[ HEVEA 业绩报告 ] 中长期投资 - J4 Investment Capital

营业额/盈利表现

Q2’18 的营业额 ( RM 105.915 mil ) 比起去年 ( YoY ) 的 RM 135.323 mil 下跌了 27.76

% . 以 QoQ 来计算也减少了 RM 9.547 mil ( 8.27 % ) . 

盈利方面 : YoY 的 RM 16.323 mil vs RM 4.218 mil 下跌了 ( 74.16 ) % . QoQ 的盈利却

有所进步 , 从 RM 2.378 mil vs RM 4.218 mil 增加了 ( 77.38 % ) . Profit Margin 也从

当初的 2.06 % 提高至 3.98 %.

Particleboard 的业务

1. 较低的营业额是因为市场需求量逐渐减少.

2. 美金/马币比起去年 ( YoY ) 来得低 9 % , 但比起 QoQ 的 12% 进步了3 % .

3. 原料成本 ( Rubber Wood ) 提高了 17 %.

RTA ( Ready - To - Assemble ) 业务

1. 较低的营业额是因为劳工短缺 , 导致公司无法按计划提高工厂运营率.

2. 成本提高.

3. 无法全面应付订单.

4. USD / MYR 比起去年来得低.

蘑菇业务

1. 公司还是无法提供任何的盈利贡献 , 但开始有 RM 0.02 mil 的营业额.

2. 总亏损是 RM 0.51 mil .

3. 业务还处于刚开发过程 , 需要时间来稳定.

4. 在 6 月 2018 开始收割.

公司展望

1. Particleboard 的供应过多. 需求量减少.

2. 贸易战会带来挑战.

3. 公司会在 Particleboard 的业务售卖更高质量的产品.

4. 劳工问题会逐渐的复苏.

个人观点

1. 美金 / 马币走强利多.

2. 劳工短缺的问题已经开始复苏 , 公司也保证会在下一个季度进步.

3. 蘑菇业务会在近几个业绩中开始做出贡献.

4. 属于中长期投资 , 需要更多的时间.

Particleboard Manufacturing Sector

The revenue and profit before tax reported for this period decreased by RM27.85 million or 23.52% and RM16.82 million or 71.03% as compared to the same period last year. The lower revenue and profit before tax were mainly due to the soft particleboard market sentiment, weakened USD/MYR exchange rate of about 9% and raw material cost increase due mainly to rubber wood by 17% during this reporting period as compared to the same period last year.

RTA Manufacturing Sector

The revenue and profit before tax reported for this period decreased by RM44.77 million or 25.50% and RM23.46 million or 98.18% as compared to the same period last year. The lower revenue and profit before tax were mainly due to the shortage of foreign workers during the period and this had resulted in high operational costs as optimum production capacity could not be achieved and firmed orders not met. In addition, the weakened USD/MYR exchange rate had also impacted the revenue and profit.

Fungi Cultivation

The revenue and loss before tax reported for this period were RM0.02 million and RM0.51 million. The low revenue and loss before tax were mainly due to the start-up cost and the commercial harvest only commenced in June 2018.

Prospect for the current financial year

The global business environment is currently challenging due to additional particleboard capacities coming on stream and the macroeconomic condition is also highly uncertain with the trade war prevailing between US and China. The Board is however of the opinion that with the particleboard sector continuing to focus on developing higher value products, better managing cost and efficiencies, the Group should be able to manage the challenges ahead. As for the RTA sector, labour shortage issue is now resolved and we hope to be able to get back to our desired momentum soonest.

Disclaimer : Information above is for sharing and education purposes , not a buy and sell advice , please refer to ur advisory for any buy or sell call , buy and sell at your own risk .

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