KLSE: CWG (9423)       CWG HOLDINGS BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
0.49   0.00 (0.00%)  0.00 - 0.00  0
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Ann. Date Ex Date Payment Date Type Subject Amount View
09-Nov-2000 21-Nov-2000 15-Dec-2000 DIVIDEND Final Dividend 3% Dividend Detail
15-Jan-2002 05-Feb-2002 07-Feb-2002 BONUS_ISSUE Bonus Issue 1 : 1 Dividend Detail
15-Jan-2002 05-Feb-2002 22-Feb-2002 DIVIDEND Final Dividend 1.5% Dividend Detail
30-Oct-2002 27-Dec-2002 28-Jan-2003 DIVIDEND Final Dividend 1.5% Dividend Detail
30-Oct-2003 29-Dec-2003 28-Jan-2004 DIVIDEND Final Dividend 2% Dividend Detail
29-Oct-2015 30-Nov-2015 29-Dec-2015 DIVIDEND First and Final Dividend RM 0.0200 Dividend Detail
27-Oct-2016 28-Dec-2016 09-Jan-2017 DIVIDEND First and Final Dividend RM 0.035 Dividend Detail
13-Jun-2017 23-Jun-2017 29-Jun-2017 OTHERS Others 2 : 1 Dividend Detail
05-Sep-2017 12-Sep-2017 14-Sep-2017 RIGHTS_ISSUE Rights Issue 1 : 2 Dividend Detail
21-Sep-2017 06-Dec-2017 28-Dec-2017 DIVIDEND First and Final Dividend RM 0.015 Dividend Detail
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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:
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
nikicheong Been buying up more CWG shares at 0.51-0.52 over the past week. I think I stop here for now as my CWG position is rather large. Only holding TCHONG and MHB aside from CWG for the moment. Time to hunt for something else.
29/01/2018 10:15
Sebastian Sted Power Niki, seem like you bough as much as MR KHOR SAY BENG
06/02/2018 15:53
nikicheong Steady lor. A bit sad that the market got weak this week....why couldn't it have been last week!?!?

Haha, anyways this is a long-term thing...doesn't really matter but at 0.485 or 0.515 if in the longer run you expect the stock to easily go past RM1.00.

Yesterday was an amazing day to bargain hunt, but sadly I used up most of my available funds last week. Anyways, these things happen. Can't time the market, as they say!
07/02/2018 08:44
Sebastian Sted Power See Ah Beng everyday buy back I also BO SONG. I also keh poh bought and add a bit
07/02/2018 22:27
nikicheong Hmmm, 5 days in a row there is zero trading. No sellers at all. Sell queue is also thin. All we can do now is wait for the Q report that should be out within the next week. If we can get a net profit of ~RM3mil to RM4mil, this should fly towards RM0.60. If it is above RM5mil, can expect RM0.65.

All the best folks!
20/02/2018 08:36
Sebastian Sted Power Niki, happy CNY. Seem like you are very confiedent on the good QR
20/02/2018 16:04
nikicheong Well, let's just say I'm "cautiously optimistic". A bad QR will simply be a buying opportunity, and this might especially be good with a pending bonus payment :)
21/02/2018 11:21
Sebastian Sted Power Ah Beng keep buying. GOOD SIGN!
21/02/2018 21:01
Sebastian Sted Power later after 5pm, eat popcorn and see good QR. Tomorrow will have firework!
22/02/2018 16:27
nikicheong Hmm...quarter result a bit below my expectations. Cost increased greatly but revenue haven't risen in tandem. However, we shall only see the full impact of the rights issue from Q3 FY 18 onwards (i.e. period of Jan - Mar 2018). The additional working capital should pay off somewhat in this quarter, coupled with great interest expense savings.

Q3 will be a worse quarter (seasonally Q3 has lower revenue according to the qtr report). But I'll still expect net profit of >RM1.0mil despite that.

Anyway escalating costs + stronger Ringgit means we will need to wait a while more before we can enjoy super profits.

Hard to tell what will happen to the share price but I will not be surprised we go down to RM0.45 after this.
22/02/2018 18:39
nikicheong But on the bright side the balance sheet is extremely healthy and beautiful looking now after the completion of the rights issue. No matter what I’m keeping my shares in CWG and will continue topping up should the price fall lower in the coming weeks and months!
22/02/2018 19:39
Matthieu Seven two continuous QR >2mil. Back to track again. I am still holding which bought 80cents!

Niki, when you think will gain back to my cost?
22/02/2018 20:25
Sebastian Sted Power Hold la.. RM1 only sell
22/02/2018 21:24
nikicheong @Lincorn, hard to say man. I mean its a healthy company, low risk of buying in at these prices. But as to when it can "break out"...I think there will need to be a strong earnings breakout. Maybe if Q3 earnings can be above RM1mil (previously Q3 always weakest) then it might be supportive of this.

Also, I realize in recent months the insiders and a lot of very long term investors (me included!) have been mopping up CWG shares on the market. The selling volume may simply evaporate, and sometimes the lack of selling will lead to a jump in prices due to scarcity etc.

Or we may be subject to a pump and dump as well given the relative illiquidity of the counter and may jump 10-20 sen over a short period of time.

It's really hard to tell. For me, this is an "lock and keep away" stock. I will monitor company news on a weekly basis or so going forward. Lest there be a fire breakout I think the capital should be secured at the very least for those buying at RM0.50 levels and dividend should be decent as well going forward (I expect 3 sen dividend minimum for FY 2018).
23/02/2018 08:54
Sebastian Sted Power niki, you see AH Beng sapu again early early morning 50cents clear
23/02/2018 09:06
FAIZUN77 just follow ah beng collecting
27/02/2018 15:17
sapurakencana Ah Beng can sapu as much as he want.but for what purpose if company performance not improve.unless for take over purpose. it wont happen in this company.
27/02/2018 23:29
nikicheong Company performance cannot improve overnight leh. You think this is magic ah? Takes months to get things improved. Especially since rights issue was only done in October 2017....give them time lah to channel that additional working capital and lesser debt load into improvement in the bottomline. Now we just got the period ended December 2017 results...I will hold judgement until at least we get to the results for the end of June 2018.
28/02/2018 08:49
nikicheong It's been quiet here, but I'm still holding CWG for the long term. Q3 results will be important, should be out within next 2 weeks as it will start showing whether the rights issue in October last year has paid off.
18/05/2018 19:58
chuatuanboo Q3 result just released. Disappointing.
23/05/2018 18:55
nikicheong Yeah both the topline and bottomline are disappointing for Q3 2018. Nothing else to say really.

But, looking beyond that, the balance sheet has improved further still. And I think the most positive thing is that the inventory numbers have spiked up. This could well mean that their expansion post-rights issue will start bearing fruits. Larger inventory could signal more demand in what is usually their peak demand period, which is the June quarter.

On the flip side, the larger inventory could mean they have not been able to find buyers for their increased production.

Depends on how you wish to look at it lah. Yesterday I bought more at 0.495.

I'm positive on the future, but I could be wrong as well. At current price levels I consider the valuation to be undemanding, so I don't think I'd lose much if I read things wrongly. But the payoff could be substantial on the upside. Just gotta keep holding until there is a clear sign that the expansion isn't going well.
23/05/2018 19:46
sapurakencana I prefer to consider the larger inventory could mean they have not been able to find buyers for their increased production.cheong ,this is not the first time right issue, if the performance can improve,they wil show in after 2 quarter report.See the sales even only 50% compare with last quarter,so how to convience public to invest in this company ,so i disagree what u said "so I don't think I'd lose much if I read things wrongly " .If like that i rader put my money at fixed deposit where i can earn confirm 3% income yearly.
26/05/2018 22:40
nikicheong That's right Sapurakencana. However, I give it another quarter to see some proper improvement before throwing in the towel. The idea is to keep track of the inventories. If they balloon or do not decrease significantly, OR if the revenue is significantly lower YoY...then well it might be game over and I'd have to take my money out and put it to better use.
26/05/2018 22:55
nikicheong They also spent RM2.1mil on purchasing of equipment by the looks of it in the Jan-March 2018 quarter.
27/05/2018 23:46


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