Highlights
KLSE: CWG (9423)       CWG HOLDINGS BERHAD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
0.51   -0.005 (0.97%)  0.51 - 0.515  51,000
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Ann. Date Ex Date Payment Date Type Subject Amount View
21-Sep-2017 06-Dec-2017 28-Dec-2017 DIVIDEND First and Final Dividend RM 0.015 Dividend Detail
05-Sep-2017 12-Sep-2017 14-Sep-2017 RIGHTS_ISSUE Rights Issue 1 : 2 Dividend Detail
13-Jun-2017 23-Jun-2017 29-Jun-2017 OTHERS Others 2 : 1 Dividend Detail
27-Oct-2016 28-Dec-2016 09-Jan-2017 DIVIDEND First and Final Dividend RM 0.035 Dividend Detail
29-Oct-2015 30-Nov-2015 29-Dec-2015 DIVIDEND First and Final Dividend RM 0.0200 Dividend Detail
30-Oct-2003 29-Dec-2003 28-Jan-2004 DIVIDEND Final Dividend 2% Dividend Detail
30-Oct-2002 27-Dec-2002 28-Jan-2003 DIVIDEND Final Dividend 1.5% Dividend Detail
15-Jan-2002 05-Feb-2002 22-Feb-2002 DIVIDEND Final Dividend 1.5% Dividend Detail
15-Jan-2002 05-Feb-2002 07-Feb-2002 BONUS_ISSUE Bonus Issue 1 : 1 Dividend Detail
09-Nov-2000 21-Nov-2000 15-Dec-2000 DIVIDEND Final Dividend 3% Dividend Detail
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FAIZUN77 Chee Wah declared rights issue.
29/08/2017 15:48
sapurakencana dont buy right,wait until drop below 50 cent then you wil buy at cheaper price
05/09/2017 20:22
4444 Not Icon8888 share? Why poor QR still 55.5 sen? 20-30 sen only fair ma.
05/09/2017 20:29
nikicheong Good prospects most likely. Management knows something is up. They sapu the shares in the open market slowly and they have given their commitment to the rights issue, even though the rights issue is not necessary since CWG has ample FCF, sufficient working capital and an adequate current ratio. Net gearing at 0.35X.

So ask yourself...why management so syoik to rights issue? They know more than us...they want to increase their stake at the expense of the small holder. They probably foresee that costs are under control.

I might enter to test my theory above, but only at roughly 0.45 cents to give myself some room for error in judgement.
05/09/2017 20:58
sapurakencana agree.wil enter when 45 cent or below.
06/09/2017 13:40
damon oh come on...
12/09/2017 10:25
nikicheong Got some CWG-OR today. Will subscribe to their rights soon.
21/09/2017 18:53
sapurakencana niki,what the good newthat you willing to subscibe CWG right.unless they change their business in future or may be target for take over due to so cheap price.the right issue only for repay long term loan & operation cost
23/09/2017 15:26
nikicheong sapurakencana, I believe the rights issue is unnecessary in the normal course of business. CWG's financial ratios, balance sheet and net debt/net gearing have all improved over the past few years. Profitability is increasing.

As such, to me, the rights issue is a very fishy move. If you read the financial statements, it seems they want to sell Arto to European market in larger quantities. This requires a larger working capital, which they will fund from this rights issue. Arto also promises higher profit margins given its premium product status.

Prior to the rights issue, one of the Director's and the Chairman's daughter have been aggressively buying shares from the market. It's either they are doing it to support the share price to ensure the rights issue takes place, or it is because they want to increase their stake because they know business will be better.

The Executive Director (with merely 14% ownership at present) has pledged to subscribe to 52% of the rights issue...again, this tells me that he knows something good is coming.

As far as I am concerned, my entry price is RM0.505. The book value per share ex-rights issue should be at around RM0.62-RM0.63. This means I buy in at P/BV of around 0.8x, which is an undemanding valuation. From a P/E ratio perspective, once you strip out one off expenses (and without factoring in future interest expense savings), I am buying in at a P/E of 8x...again very reasonable for a company that could very well experience growth of 15-25% in its bottomline annually over the next 3-5 years.

Yes, this requires some amount of extrapolation and confidence in the future of the business, but I believe I have created a sufficient margin of error for myself. CWG's product are of a good to decent quality. We have all used or seen their exercise books. Management is heavily invested in the company. Financials are improving. Valuations are undemanding. I see little downside risk, and substantial upside risk with the chance of this being a multi-bagger over the next 3-5 years.

Alas, time will tell if my investment thesis proves to be right.
24/09/2017 18:22
handsomeboy nnother hucker right issue 0.5 now left 0.495. dont subscribe right , direct buy from market cheaper . stupid counter drop every single day
04/10/2017 16:19
FAIZUN77 hahaha... director acquiring.
04/10/2017 16:49
sapurakencana Dear niki,thanks for your sharing.anyhow this company need some creative product to attract investor,otherwise wil see the share price keep on dropping.hope coming 2nd half report wil give us good news.Hope this counter not a sun set business.
05/10/2017 18:58
nikicheong Rights issue is over-subscribed despite the fact that the rights were trading at merely RM0.005 (indicating little interest from the general public).

My opinion is all the directors oversubscribed heavily and may have had a hand in suppressing the share price around the time of the rights issue. Expect earnings to grow exponentially over the coming 1-3 years.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5566377
06/10/2017 19:52
nikicheong I think it's fair to say that the market will take into account the subscription rate and accordingly the share price may well see a decent rise on Monday.
06/10/2017 20:15
sapurakencana niki: may be management hide something we dont no.but according to the daily transaction (around 150k share trade),it stil not enough to push the price cross 60 cent.unless next week the daily volume will increase to 600K per day before right issue trade on 16 oct.
i have 1 suggestion,can we share another stock : Bkoon ,it quite interesting recently.can we shift to that counter
07/10/2017 10:28
Stevecheahsw New shares and warrant will out on next Monday
14/10/2017 21:16
nikicheong @Steve, no warrants.
15/10/2017 15:05
nikicheong If you analyze the latest shareholdings, you observe the following:

Khor Wan Keong (director) either excess applied for or bought additional rights shares of around ~300,000 units. (allocation = ~635,000 units)

Ooi Chin Soon (director) likely bought additional rights shares, cause otherwise his excess application would be insufficient to get to his current shareholding. He applied successfully for over 9,000,000 excess shares. (allocation = 6,250,000 units)

Khor Say Beng(director)'s son applied excess or bought additional rights shares of ~750,000 units. (allocation = ~287,000)

Khor Say Beng(director)'s daughter applied excess or bought additional rights shares of ~15,000 units. (allocation = ~62,550 units)

Lee Eng Sheng (director) applied excess or bought additional rights shares of ~205,000 units. (allocation = 28,500 units)

Khor Say Beng (director) applied excess or bought additional rights shares of ~4,150,000 units via his private holding company. (allocation = ~1,050,000 units)

Every single director applied for excess shares or purchased additional rights shares far higher than their proportional shareholdings in the company. Unless you were certain about improvement in the company's financial performance, you would not do this.

I for one am glad I did the necessary research and put money where my mouth is. Now to let this go on autopilot and see how much can the company's market cap grow in 3-5 years time. Triple up? Maybe increase five times? Perhaps even ten times? Let's wait and see now...
15/10/2017 16:05
NoEmo Niki, good input. Thanks. Attractive ROI by Feb18, the latest. Expecting consolidation for several months prior to price surge to new high.
15/10/2017 16:42
FAIZUN77 @nikicheong, good input.
17/10/2017 16:28
sapurakencana NoEmo,what u mean by "Attractive ROI by Feb18",where is the sources of this info.
31/10/2017 12:56
Stevecheahsw Coming AGM who going ??
09/11/2017 00:19
sapurakencana this year no new progress,no need to attend
09/11/2017 18:11
nikicheong If in KL I sure go. Penang...no need lah. This one die die will be a multi bagger already. Just buy buy buy!
10/11/2017 19:30
lim1818 seems their factories not spared from recent flood
10/11/2017 21:18
nikicheong Nothing out of the ordinary. No special damage. Minor losses sure got lah, like lower productivity for a few days. Not an issue though.
11/11/2017 14:00
nikicheong Topped up today @0.505. Now CWG on a cost basis makes up 53% of my portfolio.

If Q1 results disappoint I will take the opportunity to top up further in December 2017/January 2018.
14/11/2017 17:41
nikicheong Results should be out on 23/11/17.
14/11/2017 18:08
Jon Choivo How is this a good business or even one worth buying?

No economic moat, valuations is considered ok only EV/EBIT of 9 for a no growth company. Product have zero differentiation, only concern for customer is cost.

The only reason people seem to be buying is cause director is buying, which is really not a reason at all. Mokhzani bought so much SENERGY, look where he is now.

Small company, so easy for groups to goreng. That's it. I dont see how this can be a good investment unless you have a group ready to goreng for you and make you money.
20/11/2017 12:24
nikicheong Jon you disappoint me man. Do your calculations again. Your EV/EBIT is off cause you are not taking into account the additional RM22mil cash raised from the rights issue (this will result in lower EV hence lower EV/EBIT).

Also, if you bother to read the financial statements, there were one off expenses amounting to RM1.1mil in FY2017.

That's just the basic stuff you seemed to have missed. Not to mention interest savings of RM0.65mil p.a. going forward since the loans will be pared down.

The directors buying is what made me go heavily into CWG. However, it was not what led me here in the first place. What led me here was fundamental research. A stock that is trading at 0.8X P/BV with ROE at 12%, and an imminent earnings explosion being highly likely.

You should go and take a look at Peter Lynch's criteria of a "perfect stock". CWG ticks many of the boxes.

I'm confident and it's not because I am blindly following the directors. I already took a big stake during the rights issue (when it was unknown how exactly all the directors would play it). I then bought a smaller stake last week as I had cash to spare.

We'll see soon enough whether my investment thesis was flawed or otherwise.
20/11/2017 18:35
nikicheong Just as proof, and without making any adjustments to earnings to take into account one-off expenditure (for corporate exercise and write down bad receivables) nor taking into account interest savings since the loans will get pared down.

EV: 63.78 + 23.47 - 3.43 - 21.05 = 62.77
EBIT: 6.45 + 2.08 +1.40 = 9.93
EV/EBIT = 6.32

EBIT (adjusted for corporate exercise expense only): 9.93 + 0.79 = 10.72
EV/EBIT (adjusted) = 5.86

Beyond this you can adjust the EBIT to take into account the write down on receivables and the savings on interest expense of RM0.65mil per the Abridged Prospectus. Not to mention the balance sheet will be even better come Thursday.

That's just the basic stuff. There's so much more info to be gleaned about CWG (both quantitative and qualitative).
20/11/2017 20:24
NoEmo Nicki, good points raised. Next to watch out for is timing to enter trade.
20/11/2017 20:55
nikicheong The calm before the storm! Lets see how it goes.
23/11/2017 11:43
nikicheong Based on the results per Sep 2017, the BV/Share is at RM0.633 (after taking into account the rights issue). At RM0.505 which was my entry cost in the Rights Issue and subsequent market purchase, this indicates a P/BV of 0.798x..which is a super bargain for a stock about to embark on a period of sustained growth (and the growth might be in the triple digits!).

The ROE is exactly at 10.0% for the trailing for quarters (once you adjust for the rights issues sharebase dilution). It's even higher once you take into account the one-off corporate exercise expenses accounted for in Q4 2017. And it will be even higher going forward.

Good luck to everyone who decides to buy tomorrow onwards. Make sure to hold for a long time, or at least until such a time till the fundamentals deteriorate.
23/11/2017 18:55
Sebastian Sted Power Niki, thanks for your sharing!!
23/11/2017 18:56
Sebastian Sted Power just added more at 515. Long term still positive, got 1.5sen DIV consider a bonus
24/11/2017 10:01
nikicheong Sadly I can't add more now. Must wait till mid December. If it still is at around RM0.52, I will definitely add more.
24/11/2017 11:00
Sebastian Sted Power niki, kenapa need wait mid Dec??
24/11/2017 15:14
Stevecheahsw Keep on eps 3.3 x rolling 4 qtr x pe 10, = 1.30
If pe 5 = 0.65
25/11/2017 23:00
Sebastian Sted Power obviously undervalued! Good counter will up when other drop drop drop!
28/11/2017 16:16
nikicheong Don't get so excited about yesterday. It might just have been rotational play (churning). Hold and keep till this goes to the RM0.80-RM1.00 region at least.
05/12/2017 10:18
Sebastian Sted Power 1.5cents Div soon. Not bad la
05/12/2017 15:02
nikicheong Dividend is OK. Now to play the waiting game and to let the story unfold.
14/12/2017 10:15
Yoon Yeap Lower Hi guys, new to this stock. Anyone able to name me their competitors? And what is the dividend yield at current price, right issue made me confuse.
18/12/2017 14:40
Sebastian Sted Power Niki, RM strengthen liao. Any new thought on this counter?
03/01/2018 12:04
nikicheong Sebastian, not a big issue. CWG has substantial costs denominated in USD for imports. Also 30% of sales are in MYR. This is unlike furniture manufacturers where costs are fully in MYR and sales in MYR is at less than 10%.

So yeah, no big deal. Continue holding. Growth in export sales will beat any impact from strengthening Ringgit, plus costs will be lowered.

Read latest annual report for confirmation of what I am saying.
07/01/2018 13:09
nikicheong "Cost of sales increased by 10.6% which was not in line with the inrease in revenue of 9.1% for FY2017. The higher cost of sales was due to the increase in cost of raw materials as the result of weakening of RM. The RM traded between RM3.95 and RM4.50 in FY2017 as compared to RM3.75 and RM4.46 in FY2016. Besides, cost of raw materials increased also due to higher in the price of paper in the global market."

Revenue for Malaysia was at ~25% for FY2017.

So long story short, CWG will indeed be impacted adversely by the strengthening Ringgit given that it is a net exporter, but I presume there are some elements of natural hedging at play here given that some costs are Dollar denominated. Plus, CWG's selling point is increasing sales of the Arto range of products and moving on to higher-margin products. This should lead to an increase in profitability no matter the Ringgit's level vis-a-vis the Dollar.

Regardless I expect profits to be up by at least 50% in FY18, if not more than 100% increase in net profits.
07/01/2018 13:21
chuatuanboo How much will be the EPS for the coming Q result ?
08/01/2018 21:00
sapurakencana Substantial Shareholder's Particular:
Name MR KHOR SAY BENG
Details of Changes:
Currency -
Date of Change Type Number of Shares
05-Jan-2018 Acquired 4,000,000
Registered Name Say Beng Holdings Sdn. Bhd.
Nature of Interest Deemed Interest
Nature of Interest Deemed Interest
Shares Ordinary shares
Reason Acquisition of shares by Say Beng Holdings Sdn. Bhd. via off market.
Total no of securities after change
Direct (units) 0
Direct (%) 0.00
Indirect (units) 11,310,126
Indirect (%) 8.96
Total (units) 11,310,126
Total (%) 8.96
Date of Notice 08-Jan-2018


See Director Khor keep on accumulated it own company share.
08/01/2018 22:53
Sebastian Sted Power @niki, your explanation is clear! Are you an accountant?
09/01/2018 15:34


 

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