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18 comment(s). Last comment by ZakKen at Oct 3, 2015 6:18 AM
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kai8994
362 posts

Posted by kai8994 > Sep 2, 2015 5:30 PM | Report Abuse

One of the few that read through Annual Report! *thumb up*


Chin Pin Tan
84 posts

Posted by Chin Pin Tan > Sep 2, 2015 5:40 PM | Report Abuse

well explain!


M17
23 posts

Posted by M17 > Sep 2, 2015 5:45 PM | Report Abuse

Strangely the insiders have been buying consistently earlier this year at the price of around RM2.10. What are they up to?


Equityengineer
1512 posts

Posted by Equityengineer > Sep 2, 2015 8:40 PM | Report Abuse

Yeah that is good. Check the debt/equity and then current liability such as loans


value88
466 posts

Posted by value88 > Sep 2, 2015 8:46 PM | Report Abuse

Very good points spotted by you, we need more people and article like this to point out the mis-leading facts reported by media or analyst.


telusdansuci
1233 posts

Posted by telusdansuci > Sep 2, 2015 8:56 PM | Report Abuse

I suggest our bro. to recommend some stocks for us to buy . Don't know can or cannot because we always choose the wrong company and did't know how to analyst some company fundamental . We need his recommendation . Thank you .


willnck
18 posts

Posted by willnck > Sep 2, 2015 9:25 PM | Report Abuse

Well written.Thanks.


bgoon99
63 posts

Posted by bgoon99 > Sep 2, 2015 11:59 PM | Report Abuse

Thanks for the critically written report. Look at Matrade stats http://www.matrade.gov.my/en/malaysia-exporters-section/33-trade-statistics/3812-summary-of-malaysias-monthly-trade-2015 the import/export not directly correlate with Ringgit...


nicholas1184
78 posts

Posted by nicholas1184 > Sep 3, 2015 3:00 AM | Report Abuse

just to highlight something, the sensitivity test in the financial risk section is just the currency risk for current balance sheet exposure if I not mistaken, it is true that USD denominated loan is bad for tongher, but we can't denied that exposure of revenue in USD is more than exposure of USD in loan for tongher assuming all 77% of revenue exported to oversea is denominated in USD. (I din read through the financial statement for tongher, so I might be wrong, but this is based on my experience reading other companies/ financial report, please correct me if I am wrong ya, thanks for sharing especially on the investment in associate, some companies have loan in USD to serve as natural hedge to their revenue that is majority denominated in USD.


Icon8888
16896 posts

Posted by Icon8888 > Sep 3, 2015 7:42 AM | Report Abuse

I am not trying to be diplomatic, but RicheHo articles are becoming a Must Read for me

I like the thoughtfulness and the independent thinking, an indication of intellectual capacity

Looking forward to more


RicheHo
135 posts

Posted by RicheHo > Sep 3, 2015 8:36 AM | Report Abuse

Thanks for all the compliments and comments! I will take it as a motivation. Appreciate it :)


NOBY
935 posts

Posted by NOBY > Sep 3, 2015 9:13 AM | Report Abuse

nicholas1184, eventually what is in the income statement must convert to balance sheet items. For example revenue becomes trade receivables and cost of goods translates to payables etc... if the net exposure of Tong Her in USD is -ve means its USD short term liabilities is more than USD short term assets, then strengthening USD will not benefit it.


garygary
8 posts

Posted by garygary > Sep 12, 2015 12:08 AM | Report Abuse

affin hwang.... shame on u, losing to non paid full timer analyst like richeho


Dummy Blackie
30 posts

Posted by Dummy Blackie > Sep 12, 2015 12:22 AM | Report Abuse

now u have put a hole to their's(whichever media on the company side in mutual benefit) so called "conspiracy"... which is good for a newbie or small fish like me... thanks for the good article...


RicheHo
135 posts

Posted by RicheHo > Sep 12, 2015 2:17 AM | Report Abuse

Thankiu thankiu haha, but I am not full timer analyst. I am also learning :)


speakup
13713 posts

Posted by speakup > Sep 12, 2015 9:07 AM | Report Abuse

yes if u export earn US$ but u also service big loan in US$, that's not going to help u


speakup
13713 posts

Posted by speakup > Sep 12, 2015 9:08 AM | Report Abuse

Tong Herr & Supermax are example of companies that export in US$ but also have big US$ loans.


ZakKen
14 posts

Posted by ZakKen > Oct 3, 2015 6:18 AM | Report Abuse

Nicely done article. One more thing, if you look at the sensitivity analysis, you will see a huge loss also if THB depreciates against USD. To date, I think THB is down about 8.2% to USD, so it is a double hit for Tong Herr.

One thing I'm curious, the quantum of loss for 10% decline in THB is almost as much as for 10% decline in RM vs USD. This is strange given that THB denominated loan amount and external revenues from export to Thailand are both very small.

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