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Overview
Financial Highlight
HeadlinesBusiness Background Tiong Nam Logistics Holdings Bhd is a Malaysia-based company engaged in the provision of fully integrated logistics and warehousing services. It operates through three segments namely Logistics and warehousing services, Investment and Property development. The company offers a variety of services such as warehouse space and management services, trucking delivery, cross-border transfers, container haulage, heavy transportation, as well as last measure delivery for e-commerce companies. It renders services across countries like Malaysia, Thailand, Singapore, and Myanmar. Additionally, the company also undertakes several projects comprising of residential service apartments and commercial properties and other real-estate related activities.
  jowong7 E-commerce boom driving demand and investment in Asian warehousing Asia’s online retail revolution is driving major increases in logistics real estate investment, but a shortage of suitable e-commerce warehousing remains.According to data compiled by property consultant Knight Frank, this year has so far seen China record a 52% year-on-year jump in e-commerce-driven real estate development. Cainiao will invest US$1.5bn to build a logistics centre at Hong Kong International Airport (HKIA) and has plans to establish similar hubs in Dubai, Hangzhou, Kuala Lumpur, Liège and Moscow. In Thailand, a $330m facility is slated for a site close to Bangkok and Laem Chabang port. He said one challenge was the increased demand for urban locations, with retailers desperate to bring supply chains closer to consumers. “The closer the warehouse to the customer the better, so urban infill locations will be in demand. But this comes with added costs, such as higher rents, efficiency and social costs – imagine a 24-hour e-commerce warehouse with its large delivery truck fleet in a high-density urban area. “However, quicker delivery time and increased business in a competitive landscape could justify these additional costs to the supply chain,” Mr Holt noted. 12/10/2018 17:00 jowong7 Logistics and warehousing provider, Tiong Nam Logistics Holdings Bhd has invested RM96.8mil in capital expenditure (capex) in the nine months ended Dec 31, 2016, as part of its ongoing expansion programme. The capex is mainly to increase the storage space at its existing warehouses in Malacca and Johor, and to enhance its Automated Storage Retrieval System (ASRS) in Shah Alam. Another shift is in the design. Given the fast-moving nature of e-commerce products, warehouse operators need to be able to keep their stocks moving. That leads to automated storage and retrieval systems (ASRS), which use technology to automate placement and retrieval of loads from their storage locations, Labrooy says. “Automation with ASRS is now being seriously evaluated by many of the leading logistics operators in Malaysia, who recognise that the largest part of their cost is labour and not rent,” he adds. 12/10/2018 17:01 jowong7 when market crash, shahalam warehouse with asrs will become dirt cheap. waiting for the right chance to buy valuable gem with increasing value. 12/10/2018 17:06 jowong7 market has failed to understand these embedded value. simply valuing land and building based on psf is not enough. so many resources put into warehouse automation and cold room(very important chain in ecommerce) and the market choose to give zero value on it. 12/10/2018 17:17 jowong7 如果你心里价6，7毛，你就应该等一两毛才买。买股要买你对它有信心的。没信心的就踢走它不要看。几千粒股票给你选，何必为了一粒你没信心的错失别的机会。风暴不是常常来。 12/10/2018 19:44  James Ng https://klse.i3investor.com/blogs/general/178023.jsp [转贴] [TIONG NAM LOGISTICS HOLDINGS BHD：全球和区域经济环境预计将对其核心业务，物流和仓储服务部门构成挑战] - James的股票投资James Share Investing 13/10/2018 11:39 henry1112 its not about when it can rebounds, its about when it touches the bottom....damn 15/10/2018 14:24 jowong7 Quoted from TheEdge "Group managing director Ong Yoong Nyock said the latest first quarter is the group’s third consecutive quarter of improvement in profits at the logistics and warehousing services segment, driven by higher value added services provided to customers and improved efficiency. “Notably, we have also seen encouraging growth in revenue derived from MNCs (multinational companies), which contributed approximately 25% of the segment’s revenue in FY2018. Going forward, we target to grow revenue contribution by MNCs to exceed 30% of segment revenue in FY2020,” Ong said." Why MNC??? because of tradewar. MNCs' doing relocation. 16/10/2018 15:31 jowong7 according to busyweekly interview with Victor Ong, Tiongnam stops expansion plan,already increase warehouse utilization from 70% to 80+%, coupled with the sales of property inventories past few months. based on this the management should be able to cut down borrowings by huge percentage.well prepared for financial crisis. their future plan is to turn shah alam warehouse into Smart Warehouse using IoT. 29/10/2018 11:32 jowong7 conservatively, rental income from warehouses around 70 mil per annum, locked-up for 2 years. out of 2400 trucks and vans, only 400 owned by tiongnam, the rest are from leasing. flexibility to adjust operating cost when needed. 29/10/2018 11:39 jowong7 pos,cjcen,gdex,tasco all drop like no tomorrow this month,quartetly result all like shit. tnlogis was the 1st who reflected heavy competition in the logistic industry in their result since last year while other logistics stocks hold up fairly well then. anyhow, management mentioned the company recovering from bad fy2018 result. let's see what's the quarterly this month. 23/11/2018 16:34 chukai24 warrant now have NOTICE TO WARRANT HOLDERS IN RELATION TO THE EXPIRY AND LAST DATEFOR THE EXERCISE OF WARRANTS 2013/2018 26/11/2018 09:39 jowong7 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. 26/11/2018 23:19 nnMM 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 27/11/2018 00:34 jowong7 Yup. have a look at pos and tasco share price. logistic sector is always the first to suffer when economy turns bad. 27/11/2018 15:36 jowong7 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. 02/12/2018 11:55 jowong7 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. 21/12/2018 15:17 commonsense 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. 23/01/2019 11:47 jowong7 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. 23/01/2019 20:22 commonsense 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. 30/01/2019 04:30 jowong7 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. 30/01/2019 18:37 jowong7 another thing is FED has turned dovey recent months. something to look into. 30/01/2019 18:39 nomadmy EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 52,800 shares on 18-Jan-2019. EPF also can not stand the loss :-) 30/01/2019 22:40 shpg22 TNLOGIS is highly leverage with poor cash flow. Better stick to more decent logistic company like FREIGHT, CJCEN 18/02/2019 23:48 Dingdongbell Super low now 63 only, I bought some and wait.. this counter used to be more than 1.40 21/02/2019 09:17  |
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