Highlights
KLSE: MBMR (5983)       MBM RESOURCES BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
2.57   -0.01 (0.39%)  2.55 - 2.63  204,300
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Financials


Market Cap: 1,004 Million

Market Cap 1,004 Million
NOSH 391 Million

Latest Audited Result:  31-Dec-2017

Latest Audited Result: 31-Dec-2017
Announcement Date 25-Apr-2018
Next Audited Result: 31-Dec-2018
Est. Ann. Date: 25-Apr-2019
Est. Ann. Due Date: 29-Jun-2019

Latest Quarter:  30-Sep-2018 [#3]

Latest Quarter: 30-Sep-2018 [#3]
Announcement Date 22-Nov-2018
Next Quarter: 31-Dec-2018
Est. Ann. Date: 22-Feb-2019
Est. Ann. Due Date: 01-Mar-2019
QoQ | YoY   10.30%  |    419.57%

Annual (Unaudited) ( EPS: -38.07, P/E: -6.75 )

Revenue | NP to SH 1,732,556  |  -148,830
RPS | P/RPS 443.24 Cent  |  0.58
EPS | P/E | EY -38.07 Cent  |  -6.75  |  -14.82%
DPS | DY | Payout % 3.00 Cent  |  1.17%  |  - %
NAPS | P/NAPS 3.68  |  0.70
YoY   -325.26%
NP Margin | ROE -9.01%  |  -10.35%
F.Y. | Ann. Date 31-Dec-2017  |  22-Feb-2018

T4Q Result ( EPS: -22.07, P/E: -11.64 )

Revenue | NP to SH 1,873,021  |  -86,275
RPS | P/RPS 479.17 Cent  |  0.54
EPS | P/E | EY -22.07 Cent  |  -11.64  |  -8.59%
DPS | DY | Payout % 4.50 Cent  |  1.75%  |  - %
NAPS | P/NAPS 3.88  |  0.66
QoQ | YoY   26.29%  |    -285.79%
NP Margin | ROE -4.47%  |  -5.69%
F.Y. | Ann. Date 30-Sep-2018  |  22-Nov-2018

Annualized Result ( EPS: 35.97, P/E: 7.14 )

Revenue | NP to SH 1,905,668  |  140,624
RPS | P/RPS 487.52 Cent  |  0.53
EPS | P/E | EY 35.97 Cent  |  7.14  |  14.00%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   4.38%  |    145.77%
NP Margin | ROE 8.43%  |  9.27%
F.Y. | Ann. Date 30-Sep-2018  |  22-Nov-2018


Hints :
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Date Financial Result Financial Ratio Per Share Item Performance Valuation (End of Quarter) Valuation (Ann. Date)
F.Y. Ann. Date Quarter # Revenue PBT NP NP to SH Div Net Worth Div Payout % NP Margin ROE NOSH RPS Adj. RPS EPS Adj. EPS DPS Adj. DPS NAPS Adj. NAPS QoQ YoY EOQ Date EOQ Price EOQ P/RPS EOQ P/EPS EOQ P/NAPS EOQ EY EOQ DY ANN Date ANN Price ANN P/RPS ANN P/EPS ANN P/NAPS ANN EY ANN DY
31-Dec-2018 22-Nov-2018 30-Sep-2018 3 472,475 45,127 42,968 38,105 - 1,516,644 - % 9.09% 2.51% 390,887 120.87 120.87 9.75 9.75 0.00 0.00 3.8800 3.88   10.30%   419.57% 28-Sep-2018 2.06 1.70 21.13 0.53 4.73% 0.00% 22-Nov-2018 1.87 1.55 19.18 0.48 5.21% 0.00%
31-Dec-2018 28-Aug-2018 30-Jun-2018 2 493,316 43,209 40,496 34,548 11,726 1,493,190 33.94% 8.21% 2.31% 390,887 126.20 126.20 8.84 8.84 3.00 3.00 3.8200 3.82   5.28%   113.87% 29-Jun-2018 2.38 1.89 26.93 0.62 3.71% 1.26% 28-Aug-2018 2.32 1.84 26.25 0.61 3.81% 1.29%
31-Dec-2018 23-May-2018 31-Mar-2018 1 463,460 39,248 37,067 32,815 - 1,458,010 - % 8.00% 2.25% 390,887 118.57 118.57 8.40 8.40 0.00 0.00 3.7300 3.73   117.11%   68.93% 30-Mar-2018 2.45 2.07 29.18 0.66 3.43% 0.00% 2.35 1.98 27.99 0.63 3.57% 0.00%
31-Dec-2017 22-Feb-2018 31-Dec-2017 4 443,770 -202,622 -204,274 -191,743 5,863 1,438,456 - % -46.03% -13.33% 390,885 113.53 113.53 -49.05 -49.05 1.50 1.50 3.6800 3.68   -2,714.44%   -2,634.27% 29-Dec-2017 2.20 1.94 -4.48 0.60 -22.30% 0.68% 22-Feb-2018 2.29 2.02 -4.67 0.62 -21.42% 0.66%
31-Dec-2017 22-Nov-2017 30-Sep-2017 3 466,805 11,678 9,150 7,334 - 1,629,990 - % 1.96% 0.45% 390,885 119.42 119.42 1.88 1.88 0.00 0.00 4.1700 4.17   -54.60%   -65.56% 29-Sep-2017 2.04 1.71 108.73 0.49 0.92% 0.00% 22-Nov-2017 2.12 1.78 112.99 0.51 0.89% 0.00%
31-Dec-2017 23-Aug-2017 30-Jun-2017 2 403,909 19,821 18,089 16,154 5,863 1,629,990 36.30% 4.48% 0.99% 390,885 103.33 103.33 4.13 4.13 1.50 1.50 4.1700 4.17   -16.84%   -14.13% 30-Jun-2017 2.25 2.18 54.44 0.54 1.84% 0.67% 23-Aug-2017 2.18 2.11 52.75 0.52 1.90% 0.69%
31-Dec-2017 24-May-2017 31-Mar-2017 1 418,072 22,622 21,013 19,425 - 1,610,281 - % 5.03% 1.21% 390,845 106.97 106.95 4.97 4.97 0.00 0.00 4.1200 4.12   156.74%   5.59% 31-Mar-2017 2.52 2.36 50.70 0.61 1.97% 0.00% 24-May-2017 2.42 2.26 48.69 0.59 2.05% 0.00%
31-Dec-2016 22-Feb-2017 31-Dec-2016 4 437,228 11,135 9,413 7,566 11,743 1,608,836 155.21% 2.15% 0.47% 391,444 111.70 111.86 1.94 1.94 3.00 3.00 4.1100 4.12   -64.48%   2.12% 30-Dec-2016 2.14 1.92 110.72 0.52 0.90% 1.40% 22-Feb-2017 2.42 2.17 125.20 0.59 0.80% 1.24%
31-Dec-2016 23-Nov-2016 30-Sep-2016 3 431,942 26,084 24,080 21,298 11,723 1,598,327 55.05% 5.57% 1.33% 390,789 110.53 110.50 5.45 5.45 3.00 3.00 4.0900 4.09   13.21%   146.99% 30-Sep-2016 2.50 2.26 45.87 0.61 2.18% 1.20% 23-Nov-2016 2.43 2.20 44.59 0.59 2.24% 1.23%
31-Dec-2016 25-Aug-2016 30-Jun-2016 2 427,100 23,599 21,545 18,813 11,731 1,587,704 62.36% 5.04% 1.18% 391,060 109.22 109.26 4.82 4.81 3.00 3.00 4.0600 4.06   2.26%   -35.62% 30-Jun-2016 2.01 1.84 41.78 0.50 2.39% 1.49% 25-Aug-2016 2.44 2.23 50.72 0.60 1.97% 1.23%
31-Dec-2016 18-May-2016 31-Mar-2016 1 373,936 21,941 20,857 18,397 - 1,570,189 - % 5.58% 1.17% 390,594 95.74 95.66 4.71 4.71 0.00 0.00 4.0200 4.02   148.31%   -47.65% 31-Mar-2016 2.20 2.30 46.71 0.55 2.14% 0.00% 18-May-2016 2.20 2.30 46.71 0.55 2.14% 0.00%
31-Dec-2015 24-Feb-2016 31-Dec-2015 4 439,325 11,422 9,518 7,409 11,698 1,594,884 157.89% 2.17% 0.46% 389,947 112.66 112.39 1.90 1.90 3.00 2.99 4.0900 4.08   -14.08%   -76.52% 31-Dec-2015 2.40 2.13 126.32 0.59 0.79% 1.25% 24-Feb-2016 2.43 2.16 127.89 0.59 0.78% 1.23%
31-Dec-2015 18-Nov-2015 30-Sep-2015 3 411,184 12,454 11,286 8,623 27,312 1,588,036 316.74% 2.74% 0.54% 390,180 105.38 105.19 2.21 2.21 7.00 6.99 4.0700 4.06   -70.49%   -66.84% 30-Sep-2015 2.89 2.74 130.77 0.71 0.76% 2.42% 18-Nov-2015 2.83 2.69 128.05 0.70 0.78% 2.47%
31-Dec-2015 19-Aug-2015 30-Jun-2015 2 374,413 33,930 32,540 29,224 27,348 1,609,664 93.58% 8.69% 1.82% 390,695 95.83 95.79 7.48 7.48 7.00 7.00 4.1200 4.12   -16.84%   -6.47% 30-Jun-2015 3.48 3.63 46.52 0.84 2.15% 2.01% 19-Aug-2015 3.09 3.22 41.31 0.75 2.42% 2.27%
31-Dec-2015 25-May-2015 31-Mar-2015 1 591,741 65,180 49,989 35,140 - 1,579,240 - % 8.45% 2.23% 390,901 151.38 151.38 8.99 8.99 0.00 0.00 4.0400 4.04   11.38%   50.04% 31-Mar-2015 3.29 2.17 36.60 0.81 2.73% 0.00% 25-May-2015 3.45 2.28 38.38 0.85 2.61% 0.00%
31-Dec-2014 27-Feb-2015 31-Dec-2014 4 411,525 39,761 34,173 31,550 15,634 1,172,558 49.55% 8.30% 2.69% 390,852 105.29 105.28 8.08 8.07 4.00 4.00 3.0000 3.00   21.31%   -3.98% 31-Dec-2014 2.90 2.75 35.93 0.97 2.78% 1.38% 27-Feb-2015 3.34 3.17 41.38 1.11 2.42% 1.20%
31-Dec-2014 18-Nov-2014 30-Sep-2014 3 423,086 27,924 28,187 26,007 15,639 1,497,518 60.14% 6.66% 1.74% 390,996 108.21 108.24 6.66 6.65 4.00 4.00 3.8300 3.83   -16.76%   -25.96% 30-Sep-2014 2.85 2.63 42.85 0.74 2.33% 1.40% 18-Nov-2014 2.82 2.61 42.40 0.74 2.36% 1.42%
31-Dec-2014 19-Aug-2014 30-Jun-2014 2 492,174 36,533 34,485 31,244 15,638 1,485,614 50.05% 7.01% 2.10% 390,951 125.89 125.91 8.00 7.99 4.00 4.00 3.8000 3.80   33.40%   -15.91% 30-Jun-2014 3.10 2.46 38.79 0.82 2.58% 1.29% 19-Aug-2014 2.88 2.29 36.04 0.76 2.77% 1.39%
31-Dec-2014 20-May-2014 31-Mar-2014 1 447,359 27,965 26,780 23,421 - 1,454,526 - % 5.99% 1.61% 391,001 114.41 114.45 5.99 5.99 0.00 0.00 3.7200 3.72   -28.72%   -28.49% 31-Mar-2014 3.25 2.84 54.26 0.87 1.84% 0.00% 20-May-2014 3.17 2.77 52.92 0.85 1.89% 0.00%
31-Dec-2013 20-Feb-2014 31-Dec-2013 4 421,550 33,001 36,137 32,858 11,715 1,440,990 35.65% 8.57% 2.28% 390,512 107.95 107.84 8.41 8.41 3.00 3.00 3.6900 3.69   -6.45%   7.72% 31-Dec-2013 3.21 2.97 38.15 0.87 2.62% 0.93% 20-Feb-2014 3.45 3.20 41.00 0.93 2.44% 0.87%
31-Dec-2013 20-Nov-2013 30-Sep-2013 3 549,339 49,921 45,725 35,124 - 1,410,429 - % 8.32% 2.49% 390,700 140.60 140.54 8.99 8.99 0.00 0.00 3.6100 3.61   -5.47%   -0.97% 30-Sep-2013 3.60 2.56 40.04 1.00 2.50% 0.00% 20-Nov-2013 3.58 2.55 39.82 0.99 2.51% 0.00%
31-Dec-2013 22-Aug-2013 30-Jun-2013 2 573,604 52,516 47,427 37,156 11,721 1,387,000 31.55% 8.27% 2.68% 390,704 146.81 146.74 9.51 9.51 3.00 3.00 3.5500 3.55   13.45%   26.16% 28-Jun-2013 3.83 2.61 40.27 1.08 2.48% 0.78% 22-Aug-2013 3.67 2.50 38.59 1.03 2.59% 0.82%
31-Dec-2013 29-May-2013 31-Mar-2013 1 609,921 46,763 41,678 32,751 - 1,371,790 - % 6.83% 2.39% 390,823 156.06 156.03 8.38 8.38 0.00 0.00 3.5100 3.51   7.37%   -20.16% 29-Mar-2013 3.47 2.22 41.41 0.99 2.41% 0.00% 29-May-2013 4.06 2.60 48.45 1.16 2.06% 0.00%
31-Dec-2012 25-Feb-2013 31-Dec-2012 4 524,759 46,906 38,173 30,502 9,818 981,866 32.19% 7.27% 3.11% 327,288 160.34 134.25 8.57 7.80 3.00 2.51 3.0000 2.51   -14.00%   15.51% 31-Dec-2012 3.21 2.00 34.44 1.07 2.90% 0.93% 25-Feb-2013 3.31 2.06 35.52 1.10 2.82% 0.91%
31-Dec-2012 08-Nov-2012 30-Sep-2012 3 584,951 50,407 45,483 35,468 9,188 1,026,060 25.91% 7.78% 3.46% 306,286 190.98 149.65 11.58 9.07 3.00 2.35 3.3500 2.62   20.43%   0.42% 28-Sep-2012 3.36 1.76 29.02 1.00 3.45% 0.89% 08-Nov-2012 3.38 1.77 29.19 1.01 3.43% 0.89%
31-Dec-2012 09-Aug-2012 30-Jun-2012 2 614,287 43,813 40,000 29,451 7,895 865,896 26.81% 6.51% 3.40% 263,190 233.40 157.15 11.19 7.53 3.00 2.02 3.2900 2.22   -28.21%   39.54% 29-Jun-2012 2.99 1.28 26.72 0.91 3.74% 1.00% 09-Aug-2012 3.92 1.68 35.03 1.19 2.85% 0.77%
31-Dec-2012 24-May-2012 31-Mar-2012 1 543,661 56,192 51,764 41,021 - 1,147,032 - % 9.52% 3.58% 243,015 223.71 139.08 16.88 10.49 0.00 0.00 4.7200 2.93   55.35%   7.51% 30-Mar-2012 3.54 1.58 20.97 0.75 4.77% 0.00% 24-May-2012 2.83 1.27 16.77 0.60 5.96% 0.00%
31-Dec-2011 24-Feb-2012 31-Dec-2011 4 492,262 31,553 30,237 26,406 14,577 971,865 55.21% 6.14% 2.72% 242,966 202.60 125.93 9.28 6.76 6.00 3.73 4.0000 2.49   -25.24%   -9.32% 30-Dec-2011 2.45 1.21 22.54 0.61 4.44% 2.45% 24-Feb-2012 3.55 1.75 32.66 0.89 3.06% 1.69%
31-Dec-2011 10-Nov-2011 30-Sep-2011 3 421,481 43,622 39,369 35,320 14,564 1,077,806 41.24% 9.34% 3.28% 242,749 173.63 107.83 14.55 9.04 6.00 3.73 4.4400 2.76   67.35%   2.97% 30-Sep-2011 2.29 1.32 15.74 0.52 6.35% 2.62% 10-Nov-2011 2.40 1.38 16.49 0.54 6.06% 2.50%
31-Dec-2011 11-Aug-2011 30-Jun-2011 2 382,017 29,037 25,523 21,106 - 1,058,943 - % 6.68% 1.99% 242,876 157.29 97.73 8.69 5.40 0.00 0.00 4.3600 2.71   -44.68%   -45.57% 30-Jun-2011 2.48 1.58 28.54 0.57 3.50% 0.00% 11-Aug-2011 2.28 1.45 26.24 0.52 3.81% 0.00%
31-Dec-2011 24-May-2011 31-Mar-2011 1 409,813 46,379 42,942 38,155 - 1,029,847 - % 10.48% 3.70% 241,182 169.92 104.84 15.82 9.76 0.00 0.00 4.2700 2.63   31.03%   -4.46% 31-Mar-2011 2.32 1.37 14.66 0.54 6.82% 0.00% 24-May-2011 2.28 1.34 14.41 0.53 6.94% 0.00%
31-Dec-2010 17-Feb-2011 31-Dec-2010 4 371,139 33,031 34,826 29,120 12,113 969,072 41.60% 9.38% 3.00% 242,268 153.19 94.95 12.01 7.45 5.00 3.10 4.0000 2.48   -15.10%   40.45% 30-Dec-2010 2.57 1.68 21.38 0.64 4.68% 1.95% 17-Feb-2011 2.48 1.62 20.63 0.62 4.85% 2.02%
31-Dec-2010 11-Nov-2010 30-Sep-2010 3 388,704 42,324 38,921 34,300 12,073 985,164 35.20% 10.01% 3.48% 241,461 160.98 99.44 14.16 8.77 5.00 3.09 4.0800 2.52   -11.55%   52.50% 30-Sep-2010 2.44 1.52 17.18 0.60 5.82% 2.05% 11-Nov-2010 2.32 1.44 16.33 0.57 6.12% 2.16%
31-Dec-2010 17-Aug-2010 30-Jun-2010 2 404,816 51,846 43,401 38,779 - 961,460 - % 10.72% 4.03% 240,967 168.00 103.56 16.01 9.92 0.00 0.00 3.9900 2.46   -2.90%   178.05% 30-Jun-2010 2.23 1.33 13.86 0.56 7.22% 0.00% 17-Aug-2010 2.43 1.45 15.10 0.61 6.62% 0.00%
31-Dec-2010 24-May-2010 31-Mar-2010 1 363,835 45,201 45,347 39,937 - 928,322 - % 12.46% 4.30% 242,381 150.11 93.08 16.50 10.22 0.00 0.00 3.8300 2.37   92.63%   326.68% 31-Mar-2010 2.09 1.39 12.68 0.55 7.88% 0.00% 24-May-2010 2.08 1.39 12.62 0.54 7.92% 0.00%
31-Dec-2009 11-Feb-2010 31-Dec-2009 4 292,456 25,742 23,163 20,733 7,258 725,832 35.01% 7.92% 2.86% 241,944 120.88 74.82 8.57 5.30 3.00 1.86 3.0000 1.86   -7.82%   25.75% 31-Dec-2009 1.99 1.65 23.22 0.66 4.31% 1.51% 11-Feb-2010 2.04 1.69 23.81 0.68 4.20% 1.47%
31-Dec-2009 05-Nov-2009 30-Sep-2009 3 298,200 28,900 26,140 22,492 - 874,016 - % 8.77% 2.57% 242,109 123.17 76.29 9.29 5.75 0.00 0.00 3.6100 2.24   61.27%   -30.04% 30-Sep-2009 1.78 1.45 19.16 0.49 5.22% 0.00% 05-Nov-2009 1.85 1.50 19.91 0.51 5.02% 0.00%
31-Dec-2009 06-Aug-2009 30-Jun-2009 2 264,927 18,910 16,644 13,947 - 857,159 - % 6.28% 1.63% 242,135 109.41 67.78 5.76 3.57 0.00 0.00 3.5400 2.19   49.01%   -45.70% 30-Jun-2009 1.77 1.62 30.73 0.50 3.25% 0.00% 06-Aug-2009 1.82 1.66 31.60 0.51 3.16% 0.00%
31-Dec-2009 14-May-2009 31-Mar-2009 1 246,055 11,702 10,764 9,360 - 844,093 - % 4.37% 1.11% 241,860 101.73 62.95 3.87 2.39 0.00 0.00 3.4900 2.16   -43.23%   -78.14% 31-Mar-2009 1.73 1.70 44.70 0.50 2.24% 0.00% 14-May-2009 1.74 1.71 44.96 0.50 2.22% 0.00%
31-Dec-2008 24-Feb-2009 31-Dec-2008 4 270,319 19,034 21,241 16,488 - 851,788 - % 7.86% 1.94% 241,985 111.71 69.16 6.81 4.22 0.00 0.00 3.5200 2.18   -48.72%   -27.20% 31-Dec-2008 1.75 1.57 25.68 0.50 3.89% 0.00% 24-Feb-2009 1.85 1.66 27.15 0.53 3.68% 0.00%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.


NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.


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signalmw 受到中國與歐元區經濟表現不如預期的影響,加劇市場對全球經濟增長的疑慮,拖累美國股市周五(14日)盤中重挫,美股3大指數全面下滑,道瓊工業指數更重挫496點,收在5月以來最低點。
15/12/2018 09:31
commonsense Hi thinInvest,

Actually during the tax holiday, Perodua sales did not do that well compared to other auto companies. But its not because there was no demand, but its actually due to the New Myvi production issues. Production has already normalise since early October.

So during the 3Q (July to Sept period), sales of Myvi actually dropped from average of 23k cars in 1Q18 and 2Q18 to only 11k sales in 3Q . That being said MBMR still managed to record a PATAMI of RM38.1mil (mainly from contribution of Perodua share of profit).

For 4Q the reason i am confident that it can show profit growth is due to Perodua's October car sales numbers. They managed to sell 19,528 cars vs 16,491 on Oct 17. It is also higher than the August 18 cars sales number of 17,804 (which is the last month of tax free holiday).

This is where Perodua differs from other auto companies where mostly saw falling sales post tax holiday period.

All this numbers are all public info that you can get from the Malaysian Automotive Association (MAA).

It's hard to find profitable companies that can provide profit growth and still trading at low valuation at the moment. Most of the good ones are already trading at a premium vs their peers. In some cases the whole industry (like gloves industry) are trading at premium.

I actually like MBMR not just because of its financial performance but also due to its business positioning.

1) Its a proxy to a strong brand (Perodua which is the market leader in its industry)
2) Domestic focus market (not effected by the current trade war uncertainty)
3) Limited client concentration risks
4) Entry level market focus. Even the new SUV is expected to only be price at RM70k-80k. In challenging economy most people will still need cars to move around in Malaysia. It just that some might decide to buy a cheaper brand. As mentioned before, please use Mcdonald performance during the 2007-2009 crisis as reference. Sales and profit of the company actually went up during the recession due to most people preference to go to their cheaper fast food chain vs to going to more expensive restaurant.
5) Strong balance sheet. Currently MBMR is in a net cash position. So there would be limited risk of being pressured due to higher interest rate trends.
6) Potential financial growth in 2019 (hard to find a lot of companies being able to deliver this at the moment). Growth to be driven by still high demand of new myvi (as of sept there was still 22k firm order of myvi yet to be deliver) and the new SUV. The new SUV will actually create a new customer segment as previously Perodua customers ranges from those with RM20k to RM65k budget for a new car. Now the SUV will carve out a new customer segment of RM70k to RM80k for Perodua. Hence potentially will increase Perodua car sales numbers even further and boost its revenue and profit.

Just out of curiosity. Given the current market condition, where do you think is the best place to put your money into? Are you still invested in Equity?

Regards and best of luck.
15/12/2018 12:38
Darth_ 14-Dec-2018 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 207,400 shares on 11-Dec-2018.
13-Dec-2018 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 512,800 shares on 10-Dec-2018.
12-Dec-2018 Blog Automobile - Riding a low tide
12-Dec-2018 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 852,000 shares on 07-Dec-2018.
11-Dec-2018 Insider EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) disposed 500,700 shares on 06-Dec-2018.
https://klse.i3investor.com/servlets/forum/800001115.jsp
15/12/2018 12:41
Darth_ EPF in trouble or MBM in trouble behind EPF disposals?
15/12/2018 12:42
lazycat epf holding 15% , their shares could be bought 20 years ago at 20cents a share
15/12/2018 12:50
Jaya And then you might convince me
16/12/2018 01:41
Jaya Commonsense
You must be a sale rep for this company, cannot sell cars so they put you in here to promote share price and keep you out of their way
Please change vocation la
16/12/2018 01:48
k55s EPF if sell until below 10% left 1.5?
17/12/2018 15:11
sasuke88 commonsense
thank you for sharing your view on this stock, keep posting and I'm sure many of us want to learn to objectively read the fundamentals of the companies before investing. TQ
17/12/2018 17:36
signalmw 此外,美國股市指數期貨在大跌之後,暫時沒有反彈跡象。技術指標顯示馬股目前還未進入超賣區域,因此短期內不太可能顯著反彈。
17/12/2018 17:39
lazycat oh epf buy 200k mbmr
EMPLOYEES PROVIDENT FUND BOARD (a substantial shareholder) acquired 200,000 shares on 12-Dec-2018. https://klse.i3investor.com/insider/substantialShareholder/5983/17-Dec-2018/446208_1840705352.jsp
18/12/2018 11:14
commonsense A friend asked me about the effect of the falling oil price to MBMR prospect given that today oil Brent is currently trading at around USD56 vs the USD85 back in August.

I don't think there is any direct correlation between MBMR's performance (in particular Perodua) compared to the price of crude oil. Off course there will be some indirect correlation for example we would most probably see a weakening of RM vs Yen. But we will most probably see other commodities such as aluminium and steel fall as well (commodity price normally move in the same direction albeit at different quantum) which is a positive thing for the company. So the net net effect of the movement of the crude price to MBMR or Perodua performance is actually minimal. That being said given the depressing oil price, Opec and Russia would most probably do something to help push back the price to above USD60.

What about the outcome of the trade negotiation between Trump and Xi Jinping?

I don't think MBMR or Perodua performance would effect that much since the 2 companies are actually domestic focus. If the two leaders managed to make a deal next year (they are expected to meet in January), it would be a good sign for the global economy. Commodity price would probably go up, including crude oil. This will strengthen our currency (RM). If they fail to reach to an agreement, commodity price would most probably go down, including crude oil. This will weaken the ringgit.

But just like the issue with crude price movement, the net net effect to MBMR (and Perodua) is actually minimal since the companies are not trade focus. Sales of Perodua cars depends on the Malaysia market only.

My thesis (including most if not all analysts) is that 4Q18 result will be a stellar result due to still high sales of new myvi and Perodua push to reduce the new myvi backlog (22k undeliver myvi at the end of 3Q18). This thesis is backed by Perodua Oct 18 sales numbers an improvement of 18% vs Oct 17. Its even higher than Aug 18 (last month of the tax holiday period) number by 9.6%.

The company will continue to grow in FY19 backed by:

1) still high demand of New Myvi
2) launching of new SUV in Feb 19.
3) launching of new Alza in 2H19.

Please read some of the analyst reports as they might be some details that i had missed out.

https://klse.i3investor.com/servlets/stk/pt/5983.jsp

All have a target price of above RM3 for MBMR with the lowest being Hong Leong at RM3.13 and the higher Maybank at RM4.18.

Here is maybank report which is not in i3.

http://www.bursamarketplace.com/mkt/tools/research/mbm_resources_stellar_results_trounced_all_expecta-589394

Thanks.
19/12/2018 06:26
commonsense Guys,

Just want to give some updates on MBMR (but actually on Perodua).

Perodua sales numbers in Nov 2018 was at 21,110 which is a 27% increase compared to Nov 17 sales of 16,636. In addition, the combined sales of Perodua in Oct and Nov of 40,638 cars represent already 80% of the total sales number in 3Q18 (which deliver a PATAMI or RM38.1mil).

It is safe to bet that 4Q18 result would most probably be higher than 3Q18 and 4Q17. I am expecting a PATAMI of at least RM40mil in 4Q (however if sales in Dec is still high at around 20,000 cars, 4Q PATAMI should be a lot higher).

Thanks.
21/12/2018 10:28
ks55_ More than 20k people register for RapidKL's unlimited passes

Read more at https://www.thestar.com.my/news/nation/2018/12/31/more-than-20k-people-have-registered-for-rapidkls-unlimited-passes/#O3ZxKsdQpjH7ilPH.99
02/01/2019 21:50
ks55_ So many using RapidKL why need to buy new Perodua car? Car sales bound to drop in 2019. Take profit.
02/01/2019 21:51
sell More than 20k people register for RapidKL's unlimited passes
Read more at https://www.thestar.com.my/news/nation/2018/12/31/more-than-20k-people-have-registered-for-rapidkls-unlimited-passes/#O3ZxKsdQpjH7ilPH.99
02/01/2019 21:55
Icon8888 The bulk of them could be those currently taking public transport

Now they have a chance to travel cheap why not grab it ?
03/01/2019 07:18
Icon8888 https://klse.i3investor.com/blogs/icon8888/188587.jsp
03/01/2019 07:39
BULL1000BEAR1000 Car price is very expensive. Do you think ppl are stupid?
03/01/2019 13:00
Icon8888 https://klse.i3investor.com/blogs/icon8888/188684.jsp
03/01/2019 16:04
Icon8888 Part 2
03/01/2019 16:04
Choivo Capital commonsense,

Stop trying to fry MBMR up in every single forum, by talking as if its gold selling at the price of lead.

You make me itch to balance the equation by talking it down like mad here.
03/01/2019 17:58
Choivo Capital Its at best a 30-35% discount to fair value.

I can name you at least 3 companies selling at 40-50% off fair value. And this is fair value derived from earnings.

If we go to RNAV, i can name you 10 at more than 50% discount easily.
03/01/2019 18:00
megatti_maf Good write up icon8888
03/01/2019 19:07
Icon8888 Why so angry ? What makes you think that common sense needs your approval to talk about his favourite stock ?


Posted by Choivo Capital > Jan 3, 2019 05:58 PM | Report Abuse

commonsense,

Stop trying to fry MBMR up in every single forum, by talking as if its gold selling at the price of lead.

You make me itch to balance the equation by talking it down like mad here.

========

Posted by Choivo Capital > Jan 3, 2019 06:00 PM | Report Abuse

Its at best a 30-35% discount to fair value.

I can name you at least 3 companies selling at 40-50% off fair value. And this is fair value derived from earnings.

If we go to RNAV, i can name you 10 at more than 50% discount easily.
03/01/2019 20:28
VenFx i dont know Mbmr's will shoot to where ?

But, 2.60 surely a fat ang pau already ...
03/01/2019 20:50
yongch This counter definitely will fly start tmrw simple logic SUV New launch will Beat proton further more those alloy wheels business started break even no more further lost...Hahaha..tp3.0!!!Congrats those ikan bilis who already bought below 1.90...its time to receive early big CNY AngPow!!!!tp3.0!!!!Ong Ah!Heng Ah!!Huat Ah!!!
03/01/2019 21:44
apolloang 2.50 got chance,undervalued stock but hentam penny stocks can make more lah.if conservative u can try this stock
03/01/2019 22:35
Choivo Capital He does not need my approval, and can keep doing so. I'm just calling him out.

But he is being unethical. By going to every single forum and do weak and biased analysis on that company for the sole purpose of diminishing it in comparison to MBM, which he intends to fry, and sell to the retailers, which consist of retired people with weak investment/speculation decision making abilities, who follow after him

If you see fraud and don't call fraud, you are a fraud. That's just me.

If so great, diam and buy.

Every q result out show on malaysiastockbiz, every q season, people go click, and if see such wonderful results, will naturally buy and push price up.

Although, tbh, its probably better than people do stupid things in market and get burned, thus leaving the market, but i have too much indignation for that for some reason.

=====

Why so angry ? What makes you think that common sense needs your approval to talk about his favourite stock ?
04/01/2019 13:17
megatti_maf Wow gained alot today, have I missed the boat?
04/01/2019 16:00
commonsense Hi Choivo,

It is expected that some people might not approved of my methods. In general, what I am actually doing is marketing MBMR to the investment community. The issue that I saw with this company is that even after delivering good quarterly results and having a firm financial growth prospects, investors has yet to notice of its appeal (as highlighted by icon8888).

Last month, I decided to try out a marketing strategy for the company. At the current market environment, I believe most investors are finding it difficult to find potential companies to invest in either because of the valuation (most good companies are already trading at a premium vs Bursa average) or the lack of near to mid term growth (due to various issues most pronounce is the trade war between US and China which has affected export nation like Malaysia). From there I had come up with a list of companies where the current investors might be looking to diversify their positions. If you go through the list of companies where I had promoted MBMR, mostly are:

1) companies that has been loss making for more than 2 financial year

2) companies that currently trading at high market valuation (and facing difficulties in delivering earning growth)

3) companies that are facing earnings uncertainties due to change of market environment

I believe by diversifying their position into MBMR they will actually improving their portfolio strength. I will not go and promote MBMR to investors of an already good companies which I define as having good earnings outlook and decent market valuation. For example, I would not be going to RCE Capital, Freight Management, BCB, Yee Lee, Johotin, Dufu, Myeg or Ekovest to promote MBMR as it would not make much sense for the investors to sell their current positions in these companies to invest in MBMR. Most of these companies are already trading at low market valuation and their share price are mainly affected due to the market sentiment. I believe their business fundamentals are still intact and investors need to ride the short term volatility for a while (just like what happened to MBMR prior to the December rebound).

In general, the reason why I believe MBMR should be added into most of the investors’ portfolio are (sorry, this will be quite a repetition for some people):

1) It’s a proxy to a strong brand (Perodua which is the market leader in its industry)

2) Domestic focus market (not effected by the current trade war uncertainty)

3) Limited client concentration risks

4) Entry level market focus. The new SUR Aruz is priced at only RM72k to RM77k. In challenging economy most, people will still need cars to move around in Malaysia. It just that some might decide to buy a cheaper brand. As mentioned before, please use Mcdonald performance during the 2007-2009 crisis as reference. Sales and profit of the company actually went up during the recession due to most people preference to go to their cheaper fast food chain vs to going to more expensive restaurant.

5) Strong balance sheet. Currently MBMR is in a net cash position. So, there would be limited risk of being pressured due to higher interest rate trends.

6) Potential financial growth in 2019 (hard to find a lot of companies being able to deliver this at the moment). Growth to be driven by still high demand of new myvi (as of sept there was still 22k firm order of myvi yet to be deliver) and the new SUV. The new SUV will actually create a new customer segment as previously Perodua customers ranges from those with RM20k to RM65k budget for a new car. Now the SUV will carve out a new customer segment of RM70k to RM80k for Perodua. Hence potentially will increase Perodua car sales numbers even further and boost its revenue and profit. The company in previous financial years was highly affected by the under performance of its alloy wheel and auto component businesses. Every year since 2015, MBMR had to make impairments (mostly in 3Q & 4Q) to reflect the deterioration of these 2 ventures. In FY17, the company had decided to fully impaired these 2 businesses which is why it had recorded a big loss of RM145 mil for FY17 of which RM250mil is actually due to impairment (so basically core pat was still at RM100mil). Management had reassured shareholders that there will be no more impairment plan going forward (they mentioned this during the AGM back in May 18. You can go through the minutes for confirmation).

7) And finally, the undemanding valuation. Currently it is only trading at around 6x PE even though the auto industry average at the moment is around 15x PE.

In the end, the objective of all this is to invite people to discuss on MBMR potential as a company for them to invest in. The decision to buy or sell is still at the hand of the investors.

Regards
05/01/2019 08:34
commonsense Feel free to highlight to me any errors that I made in assessing the other companies when I was promoting MBMR. I will take out my comments on the companies’ forum if the assessment made was wrong. However, I need to highlight that most of the assessments are made based on public info (mainly from bursa website).

Have a nice weekend
05/01/2019 08:35
Icon8888 Maybank upgrades earning projection for MBM (3 January 2019)

FYE Dec (MYR m) FY18E FY19E FY20E

Core net profit 150 177 176

Core EPS (sen) 38.5 45.2 45.0
08/01/2019 08:33
Icon8888 January 3, 2019

MBM Resources (MBM MK)
All pistons go!

Share Price MYR 2.26
12m Price Target MYR 4.50 (+99%)
Previous Price Target MYR 4.18

1. Perodua trifecta

MBM is the best exposure to Perodua, benefitting as a (i) 22.6%
shareholder of Perodua, (ii) dealer for Perodua cars, and (iii) auto parts
supplier. Imputing a sales boost from Perodua’s new Aruz model, we raise
FY19/20 net profit forecasts by 8%/6% respectively. We also raise our TP
to MYR4.50 (+8%), rolling forward valuations to FY20 on unchanged 10x
PER peg. MBM is our second favourite auto stock after UMWH. BUY.

2. A boost on FY19/20 earnings from Perodua Aruz

We now include contribution from the SUV Aruz model (2k/1.5k units
monthly for FY19/20 vs Perodua’s target of 2.5k units monthly) into our
earnings model. Partially offset by expectation for lower sales of the
other models (i.e. Myvi, Bezza and Alza – see Fig. 2 for our revised
assumptions), we raise MBM’s FY19/20 earnings forecasts by 8%/6%
respectively. Eyes will be on the booking and delivery of this model, to
be revealed frequently in the next few months. Consistent
outperformance could present further upside to our earnings forecasts.

3. Strong results will not end in 3Q18

Perodua has already achieved its 2018 sales target of 209k units in 11M18
and is poised to exceed our 220k-unit (+7% YoY) assumption by 3-5%; for
this, we expect MBM to report further sequential earnings growth in
4Q18 from already a solid quarter in 3Q18. This would help MBM close
the year on a new high; beating its 10-year high of MYR142m net profit in
2010. Into 2019, the introduction of the new Perodua Aruz and Toyota
Vios and Yaris models should also offer further opportunities for MBM’s
alloy-wheel plant; recall that the new Toyota Rush, launched in Oct
2018, is a CKD model rolling out of Perodua’s plant. These factors should
help MBM climb a step further in 2019 as well.

4. Underpriced at 5x CY19 PER currently

Despite recent climb in share price (+17% in the last one month), MBM is
still very much undervalued; its 22.6% effective stake in Perodua alone is
worth ~MYR2.2b (based on 13x FY19 PER to our revised Perodua earnings
of MYR737m in FY19), 2.5x of MBM’s current market cap.
08/01/2019 08:37
mneo If the new SUV,Aruz, for MBMR is selling better than proton x70.. it will be a good future growth for MBMR...
09/01/2019 08:11
yongch No worries..it's 100%better than any of local car maker!!!!72k for familys SUV,where u can find???just this price no others can beat lo!!!!tp3.0!!!!kikiki...another big AngPow before CNY!!!!
09/01/2019 20:05
Icon8888 I heard Aruz is actually the Toyota Rush
09/01/2019 20:19
VenFx Share Price MYR 2.26 
12m Price Target MYR 4.50 (+99%) 
Previous Price Target MYR 4.18

ME : SIFU GIVE STRAIGHT ANSWERED TIP... I LIKE IT.
09/01/2019 20:20
VenFx Ok !
My 1st tip received from icon8888 sifu.

Full blessing in MBMR !
2019 got newToyota Rush,with supplement from MBMR .
Thank you dulu !
09/01/2019 20:26
Icon8888 No more seller
11/01/2019 12:02
Icon8888 https://www.thestar.com.my/business/business-news/2019/01/12/eyes-on-mbm-as-auto-sector-poised-for-a-rebound-mbm-poised-to-ride-on-recovery-in-auto-sector/
12/01/2019 13:16
Joseph oh new perodua is out for test drive? nice
15/01/2019 09:31
commonsense Perodua just officially launch the new SUV Aruz yesterday.

The SUV has already 2,200 bookings. Management is targeting to sell around 2000- 2500 units per month (total annual target of 30,000 units) which will increase Perodua sales by more than 10% when compared to FY18 target sales of 209,000 cars (even that was achieved in Nov. New target should be around at least 225,000 units). In general the SUV should deliver a higher profit margin when compared to its other offering. This would benefit MBMR directly given its exposure to Perodua via its 22.6% equity interest.

Given the RM145mil profit target for FY18 (9m18 is already RM106mil), MBMR should be able to reach a profit to shareholder of around RM160mil in FY19 (an improvement of around 10%) backed by:

1) Sales and profit of the new SUV Aruz which as mentioned above will add more than 10% to Perodua annual sales.

2) Turnaround of alloy wheel manufacturing which will see an increased in production from the new Perodua SUV but more importantly the collaboration with China's biggest alloy wheel manufacturer Citic Dicastal. MBMR will help produce alloy wheels for Citic for its European market.

3) Still high demand of the new Myvi as shown by the Oct and Nov 18 sales (hopefully Dec as well).

4) The launch of the all new revamp Alza expected in 2H19.

At the current share price, the company is only being valued at a forward PE of 6.1x which is a lot lower than the industry average of 15x.

Regards
16/01/2019 06:10
Icon8888 https://cdn1.i3investor.com/my/files/st88k/5983_MBMR/pt/MIDF/5983_MBMR_MIDF_2019-01-16_BUY_3.80_MBM%20Resources%20-%20Cheapest%20Proxy%20to%20Perodua%20TIV%20Expansion_-303948875.pdf
17/01/2019 04:43
yongch Hahaha...oledy said new suv surely kow kow lat let price up up up...further more alloy wheels business break even!!!Good news will announce it end of month!!!!tp3.0!!!!Ong Ah!Heng Ah!!Huat Ah!!!
17/01/2019 16:41
megatti_maf Touched 1B market cap today.
17/01/2019 17:06
ChanZheKang mbm expected 3.0 by end of this month? better hold on then
17/01/2019 17:10
tonychuan1994 Just saw the news today.
Will go in tmr
17/01/2019 18:07
Icon8888 Can aim higher

RM4 by year end
17/01/2019 18:17
commonsense Guys,

Some updates on MBMR.

It seems that management had decided to sell off the loss-making alloy wheel business instead of trying to turn it around via collaboration with Citic Dicastal which is actually a better decision for MBMR’s shareholders. Reason being:

1) The disposal of the business would improve MBMR’s future profit since it is still currently generating losses to the group in FY18 albeit at a lower level compared to previous years. Even with the collaboration with Citic, management was only expecting for the operation to either breakeven or post small profit.

2) Any sales of the business would most probably result in a gain on disposal for the company given that most of the investment has already been impaired in the company’s balance sheet.

3) The disposal will free up more cash in the future that could potentially be used to reward shareholders by paying higher dividends.

Total Perodua car sales in 4Q18 was at 59,040 units which is a growth of 10.8% vs 4Q17 and 15.5% vs 3Q18. This brings the total Perodua car sales in FY18 to 227,243 units which beats management official target (of 209k cars) by 8.7%. With this result, the company should be able to deliver a core profit to shareholders of around RM145mil to RM150mil for 2018.

As mentioned previously, growth in FY19 would be driven by the still high sales of new Myvi, the 30k units target sales of the new SUV Aruz and the introduction of the newly revamp Alza in 2H19. With these, MBMR is expected to deliver a profit to shareholder of around RM160mil to RM165mil in FY19.

Regards and have a nice long weekend.
19/01/2019 01:12