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Author: Tan KW   |   Latest post: Tue, 26 Jan 2021, 10:27 AM

 

COMMENTS ON SIN HENG CHAN (MALAYSIA) BHD (4316) - louisesinvesting

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FIGURE 1: SIN HENG CHAN (MALAYSIA) BHD LAST 5 YEARS SHARE PRICE TREND
 
**analysis based on 2018 annual report.
1.       GENERAL INTRO: SIN HENG CHAN is one of the main oil palm plantations in Malaysia.
 
2.       NOTABLE POINTS:
a.       In 2018 report, main business segments include operation of oil palm plantations and sale of fresh fruit bunches (FFB), not involved in milling to produce crude palm oil (CPO).
b.      The Group operates oil palm estates in Sarawak with an annual fresh fruit bunches (FFB) production of 31,195 MT.
c.       Income from its plantation segment makes up 40% of the group's revenue, while the Group is also involved in energy and facility management services, which contributes 60% of its revenue.
d.      In the FY 2018, the Group registered a loss attributable to equity holders of the company of RM6.3 million compared to a net loss of RM1.7 million in FY 2017. This was primarily driven by losses from the plantations segment, which suffered from low average CPO prices in 2018.
 
3.       IS THIS COUNTER A STRONG GROWTH STOCK? 
a.       REVENUE RANGE (RM million): 32.5 million as reported in 2018 annual report, this is a low revenue company.
b.      SHARE PRICE: from 2015-2019, share price has decreased from ~ RM0.80 to RM0.20, then increasing sharply to ~RM0.40 by January 2020, due to recent uptrending of CPO price.
c.       EARNING PER SHARE (EPS): earning per share in last 5 years fluctuated from -5.02 to 2.27 sen, making losses in 4 out of last 5 years.
d.      FUTURE POTENTIAL/PROSPECTS: share price expect to be stable in the next few years
e.      CAPITAL EXPENDITURE (CAPEX): spending on purchase of new fixed assets is RM 3 million, around 1% of total assets.
 
4.       IS THIS A STRONG DIVIDEND STOCK?     
a.       DIVIDEND YIELD: in 2018 financial year, SIN HENG CHAN did not declare a dividend payout to shareholders.
b.      DIVIDEND PAYOUT RATIO: N/A
c.       CONSISTENCY: the dividend payout was not consistent, there was no dividend paid to shareholders in all of last five years.
 
5.       IS THE MANAGEMENT PERFORMANCE GOOD?
a.       RETURN ON EQUITY (ROE): in 2019 financial year, SIN HENG CHAN reported a low return of shareholders’ equity, at -7.92%.
b.      COST-TO-INCOME RATIO: N/A
 
6.       OTHER INDICATORS:
a.       CASH FLOW: cash flow is negative, around RM -22.5 million, equivalent to RM -0.17 per share
b.      SUPPORT BY INSTITUTIONAL INVESTORS: this counter is not well supported by institutional investors, there are only 9 institutional investors at top 30 major shareholders list, including few insurance companies and investment funds. Its major shareholders are Wan Jin Resources Sdn Bhd (14.55%) and Dato’ Choo Keng Weng (13.17%).
 
Disclaimer: The content of the blog posts are for sharing purpose only. Readers are encouraged to carry out further research and analysis as well as follow up latest update information before making any investment decisions.
 
 
 
http://louisesinvesting.blogspot.com/2020/01/comments-on-sin-heng-chan-malaysia-bhd.html

 

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