,進一步發展至所提倡的“熱愛生活,追求卓越”理念!

文告說,“熱愛生活,追求卓越”理念讓勝利者國際結合了創意設計與高超技術,再加上精巧的細節,繼續為客戶提供無數生活空間解決方案。

Signature現在已經蓄勢待發,準備與利益相關者建立更密切的情感聯繫,同時加強其在社區內的整體地位。