KLSE: MIECO (5001)       MIECO CHIPBOARD BHD MAIN : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
0.28   -0.01 (3.45%)  0.28 - 0.29  790,400
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Market Cap: 147 Million
NOSH: 525 Million
Avg Volume (4 weeks):990,495
4 Weeks Range:0.265 - 0.32
4 Weeks Price Volatility (%):
52 Weeks Range:0.24 - 0.575
52 Weeks Price Volatility (%):
Average Price Target: 0.44
Price Target Upside/Downside: +0.16
Stamp duty exempted for year 2019

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2018 [#4]  |  26-Feb-2019
Next QR | Est. Ann. Date: 31-Mar-2019  |  30-May-2019
T4Q P/E | EY: -2.43  |  -41.22%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.65  |  0.43
T4Q NP Margin | ROE: -14.43%  |  -17.75%


Date Subject
26-Feb-2019 Remember to WATCH and GORENG this today. Down side risk minimal, upside potential 100%. Black Horse for 2019 is waiting for you.
14-Nov-2018 Daily Market Update - 14 Nov 2018 (DANCO, MIECO)
09-Oct-2018 Mplus Market Pulse - 9 Oct 2018
31-May-2018 Mieco Chipboard - 1Q18: Below Expectations, Negative Operating Dynamics

Business Background

Mieco Chipboard Bhd is an investment holding company. It is also engaged in the provision of management services. The core business includes manufacturing and distribution of particle boards also known as chipboards, with the primary focus on plain boards and melamine faced boards. In addition, its other operation comprises of investment holding. Its product includes mieco plain board and mieco decorative melamine faced chipboard. These products are commonly used as a core material for home and o¬ffice furniture. The company operates geographically across Malaysia, Hong Kong, and China.
Analyze this stock with MQ Trader system

  8 people like this.
Mr8888 Any one know when the QR will release? by right should be release on 26/7/18....
15/08/2018 12:25
sportstoto tp how much?
15/08/2018 19:49
danloh88 sellers are dumping
16/08/2018 11:29
Jasper Coo Very interesting stock ! Worth to invest tho
16/08/2018 15:14
targetinvest Yea... all fire up!!!
16/08/2018 18:52
InvestorKING Actually Mieco current fair value is at 0.75. The price had dropped from 1.20 to 0.39 previously.
16/08/2018 19:51
MoneyFace88 Company has to show profit for price to move up, hope coming quarter Ah Chai can show us the money.
25/08/2018 09:25
Learner One Mieco oversold. Evergreen made good profit.
25/08/2018 10:13
MoneyFace88 QR not out yet ?
27/08/2018 18:58
bonbon In this market sentiment even good result also no use. You see, evergreen's result not bad, but it drops too.
28/08/2018 09:36
khpwwl ask our TM lah… all construction counter are drop
28/08/2018 09:56
Jordan Khoo Wow! the stock price is rising, profit increasing also kikiki
28/08/2018 10:04
bonbon I guess its result won't be good. Anyway, all the best to those who are buying this.
28/08/2018 10:22
Jasper Coo Never regret for buying this stock, profit is real
28/08/2018 10:42
Jasper Coo Wow! earn more again! good stock, i have earned a lot to pay my bills.
28/08/2018 10:43
bonbon Terrible result...
30/08/2018 09:41
kuhen1 Disaster is kicking in i suppose. Should have got MYEG when it was dead low :(
30/08/2018 12:56
targetinvest Mieco roaring back into action..
01/11/2018 10:06
targetinvest Good to scope
01/11/2018 10:06
Sanatan Mieco to continue roaring back into action !
02/11/2018 08:54
bottomtrawler sure anot
21/11/2018 17:20
Adrian Tiong Meng Wei Still lost quarter even with highest revenue..sell sell sell
21/11/2018 17:28
organic what happed this counter? keep drop?
01/12/2018 08:23
commonsense Hi organic,

Financially the company did not perform that well in the past 2 quarters. I think some investors was hoping for a boost in the profit level upon completion of the acquisition of Great Platform back in February. Based on the documents provided, Great platform recorded a revenue of RM53.5mil and PAT of RM4.1mil for the period of Aug16 to Apr17 (9 months). This translated to an average rev of RM18mil and PAT of RM1.4mil per quarter. Mieco paid RM58.6mil for the company.

However, the most recent quarter indicates that while the acquisition had help increase the company total revenue by 27%, it failed to increase the profit and worst they actually recorded losses. EBITDA margin fell from a high of 21% last year to only 4% in 3Q18. The acquisition of Great Platform had also increase the depreciation charges (from RM4.4mil to now RM7.3mil) and finance cost (from only RM1mil to RM4.4 mil) substantially. This resulted in the company posting a loss of RM6.8mil vs profit of RM15.6mil.

If you are interested in the company, it would be better for you to wait for the next quarter result to come out. Currently we are still not sure whether the bad performance in 3Q18 is permanent (the low profit margin is here to stay) or if the result is just a one off event.

If you are already invested in the company, you need to be prepare to face some volatility as some investors might be a bit worried of the future financial results. It would be advisable for you to diversify your portfolio first. I think there are still some furniture/ particle board manufacturers that are currently still profitable and trading at a not so high valuation.

If you are looking to divest your portfolio outside of the furniture industry, i would recommend them to look at MBMR.

The company is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 5.9x PE (based on target FY18 PATAMI of RM145mil. 9m PATAMI is already RM106mil). PB is low at only 0.6x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17. And FY19 growth will be driven by the still high demand of new Myvi and the launch of the new SUV in 1Q19.

Please go through the analyst reports (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) and do your own analysis before making any decisions.

Hope Mieco will start posting better results in 4Q18. I think some investors got burnt investing in the company when it was trading at above RM1. With better results, hope the company share price can recover back.

Good luck
07/12/2018 10:41
organic commonsense, ya some investing in price RM1 sure worried the company going on. me just in 0.34 100Lot for invest. any command to keep or force to sell. TQ
08/12/2018 11:13
commonsense Hi Organic,

I think you need to reassess back your position. When you bought the shares at 34 sens what was the reason? Does your thesis still stands? I think you most probably have bought it before the 2Q18 result was announce.

If you go through the note of 2Q18, the losses for the quarter was mainly due to gross margin compression attributed to soft selling price of the companies product, higher cost of materials and also a pre operating cost of the new line.

I think you should only hold to the stock if you believe that the profit margin can improve back to FY17 level in 3Q18. Because if it doesn't and it still post a loss in 3Q, i think some investors might decide to shift their position to other companies.

I personally think their operational profit margin will still remain compressed (at least for next quarter). In addition, the bottom line will also be effected by the higher depreciation and finance cost (due to the acquisition of Great Platform).

Good luck.
10/12/2018 08:36
organic tq,. commonsence.
13/12/2018 17:00
organic keep drop....
18/12/2018 16:32
speculative Please watch this counter.. will boom soon..
10/01/2019 12:47
speculative Haha.. today just start engine.. vroom22
11/01/2019 10:19
OngOngMou the giant is awake soon... dudududu
14/02/2019 15:28
targetinvest Property fast fast sell out then will need furniture and need wood and need their timber..
So short term should be good for mieco
21/02/2019 15:48
targetinvest Parking here for further monitoring
21/02/2019 16:11
targetinvest Property sudah goreng
Construction sudah goreng
Metal/steel sudah goreng sikit
Oil and Gas sudah goreng sampai langit up down left right
Plantation sudah balik
IT stock pun sudah balik...

The only one is???

TIMBER stock belum ada movement...
21/02/2019 16:33
targetinvest Avengers... assemble... here is the place !!!
21/02/2019 18:05
keyin Ikea come, all timber and wood holland
25/02/2019 23:25
targetinvest Ikea no nid use wood one ah?

Use... plastic?
26/02/2019 08:42
targetinvest Come and support goreng kayu sikit
26/02/2019 09:01
targetinvest janji ada pattern nice nice ada fire goreng
26/02/2019 09:01
targetinvest Break out and become 34 35 let's go

Break break break
26/02/2019 09:04
targetinvest market no ngam to break... :( :( :(
26/02/2019 11:02
targetinvest Result also very tiaooo
26/02/2019 18:47
nich0las wahaha...... cipet company
26/02/2019 18:49
kasinathan Red ocean company in the red ocean industry... The outcome is to retest 24 cents..... Soon after sinking in the red ocean... Below 15 cents... Struggling until 2021...
26/02/2019 19:00
targetinvest Ok la kasinathan u r the best la..

Now wood is crap.. so wad is good ?
26/02/2019 19:43
targetinvest Go back to bug my johotin la
26/02/2019 19:43
husky88 Mission failed
26/02/2019 22:14
sukagtl ayo.. quaterly result koyak rabak ma..
27/02/2019 12:56
tnang lai lai lai, up up up
07/03/2019 11:36
moneykj Lai lai Redtone now. 0.275 cheap cheap.
Johor Sultan team up with VT to goreng. Results play still have 50% upside. If they put in Umobile for backdoor listing play, sky is the limit.
14/03/2019 14:29


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