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James的股票投资James Share Investing

Author: James Ng   |   Latest post: Wed, 25 Nov 2020, 7:47 PM

 

[转贴] [CHIN HIN GROUP BHD:预制混凝土和Polymer concrete pipe部门最近正在向国外客户交付其模型产品;在G-Cast之后,Solarvest将成为集团强劲的盈利增长动力] - James的股票投资James Share Investing

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[CHIN HIN GROUP BHD:预制混凝土和Polymer concrete pipe部门最近正在向国外客户交付其模型产品;在G-Cast之后,Solarvest将成为集团强劲的盈利增长动力]

在本财政季中,振兴集团的收入为2亿8026万令吉,比去年同期的2亿7708万令吉增加了318万令吉或1.15%。本季度收入增加主要是由于他们的autoclaved aerated concrete (“AAC”)和预制混凝土的生产以及防火和木门部门的收入增加,尽管预拌混凝土,丝网制造和模块化建筑解决方案领域的收入有所减少。由于他们在基础设施领域的产品组合扩展计划(即prestress and reinforce concrete beam, crosshead, cable trough, long-span bridge, prestress slab, arch culvert, medium pressure jacking pipe and emergency walkway)的生产,来自autoclaved aerated concrete (“AAC”)块和预制混凝土生产的较高收入促成了预制混凝土产品收入的增长。此外,由于他们继续主导直径800mm及以下的jacking pipes市场,polymer pipes对新加坡的出口激增也推动了这一增长。此外,Starken Drymix营业额增长了2.3倍,这也促进了autoclaved aerated concrete (“AAC”)砌块和预制混凝土行业的收入猛增。防火和木门制造业务的收入激增归功于钢制门框业务,该业务在2018年最后一个季度被收购,新的木门业务自2019年第一季度中旬开始涉足。

振兴集团本季的财务成本较上年同期减少173万令吉,主要是由于2019年第三季的overdrafts against progressive claim (“ODPC”)的全额清偿,之前所提取的资金用于柔佛州的Mukim Pengerang,Daerah Kota Tinggi的模块化项目,以及由于提高了欠债回收率而减少了透支的使用。该集团本季度的税前利润(PBT)大幅减少到432万令吉,而去年同期为1,265万令吉。

QoQ:
振兴集团的税前利润(PBT)较低,为432万令吉,较上一季度的843万令吉减少了411万令吉。贸易应收账款和非贸易应收账款的减值完全抵消了其预制混凝土部门赚取的利润的增长,这些部门参与了prestress and reinforce concrete beam, crosshead, cable trough and emergency walkway的供应,并为镇上的大型基础设施项目(例如Duke Highway,大众捷运系统(“ MRT”),轻便捷运系统(“ LRT”),Gemas-Johor Baru(JB)电气化双线项目(“ EDTP”)和西海岸高速公路(WCE))提供了产品。

前景:
振兴继续采取审慎的策略,专注于巩固其现有业务,扭转亏损的投资并对其制造工厂和公司办公室的所有流程进行数字化转型,以迎接“工业4.0革命”。

渗透到菲律宾和澳大利亚等区域市场的努力已显示出一些积极迹象。预制混凝土和Polymer concrete pipe部门最近正在向国外客户交付其模型产品。位于柔佛州哥打丁宜市的他们的新autoclaved aerated concrete (“AAC”)产线(产能为600,000立方米)截至2020年2月中旬的生产利用率维持在30%的水平,因为马来西亚房地产市场疲软导致本地市场地区的块料供应过剩。然而,新加坡的经济适用房对面板和砌块的出口市场的需求迅速增长,能弥补本地市场需求的减少。

自2018财年末开始扭亏为盈的Starken Drymix Solutions Sdn Bhd,截至2019年12月底已达到49%的生产利用率。该公司在截至2019年12月的财政年度中取得了令人满意的业绩。他们会继续有机增长,并将认真关注市场份额扩展计划(轻轨交通(LRT)和大众铁路(MRT)项目以及医院项目等基础设施领域),特别是在他们于过去一年积累了足够的信息后。此外,Starken Drymix正在忙于探索与海外投资者合资的可能性,以扩大其在东盟地区的市场份额。

为了满足对预制混凝土产品需求的增长,2019年中期在关丹和哥打丁宜市开设了两家新工厂。现在,他们的预制混凝土产能已达到每年40万吨。这些扩大的产能使振兴集团在他们最近扩展的产品组合(即prestress and reinforce concrete beam, crosshead, cable trough, long-span bridge, prestress slab, arch culvert, medium pressure jacking pipe, eco-module and emergency walkway)之后,在2019财年能在基础设施预制混凝土业务特别是铁路子行业中经历强劲的增长,这些都需要更多的技术知识。该公司正在为城镇的大型基础设施项目提供prestressed and reinforce concrete beam, crosshead, cable trough and emergency walkway,这些工程包括杜克高速公路,捷运(MRT),轻轨(LRT),Gemas-Johor Baru (JB)电动双线项目(EDTP)和西海岸高速公路(WCE)。上述产品到上述基础设施项目的生产和交付已经超过了建设进度。振兴集团继续在基础设施预制混凝土业务中推行其产品组合扩展计划。即将引入本地市场的新产品包括cable plinth, fencing pole, turn out bearer, prestress plank and tunnel walkway,将用于Gemas-Johor Baru(JB)电气化双线项目(“ EDTP”)和Mass Rapid Transit 2(“ MRT 2”)。G-Cast是振兴集团在2019财年的主要收入增长动力。

他们的联营公司Solarvest Holding Bhd(“ Solarvest”)已于2019年11月26日在大马交易所Ace市场上亮相,开盘价比其发行价35仙高25仙达到60仙。在2019财年交易的最后一天,Solarvest收于74.5仙,比其报价高112.86%。马来西亚政府通过将可再生能源发电量的目标设定为全部发电量的20%,来支持太阳能光伏产业的发展,因此马来西亚的太阳能光伏产业前景乐观。最近的《 2020年预算》提出了旨在促进马来西亚绿色经济的税收优惠政策,也符合政府的承诺。 Chin Hin坚信,在G-Cast之后,Solarvest将成为集团强劲的盈利增长动力。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.04 (dividend RM0.04) in 1 year 7 months 28 days, total return is 190.9%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.55 (dividend RM0.04) in 1 year 9 months 8 days, total return is 100%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.06 (adjusted)(dividend RM0.055) in 10 months 7 days, total return is 86.5%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.995 in 1 year 2 months 20 days, total return is 73%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.94 (dividend RM0.148) in 1 Year 6 months 2 days, total return is 31.3%

我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.,免费茶和咖啡

7月5日星期日:Espira Sri Petaling, KL 3份点心

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7月19日星期日:AG Hotel Penang, George Town 2份点心

2)【股票-实际操作班】课程:
10a.m. – 9p.m.,免费午餐和晚餐

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7月18日星期六:AG Hotel Penang, George Town

有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[CHIN HIN GROUP BHD: Precast concrete and Polymer concrete pipe division are delivering their mock-up products lately to the foreign customers; Chin Hin is confident that Solarvest could be the strong earnings growth driver to the Group after G-Cast]

For the current financial quarter under review, the Group reported a revenue of RM280.26 million, an increase of RM3.18 million or 1.15% as compared to RM277.08 million in preceding year corresponding quarter. The increase in revenue for the current quarter were mainly due to higher revenue from their manufacturing of autoclaved aerated concrete (“AAC”) and precast concrete and the manufacturing of fire-rated and wooden door sector despite the decrease in revenue from the ready-mixed concrete sector, the manufacturing of wire mesh and the modular building solutions segment. The higher revenue from the manufacturing of autoclaved aerated concrete (“AAC”) block and precast concrete was contributed to the increase in revenue from the precast concrete products as a results of their product portfolio expansion plan in the infrastructure sector i.e. prestress and reinforce concrete beam, crosshead, cable trough, long-span bridge, prestress slab, arch culvert, medium pressure jacking pipe and emergency walkway. Moreover, the increase also contributed by the surge in export of polymer pipes to Singapore as they continued to dominate the market for jacking pipes of diameter 800mm and below. Furthermore, the 2.3 times growth in turnover for Starken Drymix also contributed to the surge in revenue in the manufacturing of autoclaved aerated concrete (“AAC”) block and precast concrete sector. The surge in revenue from the manufacturing of fire-rated and wooden door sector were contributed by the steel door frame business which was acquired during the last quarter of 2018 and the new wooden door business ventured into since mid of the first quarter of 2019.

The Group’s finance cost for the current quarter has decreased by RM1.73 million as compared to the preceding year corresponding quarter principally due to the full settlement of overdrafts against progressive claim (“ODPC”) in the third quarter of 2019 which was drawdown to fund the Modular project in Mukim Pengerang, Daerah Kota Tinggi, Johor and lesser usage of overdraft due to improve collection. The Group reported a considerable reduction in profit before tax (“PBT”) for this quarter, RM4.32 million as compared to RM12.65 million reported in the preceding year corresponding quarter.

QoQ:
The Group reported a lower profit before tax (“PBT”) of RM4.32 million, a decrease of RM4.11 million as compared to the preceding quarter PBT of RM8.43 million. Impairment of trade and non-trade receivables has fully offset the hike in the profit earned from their precast concrete sector which involved in the supply of prestress and reinforce concrete beam, crosshead, cable trough and emergency walkway to mega infrastructure projects in town i.e. Duke Highway, Mass Rapid Transit (“MRT”), Light Rapid Transit (“LRT”), Gemas-Johor Baru (JB) Electrified Double Track Project (“EDTP”) and West Coast Expressway (WCE).

Prospects:
Chin Hin has continued to adopt a cautious strategy to focus on consolidating its existing business, turnaround the loss-making investment and to transform digitally all the processes in its manufacturing plant and corporate offices to gear towards “Industrial 4.0 Revolution”.

The efforts to penetrate into the regional markets like the Philippines and Australia has shown some positive signs. Precast concrete and Polymer concrete pipe division are delivering their mock-up products lately to the foreign customers. Their new autoclaved aerated concrete (“AAC”) production line with 600,000 m3 installed capacity located at Kota Tinggi, Johor is still hovering its production utilisation rate at 30% level as at mid of February 2020 in view of the excess supply of block in the local market as a result of the subdued property market in Malaysia. Nevertheless, the export market demand for panel and block are fast gaining in popularity for the affordable housing in Singapore, to supplement the reduction in demand from the local market.

Starken Drymix Solutions Sdn Bhd whom has turnaround since end of FY2018 has reached its production utilisation rate of 49% as at the end of December 2019. This company has achieved a satisfactory performance in the financial year ended December 2019. Starken Drymix will continue with the organic growth and will focus seriously on the market share expansion programme especially in the infrastructure sector such as Light Rail Transit (“LRT”) and Mass Rail Transit (“MRT”) projects as well as hospital projects after they had accumulated enough profiles in the past one year. In addition, Starken Drymix is busy exploring the possibilities to joint venture with overseas investor to expand its market share in the Asean region.

Two new plants have been rolled out in Kuantan and Kota Tinggi in the mid of 2019 to cater for the hike in demand for the precast concrete products. Now their precast concrete capacity has reached 400,000 metric tonnes per annum. These enlarged capacity has enabled Chin Hin Group to experience a strong growth in the infrastructure precast concrete business particularly within the railway sub-sector in FY2019 after their recent expansion of product portfolio i.e. prestress and reinforce concrete beam, crosshead, cable trough, long-span bridge, prestress slab, arch culvert, medium pressure jacking pipe, eco-module and emergency walkway which require added technical expertise. The Company is supplying prestressed and reinforce concrete beam, crosshead, cable trough and emergency walkway to the mega infrastructure projects in town i.e. Duke Highway, Mass Rapid Transit (“MRT”), Light Rapid Transit (“LRT”), Gemas-Johor Baru (JB) Electrified Double Track Project (“EDTP”) and West Coast Expressway (“WCE”). The production and delivery of the said products to the above infrastructure projects are ahead of construction progress. The Group continue to pursue its product portfolio expansion plan in the infrastructure precast concrete business. The new products to be introduced into the local market include cable plinth, fencing pole, turn out bearer, prestress plank and tunnel walkway for Gemas-Johor Baru (JB) Electrified Double Track Project (“EDTP”) and Mass Rapid Transit 2 (“MRT 2”). G-Cast is the main earnings growth driver for Chin Hin in FY2019.

Their associate companies Solarvest Holding Bhd (“Solarvest”) has made a strong debut on the Ace Market of Bursa Malaysia on 26 November 2019, opening at 60 sen or 25 sen above its offer price of 35 sen. On the last day of trading in FY2019, Solarvest closed at 74.5 sen, 112.86% higher than its offer price. The outlook for the solar photovoltaic (“PV”) industry in Malaysia is optimistic, in line with the government’s commitments to support growth of PV solar industry by setting target for electricity generated from renewable energy at 20% of all power produced. Tax incentives aimed at boosting the Malaysian green economy which was tabled in the recent Budget 2020 were also in line with the Government’s commitment. Chin Hin is confident that Solarvest could be the strong earnings growth driver to the Group after G-Cast.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng

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