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Overview
Financial Highlight
Headlines
Business Background Can-One Bhd engages in manufacturing of metal and lithographed cans, plastic jerry cans, and packaging and distribution of dairy and non-dairy products. It operates through following segments: General Cans, Food Products, International Trading, and Property and Investment Holding. The General Cans segment includes manufacturing and distribution of lithographed tin cans, plastic jerry cans, flexi pack, and rigid pack. The Food Products segment offers manufacturing and distribution of foods products. The International Trading segment involves the trading of dairy products and raw materials. Firm’s Property and Investment Holding segment and Food Products segment account for majority revenue of the firm. The firm generates a majority of its revenue from Malaysia region.
  treasurehunt Yeoh has shifted to bottom-lines oriented since the ASP hike half a year ago. CanOne can actually dump the aerosol market to grill DPIH but they don't do it anymore. 27/08/2021 10:30 AM BursaKakis Fair value should have appreciated above RM9.77 since revenue, profits, nta are all higher now ( Q2 June 2021 - released on 26 August 2021 ) as compared to 5 June 2021 when the above fair value was given by Public Invest. Canone is now trading at a PE of 3.29 @ RM3.46 as at 30 August 2021. 30/08/2021 10:11 PM treasurehunt After stripping one off gain from the disposal of the F&B, Canone made EPS 60 cents for the last 3 quarters from the operations. At the price of 3.46, the market offers an undemanding PER 5.8x in comparison with its peers. Expect EPS 80 cents for a full year. Ablegroup PER 10.8x DPIH PER 30x 30/08/2021 11:28 PM thesteward Agree w you bursakakis and treasure hunt . Thanks for the analysis . I am holding this for mid to long term. Gogo rm9.77 please . 31/08/2021 11:28 AM treasurehunt Let's look into the general can segment in both Canone & Ablegroup to workout the PBIT margin. Ablegoup apparently enjoyed one off gain from hiking ASP and stocking activities in 3rd quarter 2020. On the contrary, Canone will return to normalize PBIT margin 3rd Quarter 2021. CanOne: 30 Jun 21 - 14% 31 Mar 21 - 11% 31 Dec 20 - 17% 30 Sep 20 - 3% Ablegroup: 30 Jun 21 - 20% 31 Mar 21 - 17% 31 Dec 20 - 7% 30 Sep 20 - 24% 31/08/2021 12:32 PM thesteward Exactly . Once fund gets identify or gets approval to buy could kaboom. 01/09/2021 12:15 PM treasurehunt First TP 4.0, 2nd TP 5.0 and 3rd TP 6.0. Consumer theme is back when Fed will start tapering in next few months. 01/09/2021 12:44 PM treasurehunt In general, carton packaging business ( Muda, Orna, PPHB & Master) is traded at PER 7x. Can packaging barriers of entry is much higher. Therefore, fair value of can packaging business will be at least PER 10x. Consumer plastic packaging (BPlastic & Tguan ) shouted at PER > 11x. As for another 2 consumer plastic packaging (SCGM & SLP) are much higher priced ... PER 15x. 01/09/2021 3:56 PM treasurehunt Market offers value Ablegroup at PER 10.5x. CanOne generates EPS 80 cents so fair value will be RM 8 or PER 10x. 02/09/2021 4:03 PM nuke Remember earnings are not set in stone. What goes up can come down. Invest in moderation. 03/09/2021 10:40 AM treasurehunt Yeoh's strategy is to capture market share through price war and follow by price hike. Therefore, general can segment did not doing well in the past few years. 03/09/2021 10:49 AM treasurehunt Yeoh can't stand with the market cap CanOne 755m. DPIH is so small and yet market cap half its size. 03/09/2021 10:55 AM treasurehunt There are only 2 companies producing Aluminium Cans and Easy-Open-End namely Kian Joo and Crown Beverage Can in Malaysia. The top 2 players of metal-can goes to Kian Joo and Ablegroup. The business is relatively stable due to high barrier of entry in capital and volume wise. Kian Joo has expanded the aluminium can manufacturing facilities in Myanmar. 03/09/2021 1:18 PM BursaKakis https://www.theedgemarkets.com/article/canones-share-price-hits-fiveyear-high-rm410 04/09/2021 6:07 PM treasurehunt RM 4 is merely an appetizer. It would break 5 soon supported by recovery of earnings, PER below 5x, high NTA, low share volume & involving in consumer packaging business. 05/09/2021 11:51 AM gemfinder Same tactic like ghl system last time. Ofer rm1 when share px 150. In d end, tskeover failedm kickout by minority 05/09/2021 4:56 PM treasurehunt Gemfinder knows well. Give an opportunity for people to sell at cheap prices when the company was performing below par against its peers. MI are not so gullible. CanOne will lift up its peers together while share price are moving up. It is likely CanOne breaking PER 10x in the next few months. . 05/09/2021 8:24 PM treasurehunt Canone will return to the valuation level in par or slightly below with its peers. It won't run too far away within a segment ie carton, stretch film, flexible packaging. 07/09/2021 10:31 AM treasurehunt PER valuation of packaging companies. General Can segment (PER) - Canone < 5x - Ableglob 11x -DPIH 30x Stretch film segment (PER) - BPplas 10.7x - Tguan 12.7x Flexible & Other plastic packaging (OER) - Daibochi 14x - SCGM - 13.7x - Scientx - 16.4x - SLP - 16.4x Carton segment (PER) - Master 7.3x - Muda 7.3x - Orna 7.5x - PPHB 6.9x 07/09/2021 10:50 AM Dulras Good company make good profits but not paying good dividen no bonus how to run maa how high can go, stuck so long 07/09/2021 12:45 PM treasurehunt This is not a dividend play company. What happen to the share prices of glove companies paying high dividend? 07/09/2021 12:50 PM treasurehunt It's entirely different ball game. If you like dividends then go for gloves, plantation (Inno, TAAn, Swkplnt), consumer (HupSeng, Pwroot, cocolnd).... 07/09/2021 1:01 PM absalom ok then not for people who like dividend or capital gain, just for fresh air and sunshine. And let the fat cats get fatter. 07/09/2021 1:35 PM treasurehunt I don't expect CanOne up similar with SAM, jumped 50% in 3 days. It's a luck. 08/09/2021 7:13 PM treasurehunt Updated PER valuation of packaging companies. Canone remains the lowest and catching up its peers. General Can segment (PER) - Canone < 5x - Ableglob 11.6x - DPIH 30x Stretch film segment (PER) - BPplas 12.7x - Tguan 12.5x Flexible & Other plastic packaging (OER) - Daibochi 14.7x - SCGM 14.2x - Scientx 15.5x - SLP 16.0x Carton segment (PER) - Master 7.0x - Muda 7.3x - Orna 7.0x - PPHB 6.7x 12/09/2021 2:01 PM treasurehunt Slowandsteady. Canone's receivables is about 90 days which is much higher than Ablegloble. However, If you compare with Scientex's receivable, Canone's receivables is merely 12 days higher than the former. 19/09/2021 2:50 PM thesteward Super undervalue . This new wave might see it break rm4 again n reach new high . Just need a F house to make analyses . Let’s hope some fund house will discover this gem 24/09/2021 10:03 AM  | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
