KLSE: CWG (9423)       CWG HOLDINGS BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
0.415   0.00 (0.00%)  0.00 - 0.00  0
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Market Cap: 52 Million

Market Cap 52 Million
NOSH 126 Million

Latest Audited Result:  30-Jun-2017

Latest Audited Result: 30-Jun-2017
Announcement Date 30-Oct-2017
Next Audited Result: 30-Jun-2018
Est. Ann. Date: 30-Oct-2018
Est. Ann. Due Date: 27-Dec-2018

Latest Quarter:  31-Dec-2018 [#2]

Latest Quarter: 31-Dec-2018 [#2]
Announcement Date 26-Feb-2019
Next Quarter: 31-Mar-2019
Est. Ann. Date: 23-May-2019
Est. Ann. Due Date: 30-May-2019
QoQ | YoY   -38.76%  |    -37.54%

Annual (Unaudited) ( EPS: 5.64, P/E: 7.97 )

Revenue | NP to SH 105,415  |  6,575
RPS | P/RPS 83.47 Cent  |  0.50
EPS | P/E | EY 5.64 Cent  |  7.97  |  12.55%
DPS | DY | Payout % 1.50 Cent  |  3.61%  |  28.81%
NAPS | P/NAPS 0.65  |  0.64
YoY   2.02%
NP Margin | ROE 6.24%  |  8.01%
F.Y. | Ann. Date 30-Jun-2018  |  28-Aug-2018

T4Q Result ( EPS: 4.24, P/E: 9.80 )

Revenue | NP to SH 101,013  |  5,350
RPS | P/RPS 79.98 Cent  |  0.52
EPS | P/E | EY 4.24 Cent  |  9.80  |  10.21%
DPS | DY | Payout % 1.50 Cent  |  3.61%  |  35.41%
NAPS | P/NAPS 0.67  |  0.62
QoQ | YoY   -14.94%  |    -13.14%
NP Margin | ROE 5.30%  |  6.32%
F.Y. | Ann. Date 31-Dec-2018  |  26-Feb-2019

Annualized Result ( EPS: 6.52, P/E: 6.36 )

Revenue | NP to SH 115,310  |  8,236
RPS | P/RPS 91.31 Cent  |  0.45
EPS | P/E | EY 6.52 Cent  |  6.36  |  15.71%
DPS | DY | Payout % -
QoQ | YoY   -19.38%  |    -22.93%
NP Margin | ROE 7.14%  |  9.73%
F.Y. | Ann. Date 31-Dec-2018  |  26-Feb-2019

Business Performance

Business Performance (By Quarter)

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 0 / 4 0.00% 0 / 8 0.00%
Total Positive Profit Years 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Positive Profit 4 / 4 100.00% 8 / 8 100.00%
Continuous Quarters Of Profit Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted EPS Growth 0 / 4 0.00% 0 / 8 0.00%
Total Dividend Years 1 / 4 25.00% 2 / 8 25.00%
Continuous Quarters Of Dividend 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 4 0.00% 0 / 8 0.00%
Average ROE 1.59% 1.59%
Average Net Profit Margin 4.98% 5.12%

Business Performance (By Year)

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 10 Years
Continuous Years Of Revenue Growth 2 / 5 40.00% 2 / 10 20.00%
Total Positive Profit Years 5 / 5 100.00% 6 / 10 60.00%
Continuous Years Of Positive Profit 5 / 5 100.00% 5 / 10 50.00%
Continuous Years Of Profit Growth 1 / 5 20.00% 1 / 10 10.00%
Continuous Years Of Adjusted EPS Growth 1 / 5 20.00% 1 / 10 10.00%
Total Dividend Years 3 / 5 60.00% 3 / 10 30.00%
Continuous Years Of Dividend 3 / 5 60.00% 3 / 10 30.00%
Continuous Years Of Dividend Growth 1 / 5 20.00% 1 / 10 10.00%
Continuous Years Of Adjusted Dps Growth 1 / 5 20.00% 1 / 10 10.00%
Average ROE 7.97% 1.44%
Average Net Profit Margin 4.67% 1.03%

Key Result

Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 101,013 115,310 105,415 94,090 96,528
NP to SH 5,350 8,236 6,575 1,195 4,604
Dividend 1,894 - 1,894 463 926
Adjusted EPS 4.24 6.52 5.64 0.99 3.73
Adjusted DPS 1.50 0.00 1.50 0.37 0.73

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.


Growth (By Quarter)

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue -12.13% -15.34% -7.09% 6.78% 2.05%
NP to Owner -38.76% -37.54% -22.93% 16.93% 8.71%
Dividend 0.00% 0.00% 0.00% 0.00% 0.00%
Adj. EPS -38.61% -37.46% -22.94% 16.98% 8.81%
Adj. DPS 0.00% 0.00% 0.00% 0.00% 0.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

Growth (By Year)

Revenue -4.18% 4.65% 7.36% 9.39% 19.46% 22.55% 4.67% 9.21% 12.04%
NP to Owner -18.63% 16.20% 347.40% 25.26% 78.89% 588.74% 2.02% 42.81% 449.84%
Dividend 0.00% 104.55% 309.09% - % - % - % 50.00% 104.55% 309.09%
Adj. EPS -24.82% 13.60% 328.18% 15.60% 74.69% 558.43% 10.52% 51.11% 469.56%
Adj. DPS 0.00% 104.55% 309.09% - % - % - % 50.00% 104.55% 309.09%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

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nikicheong Been buying up more CWG shares at 0.51-0.52 over the past week. I think I stop here for now as my CWG position is rather large. Only holding TCHONG and MHB aside from CWG for the moment. Time to hunt for something else.
29/01/2018 10:15 AM
Sebastian Sted Power Niki, seem like you bough as much as MR KHOR SAY BENG
06/02/2018 3:53 PM
nikicheong Steady lor. A bit sad that the market got weak this week....why couldn't it have been last week!?!?

Haha, anyways this is a long-term thing...doesn't really matter but at 0.485 or 0.515 if in the longer run you expect the stock to easily go past RM1.00.

Yesterday was an amazing day to bargain hunt, but sadly I used up most of my available funds last week. Anyways, these things happen. Can't time the market, as they say!
07/02/2018 8:44 AM
Sebastian Sted Power See Ah Beng everyday buy back I also BO SONG. I also keh poh bought and add a bit
07/02/2018 10:27 PM
nikicheong Hmmm, 5 days in a row there is zero trading. No sellers at all. Sell queue is also thin. All we can do now is wait for the Q report that should be out within the next week. If we can get a net profit of ~RM3mil to RM4mil, this should fly towards RM0.60. If it is above RM5mil, can expect RM0.65.

All the best folks!
20/02/2018 8:36 AM
Sebastian Sted Power Niki, happy CNY. Seem like you are very confiedent on the good QR
20/02/2018 4:04 PM
nikicheong Well, let's just say I'm "cautiously optimistic". A bad QR will simply be a buying opportunity, and this might especially be good with a pending bonus payment :)
21/02/2018 11:21 AM
Sebastian Sted Power Ah Beng keep buying. GOOD SIGN!
21/02/2018 9:01 PM
Sebastian Sted Power later after 5pm, eat popcorn and see good QR. Tomorrow will have firework!
22/02/2018 4:27 PM
nikicheong Hmm...quarter result a bit below my expectations. Cost increased greatly but revenue haven't risen in tandem. However, we shall only see the full impact of the rights issue from Q3 FY 18 onwards (i.e. period of Jan - Mar 2018). The additional working capital should pay off somewhat in this quarter, coupled with great interest expense savings.

Q3 will be a worse quarter (seasonally Q3 has lower revenue according to the qtr report). But I'll still expect net profit of >RM1.0mil despite that.

Anyway escalating costs + stronger Ringgit means we will need to wait a while more before we can enjoy super profits.

Hard to tell what will happen to the share price but I will not be surprised we go down to RM0.45 after this.
22/02/2018 6:39 PM
nikicheong But on the bright side the balance sheet is extremely healthy and beautiful looking now after the completion of the rights issue. No matter what I’m keeping my shares in CWG and will continue topping up should the price fall lower in the coming weeks and months!
22/02/2018 7:39 PM
Matthieu Seven two continuous QR >2mil. Back to track again. I am still holding which bought 80cents!

Niki, when you think will gain back to my cost?
22/02/2018 8:25 PM
Sebastian Sted Power Hold la.. RM1 only sell
22/02/2018 9:24 PM
nikicheong @Lincorn, hard to say man. I mean its a healthy company, low risk of buying in at these prices. But as to when it can "break out"...I think there will need to be a strong earnings breakout. Maybe if Q3 earnings can be above RM1mil (previously Q3 always weakest) then it might be supportive of this.

Also, I realize in recent months the insiders and a lot of very long term investors (me included!) have been mopping up CWG shares on the market. The selling volume may simply evaporate, and sometimes the lack of selling will lead to a jump in prices due to scarcity etc.

Or we may be subject to a pump and dump as well given the relative illiquidity of the counter and may jump 10-20 sen over a short period of time.

It's really hard to tell. For me, this is an "lock and keep away" stock. I will monitor company news on a weekly basis or so going forward. Lest there be a fire breakout I think the capital should be secured at the very least for those buying at RM0.50 levels and dividend should be decent as well going forward (I expect 3 sen dividend minimum for FY 2018).
23/02/2018 8:54 AM
Sebastian Sted Power niki, you see AH Beng sapu again early early morning 50cents clear
23/02/2018 9:06 AM
FAIZUN77 just follow ah beng collecting
27/02/2018 3:17 PM
sapurakencana Ah Beng can sapu as much as he want.but for what purpose if company performance not improve.unless for take over purpose. it wont happen in this company.
27/02/2018 11:29 PM
nikicheong Company performance cannot improve overnight leh. You think this is magic ah? Takes months to get things improved. Especially since rights issue was only done in October 2017....give them time lah to channel that additional working capital and lesser debt load into improvement in the bottomline. Now we just got the period ended December 2017 results...I will hold judgement until at least we get to the results for the end of June 2018.
28/02/2018 8:49 AM
nikicheong It's been quiet here, but I'm still holding CWG for the long term. Q3 results will be important, should be out within next 2 weeks as it will start showing whether the rights issue in October last year has paid off.
18/05/2018 7:58 PM
chuatuanboo Q3 result just released. Disappointing.
23/05/2018 6:55 PM
nikicheong Yeah both the topline and bottomline are disappointing for Q3 2018. Nothing else to say really.

But, looking beyond that, the balance sheet has improved further still. And I think the most positive thing is that the inventory numbers have spiked up. This could well mean that their expansion post-rights issue will start bearing fruits. Larger inventory could signal more demand in what is usually their peak demand period, which is the June quarter.

On the flip side, the larger inventory could mean they have not been able to find buyers for their increased production.

Depends on how you wish to look at it lah. Yesterday I bought more at 0.495.

I'm positive on the future, but I could be wrong as well. At current price levels I consider the valuation to be undemanding, so I don't think I'd lose much if I read things wrongly. But the payoff could be substantial on the upside. Just gotta keep holding until there is a clear sign that the expansion isn't going well.
23/05/2018 7:46 PM
sapurakencana I prefer to consider the larger inventory could mean they have not been able to find buyers for their increased production.cheong ,this is not the first time right issue, if the performance can improve,they wil show in after 2 quarter report.See the sales even only 50% compare with last quarter,so how to convience public to invest in this company ,so i disagree what u said "so I don't think I'd lose much if I read things wrongly " .If like that i rader put my money at fixed deposit where i can earn confirm 3% income yearly.
26/05/2018 10:40 PM
nikicheong That's right Sapurakencana. However, I give it another quarter to see some proper improvement before throwing in the towel. The idea is to keep track of the inventories. If they balloon or do not decrease significantly, OR if the revenue is significantly lower YoY...then well it might be game over and I'd have to take my money out and put it to better use.
26/05/2018 10:55 PM
nikicheong They also spent RM2.1mil on purchasing of equipment by the looks of it in the Jan-March 2018 quarter.
27/05/2018 11:46 PM
FAIZUN77 When the qtr will be released?
27/08/2018 2:43 PM
nikicheong Hmm bad quarter. Seems very much reduced sales for Malaysia. However this was uschioned by significantly higher sales to Europe though. Inventories have ballooned even further and this has been done by taking on even more debt. Either management is totally incompetent or they've got something great coming up. I hold for one more quarter.
28/08/2018 7:12 PM
FAIZUN77 yes. let give it one more quarter.
29/08/2018 8:55 AM
Jasper Coo Never regret for buying this stock, profit is real
29/08/2018 10:46 AM
Lim Tek Wai Well done, the profit can let me to buy more food.
29/08/2018 11:18 AM
FAIZUN77 First and FInal Dividend:

EX-date 06 Dec 2018
Entitlement date 10 Dec 2018
Entitlement time 05:00 PM
Entitlement subject First and Final Dividend
Entitlement description First and final single tier dividend of 1.5 sen per ordinary share
30/10/2018 11:37 AM
FAIZUN77 where is niki?
19/11/2018 11:40 AM
nikicheong Hi there, still here! Been buying 50-100 lots every month these past few months. Got a feeling Q1 2019 should be good! Results should be out any day now.
21/11/2018 6:20 PM
nikicheong I’m positive for the upcoming results for two main reasons. One is the consistently depreciating Ringgit over the past 6 months, which should improve margins. The second is the extremely large increase in inventory, which should point to a notable increase in sales. In the annual report they mention as much. Also, in the annual report if you look at the goods in transit numbers, it’s much higher than ever before. So lots of reasons to be excited and to expect increases in both top line and bottom line.

I’ve been buying more of CWG slowly over the past few months. Got a good feeling we’ll starting moving up soon. But for this to happen there must be solid core earnings. I’m thinking something above RM3mil.
21/11/2018 10:05 PM
nikicheong I've done some projections and would just like to share them here, just to see how things actually turn out if nothing else.

1) Worst case scenario: RM25 to 30 mil
2) Disappointing scenario: RM30 to 35 mil
3) Expected revenue (conservative): RM35 to 42 mil
4) Expected revenue (high case): RM42 to 50 mil
5) Strong revenue beat (go all in!): RM50mil ++

Most likely scenario is for the revenue to be somewhere between RM30mil and RM45mil based on my estimate.

As for the net profit margins, I anticipate something in the region of 7% to 15%, with the most likely net margin to be at between 8% to 12% (excluding any one-off items).

So all things said I expect a net profit of somewhere between RM2.4mil to RM3.6mil (assuming net margins at 8%). But at the same time I would not be surprised there is a very strong earnings beat and we get to > RM5mil!

Exciting times, let's hope the Q report is out today evening!
22/11/2018 10:06 AM
nikicheong Ok results should be out today or tomorrow! Good luck to all CWG investors. Hope we get a good result! :)
28/11/2018 1:54 PM
FAIZUN77 Can't wait for the result.
29/11/2018 9:14 AM
nikicheong Revenue is a disappointment at RM30mil. But the net profit is decent at RM2.5mil. Will look in-dept in the Q1 2019 report later and share my thoughts. Not really that bad on the whole by the looks of it, but I was expecting better...
29/11/2018 6:33 PM
TheSyndicate Waiting for the volume to come. Waiting to buy. Still looks good for long term despite it's below expectancy result.
05/12/2018 9:49 PM
FAIZUN77 price jump. no one selling CWG
06/12/2018 10:24 AM
FAIZUN77 in time like this, dividend is a blessed.
28/12/2018 5:36 PM
nikicheong Similar to the previous quarter, I've done some projections and would just like to share them here, just to see how things actually turn out if nothing else.

1) Worst case scenario: RM25 to 28 mil
2) Disappointing scenario: RM28 to 32 mil
3) Expected revenue (conservative): RM32 to 45 mil
4) Expected revenue (high case): RM45 to 50 mil
5) Strong revenue beat (go all in!): RM50mil ++

Most likely scenario is for the revenue to be somewhere between RM32mil and RM45mil based on my estimate.

As for the net profit margins, I anticipate improvement in this area, with the net profit margin something in the region of 8% to 20%, with the most likely net margin to be at between 10% to 15% (excluding any one-off items).

So all things said I expect a net profit of somewhere between RM3.2mil to RM4.5mil (assuming net margins at 10%). But at the same time I would not be surprised there is a very strong earnings beat and we get to > RM5mil, either due to strong revenue, or high net profit margins, or both!

Still a couple of weeks to the Q2 19 report but I’m quite excited. Look at revenue...important for it to grow. If revenue is below RM28mil I take it as a sign expansion plans have failed. Same with inventories...if they are still at RM60mil region with no marked improvement in revenue, this will mean higher holding costs and lower inventory turnover, which will hurt profitability moving forward.

All the best guys!
10/02/2019 9:00 PM
FAIZUN77 If we take into consideration the nature of its product and the market demand, the revenue is higher in the first half of the financial year. So, your expected revenue (high case) of RM45 million to 50 million is achievable.

14/02/2019 5:54 PM
FAIZUN77 10% of RM45m is RM4.5m. This equals to 76% earning growth from preceding quarter. This is considered very good earning growth.
14/02/2019 6:08 PM
nikicheong I'm positively excited! Let's hope for something good. Stronger Ringgit Y-o-Y, large inventory to clear in the peak season, bulk of inventory as at end September was made during the June quarter when the Ringgit was weaker (i.e. lower costing). I'm looking at both a jump in revenue and a jump in margins.

I've been buying patiently since subscribing to the rights issue in October 2017. Got a good feeling about this.

Having said that, profits may disappoint and I will act accordingly based on my sell/hold/buy thresholds.
20/02/2019 7:38 PM
nikicheong Any day now...!!!
25/02/2019 8:29 PM
nikicheong Very, very disappointing. In two minds to cut/exit my position or to continue holding.
26/02/2019 11:28 PM
FAIZUN77 As my cost is quite high, I might continue holding and enjoy the dividend. Dividend payout is ok (at least to me).
27/02/2019 9:26 AM
nikicheong What is your average cost? Mine is at RM0.5039.
27/02/2019 11:49 AM
FAIZUN77 I've been holding since March 2017 when the price was rm1.56. This was before share exchange exercise (from Chee Wah to CWG). They exchanged 2 CWG's shares with every 1 Chee Wah's shares.
27/02/2019 12:27 PM
nikicheong Campap's 2019 catalogue is out. They've added a new series under the Campap brand ("A90"), and renamed the Forest series to ecoForest. Some refreshes and new products to the Arto brand.

Let's hope sales for 2019 are better than 2018!

15/03/2019 1:14 AM