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KLSE: KOSSAN       KOSSAN RUBBER INDUSTRIES BHD
Last Price Avg Target Price   Upside/Downside Price Call
8.70 7.49     -1.21 (13.91%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
24/11/2017 7.98 8.05 +0.07 (0.88%) HOLD PUBLIC BANK Price Target News
24/11/2017 7.98 7.57 -0.41 (5.14%) HOLD MIDF Price Target News
24/11/2017 7.98 6.70 -1.28 (16.04%) SELL KENANGA Price Target News
24/11/2017 7.98 7.40 -0.58 (7.27%) HOLD Affin Hwang Capital Price Target News
05/09/2017 7.00 7.10 +0.10 (1.43%) HOLD HLG Price Target News
25/08/2017 7.08 8.05 +0.97 (13.70%) BUY PUBLIC BANK Price Target News
25/08/2017 7.08 7.25 +0.17 (2.40%) HOLD MAYBANK Price Target News
25/08/2017 7.08 6.85 -0.23 (3.25%) HOLD KENANGA Price Target News
25/08/2017 7.08 8.64 +1.56 (22.03%) BUY AMMB Price Target News
25/08/2017 7.08 7.30 +0.22 (3.11%) HOLD Affin Hwang Capital Price Target News


Price Target Research Article/News (past 6 months)
24/11/2017  PUBLIC BANK Kossan Rubber Industries Berhad - Gloves Growth
24/11/2017  MIDF Kossan Rubber Industries - Earnings To Improve With New Capacity In 4Q
24/11/2017  KENANGA Kossan Rubber Industries - Weak 9M17, Stretched Valuations
24/11/2017  Affin Hwang Capital Kossan - Limited Capacity Growth Halts Upside
05/09/2017  HLG Kossan (HOLD) - Land Acquisition in Kuala Langat
25/08/2017  PUBLIC BANK Kossan - Supported By Gloves
25/08/2017  MAYBANK Kossan Rubber Industries - Better Earnings in 2H17
25/08/2017  KENANGA Kossan Rubber - A Decent 1H17, Rich Valuation
25/08/2017  AMMB Kossan Rubber - Earnings flat in 2QFY17
25/08/2017  Affin Hwang Capital Kossan (HOLD, Maintain) - Clearer Skies Ahead



  9 people like this.
 
kelvin_ik4u Opportunity to collect Kossan when price low, both Topglove & Hartalega is coming up. Don't be fearful when share price drop, it an opportunity to accumulate if re-look on it business growth of 30%+. PE is undervalued vs Hartalega a lot and Kossan just starting its engine now.

Be fearful when others are greedy, and greedy when others are fearful
20/11/2017 11:46
tsyjj Still keep....
20/11/2017 12:08
kelvin_ik4u Warren Buffet's advise:
Seize Great Opportunities and Load Up the Truck
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

“The stock market is designed to transfer money from the impatient to the patient investor.”
20/11/2017 13:52
kelvin_ik4u fyi, On 10 November, spot BD prices were assessed at $975/tonne CFR NE Asia, down another by 26% from 6 October, ICIS data reported. These further raw BD price drop make rubber maker, benefit even more vs last Feb when it hit highest of $3019/tonne.

That's mean all glove maker for nitrile glove benefit the most in subsequent months down the road.
20/11/2017 16:37
20/11/2017 18:12
Mohd Fahmi Bin Jaes More keep more down
20/11/2017 18:12
wantocin when fahmi say sell,that mean strong buy.
20/11/2017 21:41
kelvin_ik4u Even Supermax Q317 result QoQ show impressive net profit earning spike 235% jump on preceding Qtr, jump from RM 8.3mil (EPS 1.25cent) to RM 28mil (EPS 4.19cents), due to raw material price drop & refurbish plant efficiency improved. That impressive as moving month to month till now, raw material price keep on falling, further improve overall glove maker profit in coming months.
21/11/2017 14:40
tsyjj 23th, QR good profits
22/11/2017 10:53
Alex Goh Pls take note..currency. USD1 drop to MYR 4.10 now....
23/11/2017 00:37
HowAh The dividend so poor for this counter
23/11/2017 18:59
oxxxyxxx Disappointed!
23/11/2017 19:04
kelvin_ik4u Kossan this Q3 result show still have light, CIMB analyst raise target price to 9.80, another 20% growth due to expansion plant to Jan 2018, still cheap raw material price, robust glove demand, strong earning drive by significant capacity growth 36% by 2018, laggard stock Vs peer, cheaper valuation vs Hartalega (set 20% discount to PE value of Hartalega, based on PE 22.4 CY19)

Perhaps kossan share price can go up instead if keep till end 2018 or if mgmt manage to expedite it's line expansion earlier than 2018.
24/11/2017 08:13
kelvin_ik4u Kossan declared payout dividend of 5cents, ex on 15th Dec. That consider good, annual payout divident 40% of earning, very close to Hartalega 50% divident payout ratio.
24/11/2017 08:21
kelvin_ik4u Kossan Rubber Industries

9M17: Striving ahead
■ We deem 9M17’s net profit of RM137.7m in line, at 69% of our and 64% of
consensus’ FY17 estimates.
■ 9M17 net profit grew 9% yoy mainly due to: i) higher sales volume, ii) increase in
ASPs and iii) better cost control.
■ On a qoq basis, 3Q17 net profit rose 0.4% despite minimal increase in sales volume
and lower ASPs. This was due to margin expansion from lower raw material prices.
■ Full commercial production of Plant 16 has been delayed by three months to 1Q18.
We lower our FY17-19F estimates by 2.9-4.7% to account for this delay.
■ Maintain Add with our TP raised to RM9.80. Our TP is now based on 22.4x CY19 P/E.

9M17 net profit grew 9% yoy; met expectations

9M17 revenue grew 20.3% yoy, thanks to 7% growth in glove sales volume and increase
in average selling prices (ASP) (~9% yoy) to pass on higher raw material costs. However,
9M17 EBITDA margins waned to 15.7% (-1.8% pts yoy), due to: i) lower contribution from
technical rubber product (TRP) segment and ii) start-up costs from Plant 16. Still, 9M17
net profit rose to RM137.7m (9% yoy) aided by lower tax rates of 18.5% (-0.5% pts yoy).
Overall, 9M17 net profit was within expectations, at 69% of our FY17F estimate.
3Q17 net profit flattish on a qoq basis but grew 34.3% yoy

In 3Q17, Kossan reported flattish revenue of RM489.2m (-0.3% qoq) as glove sales grew
minimally while ASPs declined 7-8% qoq. ASPs were adjusted lower to pass on the drop
in raw material prices (NR:-12.5% qoq & NBR -12.2% qoq). 3Q17 EBITDA margins also
expanded to 16.1% (0.6% pts qoq), due to better cost control and margin improvement
from lower raw material costs. As a result, 3Q17 net profit increased to RM45.7m (0.4%
qoq) despite a higher tax rate (+2.6% pts qoq) and increase in interest costs (+21% qoq).

Glove division contributed 87% of 9M17 revenue and 92% of PBT
The strong 9M17 performance was driven by the glove division, whose revenue and PBT
grew 23.3% and 15.3% respectively. This offset the weak results of the technical rubber
product division (9M17 revenue: -2.1% yoy & 9M17 PBT: -45.7% yoy), that was due to
the longer time-lag in passing on higher raw material costs as well as lower demand from
the infrastructure sector. Also, the cleanroom division recorded an improved performance
with a 14% yoy increase in 9M17 revenue and 70.4% yoy growth in PBT.

Plant 16 to be only ready for full commercial production by 1Q18
We note that full commercial production of Plant 16 (3bn p.a. - 8 lines) is deferred by 3-
months to 1Q18. This is due to water supply issues and delays in machine installations.
Presently, 2 lines are operational with the remaining 6 lines to be ramped up by end-Dec
17. Also, construction of 2 new plants have begun, with a new 1.5bn p.a. plant to be
ready at end-2Q18 and a 3bn p.a plant to be completed by 4Q18. We cut our FY17-19F
EPS by 2.9-4.7% to reflect the new timeline with a 3-month delay as buffer.

Maintain Add with a higher TP of RM9.80

We make no changes to our Add call but our TP is raised to RM9.80. This is now based
on 22.4x CY19 P/E, (20% discount to our target P/E for Hartalega) from 19x previously.
Note that we also rolled forward our valuation year to end-2018. Looking ahead, the stock
should re-rate given: i) stronger earnings driven by significant capacity growth, ii) it is a
laggard stock vs. its peers, and iii) robust demand for gloves. Downside risks: lower
ASPs from stiff pricing competition and further delays in expansion plans.
24/11/2017 08:23
Mohd Fahmi Bin Jaes Sell on news
24/11/2017 09:29
tsyjj Keep...
24/11/2017 09:31
kelvin_ik4u Kossan start to rebound from low, buyer start coming back.
24/11/2017 09:33
tsyjj Previous quarter report out, kossan share price dropping too and todsy history repeated. I m keeping......
24/11/2017 10:08
superbull11 go supermx , KOSSAN QR is flat , supermx is undervalue , QR improve , short term T.P 2.40 , flat QR can't go higher
24/11/2017 11:14
27/11/2017 15:20
Mohd Fahmi Bin Jaes www.theedgemarkets.com/article/kossan-ups-stake-cleanera-rm65m-sees-potential-cleanroom-tech-china
05/12/2017 08:14
AsiaEquityResearch https://klse.i3investor.com/blogs/asiaequityresearch/140482.jsp
05/12/2017 15:40
Mohd Fahmi Bin Jaes https://www.bharian.com.my/bisnes/pasaran/2017/12/360264/harga-getah-dunia-dijangka-meningkat
09/12/2017 16:16
JN88 Buy
15/12/2017 18:35
ks5S after harta rocket, kossan will rocket to 9.00
now still putting in fuel, engine warm up
19/12/2017 11:16
ks5S bonus issue coming soon
19/12/2017 11:19
ks5S NASA CALLING, NASA CALLING

WE GOING TO START THE COUNTDOWN... 10, 9....
19/12/2017 11:27
ks5S 8
19/12/2017 12:28
ks5S 7
19/12/2017 14:44
ks5S 6
19/12/2017 15:05
Mohd Fahmi Bin Jaes www.theedgemarkets.com/article/top-glove-surges-record-high-strong-1q-results
19/12/2017 22:56
rahsia_pelabur TA Securities has Buy call with target price of MYR8.60 for Kossan, but tips take profit on other three stocks.
20/12/2017 07:30
akuree when is kossan turn....others rubber stock already in the star....huhuhu come on kossan.....show us your power....
20/12/2017 10:35
Mohd Fahmi Bin Jaes slowly fly and consistence
20/12/2017 11:01
joejoejoe120 http://www.theedgemarkets.com/article/top-three-glove-makers-advance-bright-prospects

AmInvestment Bank Research's Joshua Ng said his top pick for the latex glove industry is Kossan! And global latex glove demand is expected to grow by 8-10% per annum and Malaysia's global market share of latex glove industry is 60% and expected to rise to 65% next year... What do you guys think? the call is yours...
20/12/2017 14:17
kelvin_ik4u Hi All, for those miss out the glove counter share price rally, look beyond Bursa exchange. Study on this Riverstone glove maker (SGP exchange), small/med cap, but highly efficient or equal to Hartalega. This remind me on last 7yrs when Hartalega is a small glove company, unspotted and below investor radar below RM500mil company, but now super powerful, now worth RM 18bil company.

Thanks Hartalega, Kossan & Topglove for making me multi-millonaire :)

Riverstone 3Q17 net profit RM34.3mil (+26.8% QoQ ), zero debts company, net cash position RM112.4mil, ROE 20.7% growth annually (avg 5yr), divident payout ratio 40% - 45% annually, Gross profit margin 27%, net profit margin 18.7%.

In term of plant expansion, glove output increase additional +1.4bil pcs, start commission & fully operate by Q4'17 (Phase 4). This raise additional capacity of 22.5% + full operate on Q4'17, boost net profit earning to RM40 - RM42mil. Expected Q4'17 EPS is raise to 5.3sen ~ 5.6sen. push up TP conservatively to $1.25 based on forward PE 17 (deep discount vs Hartalega forward PE 40).
20/12/2017 14:33
akuree wow....drop and drop again....come on rubber....
02/01/2018 19:52
ks5S ARE YOU READY KOSSAN ?
04/01/2018 12:15
ks5S YES... I'M READY
04/01/2018 12:16
ks5S KOSSAN... AFTER MAKAN, ARE YOU READY ?
04/01/2018 13:32
07/01/2018 11:09
Tsyj Up..n..up..
08/01/2018 17:20
Mohd Fahmi Bin Jaes https://www.thestar.com.my/business/business-news/2018/01/09/affin-hwang-raises-supermax-to-buy/
09/01/2018 20:41
Mohd Fahmi Bin Jaes http://www.astroawani.com/berita-dunia/warga-british-panik-penularan-wabak-h3n2-165601
14/01/2018 07:27
Guy2017 Fahmi, I noticed every counter u are either in or not, you only say “sell”. Guess u really hv mental problem. If u keep on selling every counter like u said, by nowu should be naked... not even an underwear.
18/01/2018 21:12
18/01/2018 21:14
Mohd Fahmi Bin Jaes www.theedgemarkets.com/article/rubber-glove-stocks-active-after-uob-kay-hians-advise-take-profit
29/01/2018 20:20
Good_stock Sold most and now switch to Petronm for its low pe high net cash biz
13/02/2018 10:27
Kpin Yeoh If this coming Q result exceed 9 cents , will continue keep other then that can sell.
13/02/2018 16:19


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