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[转贴] [HARTALEGA HOLDINGS BHD,丁腈手套的领先者] - James的股票投资James Share Investing

James Ng
Publish date: Sat, 24 Mar 2018, 04:45 PM

[HARTALEGA HOLDINGS BHD,丁腈手套的领先者]

这一季,营收提高了(从RM4.6亿到RM6亿,YoY+32.2%),是因为贺特佳继续地提高产能和顾客提高的产品需求。税前盈利增加了RM6050万(+77.3%) 到RM1.4亿,比起去年RM7830万。这是因为更高的需求和产能提高了,和成本降低(营运效率提高了)。外汇收益的增加也提高了营运收入。9个月里,产品销量增加了33.5%,和更高的卖价也增加了营收。

前景:
转换使用丁腈手套的潮流增加了产品需求。丁腈手套占了61%的大马手套出口量。中国乙烯手套的商家还是面对环保法律的问题。贺特佳的Next Generation Integrated Glove Manufacturing Complex (NGC)开始启动了Plant 4,也开始建了Plant 5。贺特佳已开跑了在Plant 4的12个生产线中的10个生产线。NGC持续提高的贡献会稳定盈利率。

贺特佳打算在2018第二季在欧洲推出抗微生物手套,也在争取拿到FDA的准许来进入美国市场。贺特佳将确保抗微生物手套的价格是有竞争力的,来提高使用率。贺特佳持续地超越了设下的目标,让他们有信心保持丁腈手套的领先者。

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James Ng

This quarter, the increase in revenue (from RM456.2m to RM603.1m, YoY+32.2%) is in line with the Group's continuous expansion in production capacity and increase in demand from customer. The profit before tax increased by RM60.5m (+77.3%) to RM138.9m compared with last year of RM78.3m. It is because of higher sales demand and improvement in production capacity, as well as lower costs incurred from improvement in operational efficiencies. Increased operating income arising from net foreign exchange gain has also contributed to the profit. For 9 months period, the increase in sales volume by 33.5% and higher average selling price contributed to the increase in revenue.

Prospects:
Switching trends towards nitrile glove has increased the product demand. Nitrile glove now accounts for 61% of Malaysian rubber glove export. Chinese vinyl glove producers still face difficulties conforming to strict environmental laws. Hartalega Next Generation Integrated Glove Manufacturing Complex (NGC) progressively commission Plant 4 and started the construction of Plant 5. They have commissioned 10 production lines out of a total of 12 production lines in Plant 4. The increasing contribution of NGC would help to consolidate margins.

Hartalega aims to launch anti-microbial gloves in Europe by 2Q of 2018 and is working on securing FDA approval to enter the US market. They will price competitively to encourage better take up. They are confident that the consistently meeting and exceeding their targets will consolidate their position as the market leader in nitrile gloves.

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James Ng

 

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