Highlights
KLSE: WELLCAL (7231)       WELLCALL HOLDINGS BHD MAIN : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
1.28   -0.02 (1.54%)  1.28 - 1.30  593,100
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General Meeting

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Ann. Date Date Time Type Venue View
25-Jan-2018 26-Feb-2018 10:00 AGM THE PINES HOTEL, MEETING ROOM R1, LEVEL 6, TOWER A, JAYA 99, NO. 99, JALAN TUN SRI LANANG, 75100 MELAKA Meeting Detail
03-Aug-2017 28-Aug-2017 10:00 EGM The Pines Hotel, Meeting Room R3, Level 6, Tower A, Jaya 99, No. 99, Jalan Tun Sri Lanang, 75100 Melaka Meeting Detail
26-Jan-2017 23-Feb-2017 10:00 AGM MARCO POLO II, LEVEL 22, HATTEN HOTEL MELAKA, HATTEN SQUARE, JALAN MERDEKA, BANDAR HILIR, 75000 MELAKA Meeting Detail
28-Jan-2016 25-Feb-2016 10:30 AGM Langkawi Room Bukit Jalil Golf & Country Resort Jalan Jalil Perkasa 3, Bukit Jalil 57000 Kuala Lumpur Meeting Detail
29-Jan-2015 26-Feb-2015 10:30 AGM Langkawi Room Bukit Jalil Golf & Country Resort, Jalan Jalil Perkasa 3, Bukit Jalil, 57000 Kuala Lumpur Meeting Detail
29-Jan-2014 26-Feb-2014 10:30 AGM Langkawi Room Bukit Jalil Golf & Country Resort, Jalan Jalil Perkasa 3, Bukit Jalil, 57000 Kuala Lumpur Meeting Detail
29-Jan-2014 26-Feb-2014 11:00 EGM Langkawi Room Bukit Jalil Golf & Country Resort, Jalan Jalil Perkasa 3, Bukit Jalil, 57000 Kuala Lumpur Meeting Detail
30-Jan-2013 28-Feb-2013 10:30 AGM Langkawi Room Bukit Jalil Golf & Country Resort, Jalan Jalil Perkasa 3, Bukit Jalil, 57000 Kuala Lumpur Meeting Detail
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  11 people like this.
 
omgimnoob please enlighten me
13/09/2017 18:33
Pewuf many things happen in this world revolve around the use of petrol, and the lack of it
15/09/2017 14:40
omgimnoob why bent crude oil going up, oil company should be earning enough to do maintenance on their hoses... why still going down the share price
27/09/2017 23:03
kenz88 what relationship between rubber and oil??
12/10/2017 15:23
CFTrader The main cost of production of the hose produced by Wellcall is rubber. The higher the rubber cost, the larger the negative impact to Wellcall, but I believe they able to mitigate / pass down the cost to the customer (I have reason for that. Wellcall doesn't produce ordinary hose, but they produce custom hose that suit each customer's demand, and they collect 50% of the deposit from the customer EVEN before start to manufacture the order)

While oil, apparently Wellcall expanded into the O&G sector by providing industrial hose to them. The slowdown of O&G segment affects their O&G hose expansion plan.

Sincerely,
CFTrader
15/10/2017 15:56
omgimnoob Every oil related companies, time to maintain your hose!
22/11/2017 23:23
CFTrader Good result for this quarter. The management targeted 20% increase of revenue, and they can do it.
YoY basis :

Revenue : 43.615m vs 32.3m (+35%)
PAT : 12.751m vs 9.125m (+40%)
NP : 9.87m vs 7.838m (+26%)
EPS : 1.98 vs 1.573 (ex-bonus)
Div : 1.55 vs 1.5333 (ex-bonus)

The reason why their NP cannot grow in line with PAT because of they pay higher tax this quarter (23% instead of the 14% )
28/11/2017 17:24
omgimnoob Tq KC for your analysis. Nice to have more dividends!
04/12/2017 13:02
omgimnoob All the oil and gas Companies on earth, should be earning good money. Let's replace some old rubber hoses while we can. or Let's expand our operations!
16/01/2018 00:09
Mazhar3192 Tomorrow rebound!
18/01/2018 18:35
rikki TP RM2.10 by JPMorgan
http://www.theedgemarkets.com/article/wellcall-holdings-rated-new-overweight-jpmorgan
30/01/2018 10:34
CFTrader good share with high FCF and high dividend payout due to the high FCF.
Moat is there, as Wellcall was able to react and customize the hose required by the customer.
Factory 3 also is in the pipeline.

The only thing I will do is buy when dip for more dividend / higher dividend yield (as lower cost = high yield)

Sincerely
CFTrader
30/01/2018 16:48
sleang 1st coverage by foreign broker, well done wellcall! :)
30/01/2018 16:59
omgimnoob Tq, volume coming today. Co left with USD loan now, settlement within 4 years. Future dividend hehehe... Factory 3 is ready not in the pipeline. Last time ready but global demand weaken, Mgt use it for maintenance and upgrade of machinery. Now with the oil industry started to be crazy, hahaha.... I dunno
30/01/2018 17:00
CFTrader We still need to see the increase in capex of the O&G industry first. With the short lifespan of the hose (3 month need to replace 1 time) , Factory 3 will shine with the 70% production boost.
30/01/2018 17:10
CFTrader all hail JPMorgan
06/02/2018 16:47
fhis tomorrow will fly high
06/02/2018 16:53
omgimnoob omg... why so strong? Wei Ge really strong!
06/02/2018 21:47
omgimnoob OMG CFTrader, dont advertise somemore... its too strong now... I still accumulate not enough
06/02/2018 21:59
crash8593970308 sold geshen bought wellcal
09/02/2018 23:24
fhis buy more wellcal.. it is coming.....buyer is out...
13/02/2018 15:57
fhis 1.60 will be taken out very soon...once it started its engine
13/02/2018 16:00
fhis tomorrow will be wellcal day...let's see if it can break 1.60 today...
13/02/2018 16:36
fhis wellcal..wellcal
13/02/2018 16:43
fhis hope for 1.80 tomorrow..
13/02/2018 16:47
fhis not bad, 1.60 closing.....tomorrow will have some nice show...
13/02/2018 16:52
fhis 5 months high 1.66 to break easily tomorrow...and head for 1.80...
13/02/2018 17:10
omgimnoob 1.30 - 1.40, wahhh... very good target price. Who is attending their AGM?
14/02/2018 09:01
fhis quite sad... it didnt fly this morning as expected but i think it will come anytime from now...just someone is placing big block at 1.60 for some reason...just watch out when this big block is taken out.. hopefully will be today...
14/02/2018 15:12
fhis Today sure fly pass 1.60...take note..still low
19/02/2018 10:51
fhis Company Profile Wellcall Holdings Berhad is Malaysia’s largest industrial rubber hose manufacturer. Originally serving for three major application markets, the company has scaled up its markets to more than six, including the air & water, welding & gas, oil & fuel, automobile, ship building, as well as food & beverage.

Investment Merits
1. Recovery in Global Economy Boosted Sales
- After a rough 2016 year, Wellcall has finally posted exciting results for FYE 2017. Riding on global recovery following better oil prices, demands for industrial rubber hose are expected to follow suit.
- While the overall effect has yet to remain unknown, the company has in fact performed better with 18.32% and 16.41% surge in the revenue and net profit respectively. The better performance is due to higher sales achieved on the back of higher demands from its clients.
- As almost 90% of its sales are derived from export markets, the recovery in global economy would provide the company a better earnings visibility moving forward.
- Wellcalls’ export markets spread quite evenly across developed and emerging markets, and this would help to balance out the concentration risk.

2. Attractive Dividend Yield
- Wellcall has been giving out dividend since its listing, and has a dividend policy to distribute a minimum 50% of its net profit annually.
- For FYE 2017, the company has paid dividends of 7.7 cents, equivalent to a dividend yield of 4.97%, which is considered high among mid and small cap peers.
- If we were to compare the company with gloves manufacturers which also use nitrile rubber as raw materials, we would see Wellcall’s dividend yield would be the best, with others mostly stay at 1% -3%.

3. Gearing Up for Production and Efficiency
- It is known that Plant 3 of the company has yet to reach full production capacity, giving it more room to grow moving forward.
- We are aware that the plant has opted for more automation as compared to the previous two, potentially driving down the cost but also improving the quality and production efficiency.
- The company is said to have its Plant 2 for higher capacity and automation upgrading.
19/02/2018 11:12
fhis Financial Highlights


The forecast for FYE 2018 is derived from a conservative growth rate based on the company ’s previous performance. However, the outlook for industrial hose manufacturing sector remained positive due to orders start picking up again after having slowed down in 2016.




(RM Mn) Forecasts Period Ending September 30 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018F Total revenue 136.83 154.21 131.53 146.37 158.33 134.49 159.13 171.9 Cost of goods sold Cost of goods sold (108.65) (115.18) (91.70) (99.20) (101.94) (83.00) (100.1) (106.6) Gross profit 28.18 39.03 39.83 47.17 56.39 51.49 59.03 65.31 Operating expenses / income Other operating income 3.10 2.53 3.57 3.63 6.45 2.38 3.46 3.95 Selling and distribution costs (4.02) (4.27) (4.06) (4.23) (3.96) (3.71) (4.12) (4.47) Administrative costs (4.67) (6.06) (6.26) (7.60) (9.52) (9.18) (9.18) (10.31) Other operating expenses - - - - (0.12) (0.21) (0.43) (0.52) Total operating expenses / income (5.59) (7.80) (6.75) (8.20) (7.15) (10.72) (10.27) (11.34) EBIT 22.59 31.23 33.08 38.97 49.24 40.77 48.76 53.96 Interest Interest expense (0.26) (0.25) (0.23) (0.26) (0.48) (0.98) (0.93) (1.08) EBT 22.33 30.98 32.85 38.71 48.76 39.79 47.83 52.88 Income tax expense (7.01) (7.62) (8.15) (9.25) (7.21) (8.47) (11.37) (12.69) Net Income (as Reported) 15.32 23.36 24.70 29.46 41.55 31.32 36.46 40.19 Earnings per share (EPS) Basic 3.08 4.69 4.96 5.92 8.34 6.29 7.32 8.07 Margins Operating margin 16.51% 20.25% 25.15% 26.62% 31.10% 30.31% 30.64% 31.40% PBT margin 16.32% 20.09% 24.98% 26.45% 30.80% 29.59% 30.06% 30.77% Net margin 11.20% 15.15% 18.78% 20.13% 26.24% 23.29% 22.91% 23.39% Actuals Consolidated Income Statements Q-o-Q Y-o-Y % % Revenue RM Mn 32.30 39.01 43.62 11.82% 35.05% Cost of sales RM Mn (20.06) (24.96) (27.65) 10.78% 37.84% Gross profit RM Mn 12.24 14.05 15.97 13.67% 30.47% Other operating income RM Mn 0.64 0.06 0.25 331.03% -60.94% Administrative expenses RM Mn (2.84) (2.29) (2.15) -6.11% -24.30% Selling and distribution expenses RM Mn (1.02) (1.02) (0.96) -5.88% -5.88% Other operating expenses RM Mn - (0.03) (0.40) 1279.31% Profit from operations RM Mn 9.02 10.77 12.71 18.02% 40.91% Finance costs RM Mn (0.14) (0.23) (0.21) -8.70% 50.00% Finance income RM Mn 0.24 0.23 0.26 13.04% 8.33% Profit before tax RM Mn 9.12 10.77 12.76 18.49% 39.91% Taxation RM Mn (1.29) (2.68) (2.88) 7.46% 123.26% Net profit RM Mn 7.83 8.09 9.88 22.14% 26.18% Minority interest RM Mn - - - PATMI RM Mn 7.83 8.09 9.88 22.14% 26.18% EPS sen 1.57 1.62 1.98 22.14% 26.18% Margins Operating margin 27.93% 27.61% 29.14% PBT margin 28.24% 27.61% 29.25% Net margin 24.24% 20.74% 22.65%
19/02/2018 11:14
fhis Great...more to come
22/02/2018 03:48
Christiano88 result out liao
26/02/2018 14:11
sleang Management indicated that costs to escalate further up...
26/02/2018 16:49
sleang wonder if JP Morgan's TP 2.1 still valid..
26/02/2018 16:50
Dartmaster this shows that JP Morgan is managed by a bunch of goons. Earnings deteriorated same as MEDIA that they have been busy buying up. They only know one thing control and buy up enough shares and pump and dump
26/02/2018 17:08
CFTrader @Sleang, do you know/inquiry about which type of cost escalate further up during the AGM meeting ?

I googled the price of natural rubber (which is their main cost) , it appears to be downtrend and i cannot brain the logic of "increase cost" ...

If they suffered from increasing cost due to Factory 3 efficiency then that is a temporary problem... but if their margin is eroded .... well ... let's say that their margin is one of the prized jewel that gives them superb valuation....

Sincerely
CFTrader
26/02/2018 23:28
sleang Nope, management did not mention what costs are those...its in the Report...share price touching 1.51...will climb back to 1.55 to pre-results level??
27/02/2018 10:49
smktta up up up
27/02/2018 13:49
omgimnoob Actually, someone asked in the AGM on the raw material regarding the production of hoses. Google has it all, besides Rubber (natural or synthetic), polymer, clay palette and carbon black.

Capex will not increase in near term, should be around RM3-4mil for near future, no plan for Plant 4 for now.
28/02/2018 07:35
CFTrader omgimnoob, i mean, what i noticed is rubber is downtrend on Sep17 to Dec17 , and if not mistaken, SMA20 is their main cost (?) which compose of 50%...

So i wonder why the report recently suffered from increased cost (?) Just want to clarify my doubt. :)
02/03/2018 17:19
omgimnoob Crude oil price up, our petrol price down... hmm can be relate to this or not?
21/03/2018 09:43
LimKL1 wan fen gan xie
17/04/2018 10:45
orochi_y so the price today is good to enter? RM1.30
17/04/2018 13:34
CFTrader good company doesn't sell cheaply .

But when it is priced cheaply , be sure to grab it :)

Sincerely
CFTrader
01/05/2018 13:03
omgimnoob Jan-Mar16 vs 17 USD:MYR, heavy forex loss this quarter???
15/05/2018 12:31
loonginv worst result since 2013 Q2 ..!!!!!
24/05/2018 17:39
leelc70 lower dividend payout
24/05/2018 18:26
CFTrader 1. Cost of Production is increased .... Why ?
- Rubber price is downtrend, but it is not the major cost of production.
- Synthetic Rubber consumption is in fact, higher (5 times more) consumption than natural Rubber.
- Synthetic Rubber price is on increasing trend for the past 9 month.
- Hence, WELLCAL factored in the cost that bought on the higher side.
- Forex issue.

2. Factory 3 issue.
- It is not simple as improve production volume by 70%.
- Factory 3 is divided into 3 parts.
- Part 1 : Mandrel hose production line. - fully utilized
- Part 2 : Spiral hose production line - unsure of utilization rate, they need to secure more customer (customer in this field tends to be loyal/recurrent, hence wellcall claimed that they need extra effort to penetrate this market )
- Part 3 : For sudden demand surge / change in the trend. Currently vacant.

3. Workforce issue.
- has no shortage of foreign worker issue.
- Foreign worker compose of 50% of workforce.
- No problem with KDN.

4. Revenue Growth
- Trailing 6 month order is increased by approximate 7%-8%.
- Largest market is category is Oil,Gas,Water,Air hose production - compose of 60% of the sales.
- Oil and Gas - compose of approximate 40%-45% of the category.
- They securing some US client that involving in the O&G company where they will place recurrent order every 4 month.

Sincerely
CFTrader
31/05/2018 17:25


 

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