Highlights
KLSE: MFLOUR (3662)       MALAYAN FLOUR MILLS BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
1.04   +0.01 (0.97%)  1.03 - 1.04  24,800
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General Meeting

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Ann. Date Date Time Type Venue View
23-Apr-2013 16-May-2013 09:30 AGM Auditorium, 3rd Floor, Wisma MCA, Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
21-Apr-2014 14-May-2014 10:00 AGM Auditorium, 3rd Floor, Wisma MCA Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
27-Apr-2015 20-May-2015 10:00 AGM Auditorium, 3rd Floor, Wisma MCA 163 Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
22-Apr-2016 17-May-2016 10:00 AGM Auditorium, 3rd Floor, Wisma MCA, 163 Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
27-Apr-2017 25-May-2017 10:00 AGM Auditorium, 3rd Floor, Wisma MCA, 163 Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
20-Apr-2018 22-May-2018 10:00 AGM Auditorium, 3rd Floor, Wisma MCA, 163 Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
10-Oct-2018 26-Oct-2018 15:00 EGM Auditorium, 3rd Floor, Wisma MCA, 163 Jalan Ampang, 50450 Kuala Lumpur Meeting Detail
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  17 people like this.
 
sapurakencana KUALA LUMPUR: Between January and June this year, grain and poultry player Malayan Flour Mills Bhd (MFM) faced a “perfect storm” — in the words of chief financial officer (CFO) Cheang Kiat Cheong — that was the culmination of a rare combination of adverse factors that affected the company simultaneously.

There was a poultry virus infection in its farms, while the company was dealing with having purchased poor-quality corn for its poultry feed. At the same time, the company was still grappling with the consequences of a labour shortage that ended just six months earlier in mid-2017.

While MFM’s management reacted swiftly in each situation by putting in place various damage controls, Cheang said the impact of having weathered such adversity will be seen in its financial performance for the first half of the financial year ending Dec 31, 2018 (1HFY18).

“[But] we will definitely not lose money in FY18, and FY19 will be a much better year,” he told The Edge Financial Daily in an interview recently.

MFM’s fiscal results for the first quarter of FY18 (1QFY18) already reflected a tough start for this financial year: The group posted a net profit of RM1.6 million, down a hefty 94% from RM24.91 million a year ago, while revenue retreated 7% to RM563.82 million from RM604.18 million.

Cheang said towards the end of last year, MFM unknowingly bought a batch of breeders that carried the poultry virus IBH, which stands for inclusion body hepatitis, causing their offspring to be similarly infected. This doubled the group’s broiler mortality rate to 7% from the usual 3%.

“And we were struggling with a labour shortage, which started in the second half of 2016 and lasted almost a year. When we finally got a batch of new workers in the middle of last year, they were not experienced enough to spot the anomalies in the chickens,” he said.

Additionally, Cheang said the group incurred higher cost due to the procurement of poorer-quality corn that was meant to produce feed for chickens.

To remedy the situation, Cheang said MFM set up a training centre to ensure that new workers are well versed in the management of a poultry farm, and put in place quality-control mechanisms in the procurement of raw materials like corn to ensure that broilers’ feed is of high quality.

In addition, MFM has bought a new batch of breeders, which will be delivered by end-3QFY18.

By 1QFY19, he said, MFM will have completed the upgrading of its Perak poultry processing plant, which will increase the group’s broiler processing capacity to 120,000 chickens per day, from the current 90,000 chickens per day.

Although the upgraded plant is capable of slaughtering up to 240,000 chickens per day — or 87.6 million a year, which is more than sufficient to process all broilers MFM produce currently — Cheang said MFM will ramp up the production progressively to ensure that there are no safety issues.

“The group currently produces 66 million broiler chickens per year. But not all 66 million broiler chickens go to our processing plant — a big part of them go to the live bird market,” he said.

Cheang also said with the second phase of upgrading of its poultry processing plant completing in early 2020, MFM will be capable of producing ready-to-cook products, which is expected to fetch a bigger profit margin for the group.

“Our average gross profit margin for poultry is about 16% to 17%, compared with our flour business’ single-digit margin. Our flour segment is a rather steady business, [so] we do not expect to see any big growth,” he said.

In Malaysia, Cheang said, MFM is producing slightly over 1,000 tonnes of flour per day, while the maximum capacity is about 2,000 tonnes per day.

Contrary to the situation in Malaysia, Cheang said, MFM’s flour business overseas is growing well.

In Indonesia, he said, the group’s milling plant, which is capable of producing 2,500 tonnes of flour per day, is reaching its maximum capacity. In Vietnam, MFM’s milling plants in Hanoi and Ho Chi Minh City — with a combined capacity of 2,700 tonnes per day — have reached a 80% utilisation rate, said Cheang.

“In Vietnam, we are the market leader. In Indonesia, the market has been deregulated; it used to be just the Salim Group, but now they have 22 players. If we see another business environment like Vietnam, we do not mind expanding our flour operation. But if it is like Malaysia’s, then no,” he said.

Last Friday, MFM’s share price closed one sen or 0.8% lower at RM1.23, giving it a market capitalisation of RM682.35 million. Year to date, the counter has retreated 36% from RM1.91 on Dec 29 last year.
18/08/2018 00:22
sapurakencana See this is the consequences of engaged inexperiance personnel to manage the poultry processing & flour and Grain :

refer to the statement from their CFO

Cheang said towards the end of last year, MFM unknowingly bought a batch of breeders that carried the poultry virus IBH, which stands for inclusion body hepatitis, causing their offspring to be similarly infected. This doubled the group’s broiler mortality rate to 7% from the usual 3%.

“And we were struggling with a labour shortage, which started in the second half of 2016 and lasted almost a year. When we finally got a batch of new workers in the middle of last year, they were not experienced enough to spot the anomalies in the chickens,” he said.

Additionally, Cheang said the group incurred higher cost due to the procurement of poorer-quality corn that was meant to produce feed for chickens.

how can this incident happen in this company who operated almost 49 year. ridiculous - In KALI LAH MALAYSIA BOLEH.
18/08/2018 00:32
sapurakencana Base on the clarification from MFM CFO, i change my mind to down grade TP to RM0.95 due to lost of confident toward their management.
18/08/2018 00:39
ks5S The board of director got Umno gang inside. Sure down.
18/08/2018 07:49
Sebastian Sted Power management inside all tolong-menolong. I think this counter only worth about PE10. How much? Think youself
18/08/2018 08:37
EngineeringProfit Opsss...... by then, then DY will be close to 10%
18/08/2018 08:48
ks5S insider told me many of their chicken dead bcos of heat stress.
some of them died before arrive the plant for slaughtering.
really bad.
18/08/2018 10:00
sapurakencana really suprise,when other chicken farm continue show profit growth,except MFM cotinue 3 quarter show record low profit.this 1 half even drop 83% sayonara!
18/08/2018 10:56
ks5S ghost festival coming... the chicken turn into ghost kfc.
no good for this killing field factory ... revenge.
18/08/2018 11:06
necro from darling into rubbish
18/08/2018 12:46
tempac Not too attractive at current level.
18/08/2018 14:02
ks5S the cfo not telling the truth.
the drop of profit is due to current hot wheather. The chicken under stress and the meat cannot grow. All the chicken is skinny. Chicken weight drop, therefore profit down.
Somemore the chicken commit suicide due to too stress-up. Antibiotic also cannot solve their problem .
18/08/2018 15:56
dompeilee Poor qtr results, upcoming rights issue indicating co. is short of $....recipe for disaster!
19/08/2018 10:55
ramada Currently MFM has 3 main issues.

a) Breeders that carried virus.
b) Rupiah weakening against USD.
c) Expensive wheat price.
19/08/2018 11:20
ramada And the rights issue also which will be launched in final quarter 2018.
19/08/2018 11:26
ks5S they hired a lot of workers at their poultry processing plant to do all the manual works like bird hanging, slaugthering , deboning, packing , transportation ....
with all the cost escalated, they in a wrong recipe to build a new plant for expansion. The more they sell, the more they loss.
19/08/2018 11:43
sapurakencana after so deep analysis,so what your TP by end of the year before right issue,pls share,thanks.
20/08/2018 00:24
Money122 Many r buying
20/08/2018 10:09
Lim Tek Wai Waiting for dividen soon. This time can cover back some capital loss. Not bad.
20/08/2018 10:48
Sebastian Sted Power Q1 EPS 0.29; Q2 EPS 0.87 do you think Q3+Q4 will perform better than Q1+Q2?? Sapura, dont dream this counter.I have dump all few months ago when 1.80++

The worst scenario is Q1 to Q4 total EPS less than 2 then you just count the PE yourself. Hahahhahaha!!!
20/08/2018 10:54
sapurakencana if come to the worst,i think every counter have their floor price.let guess what the floor price by end of the year.
20/08/2018 18:14
Lim Tek Wai Strong momentum time to invest now.
21/08/2018 12:32
Money122 Worth to buy now
22/08/2018 12:26
ramada The issue of the breeders that carried virus solved already. But Indonesian Rupiah & wheat prices look bad currently.
23/08/2018 11:03
sapurakencana The issue of the breeders that carried virus not the main issue, main factor of price drop due to investor can not get the return from the right issue 6 yaers ago,now BOD continue request money from minority share holder.How BOD convience us? please tell us? otherwise,the history of Sapura Energy on last friday wil repead instead,who know?
25/08/2018 21:08
Money122 Hope will up soon
29/08/2018 12:38
Money122 What the bottom price for this stock? Any opinions?
07/09/2018 15:08
michaelwong Reaching penny stocks status..........!!!! Rubbish stuff
07/09/2018 17:12
yfchong Abt time... Min wage
08/09/2018 08:56
trulyinvest Ini suda game,over la. Kikiki. Wait for another 10 yrs la. Msny sorhead stuck st high px
08/09/2018 08:57
yfchong Boleh dapat pay cut
09/09/2018 09:26
dompeilee Highly indebted co....wait till 50c =)
10/09/2018 08:03
rockycleft Used to be old man stock. Soon to be deadman stock?
10/09/2018 10:22
Yael Jasper Good time to accumulate more and gain more profit :)
12/09/2018 11:04
TakeProfits Ummmm, you all can accumulate. I stay away..cos possible rights issue etc. Not operating profitably too. Better buy makan that buy more shares
12/09/2018 16:08
EngineeringProfit Interesting .........
13/09/2018 22:31
Money122 The management need to do something to push up the share price...
18/09/2018 00:31
sapurakencana mONEY122, YOU MEANS SHARE BUY BACK. hA hA!
18/09/2018 00:40
Money122 Finally rebound
19/09/2018 16:56
Cockroach Paul Lee sbb? company no extra money how to sbb? haha
very soon penny stock liao
20/09/2018 20:58
Money122 If making loss in flour segment at Indonesia due to forex ...the management can temporarily cut production in flour section to reduce losses...just my opinion
23/09/2018 13:56
Cockroach Paul Lee let the share price drop...no need to push ,cant do anything atm...
be patience n wait lower price average down....maybe below 1.00....
T T
23/09/2018 21:47
Money122 Start go up?
25/09/2018 19:13
EngineeringProfit Interesting....
25/09/2018 19:20
Cockroach Paul Lee it seem the share price stable at 1.07....
now lets see the management 'stable ' or not? lol
able to save more cost n make more profit ?
26/09/2018 17:38
Money122 When it will up?
27/09/2018 02:07
Cockroach Paul Lee wont up .....ha ha...
depend on next qr...
01/10/2018 15:05
Money122 Whould it down below rm1??
11/10/2018 18:43
Cockroach Paul Lee i reserve some cash , just incase when it below rm1.00 , then buy
11/10/2018 20:42
yfchong Bro kc loh ard
16/10/2018 18:45


 

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