The journey of finding golden eggs
[分析冷眼大师选股] NO.2 HEVEABOARD BERHAD
今天继续分析第二支冷眼大师大量持有的股，总共持有八百万令吉（包括HEVEA-WB), 其实大师已经在这个公司赚了很多，可能当初投资时成本不到一半，所以说每一支他所投资的股我都会从基本面去学习。
HEVEBOARD 是一家生产particle board 和 ready to assemble products 的工厂，简单来说就是一家板厂。最近几年生意可以说是好得不得了，从2012年净利15.4M到近一年的79.24M (+520%) 的上涨。看到这里大家肯定觉得股票也从0.5飙升到5.08（1 split 4 ）。但是从我的估算中，HEVEA仍然是极度被低估，可以说是bursa中排名第三被低估的股票。很大的原因在于管理层被网友抹黑操纵股票。这也让我们有机会买进一支便宜且优质的股票。
好吧，基本面来了。。。PE: 7.30 (对一支成长股来说夸张的低），Dividend Yield 方面就略低了，不到2%但我是觉得既然管理层能善用资金来赚更多钱，那就拿少一点吧。效率方面，29.7% 的Return On Invested Capital (也就是公司一年所赚的钱除以所投入的成本），这很清楚说明了HEVEA 呢是一支非常节省成本且很擅用公司的资金，也可以从这里看得出为什么冷眼大师持有数会比第一篇的SUPERLON多了。
FreeCashFlow/Market Cap 方面呢, 达到了22.6八仙，足足是定存的4倍多，CASH ROIC 更是31.7%。我想你们看到这些数据也不敢相信这是真的吧。HEVEA 目前是一家net cash company (98.76M) 的net cash, 相信风暴来时对公司只是小挑战。这些都是以HEVEA 这一年的盈利计算的，看了以上数据，大家应该明白为什么HEVEA会是第三被低估的股票了。
总结：HEVEA 是一间 NETCASHCOMPANY，非常会擅用资金，效率一流，有野心。我对他的估算在3.02到3.20之间，非常的被低估，你们可以使用你们持有的公司的基本面来比一比就知道了。
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2 people like this. Showing 9 of 9 comments
Yes. But Hevea is better in efficiency, more conservatively finance and stronger free cash flow. Overall a better company. Thank you.
2016-09-21 16:49
Dividend would improve substantially from now on after the Div policy announced.
2016-09-21 17:37
Evergreen lower price than hevea...both export stock..but price quiet low now..very interesting..haha.
2016-09-21 17:48
Good stock. but too much seller. ppl don't trust the director already.
I recommend jaycorp, please study its cash flow. u will be fucking surprise with its CFFO, CY and FCF.
dividend yield terrible. average payout 60% dividend. please annualised its earning. dps may easily reach 7-8cents.
2016-09-21 17:56
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Evergreen and hevea is abang adik
2016-09-21 16:28