Highlights
KLSE: MFLOUR (3662)       MALAYAN FLOUR MILLS BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
1.49   0.00 (0.00%)  0.00 - 0.00  0
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Overview

Market Cap: 820 Million
NOSH: 550 Million
Avg Volume (4 weeks):333,394
4 Weeks Range:1.34 - 1.68
4 Weeks Price Volatility (%):
88.69%
52 Weeks Range:1.34 - 2.49
52 Weeks Price Volatility (%):
59.84%
Average Price Target: 4.40
Price Target Upside/Downside: +2.91
Stamp duty exempted for year 2018

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2018 [#1]  |  30-May-2018
Next QR | Est. Ann. Date: 30-Jun-2018  |  05-Sep-2018
T4Q P/E | EY: 18.12  |  5.52%
T4Q DY | Payout %: 4.36%  |  79.04%
T4Q NAPS | P/NAPS: 1.46  |  1.02
T4Q NP Margin | ROE: 2.02%  |  5.63%

Headlines

Date Subject
31-May-2018 PublicInvest Research Headlines - 31 May 2018
31-May-2018 Mplus Market Pulse - 31 May 2018
12-Apr-2018 马面粉上挑RM1.82/敏源
02-Feb-2018 Daily Technical Highlights – (PANTECH, MFLOUR)
12-Jan-2018 Daily Technical Highlights - (ATTA, MFLOUR)
10-Nov-2017 Mplus Market Pulse - 10 Nov 2017
24-Jul-2017 M+ Online Technical Focus - 24 Jul 2017

Business Background

Malayan Flour Mills Bhd was founded on October 15, 1966. The Company is principally engaged in the business of milling and selling wheat flour and trading in grains and other allied products. Its operations comprises of Flour and trading in grains, and Poultry integration. Milling and selling wheat flour and trading in grains and other allied products. Manufacture and sale of animal feeds, processing and sale of poultry products, poultry grow-out farm, breeding and sale of day-old-chicks and contract farming activities.
Analyze this stock with MQ Trader system

  17 people like this.
 
sapurakencana Revenue decreased by 5.4% to RM2,402.3 million for the financial year ended 31 December 2017 as compared to RM2,538.7 million
posted in the preceding year. This was mainly due to lower sales volume recorded in flour and grains trading and poultry integration
segments in 2017. For the financial year ended 31 December 2017, PBT decreased by 13.3% to RM96.5 million as compared to
RM111.3 million recorded in the preceding year. This was mainly due to lower margins and higher operating expenses in poultry
14/03/2018 13:02
sapurakencana If revenue,profit before tax & cash in hand keep on reduce,do you think this counter worthy RM1.75.
14/03/2018 13:07
sapurakencana Sabestion ,any comment
14/03/2018 13:23
sapurakencana I think somebody try to prevent me to comment here,i try to post but can not accept by i3.
14/03/2018 13:26
sapurakencana Please repeat the same statement,so that may be management wil aware of their problem 1 day.

Poultry integration
The poultry integration segment recorded a decrease of 14.6% in revenue to RM169.9 million in Q4 2017 as compared to RM198.8
million in Q4 2016, mainly due to lower sales volume and live birds selling price in Q4 2017 but was partially offset with higher sales
recorded in poultry processed products. In Q4 2017, the poultry integration posted an operating profit of RM3.5 million as compared to
RM17.5 million in Q4 2016 mainly due to lower margins arising from lower live birds selling price coupled with higher operating expenses
and a lower net fair value gain on biological assets in Q4 2017.
The poultry integration segment recorded a 5.2% decrease in revenue to RM761.4 million for the 12 months ended 31 December 2017
as compared to RM803.3 million in the preceding year mainly due to lower sales volume in 2017. The segment registered a lower
operating profit of RM37.1 million for the 12 months ended 31 December 2017 as compared to an operating profit of RM61.5 million
posted in the preceding year. The decrease was mainly due to lower margins in the segment coupled with higher operating expenses but
was partially offset by an increase of RM3.0 million in net fair value gain on biological assets in the 12 months ended 31 December 2017.
In 2016, there was a one-off insurance recovery of RM4.2 million

I .i dont understand is when poultry intergrated company like QL can earn higher profit ,why only Mflour incurred earning reduce 50% for Poultry segment.
01/03/2018 10:12
02/03/2018 09:44
14/03/2018 17:04
sengkee Any chance to move higher again?
14/03/2018 17:06
sapurakencana I dont think so,unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.(manupulate by Big boy in market thru Nestle , F&N Maybank HLeong & CIMB)
14/03/2018 17:57
Money122 The department hv to put great afford to push up the sales volume of the flour,grains and poultry..then maybe can solved up the debt issue..juz a opinion
14/03/2018 20:59
Money122 I mean sales department
14/03/2018 21:01
sapurakencana Thanks your advise.The action that i take mainly to alert the new investor do not fall into this trap.I wil continue my journey
09/03/2018 21:09

Please repeat the same statement,so that may be management wil aware of their problem 1 day.
i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.

Anybody can give further information.
01/03/2018 10:02
05/03/2018 09:58
08/03/2018 18:35
16/03/2018 12:47
jacky2388 keep going down...
21/03/2018 11:13
starleong84no1 maybe they want unlisted??, press down the price. buy it back with lower price. Esso last time also this type of scenario, new buyer try press down the price. Later public listed again as petron. I get burn almost quite lot there. Later petron i dint buy back because of dissapoited, now a day 9 something, dissapointed again. haha
21/03/2018 13:36
sapurakencana Please repeat the same statement,so that may be management wil aware of their problem 1 day.
i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.

Anybody can give further information.
01/03/2018 10:02
05/03/2018 09:58
08/03/2018 18:35
16/03/2018 12:47

unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.(manupulate by Big boy in market thru Nestle , F&N Maybank HLeong & CIMB)
14/03/2018 17:57
21/03/2018 20:03
Matthieu Seven Hahahaha.. you very funny la @sapura. Keep repeating the same question and only see teh Mflour price sinking

DOnt talk so much. Just dump and byebye, You see @sebastian sudah diam. Maybe he dump above RM1.90 and bye liao. Sebastian, you still alive? Give some comments la
22/03/2018 10:45
sapurakencana when somebody respond to my article that i repead mean i reach my target to attract more people to aware the weakness of this company & to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.(manupulate by Big boy in market thru Nestle , F&N Maybank HLeong & CIMB)
14/03/2018 17:57
21/03/2018 20:03
22/03/2018 12:25
sapurakencana I wil buy more if this company show me they are on the right direction toward achieve the higher revenue n profit.but not now. I prefer downgrade to RM1.40 for coming quarter
22/03/2018 16:31
sapurakencana 2017 2016
Trade and other receivables, including derivatives 373,132 443,117
Prepayments and other assets 6,607 6,729
Inventories 493,018 455,146
Biological assets 56,673 49,944
Current tax assets 2,797 1,499
Cash and cash equivalents 257,768 371,190
Total current assets 1,189,995 1,327,625

Trade & other receivable reduce from RM443,117,000.00 to RM 373,132,000.00 =69.8 mil
but on the other hand cash reduce from 371mil to 257mil = 114mil.

I prefer downgrade to RM1.40 for coming quarter if cash on hand & revenue keep on reduce.
30/03/2018 18:14
kevinobc mflour jadi bubur flour...
03/04/2018 10:08
jordanmaggie61 now is too high
03/04/2018 10:17
Sebastian Sted Power one of my best ever decision to clear all my stocks last month

@Matthieu, seem like heading to my previous purchase price 1.2-1.4.
@sapura, no need wait next QR. This week will hit 1.4; next QR if ugly confirm below 1.2
03/04/2018 19:02
Matthieu Seven that day after QR released I sold liao and predicted 1.40 price. Actually I was joking woth 1.40

WOW!! its reaching now. hahahaha
03/04/2018 19:41
yfchong 1.20
04/04/2018 19:21
Money122 1.00 coming
04/04/2018 23:49
rockycleft Buy below 1.40......
05/04/2018 07:30
Yael Jasper try to get lower
05/04/2018 14:39
LimKT lowest again ... :-(
05/04/2018 15:12
jordanmaggie61 isComing!!
05/04/2018 15:45
sapurakencana i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.


3.unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.
14/03/2018 17:57
21/03/2018 20:03
10/04/2018 18:02
DickyMe Price manipulation. Don't know how many going to get burned. Casino counter.
11/04/2018 17:45
Sebastian Sted Power earn some handsome profits from last two days contra. I never expect this because previously this was one of my long term holding counter.

Please sell if anyone still hold. WIll back to 1.40 level very soon
11/04/2018 18:58
Money122 Wait till 1.20 or 1.00 then buy in can average down..?
13/04/2018 17:19
EngineeringProfit High volatility = gambling mode
15/04/2018 11:06
Lyo82 Wait till 1.20 or 1.00? I bet you will not dare to buy in if don't know what is happening. When it does retreat to 1.00, you might expect it to go lower to 0.80 ,0.60....etc. This is typical characteristic from most people.
21/04/2018 10:26
Money122 Any news about mflour?
21/05/2018 11:27
Money122 1.40
21/05/2018 15:43
Money122 Today market looks like ab normal ...so many stock down..
23/05/2018 11:31
Money122 Better run 1st before too late ..
23/05/2018 11:54
sapurakencana i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.


3.unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.
24/05/2018 00:22
Money122 Now KLCI at 1778 level, it may go to 1.40?
24/05/2018 15:11
sapurakencana Becareful of this counter, Foreign currency risk, Low sales high debt & high level of inventory & biological ,high capital expenditure may cause uncertainty of future profit. TP 1.30 by end of 2018
25/05/2018 14:47
Money122 Coming festive season may improve sale of flour... that mean price will up?
28/05/2018 17:37
sapurakencana i dont thinks so may be poultry integration segment wil continues show low profit,this segment nearly contribute 45% of total profit.
29/05/2018 21:43
Outliar This counter is done for, the signs were there last quarter
30/05/2018 19:23
Sebastian Sted Power from bad to worse
30/05/2018 20:40
sapurakencana Revenue (Mar2018) 563mil (Mar17) 604mil decrease 6.8%
(Mar2018) 563mil (Dec2017) 591mil means drop 4.8% ,it means no increase in revenue & also means that new plant still not bring any contribution to this quarter revenue & sales figure keep on droping,beware of this issue.
01/06/2018 22:48
sapurakencana Cost of good sold (Mar2018) 509mil (Mar 17) 527mil
operating expenses (Mar2018) 47mil (Mar 17) 40mil
why operating expenses increase 7mil when sales drop 6.8% impposible,i fear there is a wastage in production.

Interest expenses keep on increase (Mar2018) 6.7mil (Mar 17) 5.9mil due to loan undertake keep on increase .It nearly 2 time of current quarter net profit.

Share of (loss)/profit of equity accounted joint venture, net of tax (Mar2018) -1.5mil (Mar 17) 333K,
it means our foreign investment in indonesia & vietnam bring negetive return for this quarter.

Foreign currency gain (Mar2018)-16.7mil (Mar2017) 4.6mil,
Foreign currency gain (Mar2018)-16.7mil (Dec2017) -15mil,it means that what we hope the foreign currency gain from the bulk purchase(in USD) due to Strength of ringgit also unachieveable.imppossible happen in continues 2 quarter report incurred loss.What actually management achieve?
01/06/2018 23:18
sapurakencana Segmental sales & profit
Flour & Grain trading revenue (Mar2018) 406mil (Mar17) 403mil increase 0.7%
Profit (Mar2018) 5.85mil (Mar17) 22.39mil drop 73.8%
With this comparison means even though revenue increase ,profit keep on droping,rediculous !

Poultry Integration revenue(Mar2018) 157mil (Dec2017) 200mil decrease 21.5 %
Profit (Mar2018) 1.55mil (Dec2017) 13.38mil drop 89%
With this comparison means revenue drop ,profit droping even bigger,wil this trend be continue for coming quarter? this is important due to this segment contribute 27.88% of total revenue.
01/06/2018 23:32
sapurakencana From the cash flow statement we realise that capital expenditure keep on increase fr Acquisition of property, plant and equipment and intangible assets Mar2018(64,851,000) Mar 2017(18,746,000)
Increase in investment in a joint venture (8,119,000),total up 73mil & cause cash in hand drop RM355mil (Mar2017) to 238mil (Mar2018),when can all of us get the return from the above huge capital expenditure? 1year,2 year or 5 year?
If new plant still not bring contribution by next year ,how to convience investor coming quarter revenue & profit will increase. I can't even continue my analysis.

As a conclusion, due to revenue & profit can not improve & cap expenditure keep on increase, i rather put the TP RM1.10 by end of 2018 even though the company NTA RM1.46.
01/06/2018 23:49
Money122 If according to @sapurakencana analysis, I also tp as 1.10
11/06/2018 15:27
Money122 2 quarter less profits..why
18/06/2018 01:37


 

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