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4,046 comment(s). Last comment by cax1814 at May 28, 2020 8:22 AM
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deathgodwoairuo
113 posts

Posted by deathgodwoairuo > Nov 26, 2018 6:58 PM | Report Abuse

haiz..rubbish counter...


Ggll9999
16 posts

Posted by Ggll9999 > Nov 26, 2018 9:04 PM | Report Abuse

Upset


jowong7
66 posts

Posted by jowong7 > Nov 26, 2018 11:19 PM | Report Abuse

Logistics and Warehouse

31 March 2017 —— Ebitda = RM14.42 million , Profit before Tax (PBT) = RM4.733 milion
30 June 2017 ------- Ebitda = RM 11.554million, PBT = RM1.342 milllion
30 Sept 2017 -------- Ebitda = RM 6.138 million, Loss = RM 3.872 million
31 Dec 2017 -------- Ebitda = RM11.275 million, Loss = RM110k
31st March 2018 --- Ebitda = RM18.682 million , PBT = RM680k
30 June 2018 ------- Ebitda = RM16.1 million, PBT = RM3.93 million
30 Sept 2018 ------- Ebitda = RM18.14 million, PBT = RM4.91 million

Try to delve in more details of their result, the logistics segment actually improved quarter by quarter and has normalised. For tiong nam, I prefered to focus on their EBITDA to determine their ablity to generate cash flow from their logistics and warehouse segment, based on their latest 3 quarters the EBItDA has normalised back to the range above RM15million. As long as they manage to keep their debt and finance cost down in coming quarters, they should be able to generate better PBT. Bearing in mind that the Laos warehouse is just up and running in October, we haven't seen any actual contribution from their Indo-China new venture but the cost already build-in.

The low quarter-to-quarter result comparison is due to zero profit from property segment. I always feel that Tiong nam should spin-off this segment and remain tiong nam logistic solution as a pure logistic play.


nnMM
145 posts

Posted by nnMM > Nov 27, 2018 12:34 AM | Report Abuse

If they book in the 80million property sales this quarter, the result will be very handsome. Dunno why they did not do so. Maybe, they predict this year will have no new launches, they smoothen the sales so that the property segment won't look so ugly next quarter


Kymkym
80 posts

Posted by Kymkym > Nov 27, 2018 8:29 AM | Report Abuse

Damm down badly


nnMM
145 posts

Posted by nnMM > Nov 27, 2018 2:00 PM | Report Abuse

Economy is bad.


jowong7
66 posts

Posted by jowong7 > Nov 27, 2018 3:36 PM | Report Abuse

Yup. have a look at pos and tasco share price. logistic sector is always the first to suffer when economy turns bad.


jowong7
66 posts

Posted by jowong7 > Dec 2, 2018 11:55 AM | Report Abuse

Al-Aqar sells Selesa Tower to OISB for RM100mil cash.It said the disposal consideration of RM100mil was arrived at on a willing buyer, willing seller basis, with an independent valuer having ascribed a market value of RM100mil for the Selesa Tower in a valuation report on Oct 11, 2016.

The shareholders of OISB, which was incorporated on June 3, 2016, are Ong Yoong Nyock, Ong Wei Kuan, Lee Chung Chern and Gan Hong Lee.

The Ong family owned hundreds million or maybe billion worth of land,properties and hotel but all these assets are their personal wealth. Nothing to do with small tnlogis shareholder.


6257
1188 posts

Posted by 6257 > Dec 3, 2018 7:46 PM | Report Abuse

Warrant mati lo


6257
1188 posts

Posted by 6257 > Dec 4, 2018 3:32 PM | Report Abuse

8397wc until this friday only.


henry1112
51 posts

Posted by henry1112 > Dec 17, 2018 4:09 PM | Report Abuse

this stock still got hope?


jowong7
66 posts

Posted by jowong7 > Dec 21, 2018 3:17 PM | Report Abuse

Tnlogis(52weeks-High = RM1.4 Now= RM0.765 )
Pos (52weeks-High = RM5.4 Now =RM1.6 )
CjCen (52weeks High = RM1.12 Now =RM0.395 )
Gdex (52 weeks High = RM0.67 Now = RM0.26 )
Tasco (52 weeks High = RM2.3 Now = RM1.00 )

A comparison between logistic counters in Malaysia. All having a very bad year be it courier/last mile player or asset heavy player like Tiong Nam and Tasco.

Anyhow, value emerges. But how low could it goes? Something to ponder.


lwyy60
464 posts

Posted by lwyy60 > Jan 1, 2019 4:39 AM | Report Abuse

Cash flow not good, soon issue share liao..Good luck all.


dompeilee
6474 posts

Posted by dompeilee > Jan 17, 2019 4:15 PM | Report Abuse

Bought TNLogis @ 73c ( 3:04pm)


commonsense
474 posts

Posted by commonsense > Jan 23, 2019 11:47 AM | Report Abuse

Tiong Nam would have actually posted a core loss of around RM1mil in 2Q19 if we were to exclude all the non-core profits amounting to RM3.2mil (gain on disposal, impairment gain, gain from quoted investment and forex). The depressing results just shows how challenging the logistic market has become at the moment. The anticipated ecommerce boom did not translate to higher profit for the company (and also its competitors) even though revenue has seen a big jump in the past 10 years.

The industry will only be more crowded in the future given that some online platform companies had also decided to participate in the logistic industry. Lazada which is backed by Alibaba has its own logistic company under the brand Lazada Express. The company is touted to allocate a capex amounting to RM1bil for the expansion of its logistics arm. Refer to Lazada Malaysia CEO interview with BFM: https://www.bfm.my/bg-christophe-lejeune-lazada-malaysia-lazada-a-years-worth-of-sales-in-one-day.html

Even if the company managed to bounce back and record a core profit of RM15mil in FY19, the company would still be valued at 22x PE which is high given the doubts on its being able to deliver any consistent profit growth in the future (in view of the challenging industry outlook).

If you are looking to diversify your portfolio outside of Tiong Nam Logistics (due to its earnings uncertainties) I would recommend you to look at MBMR.

MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.9x PE (based on target FY18 profit of RM145mil. 9m profit is already RM106mil). PB is low at only 0.7x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17.

For FY19 growth will be driven by the still high demand of new Myvi and the newly launched SUV Aruz and also the newly revamp Alza in 2H19. I am projecting a profit to shareholder of RM160 mil for FY19 which at the current price values MBMR at only 6.2x PE.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions. There are 8 analysts in total covering the stock with most of them having a TP of above RM3 (all have a buy rating). The average TP for the 8 analyst is around RM3.50.

Good luck.


jowong7
66 posts

Posted by jowong7 > Jan 23, 2019 8:22 PM | Report Abuse

commonsense, the main drag with tiong nam results is the financing cost. they finance warehouses with debt. Ebitda per quarter is about 15mil to 20mil and the problem can be solved by REITS-ing their warehouses. Tiong nam is the most obvious warehouse play in bursa.


commonsense
474 posts

Posted by commonsense > Jan 30, 2019 4:30 AM | Report Abuse

Hi Jowong7,

Yup. Unlike other logistic companies, Tiong Nam prefer to own all the warehouse asset themselves including the land. The idea of carving their warehouse assets and parking it under Reit has been touted for a long time (i think i first heard of it in 2015) but it has never materialised. Given the increase of the global interest rates trend, listing the warehouse REIT now might not get the best valuation that the major shareholder is looking for. I honestly believe that they had missed the boat to list the warehouse Reit. Should have done it in 2016.

Any listing would only be done later given the current market uncertainties.

Regards.


jowong7
66 posts

Posted by jowong7 > Jan 30, 2019 6:37 PM | Report Abuse

yes. but the share price has dropped from RM1.5 in 2016 to RM0.72 now. value has emerged with a potential to unlock the value when market recovers. opportunities only arise during market uncertainties.


jowong7
66 posts

Posted by jowong7 > Jan 30, 2019 6:39 PM | Report Abuse

another thing is FED has turned dovey recent months. something to look into.


nomadmy
42 posts

Posted by nomadmy > Jan 30, 2019 10:40 PM | Report Abuse

EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 52,800 shares on 18-Jan-2019. EPF also can not stand the loss :-)


shpg22
2625 posts

Posted by shpg22 > Feb 18, 2019 11:48 PM | Report Abuse

TNLOGIS is highly leverage with poor cash flow. Better stick to more decent logistic company like FREIGHT, CJCEN


Shinnzaii
3031 posts

Posted by Shinnzaii > Feb 19, 2019 9:31 AM | Report Abuse

wew....dive mode


henry1112
51 posts

Posted by henry1112 > Feb 19, 2019 1:50 PM | Report Abuse

shit.....no way to run ald


Dingdongbell
51 posts

Posted by Dingdongbell > Feb 21, 2019 9:17 AM | Report Abuse

Super low now 63 only, I bought some and wait.. this counter used to be more than 1.40


Alex5398
135 posts

Posted by Alex5398 > Feb 21, 2019 4:29 PM | Report Abuse

tnlogis最坏的情况已经过去,现在经济通缩,等国行调降利息,到时又是产托股的天下,现在是大笔买进的最佳时机!!


audrey74
39 posts

Posted by audrey74 > Feb 25, 2019 10:17 AM | Report Abuse

Why directors keep disposed their shares to TNTT Realty?


audrey74
39 posts

Posted by audrey74 > Feb 25, 2019 12:33 PM | Report Abuse

Directors keep dispose thier shares to TNTT Realty...don't know why?


henry1112
51 posts

Posted by henry1112 > Feb 25, 2019 2:08 PM | Report Abuse

no idea but about to give up this stock..leave it there for years


Alex5398
135 posts

Posted by Alex5398 > Feb 25, 2019 4:11 PM | Report Abuse

i have all in!sapu all sure bottom


henry1112
51 posts

Posted by henry1112 > Feb 25, 2019 4:33 PM | Report Abuse

i have confidence in their logistic and warehousing but their property development segment is f up.


jowong7
66 posts

Posted by jowong7 > Feb 25, 2019 10:34 PM | Report Abuse

logistic&warehousing's ebitda around RM80million per annum, with Heineken and Nestle contribution coming in full force this year, ebitda from warehousing should hit 100mil per annum.

financing cost ~RM40mil per annum, logistic& warehousing accounting half i.e. RM20 mil with the rest from property development & hotel.

There should be very little activity in the property development. if they manage to sell large chunk of the unsold properties then TN should be very stable probably having a strong rally in stock price. If everything remain the same, PD segment will incur at least 25mil losses per annum ( finance cost + staff admin cost).

Plus point is that all debts are backed mostly by warehouses and land which is now hottest property according to Rahim&co. The shah alam warehouse which is next to Zalora Distribution Centre already worth more than the current mkt cap. If they do a cash call RI, Ong family which hold ~60% shares will need to fork out large amount from their own pocket.


audrey74
39 posts

Posted by audrey74 > Feb 26, 2019 10:16 AM | Report Abuse

jowong7 How about the high gearing issue?


henry1112
51 posts

Posted by henry1112 > Feb 26, 2019 10:38 AM | Report Abuse

that's why now the property development segment is the mouse feces. not sure how low can it still go


jowong7
66 posts

Posted by jowong7 > Feb 26, 2019 12:38 PM | Report Abuse

i try not to guess. from a corporate standpoint, the most suitable move by TN management is to establish a REITS structure, a strategy adopted by Sunway because 10 years down the road TN will still need large amount of capex to expand their warehouse. TN (asset-light holding co) -> control a listed TN logistic Reits,maybe in future they list their hotel and PD segment. if you read back announcement 10 years back, TN management actually did the same thing by securitizing their warehouses through an ABS structure, hence TN balance sheet back then was quite strong during 08 financial crisis.

under current investment condition, i am not sure whether they can lure investor to support their REITing. the main thing now is to survive if the the economy turns sour. debt-laden company will be worst hit as u know.

they can try their very best to sell off unsold properties. based on my knowledge, the cost of unsold inventories less than 200mil with GDV less than 500mil. by reducing, 200 mil of debts , we can actually heave a sigh of relief. worst come to worst, they do a cash call. either private placement or right issues. but as i mentioned before, the Ong family and related party at least hold 60% stakes in the co, so they will be the digging their own pocket too. Do take note that some of the debts consist a debt-covenant stating that Mr.Ong is obliged to hold at least 40% stake in TN.

the share price might not be the lowest now, but it's definitely cheap. some analyst only value their PD around RM10 mil,which i think is quite pessimistic. as usual, analyst will not take intangibles into their valuation. TN owns a huge logistics network and the big-data they possesses will worth something in future. they might not be as sexy as final-mile players such as ninja van or lalamove but they are running the middle-mile which hardly notice by consumers. Eg, Nestle Milo, Chembong -> TN -> Lazada DC -> Consumer.


henry1112
51 posts

Posted by henry1112 > Feb 26, 2019 4:10 PM | Report Abuse

jowong7 u did quite well analysis and I do agree with what you stated.

Too many shares in Ong family's hand is an issue where im not sure the quality of the younger generation of Ong family's members.


audrey74
39 posts

Posted by audrey74 > Feb 28, 2019 6:41 PM | Report Abuse

drop again????


Alex5398
135 posts

Posted by Alex5398 > Mar 1, 2019 5:10 PM | Report Abuse

i bought a lot ,sure up above 0.650!


Alex5398
135 posts

Posted by Alex5398 > Mar 7, 2019 1:22 PM | Report Abuse

sure up one!


Alex5398
135 posts

Posted by Alex5398 > Mar 8, 2019 10:10 AM | Report Abuse

epf 被那班人骗去垫底哈哈。


Alex5398
135 posts

Posted by Alex5398 > Mar 8, 2019 12:31 PM | Report Abuse

rock bottom 0.605, just buy


jowong7
66 posts

Posted by jowong7 > Mar 8, 2019 4:24 PM | Report Abuse

i think epf still holding at least 10million shares. if they want to dispose , then there is still a long way to go


Gn021
439 posts

Posted by Gn021 > Mar 14, 2019 6:04 AM | Report Abuse

http://www.klsescreener.com/v2/news/view/502280/%E5%A4%A7%E9%A9%AC%E6%9C%BA%E5%9C%BA%E4%B8%9A%E5%8A%A1%E6%88%96%E8%A2%AB%E6%8B%96%E7%B4%AF-%E8%8B%A5%E5%85%B3%E9%A9%AC%E8%88%AA-%E4%BA%9A%E8%88%AA%E5%A4%A7%E5%88%A9


Gn021
439 posts

Posted by Gn021 > Mar 14, 2019 6:04 AM | Report Abuse

大马机场业务或被拖累 若关马航 亚航大利


Koh Sien Fook
145 posts

Posted by Koh Sien Fook > Apr 9, 2019 10:17 AM | Report Abuse

物流产业 异军突起 https://klse.i3investor.com/blogs/sinchew_company_story/201410.jsp


Koh Sien Fook
145 posts

Posted by Koh Sien Fook > Apr 9, 2019 4:27 PM | Report Abuse

这个股被EPF乱放到0.58,非常便宜了。2016年丰隆投行研究估计,该公司以仓库为主的产托市值料达5亿2860万令吉,或等于每股50仙。


audrey74
39 posts

Posted by audrey74 > Apr 11, 2019 7:21 PM | Report Abuse

How come drop again....


jowong7
66 posts

Posted by jowong7 > Apr 12, 2019 4:01 PM | Report Abuse

audrey... epf has 25million share prior to this. they still have 10million++ shares to dispose if they want to get out from tnlogis.


Alex5398
135 posts

Posted by Alex5398 > Apr 17, 2019 1:37 PM | Report Abuse

今天收到tn寄来的垃圾voucher,discount 30% 呵呵


audrey74
39 posts

Posted by audrey74 > Apr 17, 2019 2:20 PM | Report Abuse

How low can it still be....


jowong7
66 posts

Posted by jowong7 > Apr 17, 2019 2:32 PM | Report Abuse

alex.....帮谁送的voucher?

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