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209 comment(s). Last comment by Up_down at Nov 27, 2019 6:24 PM
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Up_down
3619 posts

Posted by Up_down > Sep 17, 2019 4:07 PM | Report Abuse

Spritzer's ASRS warehouse worth RM 45 million will be completing at the end of 2019. It would certainly increase the efficiency of the operation and reduction of warehousing costs after putting into operation. Low resin price is another good factor to contribute higher margin.


steven_c
17 posts

Posted by steven_c > Sep 19, 2019 3:55 PM | Report Abuse

Has the exercise for Yee Lee privatization failed? I wonder if management will consider privatizing Spritzer instead? Liquidity is very low (few hundred units of transaction volume), dividend yield is very low (roughly 1.5%), no news written about management's vision to motivate the shareholders, thus, appeal to investors are almost non-existent other than Yee Lee themselves.


RainT
5075 posts

Posted by RainT > Sep 19, 2019 3:59 PM | Report Abuse

failed already


Up_down
3619 posts

Posted by Up_down > Sep 20, 2019 9:25 AM | Report Abuse

Insufficient publicity is the main factor resulting shares traded at low liquidity but earnings would ultimately be the main drive to direct the movement of share price. Spritzer is considered involving in FMCG business so any positive news in reporting better earnings would attract investors to join the boat.

Low dividend yield is due to high capital expenditure in ASRS warehouse and working capital. The funds for expansion came from private placement 2 years.

Posted by steven_c > Sep 19, 2019 3:55 PM | Report Abuse

Has the exercise for Yee Lee privatization failed? I wonder if management will consider privatizing Spritzer instead? Liquidity is very low (few hundred units of transaction volume), dividend yield is very low (roughly 1.5%), no news written about management's vision to motivate the shareholders, thus, appeal to investors are almost non-existent other than Yee Lee themselves.


Up_down
3619 posts

Posted by Up_down > Sep 20, 2019 11:00 AM | Report Abuse

ASRS warehouse is nothing new in Malaysia. It was actually brought in Malaysia by a Korean more than 20 years. It was not widely adopted but time changes fast due to escalating labor costs, maintenance of forklift and fuel consumption. More important is the system allows accuracy in maintaining automatic stock records and minimize overstocking and obsolete stocks. Every item in the warehouse can be track in terms of location and the time of storage. It’s almost alike automatic storage of cars in the racking system. I am quite impressed with Spritzer to spend so much money to improve its business automation which would greatly increase its warehousing efficiency.


steven_c
17 posts

Posted by steven_c > Sep 24, 2019 10:07 AM | Report Abuse

Hi RainT, thanks so much for the info.


steven_c
17 posts

Posted by steven_c > Sep 24, 2019 10:13 AM | Report Abuse

Hi Up_down, I see, that makes sense now on the low dividend yields. Yes, their business fundamentals are strong which is the original reason in invested in them. However, I do have my concerns now due to the thinly traded volume over the past years. Hopefully, senior mgmt engage more in publicizing the company to reverse this trend.

Thanks for the info, Up_down


Up_down
3619 posts

Posted by Up_down > Sep 25, 2019 12:18 PM | Report Abuse

Raw material consumption represents about 46% of Turnover in year 2018. There's a big portion consisted of plastic packaging material. Spritzer has its own production lines to produce plastic bottles. Therefore, gross margin is expected to improve from enjoying reduction of resin prices.


Up_down
3619 posts

Posted by Up_down > Nov 27, 2019 6:24 PM | Report Abuse

Great QR. As expected gross margin improvement from the reduction of resin raw materials prices. Expecting another better QR next year.

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