2011/03/07 3:06:54 PM
●罗凤琴 金融系硕士/合格财务规划师/认证财务规划师
国内消费领域佼佼者之一全利资源（QL，7084，主板消费产品股），是一只投资者熟悉的抗跌股。
该公司拥有20年的良好盈利纪录，自2000年3月上市以来，每年均取得逾20%的净利成长。
全利资源拥有3个主要业务，即综合家禽饲养、海产制造及原棕油加工，该公司稳健的运作，使之就算曾面对数次的危机（包括97金融风暴及2003年的非典），仍有能力交出稳定的收益。
全利资源的业务遍布区域，包括本地、印尼和越南的家禽养殖场、印尼的油棕种植地段和炼油基建，及位于沙巴斗湖的生化再生能源计划。
该公司的综合农业活动组合，有助其下游业务扩充，进而舒缓商品价格下挫所带来的影响。
此外，全利资源是亚洲最大鱼浆生产商，同时也是大马最大的鱼肉和鱼浆产品制造商。
业绩料双位数增长
该公司位于印尼的海产制造（MFM）厂房预计今年竣工，增加2条鱼糜（surimi）和1条鱼肉生产线。
新增的每条生产线年产能各为5000公吨，这将进一步稳固全利资源作为亚洲及大马的主导地位。
食品工业是抗衰退领域，全利资源可从这趋势中受惠，因为其产品是必需品，而且相当廉宜。
该公司料有能力在接下来两年维持营业额和盈利双位数成长。
入主Boilermech 进军生化天然气
目前，鱼与畜牧业务，分别占全利资源盈利40%比重，原棕油业务则占5至10%。
两年后，待印尼加里曼丹油棕园完全成熟时，将可扩大其原棕油业务的盈利贡献比重。
扩张家畜业务
该公司也在印尼和越南积极复制并扩张旗下综合家畜农场（ILF）业务。预计分别于今年3月及2013财政年投入运作。
全利资源以2916万8496令吉收购Boilermech私人有限公司40.51%股权，以迎合棕油、农业加工领域成长，并扩大现有生物燃料再生能源业务。
入主Boilermech私人有限公司，将是全利资源上市约10年以来的一大突破，首次着手棕油相关收购。
Boilermech业务包括涉及设计、制造、装置及启动生物质热锅炉和相关辅助品。
全利资源已开发原棕油核粒科技，将空心的棕油鲜果串，经过生产过程后转化为原棕油核粒，以作为生物质厂房的燃料。
Boilermech将提供全利资源与其他棕油厂合作发展绿色能源计划下所需的工程服务，以加工鲜果串为再生能源所需的高价值棕油果串。
Boilermech亦将继续发展生化质能发电计划，进军再生能源领域发展。
避免业务瓶颈
另外，收购Boilermech可避免往后面临业务瓶颈，并透过发展原棕油核粒科技赚取收益，以及对现有业务增值。
上述业务目前贡献集团收益少于20%。
增加种植面积
全利资源在沙巴拥有2间棕油厂，并在斗湖附近拥有1214公顷（3000英亩）成熟油棕园。
透过联营，它也在东加里曼丹拥有3万英亩油棕园。
油棕生化天然气业务方面，全利资源已在去年底于加里曼丹东部完成种植8200公顷的油棕树，料可在2014财年之前，完成另外6800公顷的油棕树，使种植总面积增至1万5000公顷。
鉴于油棕尚未成熟，但这些新种植的获利贡献，预计在2013财年才开始反映在业绩上。
全利资源将持续从海洋产品业务中受惠，首半年可至少增长20%；家畜业务则料可取得双位数增长。
同时，该公司还涉足维修工作，并在印尼、泰国、缅甸、柬埔寨及象牙海岸拥有业务，未来放眼拓展棕油业务至其他发展中的棕油生产国。
其他潜在风险包括需求明显下滑、原料价格大幅上涨、原棕油价格走势明显波动、外汇风险，以及积极扩张或收紧资产负债表。
Showing posts with label QL. Show all posts
Showing posts with label QL. Show all posts
Monday, March 7, 2011
Sunday, August 29, 2010
Is QL Resources in for more M&As?
Monday August 30, 2010
By LEE KIAN SEONG
Market is concerned about firm’s financial capability, the prospects of its local and regional expansion
QL Resources Bhd, which announced its merger and acquisition (M&A) exercise last Monday, has been in the spotlight as there is wide speculation going around that the company might be pursuing more M&As going forward.
QL managing director Chia Song Kun said last Tuesday that the company would look into more M&As if there was something in the market that could benefit the company.
However, the questions are: Is the company able to pursue further M&As with its current financial capability and what are the earnings prospects going forward given its aggressive expansion plans locally and regionally?
According to Bloomberg data, the company’s market capitalisation stands at RM1.81bil. Its share prices have risen 40.3% to RM4.56 year-to-date.
The company announced its acquisition of a 23.29% stake in rival company Lay Hong Bhd for total consideration of RM11.6mil last Monday.
Lay Hong is mainly involved in the production of eggs, broiler farming and feedmill activities. It has also ventured into retail business in Sabah and currently operates eight supermarkets under the trade name G*MART.
Meanwhile, QL is a diversified resource and agricultural-based group with three core principal activities – marine products, manufacturing, integrated livestock farming and crude palm oil milling.
The acquisition of Lay Hong, which is in similar businesses, will enable QL and Lay Hong to achieve synergies from feed raw material sourcing arrangements, supply chain networks and operations efficiency.
Kenanga Research is factoring seven months of contribution from the new associate or RM1.7mil for the financial year ending March 31, 2011 (FY11) and another RM2.8mil for FY12 in its forecast.
QL has set aside RM400mil over the next two years to expand its poultry, fishing and oil palm planting businesses.
The company is expanding its business in Vietnam and Indonesia, with investment of US$10mil and US$20mil respectively. It is also investing about RM25mil to build biogas and biomass plants at its Sabah palm oil mill to turn waste into green energy.
It will also spend US$15mil to install a mill for its East Kalimantan oil palm estates.
It was reported last year that the company aimed to triple its profit contribution from palm oil operations by 2015 as it was bullish about the long-term growth outlook for the commodity.
Despite the high capital expenditure going forward, the company said it would continue to pay out 25% to 30% of the group profits as dividends. The market is concerned whether QL can really maintain this policy with such expansion plans.
An analyst from a local brokerage said QL’s management had shown its interest in M&A and always kept its options open.
However, it is hard to judge whether the company would undertake M&A activities soon.
“It would probably acquire layer farms rather than listed entities. With its net profit of over RM100mil a year, the acquisition of layer farms, is possible and the company has been doing that for many years,” she said.
She said given the gearing level of about 0.6 times with a large portion of it for feed trading business, the company still had plenty of room to take up more loans.
“QL has very strong free cashflow generation and I don’t see a problem for it to finance their acquisition. It also has good track record in getting loans,” she said.
According to QL’s annual report, its cash and cash equivalents as at the end of FY10 stood at RM106.1mil, compared with RM68.3mil a year ago. Its loans and borrowings stood at RM215.4mil in FY10, compared with RM163.1mil in FY09.
Another analyst from a local research house said she did not expect QL to conduct further M&A activities in the near-term as the company was now actively expanding its businesses.
“If it is looking for M&A, it might be in the Phase II expansion in its Surabaya plant. It might want to explore opportunities for value-added products and look for acquisition in this area or start a greenfield project.
“However, it would not happen in the near term,” she said.
She said the company would have banks lined up for its expansion or acquisition funding.
On its earnings prospects, Kenanga Research raised QL’s FY11 net profit forecast by 6.3% and 6.6% for FY12 to account for the stronger surimi prices, crude palm oil prices and new earnings stream supported by improving economic conditions.
OSK Research said the construction of QL’s Surabaya surimi plant and day-old chick breeder farm as well as Vietnam livestock farm had begun and the units were expected to start contributing in FY12.
“We are somewhat positive on the expansion in Indonesia and Vietnam as they will boost revenue of its marine products manufacturing segment and Vietnam layer farm by 16.5% and 3.1% respectively, taking into account the time taken to ramp up capacity and production,” the research house said.
OSK likes QL’s resilient business as well as strong management team, which will continue to drive growth in all its three core segments.
It reiterates its “buy call” on QL, given the 13% price upside on the stock.
QL posted slightly higher net profit of RM26.8mil in the first quarter ended June 30, compared with RM22.3mil in the same period last year.
Its revenue was lower at RM356.34mil, compared with RM364.49mil previously.
For FY10, QL registered a net profit of RM115.1mil, 19% higher than RM96.7mil in FY09. Its revenue rose 5.7% to RM1.48bil.
By LEE KIAN SEONG
Market is concerned about firm’s financial capability, the prospects of its local and regional expansion
QL Resources Bhd, which announced its merger and acquisition (M&A) exercise last Monday, has been in the spotlight as there is wide speculation going around that the company might be pursuing more M&As going forward.
QL managing director Chia Song Kun said last Tuesday that the company would look into more M&As if there was something in the market that could benefit the company.
However, the questions are: Is the company able to pursue further M&As with its current financial capability and what are the earnings prospects going forward given its aggressive expansion plans locally and regionally?
According to Bloomberg data, the company’s market capitalisation stands at RM1.81bil. Its share prices have risen 40.3% to RM4.56 year-to-date.
The company announced its acquisition of a 23.29% stake in rival company Lay Hong Bhd for total consideration of RM11.6mil last Monday.
Lay Hong is mainly involved in the production of eggs, broiler farming and feedmill activities. It has also ventured into retail business in Sabah and currently operates eight supermarkets under the trade name G*MART.
Meanwhile, QL is a diversified resource and agricultural-based group with three core principal activities – marine products, manufacturing, integrated livestock farming and crude palm oil milling.
The acquisition of Lay Hong, which is in similar businesses, will enable QL and Lay Hong to achieve synergies from feed raw material sourcing arrangements, supply chain networks and operations efficiency.
Kenanga Research is factoring seven months of contribution from the new associate or RM1.7mil for the financial year ending March 31, 2011 (FY11) and another RM2.8mil for FY12 in its forecast.
QL has set aside RM400mil over the next two years to expand its poultry, fishing and oil palm planting businesses.
The company is expanding its business in Vietnam and Indonesia, with investment of US$10mil and US$20mil respectively. It is also investing about RM25mil to build biogas and biomass plants at its Sabah palm oil mill to turn waste into green energy.
It will also spend US$15mil to install a mill for its East Kalimantan oil palm estates.
It was reported last year that the company aimed to triple its profit contribution from palm oil operations by 2015 as it was bullish about the long-term growth outlook for the commodity.
Despite the high capital expenditure going forward, the company said it would continue to pay out 25% to 30% of the group profits as dividends. The market is concerned whether QL can really maintain this policy with such expansion plans.
An analyst from a local brokerage said QL’s management had shown its interest in M&A and always kept its options open.
However, it is hard to judge whether the company would undertake M&A activities soon.
“It would probably acquire layer farms rather than listed entities. With its net profit of over RM100mil a year, the acquisition of layer farms, is possible and the company has been doing that for many years,” she said.
She said given the gearing level of about 0.6 times with a large portion of it for feed trading business, the company still had plenty of room to take up more loans.
“QL has very strong free cashflow generation and I don’t see a problem for it to finance their acquisition. It also has good track record in getting loans,” she said.
According to QL’s annual report, its cash and cash equivalents as at the end of FY10 stood at RM106.1mil, compared with RM68.3mil a year ago. Its loans and borrowings stood at RM215.4mil in FY10, compared with RM163.1mil in FY09.
Another analyst from a local research house said she did not expect QL to conduct further M&A activities in the near-term as the company was now actively expanding its businesses.
“If it is looking for M&A, it might be in the Phase II expansion in its Surabaya plant. It might want to explore opportunities for value-added products and look for acquisition in this area or start a greenfield project.
“However, it would not happen in the near term,” she said.
She said the company would have banks lined up for its expansion or acquisition funding.
On its earnings prospects, Kenanga Research raised QL’s FY11 net profit forecast by 6.3% and 6.6% for FY12 to account for the stronger surimi prices, crude palm oil prices and new earnings stream supported by improving economic conditions.
OSK Research said the construction of QL’s Surabaya surimi plant and day-old chick breeder farm as well as Vietnam livestock farm had begun and the units were expected to start contributing in FY12.
“We are somewhat positive on the expansion in Indonesia and Vietnam as they will boost revenue of its marine products manufacturing segment and Vietnam layer farm by 16.5% and 3.1% respectively, taking into account the time taken to ramp up capacity and production,” the research house said.
OSK likes QL’s resilient business as well as strong management team, which will continue to drive growth in all its three core segments.
It reiterates its “buy call” on QL, given the 13% price upside on the stock.
QL posted slightly higher net profit of RM26.8mil in the first quarter ended June 30, compared with RM22.3mil in the same period last year.
Its revenue was lower at RM356.34mil, compared with RM364.49mil previously.
For FY10, QL registered a net profit of RM115.1mil, 19% higher than RM96.7mil in FY09. Its revenue rose 5.7% to RM1.48bil.
Monday, October 13, 2008
全球價格及需求看漲‧全利資源成長料“三級跳”
大馬財經 2008-10-13 18:46
（吉隆坡）著重衛生及品質的全利資源（QL,7084,主板消費品組），不時跑在市場前端，分析員估計，此公司擁有寬大的市場開發空間。
分析員表示，魚肉醬及魚料食品價格展望看俏，加上全球價格及消費走漲，相信全利資源未來的成長會“三級跳”。
另一方面，全球魚肉醬庫存目前處於偏低水平，全利資源高層預計整體的需求量仍然殷切。
達證券認為，全利資源是大馬4家公司當中，在包裝前通過X光機械營運魚肉醬的公司，確保產品沒有外來物或魚骨。
比較其他業者，此公司也力求創新，確保走在市場前端，儘管是東南亞最大規模的魚肉醬生產商，但仍然開拓業務，並以區域為市場目標。
進軍印尼魚肉醬生產
全利資源已進軍印尼泗水的魚肉醬生產，總投資約800萬美元，預計在今年杪動工。公司也密集研發，以改善產品；為滲透馬來市場，此公司也增設新生產線，即冷凍海產炸餅，預計對賺幅作出大約20%的貢獻。
“此公司擁有全方位的價值鏈，所有的材料都沒有浪費，每天的魚類產品平均生產量大約是250公噸，每個月對營業額作出2500萬至3000萬令吉的貢獻。”
此公司在數月前的產量已趨高，預計營業額也穩步走高，達證券表示，此公司很快將擴大出口市場。
相比全球同儕，全利資源的市值規模較小而出現10%的折價，其市場加權平均2009本益比為9.6倍，意味此股合理價值高達3令吉52仙，擁有巨大的上漲空間。
此股今日（週一，10月13日）收市挂2令吉49仙，跌4仙。
星洲日報／財經‧2008.10.13
http://biz.sinchew-i.com/node/17203
（吉隆坡）著重衛生及品質的全利資源（QL,7084,主板消費品組），不時跑在市場前端，分析員估計，此公司擁有寬大的市場開發空間。
分析員表示，魚肉醬及魚料食品價格展望看俏，加上全球價格及消費走漲，相信全利資源未來的成長會“三級跳”。
另一方面，全球魚肉醬庫存目前處於偏低水平，全利資源高層預計整體的需求量仍然殷切。
達證券認為，全利資源是大馬4家公司當中，在包裝前通過X光機械營運魚肉醬的公司，確保產品沒有外來物或魚骨。
比較其他業者，此公司也力求創新，確保走在市場前端，儘管是東南亞最大規模的魚肉醬生產商，但仍然開拓業務，並以區域為市場目標。
進軍印尼魚肉醬生產
全利資源已進軍印尼泗水的魚肉醬生產，總投資約800萬美元，預計在今年杪動工。公司也密集研發，以改善產品；為滲透馬來市場，此公司也增設新生產線，即冷凍海產炸餅，預計對賺幅作出大約20%的貢獻。
“此公司擁有全方位的價值鏈，所有的材料都沒有浪費，每天的魚類產品平均生產量大約是250公噸，每個月對營業額作出2500萬至3000萬令吉的貢獻。”
此公司在數月前的產量已趨高，預計營業額也穩步走高，達證券表示，此公司很快將擴大出口市場。
相比全球同儕，全利資源的市值規模較小而出現10%的折價，其市場加權平均2009本益比為9.6倍，意味此股合理價值高達3令吉52仙，擁有巨大的上漲空間。
此股今日（週一，10月13日）收市挂2令吉49仙，跌4仙。
星洲日報／財經‧2008.10.13
http://biz.sinchew-i.com/node/17203
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