Highlights
KLSE: MBMR (5983)       MBM RESOURCES BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
2.57   0.00 (0.00%)  2.55 - 2.58  356,700
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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 1,429,251 127,584 120,531 105,468 11,726 1,516,644 11.12% 8.43% 6.95% 390,887 365.64 365.64 26.98 26.98 3.00 3.00 3.8800 3.88   56.57%   145.77% 28-Sep-2018 2.06 0.56 7.63 0.53 13.10% 1.46% 22-Nov-2018 1.87 0.51 6.93 0.48 14.43% 1.60%
31-Dec-2018 28-Aug-2018 30-Jun-2018 2 956,776 82,457 77,563 67,363 11,726 1,493,190 17.41% 8.11% 4.51% 390,887 244.77 244.77 17.23 17.23 3.00 3.00 3.8200 3.82   105.28%   89.33% 29-Jun-2018 2.38 0.97 13.81 0.62 7.24% 1.26% 28-Aug-2018 2.32 0.95 13.46 0.61 7.43% 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   122.05%   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 1,732,556 -148,501 -156,022 -148,830 11,726 1,438,456 - % -9.01% -10.35% 390,885 443.24 443.24 -38.08 -38.07 3.00 3.00 3.6800 3.68   -446.82%   -325.26% 29-Dec-2017 2.20 0.50 -5.78 0.60 -17.31% 1.36% 22-Feb-2018 2.29 0.52 -6.01 0.62 -16.63% 1.31%
31-Dec-2017 22-Nov-2017 30-Sep-2017 3 1,288,786 54,121 48,252 42,913 5,863 1,629,990 13.66% 3.74% 2.63% 390,885 329.71 329.71 10.98 10.98 1.50 1.50 4.1700 4.17   20.61%   -26.65% 29-Sep-2017 2.04 0.62 18.58 0.49 5.38% 0.74% 22-Nov-2017 2.12 0.64 19.31 0.51 5.18% 0.71%
31-Dec-2017 23-Aug-2017 30-Jun-2017 2 821,981 42,443 39,102 35,579 5,863 1,629,990 16.48% 4.76% 2.18% 390,885 210.29 210.29 9.10 9.10 1.50 1.50 4.1700 4.17   83.16%   -4.38% 30-Jun-2017 2.25 1.07 24.72 0.54 4.05% 0.67% 23-Aug-2017 2.18 1.04 23.95 0.52 4.18% 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   -70.60%   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 1,670,204 82,756 75,892 66,070 23,435 1,605,358 35.47% 4.54% 4.12% 390,598 427.60 427.28 16.91 16.90 6.00 6.00 4.1100 4.11   12.93%   -17.82% 30-Dec-2016 2.14 0.50 12.65 0.52 7.90% 2.80% 22-Feb-2017 2.42 0.57 14.31 0.59 6.99% 2.48%
31-Dec-2016 23-Nov-2016 30-Sep-2016 3 1,232,976 71,621 66,479 58,504 11,724 1,598,405 20.04% 5.39% 3.66% 390,808 315.49 315.43 14.97 14.97 3.00 3.00 4.0900 4.09   57.23%   -19.85% 30-Sep-2016 2.50 0.79 16.70 0.61 5.99% 1.20% 23-Nov-2016 2.43 0.77 16.23 0.59 6.16% 1.23%
31-Dec-2016 25-Aug-2016 30-Jun-2016 2 801,036 45,540 42,402 37,210 11,725 1,586,896 31.51% 5.29% 2.34% 390,861 204.94 204.93 9.52 9.52 3.00 3.00 4.0600 4.06   102.26%   -42.19% 30-Jun-2016 2.01 0.98 21.11 0.50 4.74% 1.49% 25-Aug-2016 2.44 1.19 25.63 0.60 3.90% 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   -77.12%   -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 1,816,663 122,987 103,334 80,398 27,346 1,597,802 34.01% 5.69% 5.03% 390,660 465.02 464.75 20.58 20.57 7.00 7.00 4.0900 4.09   10.15%   -28.36% 31-Dec-2015 2.40 0.52 11.66 0.59 8.58% 2.92% 24-Feb-2016 2.43 0.52 11.81 0.59 8.47% 2.88%
31-Dec-2015 18-Nov-2015 30-Sep-2015 3 1,377,338 111,565 93,816 72,989 42,980 1,590,284 58.89% 6.81% 4.59% 390,733 352.50 352.36 18.68 18.67 11.00 11.00 4.0700 4.07   13.40%   -9.52% 30-Sep-2015 2.89 0.82 15.47 0.71 6.46% 3.81% 18-Nov-2015 2.83 0.80 15.15 0.70 6.60% 3.89%
31-Dec-2015 19-Aug-2015 30-Jun-2015 2 966,154 99,111 82,530 64,366 27,356 1,610,127 42.50% 8.54% 4.00% 390,807 247.22 247.17 16.47 16.47 7.00 7.00 4.1200 4.12   83.17%   17.75% 30-Jun-2015 3.48 1.41 21.13 0.84 4.73% 2.01% 19-Aug-2015 3.09 1.25 18.76 0.75 5.33% 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   -68.69%   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 1,774,144 132,183 123,625 112,222 31,255 1,523,695 27.85% 6.97% 7.37% 390,691 454.10 453.88 28.72 28.71 8.00 8.00 3.9000 3.90   39.11%   -18.96% 31-Dec-2014 2.90 0.64 10.10 0.74 9.90% 2.76% 27-Feb-2015 3.34 0.74 11.63 0.86 8.60% 2.40%
31-Dec-2014 18-Nov-2014 30-Sep-2014 3 1,362,619 92,422 89,452 80,672 27,355 1,496,725 33.91% 6.56% 5.39% 390,789 348.68 348.60 20.65 20.64 7.00 7.00 3.8300 3.83   47.58%   -23.19% 30-Sep-2014 2.85 0.82 13.81 0.74 7.24% 2.46% 18-Nov-2014 2.82 0.81 13.66 0.74 7.32% 2.48%
31-Dec-2014 19-Aug-2014 30-Jun-2014 2 939,533 64,498 61,265 54,665 15,627 1,484,634 28.59% 6.52% 3.68% 390,693 240.48 240.36 13.99 13.98 4.00 4.00 3.8000 3.80   133.40%   -21.80% 30-Jun-2014 3.10 1.29 22.16 0.82 4.51% 1.29% 19-Aug-2014 2.88 1.20 20.58 0.76 4.86% 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   -83.09%   -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 1,959,689 155,323 154,369 138,480 23,441 1,437,721 16.93% 7.88% 9.63% 390,685 501.60 501.34 35.45 35.43 6.00 6.00 3.6800 3.68   31.85%   1.49% 31-Dec-2013 3.21 0.64 9.06 0.87 11.04% 1.87% 20-Feb-2014 3.45 0.69 9.73 0.94 10.27% 1.74%
31-Dec-2013 20-Nov-2013 30-Sep-2013 3 1,732,864 149,200 134,830 105,031 11,717 1,410,047 11.16% 7.78% 7.45% 390,595 443.65 443.32 26.88 26.87 3.00 3.00 3.6100 3.61   50.24%   -0.86% 30-Sep-2013 3.60 0.81 13.39 1.00 7.47% 0.83% 20-Nov-2013 3.58 0.81 13.31 0.99 7.51% 0.84%
31-Dec-2013 22-Aug-2013 30-Jun-2013 2 1,183,525 99,279 89,105 69,907 11,722 1,387,198 16.77% 7.53% 5.04% 390,760 302.88 302.78 17.89 17.88 3.00 3.00 3.5500 3.55   113.45%   -0.80% 28-Jun-2013 3.83 1.26 21.41 1.08 4.67% 0.78% 22-Aug-2013 3.67 1.21 20.51 1.03 4.87% 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   -76.00%   -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 2,267,658 197,318 175,420 136,442 29,469 1,123,115 21.60% 7.74% 12.15% 327,438 692.54 580.13 38.34 34.91 9.00 7.54 3.4300 2.87   28.79%   12.54% 31-Dec-2012 3.21 0.46 7.70 0.94 12.98% 2.80% 25-Feb-2013 3.31 0.48 7.94 0.97 12.59% 2.72%
31-Dec-2012 08-Nov-2012 30-Sep-2012 3 1,742,899 150,412 137,247 105,940 9,185 1,025,719 8.67% 7.87% 10.33% 306,184 569.23 445.88 34.60 27.10 3.00 2.35 3.3500 2.62   50.33%   11.71% 28-Sep-2012 3.36 0.59 9.71 1.00 10.30% 0.89% 08-Nov-2012 3.38 0.59 9.77 1.01 10.24% 0.89%
31-Dec-2012 09-Aug-2012 30-Jun-2012 2 1,157,948 100,005 91,764 70,472 7,897 866,092 11.21% 7.92% 8.14% 263,249 439.87 296.24 26.77 18.03 3.00 2.02 3.2900 2.22   71.79%   18.42% 29-Jun-2012 2.99 0.68 11.17 0.91 8.95% 1.00% 09-Aug-2012 3.92 0.89 14.64 1.19 6.83% 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   -66.16%   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 1,705,573 150,591 138,071 121,237 14,572 944,769 12.02% 8.10% 12.83% 242,871 702.25 436.33 42.60 31.02 6.00 3.73 3.8900 2.42   27.85%   -14.70% 30-Dec-2011 2.45 0.35 4.91 0.63 20.37% 2.45% 24-Feb-2012 3.55 0.51 7.11 0.91 14.06% 1.69%
31-Dec-2011 10-Nov-2011 30-Sep-2011 3 1,213,311 119,038 107,834 94,831 14,566 1,077,956 15.36% 8.89% 8.80% 242,782 499.75 310.40 39.06 24.26 6.00 3.73 4.4400 2.76   59.35%   -16.09% 30-Sep-2011 2.29 0.46 5.86 0.52 17.06% 2.62% 10-Nov-2011 2.40 0.48 6.14 0.54 16.28% 2.50%
31-Dec-2011 11-Aug-2011 30-Jun-2011 2 791,830 75,416 68,465 59,511 - 1,058,620 - % 8.65% 5.62% 242,802 326.12 202.57 24.51 15.22 0.00 0.00 4.3600 2.71   55.97%   -24.40% 30-Jun-2011 2.48 0.76 10.12 0.57 9.88% 0.00% 11-Aug-2011 2.28 0.70 9.30 0.52 10.75% 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   -73.16%   -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 1,528,494 172,402 162,495 142,136 24,238 1,018,004 17.05% 10.63% 13.96% 242,382 630.61 391.03 58.64 36.36 10.00 6.20 4.2000 2.60   25.77%   113.64% 30-Dec-2010 2.57 0.41 4.38 0.61 22.82% 3.89% 17-Feb-2011 2.48 0.39 4.23 0.59 23.65% 4.03%
31-Dec-2010 11-Nov-2010 30-Sep-2010 3 1,157,355 139,371 127,669 113,016 12,086 986,221 10.69% 11.03% 11.46% 241,720 478.80 296.08 46.66 28.91 5.00 3.09 4.0800 2.52   43.57%   146.77% 30-Sep-2010 2.44 0.51 5.22 0.60 19.16% 2.05% 11-Nov-2010 2.32 0.48 4.96 0.57 20.15% 2.16%
31-Dec-2010 17-Aug-2010 30-Jun-2010 2 768,651 97,047 88,748 78,716 - 964,620 - % 11.55% 8.16% 241,759 317.94 196.64 32.52 20.14 0.00 0.00 3.9900 2.47   97.10%   237.74% 30-Jun-2010 2.23 0.70 6.85 0.56 14.60% 0.00% 17-Aug-2010 2.43 0.76 7.46 0.61 13.40% 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   -39.97%   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 1,101,638 85,254 76,711 66,532 14,526 893,393 21.83% 6.96% 7.45% 242,111 455.01 281.83 27.49 17.02 6.00 3.72 3.6900 2.29   45.27%   -43.20% 31-Dec-2009 1.99 0.44 7.24 0.54 13.81% 3.02% 11-Feb-2010 2.04 0.45 7.42 0.55 13.47% 2.94%
31-Dec-2009 05-Nov-2009 30-Sep-2009 3 809,182 59,512 53,548 45,799 - 873,860 - % 6.62% 5.24% 242,066 334.28 207.01 18.92 11.72 0.00 0.00 3.6100 2.24   96.50%   -54.50% 30-Sep-2009 1.78 0.53 9.41 0.49 10.63% 0.00% 05-Nov-2009 1.85 0.55 9.78 0.51 10.23% 0.00%
31-Dec-2009 06-Aug-2009 30-Jun-2009 2 510,982 30,612 27,408 23,307 - 856,768 - % 5.36% 2.72% 242,024 211.13 130.72 9.63 5.96 0.00 0.00 3.5400 2.19   149.01%   -65.98% 30-Jun-2009 1.77 0.84 18.38 0.50 5.44% 0.00% 06-Aug-2009 1.82 0.86 18.90 0.51 5.29% 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   -92.01%   -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 1,203,044 149,894 137,943 117,144 - 849,647 - % 11.47% 13.79% 242,064 496.99 307.77 48.39 29.97 0.00 0.00 3.5100 2.17   16.38%   5.99% 31-Dec-2008 1.75 0.35 3.62 0.50 27.65% 0.00% 24-Feb-2009 1.85 0.37 3.82 0.53 26.16% 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.


Analyze this stock with MQ Trader system
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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
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
megatti_maf Morning. Read the article on the edge over the weekend on the disposal of aloy wheel plant. Wonder how much if the profit jump after the disposal?
22/01/2019 09:07
commonsense Hi Megatti,

If you look at segmental reporting of 3Q18 result you would see that the total PBT of the auto parts manufacturing segment amounted to RM3.3mil. Excluding the result from associates (Hino Motors Manufacturing) and JV (Autolive Hirotako), the remaining auto component business actually recorded a loss of around RM9.1mil. This represent a combined contribution from both Hirotako Holdings and Oriental Metal Industries (of which the alloy wheel business is park under).

From my understanding, Hirotako has always been able to deliver profit to MBMR which means that the minimum losses from OMI should be around RM9.1mil of which mainly comes from the alloy wheel business (Here I am assuming Hirotako contribute a minimum of RM0 to the company’s PBT). Based on this, we can assume that OMI losses to MBMR should be at least around RM10 mil for the full year of FY18.

If management decides to sell the alloy wheel business, investors can expect the profit of MBMR to increase by at least RM10mil once the disposal takes place. Using the target profit of RM145mil in FY18 before disposal, MBMR profit for FY18 could be higher at around RM155mil. If management managed to disposes of the business in FY19, I expect the full year profit for the year to increase from the original projected profit of RM160mil to RM170mil. This would mean at the current price, MBMR is actually only trading a PE valuation of less than 6x vs the industry average of 15x PE.

Regards.
22/01/2019 10:06
commonsense Hi megatti,

Kenanga however actually estimates the losses from alloy wheel at rm23 -26 ml per annum. So for them, the earning boost from the disposal will be a lot higher than my own assumptions.

Regards.
22/01/2019 10:23
Hafid the Nav/share is RM3.88
22/01/2019 10:31
yongch Hahaha....now started so many high look expect this counter...ok la jus waiting for 3.0 then let your big players continues lo....kikiki...every day so shiok looking at slowly climbing up up up!!!!tp3.0!!!!Chinese New Year Ang Pow around the corner ..Huat ah!Heng Ah!!Ong Ah!!!!
22/01/2019 13:45
Icon8888 MBM gives angpao

3 Sen dividend

Thank you commonsense for the excellent pick
23/01/2019 19:20
commonsense Hi icon8888,

Hopefully the company can pay higher dividend in FY19 given the better profit projection for FY19 (driven by the performance of Perodua) and the potential disposal of the alloy wheel business. In previous financial years, cash were needed to invest more on the alloy wheel plant (to improve its efficiency) and also to pay off most of the company's debt. The company is currently at a net cash position after having reduce debt to only RM193mil from RM416mil back in FY14.

The potential disposal of the alloy wheel business will definitely create more free cash (due to lower working capital requirement and lower capex spending) for the company which could be used to reward its shareholders by higher dividend payment.

Regards
24/01/2019 06:27
Icon8888 Perodua eyes 4% rise in annual sales after record 2018
BY EMIR ZAINUL
KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd (Pero- dua) wants to score another year of record sales in 2019 — with a 4% increase in sales to 231,000 units — after it achieved its best annual sales tally of 227,243 units last year.
Perodua president and chief executive o cer Datuk Zainal Abi- din Ahmad said the improvement will be driven by the Myvi and the newly introduced Aruz.
“Perodua’s aim to boost its sales by 4% this year will not only strengthen the brand but offer some relief to the Malaysian car industry, which is forecast to grow very minimally this year,” he said during the company’s Chinese New Year luncheon with the me- dia yesterday.

(The Edge)
24/01/2019 06:58
Icon8888 No slow down expected this year despite absence of tax holiday
24/01/2019 06:59
BULL1000BEAR1000 Myvi engine fit in Aruz! Are you serious? Selling for 70+k lagi hahahaha. Let's also have a look at the Underpowered Avanza.
24/01/2019 17:55
sell Dividend 3 sen despite share up so much? Better sell on news.
24/01/2019 21:48
Dylan Yong Hua Tai Bull,... Avanza, Vios, Myvi, Aruz all use same engine. ... sama biji.
So if you buy Avanza actually same as Myvi 1.5.... hahah
28/01/2019 13:23
mneo Gong Xi Fa Cai....Happy CNY to everyone...:-)
06/02/2019 08:48
money888
MBMR has been trading above its upward sloping 20-Day Moving Average which is a good sign. In addition, the price just broke the resistance of 2.38 reinforcing the bullishness in the recent price movement. This breakout was accompanied by a higher than average traded volume which shows the enthusiasm of the traders to push the price higher and past this resistance hence giving a higher probability of a successful breakout.
https://au.i3investor.com/blogs/aux/2904.jsp
06/02/2019 08:56
Icon8888 Saw an Aruz on the street. Quite handsome. Should sell well.
07/02/2019 10:32
Icon8888 https://cdn1.i3investor.com/my/files/dfgs88n/2019/01/31/1509832573--1989443369.pdf
07/02/2019 11:04
Icon8888 https://m.youtube.com/watch?v=v1cFRZIqmKQ#fauxfullscreen
07/02/2019 20:41
commonsense Hi Guys,

Some update on Perodua (indirectly MBMR). Perodua started out the year with a very encouraging sales of 20,100 cars in January 2019 which is an improvement of 13.6% vs January 2018 sales of 17,700. Aruz sales number for its first month was at 1,025 units which could have been a lot higher if not for the delay in the registration process. This issue has since been resolve. Recent bookings numbers for the new SUV is at 8,000 units which very encouraging. Sales of the SUV should pick up pace starting in February.

4Q18 result is expected to be out by the end of this month. Hopefully with the total Perodua sales of 59,040 cars during the quarter (an improvement of 10.8% vs 4Q17 sales of 53,307 units), MBMR could post a 4Q18 profit to shareholders of around RM40mil to bring the total FY18 profit to RM145mil. At the current share price, the company would only be valued at 6.9x PE.

Currently, MBMR is still consider as a “loss making” company (even though core operations are actually profitable) under some investment platforms like Bloomberg, Thompson Reuters, bursamarketplace and even i3investors due to the large impairment exercises made in 4Q17. This is because the platforms depend on reported earnings which would include one off items and non-operational items like gain/loss on disposal, impairment, fair value gains etc when compiling data performance of a company.

This has limited the appeal of MBMR to some of the investors as they would think that the company is a loss-making company. With the expected 4Q18 result, MBMR would officially be taken out of the “loss making” or “negative PE” categories and hopefully would invite more investors to look at MBMR.

Regards
09/02/2019 09:57
Icon8888 They target to sell 30,000 Aruz this year , right ?

Now after one month launch already 8,000
09/02/2019 16:48
VenFx Appreciates for Icon8888's bro kindness in delivery on time facts from his observation .
09/02/2019 18:24
Lim Tek Wai so just hold on and pray?
12/02/2019 09:48
commonsense Hi Lim,

I would not worry too much in terms of MBMR financial performance going forward. 4Q18 is expected to deliver good results driven by Perodua car sales numbers (refer to my earlier post).

In January, Perodua managed to only deliver 1,025 Aruz mainly due to delays in registration process. Bookings as of Jan for Aruz was 8,000 units. The issue has been solve. As of today, a total of 4,000 Aruz has already been delivered. I would expect better car sales numbers in Feb.

As mentioned earlier, FY19 growth would mainly be driven by growth in Perodua sales of which Aruz will contribute to a better profit margin mix to Perodua and indirectly MBMR. My target profit to shareholder for FY19 is RM170mil which would meant at the current price the company is only being valued at a mere 5.7x PE.

If the company managed to disposed off the Alloy wheel business, expect a further boost in profit by at least RM15-20mil per year post disposal. More importantly the more free cash that the company would have post disposal (from less working capital needs) which could be used to reward shareholders by better dividend payment. There should not be any more impairments for the business given that the remaining asset value (RM35mil as of Dec 17) for the alloy wheel is mainly related to the land value (which normally you don't impair). All the major impairments were done back in FY17.

Regards,
12/02/2019 10:56
Icon8888 Gongxifacai commonsense

very grateful for your MBM Buy Call

benefited a lot of people
12/02/2019 10:59
commonsense Hi Icon,

Gongxifacai to you too. Hopefully after the 4Q18 result, market will start to take notice of MBMR.

Too cheap for a company that has exposure to Perodua. Just look at UMW, the other company with exposure to Perodua. They are trading at more than double to that of MBMR.

Anyway, hope you make a lot of money this year.

Good luck.
12/02/2019 12:24
qqq3 what about E&O ?
12/02/2019 12:28
commonsense Hi qqq3,

I actually made a comment on E&O back in January. But it was mostly on its valuation. Back then it was trading at around RM1.07 or a market cap of more than RM1.4bil which i thought was a bit on the high side given it's earnings outlook for FY20 (projected profit of around RM70mil). At that price it would have translated to a fwd PE of 20.7x which is a lot higher than the average property industry PE.

Just like most other property companies, E&O is currently trading at a discount to its book value. That being said, if you still like to have exposure to the property industry, i think you can find better value companies at the moment. As an example, there is a property developer in Klang Valley that is also trading at below 0.5x PB just like E&O. However, the company balance sheet is a lot stronger, with cash that represent 25% of the company's market cap and with zero debt. Some of the lands in the company's book has not been revalued for more than 20 years with market value estimate to be more than 10x what it recorded in the books. There are even some property companies that currently trading at below 5x PE and below 0.5x PB albeit at a market cap that is a lot lower compared to E&O. Most of the value property companies are in the mid and small cap.

I was a bit surprise with the company announcement of the right issue exercise as i thought any future funding can be done via the sales of assets/ reclaim lands. Anyway, if you decide to buy into E&O today, i would advice you to subscribe to the right issue to prevent any future dilution and also be able to benefit from the issuance of the free warrants. Given the minimum target amount to be raised from the exercises is RM250mil and the and assuming the private placement can raised 10% of the current market cap (translating to around RM130mil), the right issue will need to raise around RM120mil. This means you will need to be prepared for an additional cash investment of at least RM0.09 per share (based on the 4 ordinary shares to 1 rights, the price of the rights would be RM0.37 per rights). Basically if you buy the stock at RM0.85 today, you will need to prepare another 9 sens for your future right issue subscription. Which means your total investment into E&O is actually RM0.94. Again this is based on the minimum case scenario. The maximum case is for the company to raised up to RM550 mil, again assuming the private placement raises RM130mil, this would mean the right issue needs to raise around RM420mil. This translate to an additional RM0.32 per share (or right issue at a price of RM1.28 based on 4 ordinary shares to 1 right issue ratio). This would mean your total investment of E&O is actually RM 1.17 per share.

However to entice investors to subscribe to the right issue, most of the time the company need to price the right issue at a discount to the price of the ordinary share ( if not people might not want to subscribe). Assuming the price of the shares ends up at around RM0.90 before the price fixing date, and assuming a discount of around 10%, i would assume the most optimum case is for the company to fixed the right issue price at around RM0.80 (the company would end up raising around RM400mil of cash from both the PP and RI exercises). This would mean you need to prepare an additional RM0.20 per share of your original investment of RM0.85 bring your total investment in E&O to RM1.05.

In conclusion, you need to make sure to prepare at least 20 sens extra per share for you to subscribe to the right issue.

Sorry for the long post. Hope you understand it.

Good luck.
13/02/2019 11:51
qqq3 sense...


RI 1 for 4 is ok....not like Sapura 4 for 1.....

If it does not work out, I will go the distance, maybe average down a few days later.....if it works out , I may sell....RI with warrants....makes good sense to me....

I do not want exposures to properties per se......other property shares with better BV/ price no interest.....reputation is more valuable than BV. Some investments in E&O ok one......


anyway....I am looking for more details......thanks.....
13/02/2019 12:07
commonsense_ Why left out MBM promotion in E&O? Sold already?
13/02/2019 12:20
qqq3 icon dont sell so fast one....

mbm is attractive but not a contrarian stock.....same like Serba....

actually between MBM and Serba.....which is prefered?

both are known as promoted stocks......both are known as hot favorites.....not contrarian stocks.......



osted by qqq3 > Feb 13, 2019 12:25 PM | Report Abuse X

maybe I too should choose one....Serba or MBM?
13/02/2019 12:28
dusti Good share but I think in short term Carimin is better. Get a few
17/02/2019 15:07