Highlights
KLSE: HLIND (3301)       HONG LEONG INDUSTRIES BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
10.60   +0.14 (1.34%)  10.48 - 10.60  5,900
Analyze this stock with MQ Trader system

General Meeting

Hints :
[1] Click the View Entitlement icon table to view the Meeting detail page.

Click here to modify the Visible Columns.

Ann. Date Date Time Type Venue View
21-Sep-2012 16-Oct-2012 12:00 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
24-Sep-2013 17-Oct-2013 12:00 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
19-May-2014 17-Jun-2014 14:30 EGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
23-Sep-2014 16-Oct-2014 14:30 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
06-Oct-2015 29-Oct-2015 14:30 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
29-Sep-2016 24-Oct-2016 11:00 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
04-Oct-2017 27-Oct-2017 15:00 AGM Theatrette, Level 1, Wisma Hong Leong, 18 Jalan Perak, 50450 Kuala Lumpur Meeting Detail
26-Sep-2018 25-Oct-2018 11:00 AGM Auditorium, Ground Floor, Menara Hong Leong, No. 6, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur Meeting Detail
07-Oct-2019 06-Nov-2019 10:30 AGM Auditorium, Ground Floor, Menara Hong Leong, No. 6, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur Meeting Detail
Trade this stock and receive a FREE I3investor T-shirt after 5 trades. Find out more.

  5 people like this.
 
kywoo If in near future Yamaha sales in Vietnam picks up again then the profit of Hong Leong Ind will jump to new record high year after year. The prospect is indeed very bright.
30/08/2019 10:18 AM
RainT in Vietnam , most people use Honda

Yamaha is less popular

and share of Vietnam Yamaha is just associate only
30/08/2019 4:07 PM
RainT only the free cash flows is record high

the sales, profit and cash is not record high
30/08/2019 4:10 PM
RainT oh the write back

Then is correct
30/08/2019 4:10 PM
shpg22 Not to mention record dividend payout.
30/08/2019 7:23 PM
alone4awhile what is MNI loss provision? Why need deduct 60 mil from profit of 2018.
01/09/2019 1:48 AM
kywoo MNI is a company doing recycling of old newspapers into usable newsprint. It was not doing well and the company had to be closed down. Since Hong Leong Ind has a 30% investment in the company it has to provide for its share of the total loss for 2017. However some party decided to take over MNI in 2018 and Hong Leong Ind managed to recover RM 60 million from this takeover. Hence in 2018 RM 60 million was written back as extraordinary profit. This resulted in 2018 profit of Hong Leong Ind inflated by RM 60 million.
02/09/2019 5:20 AM
shpg22 Dunno which idiots keep dumping the share at lower price. Now DY is near 5%, better than REIT
03/09/2019 4:32 PM
sell 8.5-9 pls come.
04/09/2019 3:40 AM
sell Actual profit inflated so must deduct RM 60 million?

kywoo MNI is a company doing recycling of old newspapers into usable newsprint. It was not doing well and the company had to be closed down. Since Hong Leong Ind has a 30% investment in the company it has to provide for its share of the total loss for 2017. However some party decided to take over MNI in 2018 and Hong Leong Ind managed to recover RM 60 million from this takeover. Hence in 2018 RM 60 million was written back as extraordinary profit. This resulted in 2018 profit of Hong Leong Ind inflated by RM 60 million.
02/09/2019 5:20 AM
04/09/2019 3:41 AM
poorkid 9 pls come I support govn.
04/09/2019 3:14 PM
yklip owner owns too much of this company and low liquidity. no fund manager wants to look at it that's why the pe is so low. i have to admit that this company should be priced higher
05/09/2019 9:54 AM
shpg22 If fund manager in, easily 2-3x the price. Look at NESTLE, QL, DIALOG. Overly inflated. Result below par compare with HLIND.
05/09/2019 11:26 AM
Godevil Don't get it why ppl throwing this gem, current yield 4.85% and potential to increase as its holding so much cash. Shake head.
06/09/2019 3:19 PM
cheechia_g Yamaha M coming sale Yoy increase about 24%. Qoq increase 11%. Hlym also invest to bulit other assembly line to push up quantity. push up quantity
06/09/2019 3:44 PM
RainT seem now on down trend

prepare to collect more
06/09/2019 4:34 PM
yklip ppl throwing then it's good time to accumulate. if you know your stuff well then you dont have to worry why ppl is throwing
06/09/2019 4:38 PM
sosfinance Market Cap is about RM3.3b less RM1.0b, net cash is RM2.3b. Net profit average is RM350m to RM400, PE is about 7x, with likely special dividend in the future, DY will exceed 4.7% p.a. and also good upside from PE (net cash of 7x). Not the best defensive stocks, but one of the best.
06/09/2019 10:10 PM
freddiehero wan lau.. tsunami
06/09/2019 10:39 PM
sosfinance Yamaha Malaysia is doing well, while Yamaha Vietnam sales dropped about 20% 1H19, waiting for next few months to see if its two new models will take off.
12/09/2019 8:07 AM
RainT In Vietnam , Yamaha is not the popular brand, HONDA more popular

and Yamaha VN is just associate company of HLIND only , if any profit also a fraction only
16/09/2019 2:24 PM
stockraider Even honda more popular than yamaha here in msia loh....!!

Posted by RainT > Sep 16, 2019 2:24 PM | Report Abuse

In Vietnam , Yamaha is not the popular brand, HONDA more popular

and Yamaha VN is just associate company of HLIND only , if any profit also a fraction only
16/09/2019 2:26 PM
Guilefighter do you have any data to support that honda more popular in malaysia?
16/09/2019 3:11 PM
Guilefighter from what i see from hlind quarter report, yamaha sales malaysia increased, meaning overtake others share market
16/09/2019 3:14 PM
freddiehero wan lau.. join into hospital market ya.
16/09/2019 10:37 PM
freddiehero weldone..
16/09/2019 10:37 PM
sosfinance For Info only:
Malaysia. Yamaha is leader in a market grown 20% in the first half of 2019 (based on motor cycle data) In fact, in the first half 2019, Yamaha has sold 92.693 units (+8.3%) with 36% of market share, while in second place Honda sold 79.800 two-wheelers (+24%).

Vietnam, many already know Honda is the leader, but Yamaha is the main challenger. Vietnam market is huge, about 1.5 million for first half of 2019. There is room for Yamaha to grow, thanks to the pie is growing. Sales goes up and down, sometime depends timing of new models and acceptance. Honda may dominate now, that does not mean it will dominate forever.
17/09/2019 12:59 AM
4444 Agree. Economy not good why must change motorbike? Continue use old 1 ma.

Posted by stockraider > Sep 16, 2019 2:26 PM | Report Abuse

Even honda more popular than yamaha here in msia loh....!!
Posted by RainT > Sep 16, 2019 2:24 PM | Report Abuse
In Vietnam , Yamaha is not the popular brand, HONDA more popular
and Yamaha VN is just associate company of HLIND only , if any profit also a fraction only
17/09/2019 2:46 PM
RainT @freddiehero

the hospital biz is under his persoanl ya

not relate with HLIND at all
19/09/2019 11:06 AM
bankrupt Govn bankrupt where got $ to change motorbike? Sell before get worse.
20/09/2019 12:45 PM
cheechia_g Economy not good, people will sell car to and motorcycle.
20/09/2019 6:23 PM
RainT Economy bad ,people no money buy car

so will buy motorbike instead
23/09/2019 2:45 PM
Fabien "The Efficient Capital Allocater" the more i read on the prospect of Vietnam economy, im really impressed.

it's one of the fastest-growing economy in the world, growing above 7-10% in the next decade

looking to buy some stocks with exposure to the Vietnam economy, HLIND is one good proxy
24/09/2019 10:17 PM
SilverHawk Something is brewing ,。。。 Next QR 85M profit @_@
01/10/2019 4:23 PM
sosfinance This is like a "biz fixed deposit:, while getting a DY of 4.6% p.a., biz will continue improving until one fine day (like how Aeoncr went up from 11 to 19 before the bonus issue, where DY from 4.9% to 2.7% when the share price rises with the profits).

The volume for the past one year is very very low, soon when the profits improve gradually (say double digit) and the PE (net of cash) is so low i.e. below 5x, fund manager can then justify to pay higher price for growth.

At the moment, market cap is RM3.4b, net of cash is about RM2.3b, whichi is equate to PE of about 7x, which is quite low. Then when prices goes up, DY will drop to 2.5%, i.e. with price up from 10.38 to 18.00, like Aeoncr. The question is, do we have that patience?
01/10/2019 11:37 PM
Fabien "The Efficient Capital Allocater" Just updated based on latest annual report

HLIND analysis

Price 10.30
Latest earnings 1.042
Average 5 years earnings 0.7367
NTA 5.18
Revenue growth 9.65%
Earnings down 3.31%
Profit margin 15%
EBIT margin 18%
ROE 25%
ROIC 62%
DPS 50sen
Dividend yield 4.85%
Net cash 3.19 (30% of market cap)
Latest FCF 481mil (6% growth)
Average 5 years FCF 348mil

Valuation
PER 9.88
Ex cash PER 6.83
P/BV 1.99x (ROE consistently around 25%, implied P/BV should be 2.5x)
P/FCF 9.30x
Cash yield 10.75% (triple of risk free rate)

Conservative estimates:
Assumed FCF Growth
Year 1-3 2%
Year 4-6 1%
Year 7-10 0%
Discount Rate 10%
FCF/share 14.48 (40% upside)


Assumed FCF Growth
Year 1-3 3%
Year 4-6 2%
Year 7-10 1%
Discount Rate 10%
FCF/share 15.32 (50% upside)
02/10/2019 6:14 PM
Fabien "The Efficient Capital Allocater" Forgot to update latest net cash position. Was using 800mil. Latest net cash is whopping RM1bil.

FCF/share range based on above assumptions:
15.12 - 15.96
02/10/2019 6:18 PM
SilverHawk Let's see it come to 11 and 12 level first , then slowly move 。。。
02/10/2019 10:29 PM
x3mg33 Despite all the analytics of how good the company is.... there’s no legs
03/10/2019 5:51 PM
sosfinance Despite interest rate may drop, some bank gave FD 12 months at 4.28% p.a.

If there is a daily price chart for FD, I wonder if anyone will check for fluctuation? When analytics is good, price is bad, load up some. Unless our friend wants to take it private at this price. So, what is so bad of holding a FD with 4.6% p.a. and a good chance the price will catch up nearer to the value of the company.

FROM THE STAR

In an exchange filing yesterday, the consumer and industrial product manufacturer noted it incurred a RM172 million one-off impairment for the investment in its newsprint business via its 23.65% stake in Malaysia Newsprint Industries Sdn Bhd.

It 4Q18 earnings benefited from a RM60 million impairment write-back from the same investment while profit from the motorcycle business helped offset the lower profit from an associate company.

AFTER ADJUSTMENT OF THE ABOVE ONE-OFF IMPAIRMENT AND WRITE BACK

FYE 2019 - RM327M
FYE 2018 - RM275M
FYE 2017 - RM280M
FYE 2016 - RM247M
04/10/2019 10:30 PM
antoniomc27 sosfinance, Fabien, thanks for your comments, I learn a lot from you.

I have some questions:

1) do you know of any KLSE stock screener that allows you to see FCF/share or P/FCF?

2) let's say a very ugly global recession strikes. Unemployment goes up, interest rates go down, a lot of companies close shop. How do you think that would affect HLIND? I do not know if motorbike sales would experience a huge drop, or if it would just be mild because people that before would have considered a Perodua/Proton would settle for a bike instead.
06/10/2019 8:38 PM
antoniomc27 I get the following two Fair Value estimates, using Gordon Growth model:

FV = FCFE /(r-g)
FCFE = 350-440
r = 7.7%
g = 1-3%

Conservative -> FV = 350 / (7.7%-1%) = 5224 mio ->RM 15.93 / share
Normal -> FV = 400 / (7.7-1.5%) --> RM 19.67 / share
Optimistic -> FV = 440 / (7.7-2%) = RM 23.54 / share

Fabien please help, I am surely doing something wrong, or else this model is utter bullshit, haha.
06/10/2019 9:02 PM
antoniomc27 Why in this article (just a year ago) the author says 200million FCF, while Fabien gets more like 350-450?

Why does it assume WACC = 7.7%? does WACC equal divident paypout in a company with no debt? And in such case why taking 7.7%, when the dividend yield has been more like 4-5% in past years?

https://seeking-alpha.com/2018/07/28/hong-leong-industries-bhd-rm13-31-thanks-mat-rempit/
06/10/2019 10:08 PM
RainT Wah

sky high target share price
07/10/2019 7:30 PM
Fabien "The Efficient Capital Allocater" Recent FCF already above 400mil (u can cross check from annual reports)

2013 - 158m
2014 - 148m
2015 - 182m
2016 - 280m
2017 - 344m
2018 - 452m
2019 - 481m

take latest 5 year average = 348m

P/(5 year average FCF) = 9.3 times or cash flow yield of 10.75%
07/10/2019 7:59 PM
Fabien "The Efficient Capital Allocater" FCF/share range based on above assumptions:
15.12 - 15.96

my estimates based on very conservative assumptions of minimal growth and high discount rate of 10%

your conservative estimates kind of converge with mine as well.
Conservative -> FV = 350 / (7.7%-1%) = 5224 mio ->RM 15.93 / share
07/10/2019 8:02 PM
edmonster3 Next year flat earnings???
09/10/2019 4:36 PM
RainT @fabien

yes HLIND cash is very good undeniable

but that can make the share price go up? can make the company sales & profit better and grow exponetially ?
09/10/2019 4:52 PM
antoniomc27 oh yes, Thanks a lot for your answer Fabien. I now understand better the company. The article I shared is a very good and informative article, and the guy had a TP of 13.31 before having 2018 and 2019 FCF datas, which soar beyond 400 mill. Indeed RM 15.xx is a very realistic FV.
09/10/2019 11:25 PM
edmonster3 Read the la
test annual report
10/10/2019 9:30 AM


 

260  276  553  1202 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 NETX 0.025+0.005 
 GPACKET-WB 0.315+0.02 
 ARMADA 0.415+0.03 
 SAPNRG 0.275+0.005 
 HSI-C7F 0.335+0.02 
 ANZO 0.0250.00 
 AME 1.48+0.18 
 OPCOM 0.84+0.065 
 HSI-H8B 0.235-0.04 
 PERDANA 0.37+0.03 
Partners & Brokers